Financial Services Performance Management

Financial Services Performance ManagementUsing Performance Management to Build a High-Performance Culture

Financial Services Performance Management: Insurance Firm

Situation

This 75 year old diversified financial services organization with a proven track record of success recently doubled in size through a strategic acquisition to 11,000 employees.  Due to lack of preparedness and unexpected poor financial health of the acquired company, the company suffered the largest profit loss in the company’s history.

Complications

  • Employees were skeptical that things could get better.
  • Only about on third of employees currently completed performance reviews on a regular basis.
  • There was almost 100% turnover in leadership team.
  • The new leadership team faced immediate pressure to turn things around.

 

Approach: Financial Services Performance Management

We worked with the new leadership team to build a sustainable and high performing culture by redefining the company vision and desired culture necessary to execute the strategy.  This required explicitly articulating new behavioral expectations for leaders and all employees along with creating a new performance management process that:

  • Aligned and cascaded goals throughout the company to create a clear line of sight with measurable results.
  • Held managers and employees accountable for behavior and results.
  • Encouraged continuous performance improvement.
  • Created an explicit and meaningful link between pay and performance.
  • Provided relevant training, toolkits, and job aids to assist managers.

Results
In 12 months:

  • The company had it’s best financial performance in over four years in terms of revenue growth and profitability.
  • 98% of employees had performance discussions with their managers.
  • 96% of employees had set goals for the year.
  • 94% of employees reported that they understood how their pay was derived from their performance.
  • 95% of the managers reported that they believe that the new process will help their work unit to achieve its goals.

Related Information

Thanks a million for the great strategy and cultural alignment session for our global leadership team.

Your experience and patience to expertly deal with the inherent and complex challenges between business units uncovered many hidden truths that created a great roadmap for us to move forward as a unified leadership team.

I recommend LSA to any leader looking to shape and align organizational culture.

Juan Plaza
Geospatial Sales Manager, Latin America

Trimble

LSA Global really shifted our perspective about strategic clarity and organizational culture.

The 3 C’s approach to workplace culture is very practical and really helps executive teams — even skeptical ones — ensure that your culture is healthy, high performing, and aligned.

Amy Cappellanti-Wolf
Chief Human Resources Officer

Symantec_LSA_Global_250x200

You have become our premier change leadership strategic partner. Your expertise in the human side of change is unparalleled and enabled our company to successfully implement our ERP Solution under challenging and ever-changing circumstances.

Thank you for your practical and outcome-oriented approach.

Ted Ramlet
CIO & SVP

McKesson

I can’t emphasize enough what a huge shift you helped to create for us as an organization. Thanks again for your change management consulting help and guidance.

The clarity, practicality, focus, and accountability are exactly what we needed to make this strategy and major transformation a success from a hearts and minds perspective.

Cris Alvarez
VP Corporate Strategy

LSA Global Cambridge Investment Research Financial Services Client

The experiential New Employee Orientation was an incredible success for 2,500+ new hires over 4 years spread across the globe.

LSA partnered with us to create an innovative solution on very short notice and added a huge amount of value.

We could never have done it without their unmatched combination of expertise, professionalism, and creativity that aligned everything with our unique culture and growth strategy.

Even our executives and experienced hires were blown away!

Brenda Wagner
Founder and President

Proxicom

Great job in designing the Mergers and Acquisition strategy session for our global leadership team. The session was excellent.

I gained additional insight on the importance of the role of HR regarding strategy, culture, and people in Mergers and Acquisitions and would recommend LSA to anyone looking to align strategies and cultures.

Gloria Veon
Senior Vice President, Human Resources

Fujitsu

We looked to LSA Global as a consulting partner to help us explore innovative and scholarly approaches to promote employee engagement and sustain the unique high performance culture we’ve built over the last decade.  LSA helped us perpetuate coaching as a discipline across the organization by integrating our core values, goal setting, and performance management.

We appreciate LSA’s commitment to cutting-edge practices to help keep us a step ahead during this time of rapid change.

Rosalyn Chan
Vice President, Human Resources

Redwood Trust

We highly value the relationship we have with LSA Global.

I highly recommend LSA to anyone who is looking to strategically, practically, and fundamentally improve individual and organizational effectiveness in a way that makes sense for their unique culture and strategy.

Laura Dominguez
Director of Human Resources

It was a challenge to find a consultant with an approach to performance improvement that fit our unique performance culture and style. We were pleasantly surprised to discover LSA’s depth of expertise in the fields of motivation, developmental coaching, performance management, and measurement.

LSA seamlessly integrated those components without our folks feeling like the intervention was forced. They understood what we were trying to accomplish, helped us clarify our objectives, and created a solid, refreshing approach that quickly got us moving and engaged at all levels across the organization.

Overall, I couldn’t be happier that we found a true strategy and implementation partner in LSA.

Doug Hansen
President and Director

Redwood Trust

The LSA customized Organizational Alignment Survey gave us a comprehensive view of how our employees experience our culture, talent, and strategy.

The systemic approach provided us with a great forum to discuss the strengths and opportunities in our organization, and then to quickly get focused on the key actions critical to executing our business and people strategies.

Mark Forrest
General Manager, FSM Division

Trimble

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