In order to be competitive, all organizations must adapt their talent management program to the many forces that are constantly disrupting their business environment. Elements of these programs are called succession planning, leadership development, workforce planning, talent management, or career planning. It thus makes sense to begin this discussion with a few definitions to clarify these terms: Replacement planning is the process of identifying emergency backups for key people or key positions. They are identified to serve in an acting capacity long enough for an organization’s leaders to conduct a proper search.

Succession planning is the process of developing the talent already existing in the organization for future deployment. Succession management is the daily process of cultivating future talent through coaching, mentoring, feedback, counseling, and development. Career planning is the process individuals go through to clarify their future career goals and aspirations and establish strategies to achieve them. Career management is the process organizations go through to clarify the relationships of jobs to each other.

Talent management is the process of attracting, developing, retaining, and deploying the best people. Succession planning helps to build the bench strength of the organization to meet future talent needs. Career planning gives individuals the ability to compare their current competencies to those needed for the future. Components of an exemplary succession planning and career planning program depends on which organizations are benchmarked, of course, and some variations do exist by industry and organizational size.

Talent can be developed only when it is clear what work people are expected to do and what characteristics are apparent and desirable in the existing talent inventory of the organization. To clarify what work people do, the organization should have current job descriptions. To clarify what kind of people should do the work, the organization should clarify the competencies essential to successful job performance. Effective programs address both the retention of talent and the transfer of knowledge. Talent retention is often the least developed of succession or talent management strategy.