What is Career planning and Succession planning ?

A succession plan to fill key positions over a time is essential for the survival and success of an organisation. The purpose of succession planning is to identify and develop people to replace current incumbents in key position in cases of resignation, retirement, promotion, growth, etc. Succession can be from within provides opportunities to employees for advancement in their careers. In some professionally managed companies, every key executive is usually asked to identify two or three best juniors who could replace him in his job should the need arise. Complete dependence on internal sources may however cause conflicts and stagnation in the organisation. Similarly, complete dependence on outside talent may cause stagnation in the careers of present employees which may in turn lead to a sense of frustration and job dissatisfaction.
                                        Career planning and succession planning appear to be similar but not synonymous. Career planning covers all levels of employees whereas succession planning is generally required for higher level executives. Generally, career planning is based on a succession plan for the higher level executives. A succession plan involves identification of vacancies that are likely to occur in the higer levels and locating the probable successors. Succession planning facilitates continuity of the organisation. Career planning may consist of charts showing the career paths of different categories of employees showing how they can advance up in the organisation . But a succession plan consists of a runner up chart or succession chart for a particular position such as General Manager.