Succession Planning: Employee Development Paves the Way for Future Leaders

This press release details the findings of an exclusive benchmarking study that reveals the best practices in career path and succession planning.

CHAPEL HILL, N.C., April 16, 2002- In order to guarantee future innovations and long-term success, forward-looking companies invest in grooming todays employees to be tomorrows leaders, according to a recent report from benchmarking leader Best Practices, LLC. World-class organizations maximize human capital by employing continuous education throughout employees career paths.

Best Practices in Career Path Definition and Succession Planning," available online at http://www.benchmarkingreports.com/r/r154.htm highlights ways companies continuously grow employees. For example:
·   One technology company found that each dollar invested in employee training and education had a greater than $30 return on investment. As a result, the company doubled the required employee training from 40 to 80 hours annually.
·   A leading manufacturing company mandates that about 85 percent of its 1000 employees be enrolled in some type of training course at any one time. The company attributes this education for its recent increase in production rate that allowed the company to surpass its competitors by nearly 50 percent.

Based on executive interviews and research from 35 top companies, Best Practices in Career Path and Definition and Succession Planning," outlines multiple strategies for identifying potential leaders, matching future executives with the right position, and aligning succession plans with an organizations growth goals. The report also contains:
·   Real-life examples of career path planning and succession worksheets
·   Corporate succession plans
·   Succession competencies, measurements and process diagrams

You would not embark upon a long trip without plans to refuel and replenish supplies," says Chris Bogan, president and CEO of Best Practices, LLC. A company that does not identify strong leadership material may score early victories but will ultimately lack the human resources for long-term success."

To download a free report summary, visit Best Practice in Career Path Definition and Succession Planning" at http://www.benchmarkingreports.com/r/r154.htm. For more information about this report and other benchmarking studies, contact Jan Blanchette at (919) 403-0251 ext. 229 or at jblanchette@best-in-class.com.

ABOUT BEST PRACTICES, LLC
Best Practices, LLC is a research and consulting firm that conducts work based on the principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class organizations. For more information, call 919-403-0251 or visit http://www.best-in-class.com/