Do CFOs Take Succession Planning Seriously?

This Finance Succession Planning and Transformation Survey from BIE Executive finds that succession planning is not being taken seriously within an organisation’s finance function and is potentially being hindered by the development of specialisms. The report found that 66 per cent of CFOs believe their successor will be sourced externally.

Key points include:

The survey found that only 46 percent of the respondents met with their HR Director at least once every six months to discuss leadership development and succession planning.
A further 43 percent of respondents felt that the development of specialisms within finance was hindering CFO succession planning.
Only 27 percent of respondents stated that their organisation had a dedicated decision support function. Of those organisations, 75 percent of these functions were being led by the CFO.
On average, organisations are planning to spend 20 percent of their transformation budget on business engagement and business readiness.