CSPC FM & ENTREP STUDENTS

Succession
Planning
 CSPC FM & ENTREP STUDENTS

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What is
succession
planning?

Succession planning is a process of

developing talent to replace executive,
leadership or other key employees when
they transition to another role, leave the
company, are fired, retire or die. It is
relevant to all companies, from the largest
to the smallest, in both the for-profit and
not-for-profit sectors.
 Succession planning helps save time and cost. The time

What are the

needed to find an employee's replacement will cost lost
productivity, time and money.

benefits of With more baby boomers retiring, succession planning helps

ensure there are more employees available with the skill set to
succession replace senior executives.

planning? When a candidate-driven market exists, companies compete for

a scarcity of talent, which typically makes hiring desired
candidates more difficult. Choosing internal employees to fill
vacant critical roles helps avoid this challenge.

It boosts employee engagement through career development

and makes workers feel valued.
As an example, for several years before Steve
Jobs stepped down as CEO of Apple in 2011,
he had groomed successor Tim Cook to take
the top leadership role. This included Cook
working a wide range of operational roles
and directly with Jobs for CEO-specific
experience. Cook also stepped in to lead day-
to-day operations twice when Jobs was on
sick leave.
In addition to a succession plan for the top
leadership role, Jobs also founded Apple
University in 2008 as a way to provide a
leadership curriculum based on Jobs'
experiences and business savvy.