Essay Succession Plan Risks

1418 Words Mar 12th, 2016 6 Pages
Succession Plan Risks
HRM 420 Mr. Cardillo
January 25, 2016

Quest Diagnostics
Succession planning is "a strategy for passing each key leadership role within a company to someone else in such a way that the company continues to operate after the incumbent leader is no longer in control" (Investopedia, 2016). Quest Diagnostics is "passionate about developing innovative, ground-breaking tests, products and tools to enhance patient care, provide value to our clients, and transform information into knowledge and insights" (Quest Diagnostics, 2000-2015). Due to the commitment to its customers and company a succession plan must be in place to avoid any interruptions during transition periods. Like all plans, a succession plan
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Transition Risks
A good succession plan would be in organization, focus, punishment, and taking their indications for best practices of past transitions; establishing a stage for performance assessment process. Situations that would be surrounding a CEO's leaving can create some sole transition risk issues. It's recommended to create multiple teams into three risk task: first will be to recruit and select a new CEO, and then process the new CEO's entrance transition, then manage the prior CEO's withdrawal. (Herman, M. L.). After creating and building a strong leadership which employees will show effective leadership in all directions. By reinforcement the leadership size throughout the organization that's when it can enable a successful transition by decreasing dependence on a single individual. Some applied changes would be on building an associated foundation this would usually happen in advance. Develop an exit strategy; this will begin by setting a goal as well as a vision of the outcome. Decrease any associated risks. The transition and the leadership would be to identify any openings between the required management and the existing talent pool (John & Sons, 2002).
Internal/External Candidates
The importance of the succession for key positions at Quest Diagnostics cannot be

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