Financial Agency Leverages Accendo for Succession Planning and Increasing Internal Capability
About the Financial Institution
Established in 1986, this financial agency’s primary objective is to promote home ownership and foster the growth of the secondary mortgage market in Malaysia. Recognised as the most successful secondary mortgage liquidity facility, the agency is the largest issuer of debt instruments in the local capital market. With top credit ratings from rating agencies, the agency is well-regarded globally, and aligns with Malaysian sovereign ratings.
Situation
The lean HR team usually ran succession planning internally, but when a key team member left, they found a big internal knowledge gap in running succession planning. This created a big challenge for the team because completed succession planning was a board mandate.
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Research indicates that the situation is commonplace, and a recent survey of HR professionals revealed that 33% of respondents identified a lack of internal capability as the primary obstacle to succession planning.
Impact
The HR team realised that without external help, they would not be able to meet their KPI. They also realised that repeating an approach that had a high dependency on individuals was not the right way forward. The additional pressure meant putting in place:
1. Implementation Process
An efficient implementation process to meet internal timelines
2. Capability Development Plan
A capability development plan to build HR expertise
3. High Resilience Plan
A high-resilience plan that would ensure process continuity in the face of personnel changes.
The stakes were higher than ever. The team evaluated all the options in front of them – engaging an assessment company or recruiting a new HR consultant. Yet the question lingered: could these options fulfil all requirements?
Solution
After a careful selection process, the agency selected Accendo as its preferred vendor for succession planning. Unlike other options, Accendo offered a digital platform with strong consulting capabilities, and in-built workflows that reflected industry best practices. They saw several advantages in this:
- First, the whole exercise could be completed faster, and at a lower cost
- Second, the platform would help the HR team upskill themselves on succession processes
- Third, they would future proof themselves through a digital execution platform.
Accendo’s solution included:
- Reliable, validated assessments along with role-fit analysis, successor tagging and other features
- Well-researched success profiles to define the right competencies, skills, and proficiency levels
- Consolidated reporting with deep insights into each candidate’s strengths and development needs, contextualised to the agency’s competency model.
- All delivered digitally using TalentPulse, Accendo’s Talent Intelligence Platform, that enabled access anytime, anywhere to all talent data.
- Bridging the internal knowledge gap while empowering the agency to proactively cultivate its internal capability.
Result
1. Speed
The agency achieved a faster completion rate and cost efficiency.
2. Capability
The HR team built internal capability and improved their succession skills.
3. Future-Proofing
The agency future-proofed itself through the use of a digital platform for continuity.
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