You wake up one Monday morning with the sun streaming through the window of his bedroom and a cup of tea beside her bed. You glance at his watch. It's almost half past eight, but the alarm has not gone away. You have a moment of panic. Why not wake anyone right? You are about to jump out of bed, then relax, unwind and breathe a sigh of relief when suddenly remembered that this morning there is no need to rush. You're not going to work today. You're on vacation. In fact, you do not have to go to work ever again unless you decide it is the start of his big party – the party that will last the rest of his life – retirement!

While sitting in bed drinking tea and thinking about all the things you can do now that you've finally stopped working. This afternoon I managed to play a round of golf with three of his friends. Then, instead of a few days you and your other half are outside the world on a luxury cruise. It is a trip you've been promising yourself for years but never could find the time to take many weeks off work.

You wanted to run his business, even though it was hard work. However, it is very glad you were able to achieve financial independence now, giving you the option to stop work while you are still young enough to enjoy life and able to do all the things we want to do. You have to get out of bed and go to the window to admire once again the beautiful, shiny new car you just bought a portion of their tax-free cash from your paycheck, and welcome the good that is when a plan Finally, he meets!

Is this what retirement will be for you? Have you planned carefully and that review of their retirement plans on a regular basis? Many people spend more time planning their next two weeks off they planning their retirement – the longest holiday of your life.

Imagine running out of money part way through your holiday. How serious is it? Think how much worse would be if it happened for the longest vacation of a lifetime. What can you do?

When you are planning a holiday that has the budget not only for the cost of fares, accommodation and food, you also need a budget to spend money if you're really going to enjoy. It is necessary to spend big money on your vacation too. How sad that would be the time to do all the things you do not have time for now, but will not be able to afford them. Only when you are in a position of financial independence can really enjoy your holiday GRANDE.

So the plan for financial freedom to enjoy your great party you need to decide:

1. Where is my big party is going to start?
2. How much money do I need?
3. How much can I realistically afford to save each month?

You probably know the saying, "failure to plan is planning to fail!" If you have not already done so, consult a financial advisor and start planning now to make sure you have enough money to really enjoy a great holiday life – retirement.

John was very active, even at the age of 66. As head of business in a large conglomerate, which had three heads of units of information to him. When Guru, the management consultant asked what were the company's plans for his successor, John did not have time to explain that the three heads of unit, one was very new to the organization, the other was simply a type of business and yes, the third might be able to take his place. Guru was very pleased with this response.

John was surprised when Guru said: "He certainly has a plan, but it seems nothing more than planning for replacement. Where is the succession plan?"

Nothing surprising! This is what happens most of the time. John Guru hopes to clarify the difference between succession planning and replacement of Planning … and this is what came of Guru:

By identifying the backup for senior positions the assumption that the structure of the organization will remain the same over a period of time, are turning to alternative planning. Succession planning is much deeper and is aimed at the development of individuals not only against a specific position, but as a set of resources.

Some basic difference between these two approaches can be summarized as follows:

While planning replacement looks only at senior positions, succession planning aims to key positions at various levels. The positions are important and hard to replace that top the list.

Two or three successors are considered for a particular position in the planning of replacement. However, succession planning, the focus is on developing talent pools.

The identification of talent in planning the replacement is based on feedback from senior management. The succession planning takes a systematic process involving multiple tools and multiple data sources for identification.

Replacement planning is a form of risk management with a focus on immediate and short term replacement, but it seems succession planning for the development of people with long term view.

While planning for the replacement is done in isolation, succession planning is an integrated process that includes learning and development, job rotation, job enrichment, etc.

In simple terms, while the replacement planning is reactive in approach, succession planning is proactive. Replacement planning has no role for staff development. Here, planning is aimed simply in search of replacements for those without systematically "preparing" to take a stand. As a result, succession planning, while motivating people, normally replacement planning demoralize them. In fact, the identification of talent, but an essential element, is still the easy part. The most important thing is to provide skills and knowledge necessary for people to fill top positions. They can not be tied to a particular position, but are told they are in an acceleration pool and actually moved in different areas within the organization to widen their horizon, so necessary to move up and shoulder more responsibilities . Aware of this part of it, remain highly motivated and committed force.

For a serious initiative succession planning, top management must take ownership, while supporting the process of human resources. Only then can an organization obtain real benefits from this process seriously.

John nodded in agreement that it was now clear what the real succession planning with respect to the traditional replacement planning. Do you?

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