Reference no: EM132890162

Comprehension Question

Fincops Inc. has been recently acquired by Midwest Bank of Commerce. Following the acquisition, the new management is anticipating an increased workforce turnover and wants to have solid exit management strategies in place. As the existing manager, you have been tasked with creating the exit management and employee redistribution strategies.

Succession Planning

Some members of the senior management at Fincorps Inc. are looking to exit the bank in the next 2-3 years. The new management at Midwest Bank of Commerce is looking to put a succession plan in place to avoid discontinuity in leadership. They want to have a healthy mix of candidates from the teams at Fincops and Midwest Bank to be placed in key leadership positions.

What should be the order of the following activities under the new succession plan?

1. Ask the HR team to identify potential candidates for key positions from the teams at Fincops and Midwest Bank.
2. Based on the company's strategic plans, identify key positions for the company's present and future needs.
3. Enroll shortlisted candidates in a 'Future Leaders Program' to provide them with the relevant developmental experiences and make them viable for key positions.
4. Assess which candidates should fill the key positions.

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