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BUSINESSES NOT PLANNING FOR LONG-TERM LEADERSHIP

Survey shows need for investing in potential leaders

(CINCINNATI)-Promark Company, a Cincinnati-based career consulting firm, recently released its first-ever survey studying succession planning and retention efforts of leading organizations in Greater Cincinnati. Promark surveyed HR and operational leaders of leading companies in the tristate and asked each professional to rate their company's planning practices for the development of leaders of the next five years.

The survey revealed that 48% of companies anticipate between 10 and 30% of their leadership team retiring in the next five years. Eight percent of the companies claimed that between 50 and 60% of the leadership team will retire in the next five years. Most notable was the lack of formal on-boarding processes to ensure successful transition in the first 90 days on the job. Half of the respondents have no program to support new hires. Sixty-two percent of respondents claimed to have ineffective, underdeveloped or non-existent career path planning for high potential leaders. Surprisingly, 57% rated their programs to promote high potential women and minorities as ineffective, underdeveloped or non-existent.

"This survey shows there is a real opportunity to support the hiring process through a systematic method of assessing leaders and designing unique development plans for career success," said Tim Schoonover, Promark Company CEO. "If we face the predicted labor shortage in 2010, organizations who invest now in potential leaders will have a significant differentiating advantage over their competitors."

The survey also shows 70% of respondents ranked leadership coaching efforts as effective, very effective or a best practice, indicating an acceptance of leadership coaching as a mainstream skill development practice.

"Leadership coaching has become a cost-effective way to develop individuals who possess great technical skills but may require interpersonal skills or general leadership training," said Schoonover. "Organizations are looking closer at the cost of turnover and coaching can be instrumental in reducing turnover."

Promark Company is an organizational development and career consulting firm helping reduce risk and costs associated with managing people from outplacement to coaching to team effectiveness. Founded in 1968, Promark is the oldest career consulting firm in Cincinnati and now has offices serving Northern Kentucky, Mason, Dayton and Columbus.

For a complete copy of the survey results, contact Promark Company at (513) 768-6500.