SUCCESSION PLANNING & CAREER PLANNING

Meaning of Succession Planning

Succession planning is the process or activities connected with the succession of persons to fill key positions in the organization hierarchy as vacancies arise. The focus of attention is towards ‘which’ person the succession planning is needed. The focus is not more on career development but it is more towards what kind of person is required to fill the future vacancy. Succession planning focuses on identification of vacancies and locating the probable successor. For example in succession planning the key concern can be who will be next CEO or what will happen if the Marketing Manager retires in coming March.

Importance of Succession Planning

·           Succession planning helps when there is a sudden need arises due to reason or retirement of a key employee.

·           Individual employee comes to know in advance the level to which he can rise if he has the ability and aptitude for it.

·           Individual employee or successor feels happy when he feels that organization is taking care of his talents and aspirations.

·           Succession planning helps create loyalty towards the organization and improved motivation and morale of individual employees.

·           Organization gains stable workforce and low employee turnover.

·           Ultimately organization becomes successful in accomplishing its goals effectively.

CAREER PLANNING

Career planning is the process or activities offered by the organization to individuals to identify strengths, weaknesses, specific goals and jobs they would like to occupy.

Career as a concept means a lifelong sequences of professional, educational and developmental experiences that projects an individual through the world of work. It is a sequence of positions occupied by a person during his life. Career may also be defined as amalgamation of changes in values, attitudes and motivation that occurs as a person grows older.

In career planning, organization is concerned with strategic questions of career development. Further the organization is concerned about if it should employ more graduates, more engineers, more scientists or more accountants etc. Career planning provides picture of succession plan for employees as per organizational needs. It focuses on the basis of performance, experience, could be placed where, when and how.

Career planning is a process of integrating the employees’ needs and aspirations with organizational requirements.

Objectives of Career Planning

1.      Build commitment in the individual

2.      Develop long-range perspective

3.      Reduce personal turnover expenses

4.      Lessen employee obsolescence

5.      Ensure organizational effectiveness

6.      Allow individual to achieve personal and work related goals.

Importance of Career Planning

Career planning is important because it helps the individual to explore, choose and strive to derive satisfaction with his own career objectives.