Action & ROI-Based Leadership Development: Financial Services
Developing Leaders and Impacting the Bottom at a Financial Services Company
Client Case Study
Situation
This industry leader in the real estate investment market decided to capitalize on slow economic times by developing their existing and future leaders while simultaneously improving their business operations. The goal of the program was to develop the next generation of leaders that would significantly grow the company and maintain the philosophy and culture created by the original founders by:
- Identifying key opportunities that would impact the company’s bottom line
- Executing strategies that would create a distinct competitive advantage
- Initiating and leading change effectively within the organization
Complications
- Collaboration: Effectively utilize the collective company and industry knowledge of senior executives in different functional roles
- Relevance: Provide a learning experience that was relevant to participants’ day jobs and future roles within the company
- Strategic: Remain at all times practical and applicable to the overall corporate strategy so that results from the team initiatives were clearly visible to and appreciated by senior executives
- Business Impact: Generate bottom line financial benefits in terms of increased revenue and decreased costs far exceeding the overall costs of the program
Approach
An action learning format provided the foundation of the customized program. Participants worked in cross-functional teams, with a goal of providing a significant contribution to the company’s bottom line or competitive position. Teams progressed through the phases of a major project while they received just-in-time training, coaching, mentoring, and the tools necessary to succeed. The teams of three went through the following steps over a six month time period:
- Identified opportunities to either drive new revenue or decrease operational costs
- Selected one high potential opportunity and created a business case to present to senior executives for implementation approval
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Led the project implementation, engaging and influencing most areas of the company
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Measured the results of their efforts
During the course of the project, each team was supported by an executive mentor who provided significant knowledge to the team about their project focus, company politics, and how to keep on track. Each team also had an executive sponsor—the CEO, the President, or the Chief Risk Officer, each meeting with their assigned team on a regular basis to provide strategic guidance.
Results
In twelve to twenty four months:
- $3 million in year 1 additional profits
- $10 million in year 2 additional profits
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Development of new critical processes
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Validation of several key current processes
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Identification of new high potential market opportunities
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Recognition of several very high potential new leaders in the company
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