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Analysis

Tax Department Succession Planning

Tax leaders participated in a poll regarding their succession planning from September 20 through November 2. 

  • NO CHANGES TO SUCCESSION PLANS MADE DUE TO COVID-19 – 94% of companies have not changed or modified their CTO’s succession plan due to COVID and remote policies. 
  • ONLY A FEW HAVE A STANDARD AND FORMAL DEVELOPMENT PLAN – Only 6% of companies have a standardized test to identify or eliminate succession planning candidates and 48% have formal development plan for identified candidates. 
  • CUSTOM TRAINING PROGRAMS ARE PART OF DEVELOPMENT PLAN – 84% of companies include custom training programs (e.g., leadership training) in their development plan. 
  • NEARLY HALF IMPLEMENT SUCCESSION PLANNING ONLY FOR DIRECT ROLES – 45% of companies implement their succession planning only for the head of Tax department and direct reports. 
     

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