Ask a CEO/HR folks of a company to define succession planning and there’s a good chance that he/she will confuse it with replacement planning. But the fact is, they are different from each other.
Replacement Planning Vs Sucession Planning
Replacement planning usually identifies “back-ups” for all top positions in a company. They are identified on the organization chart and it stops there. All typical replacement charts will list about three persons as backups for each top-level positions and are likely to indicate how far the backups are ready to take over the role of the current incumbent.
Succession planning is oriented around developing people instead of merely identifying them as replacements. The goal of succession planning is to have a deep strength all through the organization, so that, whenever a position falls vacant, there are enough qualified candidates in the company, who can be considered for advancement.
Things to consider:
- How is succession planning different from replacement planning?
- What are the pros and cons of your current replacement planning strategy?
- Why is succession planning needed?
- What are the essential components of a succession planning?
- What are the most common problems that organizations experience in getting started with succession planning?
- Why the need for succession planning is more significant than ever in 2019?
Overview of this course:
Replacement planning is risk management and disaster planning for people. It answers the question “what do we do if a key person is on a plane that crashes?” While replacement planning is not succession planning or talent management, it can be a very good place to start the journey toward a robust succession program by getting managers to think hard about how to assess the promotion potential of people objectively and how to develop people for more responsibility.
In this session, you will learn about using Replacement planning to get a jump start toward Succession planning.
Areas will be covered
- Defining replacement planning
- Comparing replacement planning to succession planning and talent management
- A step-by-step model to guide replacement planning
- Advantages and disadvantages of replacement planning
- Using replacement planning to move your organization toward succession planning
Who Will Benefit
All industries and sectors of the economy need replacement planning to plan for the sudden and unexpected loss of people