Michael Jordaan will step down as chief executive officer of FirstRand 's FNB Division at the end of 2013.
But this didn't come as a surprise to the board of FNB.
Because having been CEO of FNB for ten years, Jordaan has achieved the strategic and operational objectives he set out for the business at the beginning of his tenure and the board's known Jordaan's intentions for years, says Fin24
While other employees and customers may have been surprised at the announcement, FNB was quick to allay these fears by announcing that Jordaan will be replaced by Jacques Celliers, the current CEO of Business Banking and FNB's expansion into India.
FirstRand CEO Sizwe Nxasana confirmed on Moneyweb
that employment equity candidates were included as part of the recruitment interview process, but Celliers was the most suitably qualified person for the job.
And making the decision to recruit from within like this isn't rare.
Here's why it's a good idea to use succession planning to help your internal recruitment process
In fact, it's often the best strategy, especially when filling a top management decision, as the candidate already has a good idea of how your business operates, as most companies see key members of staff resign monthly.
Two top reasons to use internal recruitment when it comes to filling a top management position
Having a succession plan in place means when it comes time to recruit from within, you're assured that company knowledge is transferred and kept within the company, says FSPBusiness
Added to this, when you promote a current employee into a new role, he or she is already familiar with your company's goals and a majority of the tasks associated with success, saving you immense training costs, says Business2Community
If you haven't already done so, put a succession plan in place today to prevent recruitment panic when – not if – a key employee resigns.
The A-Z of legal recruitment
Did you know there are 11 legal requirements for recruitment?
Do you know how the Employment Equity Act affects your job advertisement?
Do you know what checks you can legally conduct on an applicant?
Are you sure your employment contract includes the 16 clauses the law says you must have?
If you don't have all of these aspects correct, you'll be on the wrong side of the law when it comes to your recruitment process..
Recruitment: The Complete Guide will give you practical advice, tools, checklists and samples that cover every single step of recruitment.