The Charity Insights Canada Project (CICP) published insights into succession planning in the Canadian charitable sector. According to the research, 38% of participating charities do not have a formal succession plan, whereas 13% of respondents noted having a well-defined succession plan in place.
Organizations without formal succession plans noted the following reasons for not having a plan in place:
- Lack of time or resources (42%)
- Not a current priority (36%)
- Organization is too small (31%)
- No anticipated leadership transition (28%)
- Lack of expertise (21%)
Meanwhile, participating charities with formal plans emphasize the importance of capturing institutional knowledge (84%), Board involvement in the transition (83%), a detailed transition process for anticipated retirements (77%), and identifying a potential successor (66%) in the succession plan.
For further insights into the data, click here.
