Situation
A prominent financial services company, as part of its business turnaround, had put in place a new executive team under the leadership of a CEO hired from outside the company. To stabilize and create cohesion within the senior executive team, the CEO decided to initiate in-depth executive assessments of all team members. The goals of the initiative were as follows: provide each individual with candid and constructive personal feedback, stimulate the growth and development of each individual, provide the CEO with the information necessary to continue to shape the management team, and promote a developmental culture within the company.
Solution
Beeson Consulting designed and conducted intensive executive assessments, initially for all of the CEO's direct reports. The assessments were based on an in-depth personal and career interview; a number of confidential interviews with the CEO and a sample of the individual's peers and direct reports; and a confidential, on-line 360 degree feedback survey. The results were reviewed with the CEO and with each individual as the basis for the creation of a plan of development action. Development objectives for each executive were then embedded in his/her annual performance objectives to promote follow up.
Impact
Based on the success of the initial group of senior executive assessments, executive assessments were conducted for all of the President's direct reports. Assessments are now routinely conducted for all new hires at the senior executive level. Beyond monitoring and follow up on the executives' individual development plans, the CEO has used the results to identify those individuals with the potential to assume increased responsibility within the executive team.
