What is Replacement Charts?
Replacement charts are a forecasting approach used in succession planning to assist businesses in visualising essential job functions, present personnel, and current and prospective openings.
Positions are shown with prospective replacements, gender, and advancement prospects. Replacement charts should be updated regularly, at least once a year, and especially in reaction to economic conditions or company activity changes.
How do replacement charts function?
Specific competencies are identified for each vacant position, and then workers inside the business with the required competencies are classified, resulting in the identification of potential replacements.
In replacement charts, roles include data such as probable replacements, age, credentials, history, gender, and promotion possibilities.
Employees are typed as follows according to replacement charts:
Prepared for development in your job.
Employees who, with more training, would be ready for impending promotions.
Employees who are functioning adequately but require encouragement and improvement - Employees who are unable to work full-time and must be replaced.
The replacement charts give explanations for the following questions.
What is an employee's organisational history, as well as the abilities that the person possesses?
Who are the most qualified candidates for a vacant position?
What are the advantages of picking one individual over another for the incumbent position? Replacement charts must be updated regularly, at least once a year, and respond to changes in the market environment and economic conditions.
Succession planning vs replacement planning
Organisations typically conflate succession with replacement planning. Replacement planning focuses on meeting the urgent demands of a specific important position. It is a reaction to a lack of resources and less emphasis on employee talent development. Succession planning considers the future, establishing strong benches of succession candidates to supply a replacement.
Replacement planning example
When a leader decides to retire, a post becomes available. After that, the job is filled by either a junior or an external applicant. The second method takes significantly longer because the new applicant generally has a significant learning curve. This is when replacement planning comes in handy.