Jayden runs a small family import business.He is concerned about succession planning.What step should he take in developing a succession plan?
A)Identify potential successors from among company managers.
B)Complete a Markov analysis.
C)Complete a labour market analysis.
D)Develop a scatter plot.
E)Wait until he is within three months of retirement to make a plan.

Question

Quizplus · Accepted Answer

The first step in succession planning is to identify potential successors from within the company. This allows for adequate time to develop and train these individuals for leadership roles. Completing a Markov analysis, labour market analysis or scatter plot may provide additional information, but they are not the initial step in succession planning. Waiting until within three months of retirement to make a plan is too late and leaves little time for effective implementation.

Jayden Runs a Small Family Import Business