Asked by Charity Rutter on Jun 05, 2024
Verified
Over the long term, why does succession planning save organizations money?
Succession Planning
The process of identifying and developing new leaders who can replace old leaders when they leave, retire or pass away.
Save Money
Strategies or actions taken to reduce costs and expenditures, optimizing resource use to improve financial health.
- Comprehend the intricacies and challenges in the development of a proficient succession plan.
- Understand the advised schedules and methodologies for efficiently executing strategies for succession planning.
Verified Answer
DN
Dianne Navarro
Jun 07, 2024
Final Answer :
It saves money because:
Executive search fees are eliminated.
An organization maintains leadership continuity when an inside person is groomed and promoted.
Organizational knowledge is not lost.
Executive search fees are eliminated.
An organization maintains leadership continuity when an inside person is groomed and promoted.
Organizational knowledge is not lost.
Learning Objectives
- Comprehend the intricacies and challenges in the development of a proficient succession plan.
- Understand the advised schedules and methodologies for efficiently executing strategies for succession planning.
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