Most organizations believe in the practice of leadership succession planning because they recognize the critical nature of business continuity. However, many need a standardized and effective process for executing it properly and sustainably.
You know us for having the best performance management software that leads to high-performance cultures. But how do high-performance cultures maintain traction and continually develop talent? Join us as we share how to take your talent management process to a higher level with the Talent Bundle. Discover how to: * Easily identify potential top talent * Gain valuable insight through peer feedback best practices * Ensure alignment of talent and strategically track goal progression * Empower the employee journey through inspiring development practices Watch The Webinar
HR.Com Webinar January 2023 Identifying key successors is nothing new to organizations’ business continuity plans. Yet, the process, tools, and methodologies being all over the map, often prevent the timely and effective execution of this critical business process. Interested in learning about performance review phrases? This recording from HR.com walks through how to simplify and create efficiencies in your leadership succession process. As they relate to leadership succession, Melissa will review: A standardized, well-defined, and accurate way of measuring employee performance on a regular cadence. How to (simply) build and execute a standardized, well-defined, and easy way of capturing employee’s desires for next position/career growth, as well as desired personal and professional development. How to (simply) build and execute a standardized, well-defined, and accurate way for managers/leaders to measure employee performance vs. potential (utilizing a 9-box grid template). Watch The Webinar
Just as the financial industry has adapted to the market needs for better digital platforms, increased automation, and a more convenient customer experience, performance and talent management within financial institutions has also had to pivot to the growing expectations of its employees and competitive landscape. Every industry has a unique set of needs and challenges, so performance and talent management processes are not a one-size-fits-all approach. To start discussions, we often ask banks and credit unions a simple question: “How does your financial institution identify future leaders, coach/grow, retain, and prepare employees to lead the organization in the future?” Years of experience working with banking institutions and credit unions have allowed us to become well-versed in powering financial institutions’ performance and talent management, and in turn, helping these institutions make better people decisions and achieve better results. This article details the most common challenges and the corresponding WorkDove solution. Challenge: Emphasis on Performance AND Core Values One common need we hear across industries, but specifically in banking, is the need to capture data for both performance expectations and behaviors that are in line with company core values. WorkDove Solution: The foundation of our platform is the Performance-Values Matrix. This matrix offers a visual for data that enables a high-performance culture and reveals both performance and core value fit. This allows managers to visualize where the employee stands on both aspects and coach around what is needed. Challenge: Attracting and Retaining Top Talent This challenge has unfortunately been felt around the world in recent years. Finding the right candidates and keeping them engaged is harder than ever due to a variety of factors that are certainly not limited to remote work expectations, inflation, and more. WorkDove Solution: With the right tool, you can strategically develop your talent in-house. With apps such as the 9-Box leadership succession planning tool, Individual Development Plan Plus (IDP+), one-to-one Check-Ins, and 360-Degree Feedback, you can improve employee retention and engagement while simultaneously giving managers the tools they need to coach more effectively. Bonus: Our Recognition tool allows for company-wide recognition at any time, further contributing to feelings of belonging which lead to higher engagement. Our Performance Review app gives insight into employee talents and development opportunities, ensuring they have a clear path at all times. Challenge: Leadership Succession Planning The banking industry in general has a need for insight into employee development and career growth. With Millennials and Gen Zers quickly rising as the most represented generations in the workforce, their deep desire for growth cannot be ignored. WorkDove Solution: Gain key data insights to accurately identify top performers and potential successors using the 9-box leadership succession planning tool. This tool plots future leaders on a matrix based on the two most important factors: performance and potential. WorkDove also offers a leadership succession planning report including comprehensive information on individual employees’ performance scores, next desired position, and more. Challenge: Compliance All work systems being compliant within highly regulated industries is an absolute non-negotiable. WorkDove Solution Housing all performance management information in a reliable cloud-based platform allows for one single, secure source of truth. One location that contains historical records of employee development and management documentation provides a homebase for more equitable performance and talent management. Gone are the days of accidentally misplaced papers or a loss of information due to employee or management changes. Challenge: Antiquated Systems Manual, cumbersome systems are not only a drag to the employee experience but they also slow processes down. Systems and processes that look and feel archaic do no favors for increasing employee engagement. WorkDove Solution WorkDove allows you to save precious time and money by converting from outdated systems to a modern, easy-to-use technology that integrates with your everyday workflows. Partnering with our team ensures you will have just that: a partner. We make intentional time to understand your current processes, discover what’s working well and what isn’t, and map out a new workflow that is unique to your needs, but not so nuanced that you get lost in the details. A common trend among banking organizations is the need to decrease their digital footprint. This often results in an HRIS (like ADP or UKG) that combines several solutions into one place. Many HRIS solutions offer performance and talent management modules. While this approach indeed decreases the digital footprint, we often hear that the modules simply do not satisfy all performance/talent management needs. The good news is that WorkDove can work with your HRIS. Through modern integrations, we can connect to almost any HRIS or Payroll System through a secure data feed or API, which eliminates the need for duplicate data entry and edits. Your digital footprint remains low and your solutions work collaboratively together! Learn more about how we can partner with your bank or credit union today! Click here
The connection we feel to our work environment is largely dependent on the connection we have to the people within it. The innately human desire for relationships we all possess naturally bleeds into our work life. While genuine friendships that exist even outside of the office can certainly make the 40+ hour work week more enjoyable, it begs a question: is having a best friend at work beneficial to the organization at large? According to Gallup, when 6 out of 10 employees in the United States strongly agree they have a best friend at work, their respective organizations can experience 36% fewer safety incidents, 7% more engaged customers, and 12% higher profit. Gallup makes a point to include the question, “Do you have a best friend at work?” in its recurring employee engagement survey because the data has consistently pointed to an increase in performance when the answer is “Yes.” LinkedIn discovered that one-third of Millennials vs. only 5% of Baby Boomers agree that socializing with colleagues aids in moving up the career ladder. Another 46% of people surveyed believe that friendships at work make them happier overall. A ResearchGate study highlights a more complicated side to friendships at work. The research revealed that while having a work friendship did lead to higher job performance, the benefits may have been a moot point given the emotional exhaustion of maintaining friendships on the job. It is worth noting that any trepidation to having friends at work appears to be more of an American issue than a global one. For example, less than 6% of Americans have taken a vacation with a co-worker, in stark contrast to 1 in 4 Poles and roughly half of Indians. Research has shown that the true benefits to having work friendships are due to values like vulnerability, compassion, and trust. Workplaces that encourage these values are likely to produce environments that feel more friendly even if workers would not necessarily say they have a “best friend” there. The takeaway here, especially for American organizations, is that the focus should be less on forcing friendships between colleagues and more on creating a space where deep feelings of connection can freely live. The evidence is repeatedly clear. A strong friendship with a colleague significantly impacts both performance and engagement which leads to better business outcomes. How can leaders, the greatest influence over workplace cultures, foster environments that allow these relationships to flourish? In our experience working with many amazing organizations across the globe, there are a few common denominators amongst those with high-performing teams and “friendly” cultures. 1. Start with Core Values While forcing work friendships is not encouraged, creating shared points of connection is. Creating, defining, rewarding, and living out core values not only sets your business up for success, it also gives all team members a common language and reference point. On sports teams, all teammates share one common goal: to win. When great emphasis is placed on core values, all employees share the organizational expectation to display behaviors representative of their common core values. It produces a team mentality knowing that all teammates are rowing the same boat in the same direction. Core values naturally breed connection which can eventually lead to strong, healthy friendships. While actual water coolers in business offices may be a thing of the past, the concept of “water cooler” talk is still very present. It starts with just one comment behind a co-worker’s back and, if left unchecked, can quickly turn into a workplace friendship built on a foundation of shared gossip or mutual frustration. Being intentional with core values helps to eliminate many of these toxic tendencies by showcasing positive behaviors, and therefore discouraging behaviors that are not in line with the core values whatsoever. Another simplistic way to elevate core values is to invest in a digital recognition tool. The ability to recognize colleagues for positive behaviors in an online tool bolsters human connection, which is needed more than ever in our remote working world. Our WorkDove Recognition tool, for example, is open to every employee at every level and allows people to recognize others who are outside of their own department or location. 2. Leave Space for Fun Employees who play together stay together. Millennials, or the “ping-pong table” generation, brought fun in the office to a whole new level. For a few decades, organizations have been attempting to reshape the typical office environment to be more inclusive of laser tag team outings and breweries on the bottom floor. Fun will look differently for every team, but the bottom line is less about Friday Nerf gun battles and more about simply being together with the sole purpose of enjoying one another. A few fun examples we have seen from our clients are superhero dress-up days, virtual cocktails, running 5Ks together, and Chick-Fil-A Fridays. Have fun together in a way that fits your culture best! 3. Let Human Nature Take Over Here is the good news: When space is available for people to make connections, they will. We are wired to develop bonds in all areas of our lives and for most, work is the place where the majority of their lives are spent. The question is not if work relationships will be formed, but rather what type. It is never too late for business leaders to carve out space for human nature to take over. While this may feel counter cultural given the world at work right now, our suggestion is to encourage as much in-person work as possible. Remote and hybrid work will remain forever but we cannot deny what gets accomplished when we are face-to-face, namely, human connection. The power of reading body language, a quick chat in the hallway, or an all-staff meet-up meets business needs and fundamental human needs. Simply giving people the option and encouragement to work in person together will undoubtedly bear the fruit of personal connection. You will inevitably receive a large spectrum of responses from pushing people to return to physical offices given the last two years of remote work due to the Covid-19 pandemic. Flexibility on in-person
The elephant in the room is that 360-degree feedback feels scary. You know it’s important to gain a holistic understanding of employees, but when it comes to feedback, there is so much that can go wrong. Right? This answers to your biggest 360-feedback questions: When and how do we get started? How do we encourage honesty AND transparency? Should peer feedback be included in the performance review? Is 360-degree feedback worth the potential risks? We discuss these common challenges and give you simple tools to be the organization that fosters the rich, continuous feedback you desire to be. It’s time to make giving and receiving feedback enjoyable and genuinely helpful. You can download the presentation here. Request A Demo
