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18 February 2016 • www.CPAPracticeAdvisor.com FEATURE Not Just for the C-suite Te focus of succession planning has t rad it iona l ly been t he top of t he organizational chart, as that's where most of the major business decisions are made. However, the loss of a staf member at any level can have rami- fcations in terms of productiv it y, work fow and customer service. In a recent Robert Half Manage- ment R esou rces s u r vey, on ly 10 percent of accounting and fnance professionals said someone at their organization could easily take over their job if they quit, while 50 per- cent said the company would need to make a new hire. T hat f inding should give employers pause. W hen it ta kes an average of four to f ive week s to f i l l a n open accou nt i ng posit ion, t hat 's at least mont h of being short-stafed. So what steps can you take to ensure stability and continuity in your frm? A Winning Succession Planning Strategy T he new yea r is a n idea l t i me to review and update your succession plan. Here are some actions you can take in the next few months: • P r e p a r e a s t r a te g y f o r e v e r y position. Every employee plays a role in the frm's success, so include all staf m e m b e r s w h e n c r e a t i n g y o u r succession plans. Consider what knowledge and skills you would lose if each person lef tomorrow and how you would fll that role. Be creative in your thinking. For example, instead of merely shufing around employees, might it be beter to divide one job among two or three accountants? Another possibility is to have a worker STAFF SUCCESSION PLANNING IS CRITICAL TO ACCOUNTING FIRM SUCCESS By Paul McDonald H ave you ever thanked someone for a job well done by saying, "I don't know what we'd do without you"? Well, in a well- run public accounting firm, managers do know what they 'd do if an employee lef the team. Tey have succession plans in place. Creating contingencies for the replacement of staff members — be they Baby Boomers leaving for retirement or worker s head i ng to ano t her ro l e — i s essential to the long-term success of your firm. That's why it should never be left to chance.