Question

Identify the correct statement about succession planning. It provides a set of developmental experiences that managers must complete to be considered for top management positions. All companies have a succession plan ready when they need one. It identifies a specific replacement for each managerial position within a company. It ensures that middle management systematically reviews leadership talent in the company. It focuses on low-potential and medium-potential employees.

Answer 1

Answer: It provides a set of developmental experiences that managers must complete to be considered for top management positions.

Explanation:

Succession Planning which is also called Replacement Planning helps a company properly plan for the transitioning from the current leaders to Future Leaders when their time comes. In large Corporations it is usually the job of the Top Management including the Board of Directors.

Succession Planning identifies potential replacements whether they are in the company or outside it with the chief difference in treatment being that a potential leader identified inside the company will probably be groomed for it.

Succession Planning lists the criteria for a person to be considered for a top job and these include developmental experiences that a potential leader must have completed to enable them compete for the top job.

Succession planning is very important as it ensures continuity whilst giving employees hope that they will be more successful in a company in future.