Identifying Potential in Financial Services

Client and context

The client was a Financial Services company headquartered in the US and Directors wanted a detailed understanding of the depth of management talent in the UK unit. The previous year’s internal initiative to identify those with the capability to move up in the organisation had been unsuccessful, and had highlighted the lack of common ground on standards, criteria and people.

Project

The project had some constraints, however: directors were very clear that they needed to use a process that was based on sound research and rigorous analysis – but they also wanted something that was simple and clear, achieved within a limited budget and ready for the annual talent review due within a few weeks.

We used the Solomon Process for identifying potential, and developed a training programme to give directors a full understanding of the process and the research behind it, practice at applying it and the ability to run the process themselves.  A detailed overview of the process and the theory underpinning it was followed by a practical run-through of the process in action, using a trained Solomon consultant. This enabled them to understand and apply the process, and to realise the extent to which it was possible to reach consensus on the potential of their managers with confidence.

Outcomes

The annual succession and potential review was run successfully and on time, and there was a high level of  confidence in the results.  People received honest, clear feedback for the first time andfelt much happier with the company and with their managers.  The UK business was sold shortly afterwards and the demonstrable depth of talent was one of the key assets the company was able to show to its new owners.