Fleet managers shared their retirement and succession plans in Government Fleet’s biennial Industry Handbook survey. Here’s a look at how the results broke down.
Retirement on the Horizon
More than half of survey respondents — approximately 59% — plan to retire in less than 10 years. This is in line with what generation the respondents identify with. That portion of the survey revealed that the vast majority of respondents — about 91% — identify with either Generation X or the Baby Boomers.
About 41% of respondents plan to remain in the industry for 10 years or more before retiring.
Looking Ahead: What’s Next?
When asked whether they plan to stay at their current agency until they retire or leave the industry, just over two-thirds of respondents said they do. Approximately 15% of respondents said they do not, and 18% said they are unsure.
Most respondents have some sort of succession plan in place. Around 70% of respondents either have a succession plan already in place or in progress. The other 30% of respondents do not have a succession plan in place.
When compared to the retirement plan responses, the succession plan totals suggest that those who are less than 10 years away from retirement are likely to have a succession plan in place or in process.
About a third of survey respondents believe their successor currently works in their operation, while another third of respondents are unsure, and the final third of respondents do not believe their successor is currently employed within their operation.
What Does Your Succession Plan Consist Of?
Government Fleet asked survey respondents what their succession plans consist of. For this response, respondents could choose multiple options listed. This is what they said:
- Actively train someone currently on staff to take over: 49.21%.
- Plan to stay for a period of time after retirement starts to train him/her: 25.40%.
- Provide a detailed written list of job responsibilities, contacts, advice, etc.: 36.51%.
- Plan to work as a contract employee for the agency after retirement: 11.11%.
- None: 26.98%.
- Other: 9.52%.
Additionally, some respondents listed administration turnover and the political climate as reasons why staff members may not want to move into higher roles.
About the Data
In June and July 2023, Government Fleet magazine solicited responses to a biennial survey from its readership, receiving 81 qualified responses from a diverse group of public fleet professionals.
The information and analysis above come from this opt-in survey.
Want to participate in our next survey? Government Fleet is teaming up with Work Truck and Automotive Fleet to conduct a salary survey for fleet managers to determine the average salary for a fleet management position in both commercial and public sector fleets. The deadline for responses is Jan. 31, 2024.