Design and enhance strategies toreact quickly to constantly shifting environmental conditions
Issue
Facing an economic environment of increased uncertainty and reduced budgets, coupled with a mandate to quickly and aggressively secure top talent, a major insurance company set out to review performance management processes and practices in order to benchmark their own and gauge whether they should undergo a transformation in their performance policies. In a highly competitive industry, with limited funds for assessment, this company sought the counsel of peers - without raising the antennae of competitors, recruiters, vendors or analysts.
Solution
Through a series of strategically focused surveys of the corporate market, coupled with the opportunity to query industry experts and other member companies anonymously, i4cp presented the company with a focused benchmark on current performance management programs. Throughout this process, i4cp members, i4cp pillar directors and executives in residence provided input and direction - both at the strategic and implementation levels. Scenarios from financial services, pharmaceutical and manufacturing companies were introduced and discussed through specific questions posted anonymously to i4cp's online community, and the merits and application of performance management practices within multiple industries received considerable discussion through these forums.
Benefit and ROI
Without the agenda or additive cost of consultants or performance management vendors, and without disclosing a potential change in practices, the company surveyed intra- and inter-industry practices. This allowed the company to react to shifting environmental conditions both quickly, efficiently and without moving outside current industry expectations.
Additional cost to the company: $0
