Week4: 10,11,12

Question 1

Succession planning should begin __ # years before the CEO is expected to step down

Answer 1

4 years

Question 2

Succession vs career planning?

Answer 2

Succession= focus on 1 person to be the successor, prepping that person to become CEO, CFO, etc
Career= prepares many candidates for moving up

Question 3

Which planning is a proactive approach to continuity of leadership?

Answer 3

succession

Question 4

Which planning prepares many candidates through career training?

Answer 4

career planning

Question 5

Who is responsible for Succ. planning?

Answer 5

CEO

Question 6

Who manages the Succ planning process?

Answer 6

HR

Question 7

Grooming internal candidate is typically part of what kind of sector?

Answer 7

For profit. Not necc. healthcare

Question 8

If hire from outside, how long can it take to regain financial performance of prior levels?

Answer 8

6-12 months before financial performance regains prior levels

Question 9

T/F: CEO can just choose a successor without consulting board

Answer 9

False. Should be board driven, collaboration

Question 10

Who has final accountability of choosing?

Answer 10

governing board

Question 11

If considering hiring an outside person, what is timeframe for looking

Answer 11

at least 18 months and up to 5 years in advance

Question 12

What is it called when orgs inventory potential inside employees?

Answer 12

assessing their inside bench strength

Question 13

Do we see direct or indirect correlation between trainings and revenue?

Answer 13

indirect