Succession Planning: Grooming Global Leaders

Apr 16, 2001, 01:00 ET from Best Practices, LLC

    CHAPEL HILL, N.C., April 16 /PRNewswire/ -- The organizations that will
 dominate tomorrow's markets are implementing systematic career path
 development processes today, according to a study from benchmarking leader
 Best Practices, LLC.  Companies with inadequate plans will have to depend on
 leaders whose skills are sub-par to competitors' competencies.
     "Best Practices in Career Path Definition and Succession Planning,"
 available at http://www.BenchmarkingReports.com, reveals how organizations
 establish an employee development plan during the performance review process
 to align high potential employees with a path for executive leadership.  For
 example, one high-ranking pharmaceutical company grooms future leaders by
 rotating them through different departments to improve breadth of skill and
 knowledge.  The company also holds succession planning meetings twice a year
 to encourage a regular review of the company's key talent.
     Based on executive interviews and secondary research from 35 top
 companies, the study outlines strategies to identify potential leaders, match
 executives with the right positions, and align succession plans with an
 organization's overall culture and growth goals.
     "Best Practice in Career Path Definition and Succession Planning" found
 that top companies develop an integrated leadership development system by:
 
     * Assigning multi-level, cascaded ownership of and responsibilities for
       the design, execution and refinement of succession planning processes.
     * Selecting key leadership criteria and providing an outstanding
       development process to help leaders meet requirements for advancement.
     * Screening employees to identify "high potentials" and efficiently
       allocating development resources.
     * Measuring the results of the succession planning process for individuals
       and the company to ensure alignment with goals.
 
     "A company without a clear succession plan has no long-term vision.  If
 they don't plan for the future, they might not have one," says Chris Bogan,
 President and CEO of Best Practices, LLC.
     For more information about "Best Practices in Career Path Definition and
 Succession Planning" contact Jan Blanchette at (919) 403-0251 ext. 229 or
 jblanchette@best-in-class.com .  To purchase this report or view the executive
 summary visit http://www.benchmarkingreports.com/pr/hr50.htm .
 
     ABOUT BEST PRACTICES, LLC
     Best Practices, LLC provides clients with access and intelligence for
 achieving world-class excellence.  The firm's work is based on the principle
 that organizations can attain superior economic performance by studying and
 implementing the best business practices, operating tactics, and winning
 strategies of top companies.  For more information about Best Practices, LLC,
 call 919-403-0251 or visit http://www.best-in-class.com.
 
 

SOURCE Best Practices, LLC
    CHAPEL HILL, N.C., April 16 /PRNewswire/ -- The organizations that will
 dominate tomorrow's markets are implementing systematic career path
 development processes today, according to a study from benchmarking leader
 Best Practices, LLC.  Companies with inadequate plans will have to depend on
 leaders whose skills are sub-par to competitors' competencies.
     "Best Practices in Career Path Definition and Succession Planning,"
 available at http://www.BenchmarkingReports.com, reveals how organizations
 establish an employee development plan during the performance review process
 to align high potential employees with a path for executive leadership.  For
 example, one high-ranking pharmaceutical company grooms future leaders by
 rotating them through different departments to improve breadth of skill and
 knowledge.  The company also holds succession planning meetings twice a year
 to encourage a regular review of the company's key talent.
     Based on executive interviews and secondary research from 35 top
 companies, the study outlines strategies to identify potential leaders, match
 executives with the right positions, and align succession plans with an
 organization's overall culture and growth goals.
     "Best Practice in Career Path Definition and Succession Planning" found
 that top companies develop an integrated leadership development system by:
 
     * Assigning multi-level, cascaded ownership of and responsibilities for
       the design, execution and refinement of succession planning processes.
     * Selecting key leadership criteria and providing an outstanding
       development process to help leaders meet requirements for advancement.
     * Screening employees to identify "high potentials" and efficiently
       allocating development resources.
     * Measuring the results of the succession planning process for individuals
       and the company to ensure alignment with goals.
 
     "A company without a clear succession plan has no long-term vision.  If
 they don't plan for the future, they might not have one," says Chris Bogan,
 President and CEO of Best Practices, LLC.
     For more information about "Best Practices in Career Path Definition and
 Succession Planning" contact Jan Blanchette at (919) 403-0251 ext. 229 or
 jblanchette@best-in-class.com .  To purchase this report or view the executive
 summary visit http://www.benchmarkingreports.com/pr/hr50.htm .
 
     ABOUT BEST PRACTICES, LLC
     Best Practices, LLC provides clients with access and intelligence for
 achieving world-class excellence.  The firm's work is based on the principle
 that organizations can attain superior economic performance by studying and
 implementing the best business practices, operating tactics, and winning
 strategies of top companies.  For more information about Best Practices, LLC,
 call 919-403-0251 or visit http://www.best-in-class.com.
 
 SOURCE  Best Practices, LLC