How does replacement planning differ from succession planning?
1. Replacement planning ensures the continuity of business operations; succession planning provides deep bench strength throughout the organization.
2. Replacement planning is based on an ever-evolving organization; succession planning is focused on short-term organizational needs.
3. Replacement planning is a systematic approach carried out across all lines of business; succession planning is more important to organizational continuity.
4. Replacement planning focuses primarily on lower-level positions; succession planning focuses on mission-critical positions and senior-level leaders only.