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Succession Planning Critical to Sustaining High-Level Economic Performance

Saturday, December 15, 2007 General News
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CHAPEL HILL, N.C., Dec. 14 As more and more Baby Boomersreach retirement age, succession planning is a critical issue for thecontinued success of even the best companies. Forward-thinking executives atleading companies are defining career paths and establishing formal plans ofsuccession now to prevent a crippling crisis in the future.
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"Best Practices in Career Path Definition and Succession Planning," abenchmarking study by leading research and consulting firm Best Practices,LLC, examines how to design a succession planning process that matches theright executive to the right job and ensures that each leader is fully trainedfor his or her job. The report, along with a free excerpt, is available onlineat http://www3.best-in-class.com/rr676.htm .
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The study's findings focus on companies identified as leaders andinnovators in succession planning and employee development including EliLilly, GlaxoSmithKline, Lockheed Martin, Lucent Technologies and Novartis.These profiles and best practices provide proven techniques to guide othercompanies in crafting or refining their own succession planning and employeedevelopment programs. Through 23 graphics and 108 best practices, the studyexamines three major aspects of succession planning and employee development:

For more information on this report, contact Robert Naylor [email protected] or (919) 767-9244. To access the full report ordownload a complimentary copy of the report summary, go tohttp://www3.best-in-class.com/rr676.htm .

ABOUT BEST PRACTICES, LLC

Best Practices, LLC, conducts work based on the simple yet profoundprinciple that organizations can chart a course to superior economicperformance by studying the best business practices, operating tactics andwinning strategies of world-class companies. For more than 15 years, ourhighly credentialed research staff has conducted primary research exclusivelyfor our Fortune 500 client base.-- Identification of Leaders: Methods and systems used to screen the candidate pool; how companies match the succession planning process to corporate culture; and the roles of leaders in the company's succession planning process. -- Development of Leaders: Techniques used to create development plans; methods for providing training and development opportunities to company personnel; and descriptions of mentoring programs employed by partners. -- Goals, Metrics and Coaching: Feedback transmitted to members of the candidate pool; responsibility for the succession planning process at each level of the organization; and the succession planning refinement process.

SOURCE Best Practices, LLC
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