NARRATOR: Hello, and welcome to marketing91.com. By definition, a career is a sequence of jobs that constitutes what a person does for living. Career planning involves matching an individual's career aspirations with the opportunities available in an organization. 

The process of career planning involves five stages. Self-assessment, career planning begins with an individual examining his or her own assets, characteristics, interests, and current levels of skill development. Investigating career opportunities, this is an information-gathering step. The individual seeks information on available job opportunities from family, friends, online job boards and job fairs, and examines the required skills and opportunities. 

Goal setting, in this step, the employee uses information obtained through self-assessment and an investigation of career opportunities to decide on suitable options. The employee sets both short and long-term goals. Action planning, in this step, the employee makes an action plan detailing the specific steps required to accomplish the goals. 

And lastly, evaluation, the employee evaluates his or her progress towards the career goals. An evaluation keeps planning on track and keeps identifies strengths and weaknesses in a career plan. 

Let's look at career planning initiatives undertaken by Reliance industries. Reliance Industries rolled out a cocktail of initiatives to retain talent mainly by allowing career rotation and vertical growth within the organization. Under its Career Acceleration Program, or CAP, the group allows employees to chart their career growth by changing their business functions after a series of tests and interviews. The Step Up program helps an employee grow within the same function, along with some mentoring, to prepare for the next level quickly. 

Another example is of Google. Google's HR management identifies employee career opportunities and requirements through a combination of job analysis and coaching. After performance appraisals, HR management informs employees of possible career opportunities. In addition, the firm institutes some career development initiatives as the need arises, such as when a new business or product is developed. For instance, the development of Google's fiber business created new career opportunities, which were presented to the company's employees. 

Moving on, let's understand the career stages or life cycle. The first stage is exploration. It is a self-examination stage in which different roles are tried and occupational options are explored. An individual makes tentative choices and focuses on skill development. This stage occurs between the ages of 15 and 24. 

The next stage is establishment, where an individual selects a job and starts working. The individual finds an appropriate field and makes efforts towards securing a permanent place in the chosen career. This stage occurs between the ages 25 and 44. 

Next is maintenance. In this stage, the individual has settled upon a job or industry that suits him or her and usually continues to develop skills and interests while advancing through the career and life. This stage occurs between the ages of 45 and 64. It is characterized by constancy, stability, and continuity. 

The last stage is decline or disengagement. An individual lessens the focus on work and starts looking at other areas of life. The individual disengages from work and seeks new roles while preparing for retirement. This stage occurs after the age of 65. Thank you.