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The terms Replacement Planning & Succession Planning are inter-related yet there exists a difference between the two.
Replacement Planning :- In this planning, the Potential candidates are identified or picked and then groomed inorder to help them acquire the necessary skills & knowledge to replace the person or position when it becomes vacant. Mostly in major companies this type of 'Replacement Planning' is implemented, few stakeholders are aware of the person who will be replacing the top executive.
The 'Replacement Planning' is in practice from hundred of years mainly in the monarchy, whereby the Son, Brother or Grandson are groomed to replace the monarch like in Kingdom of Saudi Arabia and United Kingdom.
Succession Planning :- This type of planning has a broader range. In order to have smooth functioning of an organisation, critical sets of skills and expertise is develop by way of training, coaching, job trade, grooming across the whole organisation.
Succession planning is like a back-up in case of unforeseen incidents. The advantage of this type of planning helps to reduce dependency on particular person or set of persons. Its like of pool of talents ready to takeover or succeed whenever there is a call for it. The best example for this are Transport companies, Army reserves, etc.,
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