According to employers, 94 % of Succession Plans are believed to improve Employee Engagement.
At the same time, around 62 % of employees say that they feel more engaged when they know that the company they work for has a succession plan. This is especially true for younger workers.
Prior research results reveal that more than 50% of young employees between the ages of 18 and 34 certainly will impact their choice to carry on with or leave the company they work for. When you break down information about employees age-wise, you will see that when succession plans are implemented they motivate younger workers. Indeed, more than 90 % in the age bracket of 18 to 34 believe their engagement would increase with implementation of a succession plan.
Workers who fall in the age group 18-34 are commonly termed ‘millennials’, and they are bound to comprise 75% of the workforce demographic by the year 2025. Employers must realize this fact, and work towards ensuring stability in their organizations based on implementing succession plans that engage millennials.
Most businesses are already realizing the importance of having a succession plan. Not only does it just make sense to have a plan of this kind for stability and growth in a company, but it certainly helps to engage employees. Indeed, 79% of businesses today are known to have succession plans at the mid-management level, while around 56% say that they are prepared with plans for assistant managers.
Small and medium sized businesses strive for growth and stability as well, and they know that they can attain these when their employees are engaged. This is why 41% of SMBs have succession plans.
The idea of implementing succession planning software is huge these days. You will find more than 80% of companies leveraging succession planning software. However, it’s reasonable to ask how smaller organizations with a limited workforce deal with building succession plans at all employee grade levels. This is where succession planning software is immensely advantageous, as it streamlines succession planning. You will find it convenient to systematize details, summarize and present plans. Some experts are of the opinion that succession software can help smaller organizations employ succession plans.
81 % of businesses say that they leverage software for creating and employing succession plans. This includes both commercially produced software as well as your own software produced by your company.
Succession planning software is widely being praised for the shortcuts and accuracy it offers. It allows you convenience and saves you time when planning, and allows you to execute plans easily without any hiccups. This software also allows you to track employee performance in order to help you determine which candidates would serve as the best replacements for vacant roles in time to come
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