Among the best-kept secrets at the Human Resource Institute are our Practitioner Consensus Surveys. HRI conducts these short surveys on an almost weekly basis, usually at the request of member firms. The objective of the surveys is to quickly gather and compile information on workforce management practices. This not only helps HR professionals stay abreast of what their colleagues are doing, it helps HRI track what’s on the minds of today’s practitioners. Below are findings from several surveys recommended for analysis by Greg Pernula, HRI’s membership services director and the person responsible for conducting and compiling the data from the surveys.
Most firms have a formal succession plan, but relatively few measure the effectiveness of those plans. HRI’s May 2006 Succession Planning Survey of 89 organizations found that three-quarters have a formal succession plan and 70% conduct a talent review. Not surprisingly, the large majority of plans look at the potential as well as the performance of those who are considered in succession plans. Yet, only 34% of responding organizations measure the effectiveness of their plans. This raises questions about how companies will be able to revise and improve their succession plans as time goes on. After all, the future of organizations often hinges on the “success of succession. ”