What is executive succession? Discuss the hiring of insiders versus outsiders, and provide examples of each.
Question: What is executive succession? Discuss the hiring of insiders versus outsiders, and provide examples of each
Executive succession is the business continuity plan put in place by an organization to specify the order in which executives at different levels will take over the responsibilities of an outgoing or absent executive. The succession plan details the shift in power and controls of different aspects of in organization's operations. Some organizations designate the responsibility of handling executive succession planning to the Human Resources (HR) department. The HR department outlines the process, specifies the potential successors and defines the new responsibilities of each successor. In addition, the HR departments in some organizations are charged with the responsibility of developing managers to assume executive level positions.
Some organizations adopt the ...
The expert examines hiring an insider versus outsiders.