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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Laura Dominguez
Director of Human Resources

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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

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.

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Senior Vice President, Human Resources

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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.

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Ted Ramlet
CIO & SVP

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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

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.

Vishu Venkat, PHR
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Kim Benson
Director Human Resources

Trimble

We consistently receive positive feedback about the quality of the LSA Leadership Training Programs and LSA facilitators. We recognize and appreciate the hard work LSA always goes through to align to our unique culture and meet our specific requirements. Thank you for regularly going above and beyond to design solutions to meet our needs. Your support and dedication, both on the strategic and tactical side, have been outstanding!

Anna Meyer
Leadership Development

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As a Training Outsourcing Partner, LSA consistently saves me time and money by designing the right solutions and quickly bringing us the best experts to solve key business problems in a way that works for our unique culture. Their methodology and resources are fantastic and allow us to deploy better solutions faster. I highly recommend them to anyone looking to raise the talent bar with a true strategic partner.

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Laurie Torres
Chief People Officer

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