Retaining a High Performance Culture During a Merger: Financial Services

Retaining a High Performance Culture during a Financial Services Merger

Client Case Study

Situation

BT Financial is a funds manager with 2,906 employees. The company is a part of the Westpac Financial Services group and has recently been involved in Westpac’s merger with St. George Bank which, after integration, has added approximately 1,000 staff. BT has a long history of focusing on its internal performance culture.

BT was searching for:

  • The next step in further development of the BT Financial performance culture
  • A way of ensuring that the new St. George arrivals integrated well into the BT Financial culture

 

Complications

  • Integration: Cultural differences during a merger typically decrease organizational performance.

Approach

1. Setup
We used the High Performance Environmental Structures Diagnostic Tool to:

  • Identify the similarities and differences between the performance environments of the two merging companies
  • Identify the best two moves to help to ensure further development of the “BT performance environment”

2. Two Moves Identified

  • Improve measures of individual performance
  • Develop a more effective way to deal with the low performance population

3. Implementation
We employed a combination of the following services with the top 200 BT leaders:

  • Held the Senior Leadership Team accountable for High Performance Diagnostic targets
  • Tailored High Performance communication and development sessions toward the Two Moves (two cycles per year)
  • Supported the two moves through education, consulting, and coaching

Results

  • 40% of low performers exited the environment in a way that made sense to them and the organization
  • 40% of the population improved their performance
  • 15% transferred into roles where their skills were better suited

In the words of CEO Rob Coombe:

“We know for a fact that we can have a mediocre team that can achieve high performance if the best environmental factors are present. Following the High Performance Environment implementation, 40% of low performers exited the environment, 40% improved their performance, and 15% transferred into roles where their skills were better fitted. It was absolutely necessary for the 40% who left to leave the organization. The people who sabotage the place every day and hijack the organization are cancerous.

We have also been able to retain the majority of our top performers. This year, we only lost 5% of our top performers, which is unprecedented. The industry is plagued with double digit turnover of top performers. We have enjoyed high retention by rewarding high performance and employing the High Performance Environment model. Following a survey last year, the top performers said they were happier in every dimension.

The High Performance Environment approach has given us a consistent set of tools and language to drive high performance. The entire leadership team at BT Financial has adopted the High Performance Environment methodology and is very passionate about it.”

Related Information

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Director of Human Resources

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I have worked with LSA Global at previous companies and welcomed the opportunity to bring them in to support my new organization. We worked closely with LSA to design a solution for our Client Partner Teams and Management Training on both coasts. LSA designed a customized solution for our business and organizational culture. LSA is a quality organization, one that I’d recommend to any company looking for a first class training and consulting partner that makes an impact.

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Leadership Development

Intuit

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CEO

Blue Canopy

I’ve been associated with LSA for the last 8 years and have found them to be an extremely professional, well managed full service training organization. Since working with LSA, I’ve participated in a number of solutions ranging from Performance Management to Assertiveness Training – I’ve found that the quality of the resources is superior. They are well prepared and have definitely done a considerable amount of pre-work in order to customize our culture and business into the total learning experience – making it most beneficial for our employees.

Duane Schroeder
Human Resource Manager

It was a challenge to find a consultant with an approach to performance improvement that fit our unique culture and style. We were pleasantly surprised to discover LSA’s depth of expertise in the fields of motivation, developmental coaching and 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 engage 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.  Equally important, the survey and implementation process goes well beyond the typical engagement survey.  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

We hired LSA Global to design and deliver a customized outdoor experiential new employee orientation program for our recent group of MBA new hires. The program designed helped reinforce WIPRO core values. The program will help the new MBA hires to build relationships with fellow associates and enhance the group’s ability to operate successfully in the global world. I recommend LSA for effective on boarding/outward bound training of new MBA hires.

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Working with LSA Global has proven to be extremely valuable and worthwhile. LSA understands our business, has deep expertise in content areas, and tailors the programs to deliver great results. The facilitator was extremely knowledgeable about Working Globally with India and her energy and passion made the session interesting, fun, and enjoyable for all that attended. The participants walked away extremely pleased along with highly useful practices and tools. I would highly recommend LSA Global to any company that has partners or offices in India.

Glenn McGillivray
Human Resources Business Partner

Intuit

Redwood Trust looked to LSA Global as a consulting partner to help us explore innovative and scholarly approaches to promote employee engagement and sustain the unique 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 under an interactive coaching program.  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

The action-learning leadership project has been very beneficial to me, our leadership team, and the entire organization. The balance of development and results has been excellent. We have made huge progress, and I was also able to identify 2-3 high potentials while having the extra benefit of people stepping up to carry strategic projects forward. The Staff is very appreciative and has become very comfortable with both the program and the process. It is still going better than anticipated, and I have been very pleased.

Heather Feltman
President & CEO

LSS

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