Reference no: EM133608931

Question: Stonybrook General Hospital (SGH) has had the same Chief Nursing Officer (CNO), Delores Olson, for the past 15 years. During Olson's tenure in the CNO role, the hospital has earned initial Magnet accreditation for the nursing staff while also receiving national recognition as one of the top hospitals in the state for nurses to work. With no forewarning, Delores issued her letter of intent to retire within the next 90 days to the hospital's Chief Executive Officer (CEO). This unexpected retirement announcement sent the CEO, nurse managers, and SGH's Board of Directors into a panic-filled search for a CNO replacement. The departmental nurse managers are all relatively new with the longest tenured manager working for the hospital for five years. No previous succession planning had occurred within the organization to plan for a smooth exit strategy when Olson decided to leave her position. In a single post, consider the following questions: What is succession planning? How does the process of succession planning relate to both organizational and fiscal planning? What possible negative outcomes may occur at SGH due to the lack of strategic planning for a CNO replacement?