Conquering the Market Roller Coaster: Research Reveals How Top Companies' Manage Change.

Business Editors

CHAPEL HILL, N.C.--(BUSINESS WIRE)--Feb. 27, 2003

The top three ways that companies successfully manage change initiatives is by clearly communicating the need for change, describing critical success factors and developing a business case for change, according to a new study by research and consulting firm Best Practices, LLC.

The new study highlights how more than 70 companies manage and sustain change through effective planning, leadership, employee involvement and communication.

Top findings from the change management benchmarking study include:

-- Strategic planning and competitive threats surface the need for change.

-- Consistent, supportive, and visible leadership is critical.

-- Successful change managers ensure ongoing communication across all fronts.

-- Articulation of a clear and compelling business case for change increases change success.

-- Leaders employ change structures that involve management and employees at all levels.

"Lessons Learned in Managing Change," online at http://www.benchmarkingreports.com/r/r458.htm, is the result of surveys, roundtable discussions and presentations with executives at more than 70 of the world's most successful companies. In addition, the study contains up-to-date metrics that enable companies to perform gap analyses to evaluate current performance and identify improvement opportunities. Change management best practices and metrics included this report will help companies:

-- Identify the need for change through competitive threats,

strategic planning and market research.

-- Take specific steps to manage change, including communicating

the need for change, developing a business case and training

people for change.

-- Use techniques, such as team communication or the

re-communication of goals, to deal with resistance.

-- Employ executive or cross-functional teams to manage change.

-- Identify obstacles to positive change such as unsupportive

management behavior, lack of communication and shifting focus

or priorities.

Download an online summary of "Lessons Learned in Managing Change" at http://www.benchmarkingreports.com/r/r458.htm For more information about this report or other benchmarking reports, contact Mike Rogers at [phone] or at [e-mail].

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.