Leading Insurance Company Digitises Their Talent Management Processes with Accendo
Business Challenge
The pandemic proved to be a challenge that disrupted economic activities around the world. Despite this, the company continued to push ahead with its strategic objectives to strengthen their foundations and produce more sustainable growth over the long term. A three-year plan was proposed, from 2021-2023, to look into four main challenges, including poor retention and business growth, the lack of a diversified portfolio, and low satisfaction levels among employees and customers.
The company was determined to seek a concerted and collective approach and was given the talent responsibility. They needed to analyse their talent pools to meet the business needs, identify the professional gaps needed to be filled and developed using succession planning, and improve the assessment experience.
According to the company, they faced several challenges in their existing talent management processes. Their processes were entirely manual which resulted in the time-consuming work of maintaining and preparing reports. The assessments used for succession planning came from multiple vendors and were not synchronised, resulting in a lack of robustness to drive strategic HR decisions. This led to poor leadership bench strength and impacted the business agility and transformation. The absence of holistic and actionable insights resulted in risky and inaccurate talent decisions and presented a poor talent pipeline that was not future-ready.
They were not looking for a way to simply address the needs at the executive leadership level, but to eventually have a long-term solution that would address the needs of the organisation as a whole. They knew that the company needed a more systematic and standardised, data-driven approach to succession planning and building an effective talent pipeline.
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Solution
A Talent Intelligence Platform with Process Automation and Deep Talent Insights from Accendo
As highlighted above, the company was no stranger to using assessments; however, their process was unsynchronised. Managing the participants and ensuring clear communication was imperative to mitigate the risks of wrongly running the process. They realised that its needs of succession planning required proper monitoring and alignment, including its usage of assessments and talent development plans, and began looking for a more refined approach.
After a thorough review and evaluation, Accendo was selected and made aware of the company’s challenges. Recognising the urgency and time constraint of the situation, Accendo’s consulting team began the accelerated journey to help them meet their goals and commitment. The solution is a trusted strategy that provides CHROs with the approach of anytime-anywhere access to all critical talent data which included the following steps:
Streamlining and digitising Talent Management to be more sophisticated
The Accendo consulting team began by preparing a talent management plan for the company’s executive leadership to understand their perspectives, priorities, and business strategy. The plan served two purposes: (1) narrow down a talent management framework relevant to the company’s succession planning needs and decode a talent strategy accordingly, and (2) contextualise and design a strategic approach to holistically evaluate talents using Accendo’s Assessment Marketplace.
Holistically evaluating talents using the best-of-breed assessment tools
Accendo’s consulting team recommended the use of validated success profiles to make sure that the company used the opportunity to define the benchmarks for their succession planning framework. For this purpose, Accendo relied on its library of job success profiles that contained both the job descriptions as well as the detailed competency definitions, proficiency level expectations, and interview questions that significantly fast-tracked the process while ensuring the high standards and quality of the organisation’s succession plans.
Decoding the talent strategy using a digital platform with predictive analytics
With analytics from Accendo’s advanced real-time dashboards, the company was able to utilise the predictive analytics to view insights in the candidate sources. This enabled them to identify the positions that are required to fill or likely to vacate in the future. The predictive analytics also allowed the organisation to monitor future employee performance, increase retention rates, and prevent hiring bottlenecks.
Results
The Company Completes the Digitising of Its Succession Planning in 2 Months
The company began prioritising its succession and talent pipeline with Accendo’s help. This experience, coupled with their people-oriented roles, was what prepared them to work towards reaching their goals.
The company experienced the benefits of succession planning and digitising of its talent management process first-hand, so after the initial stages, they continued to work on the results of the exercise and develop the rest of the process. As a result, they were able to build a corporate culture of attracting and retaining the best talent, including creating targeted development gap analysis for potential leaders, while receiving expert consultation to ensure the most effective and impactful results.
The decision to work with Accendo also allowed the company to save valuable time that could now be used to proceed with the next steps of the exercise. All at a pace that is in line with the business and the company’s vision.
Saved time
Valuable time now used to proceed on other succession planning decisions
Goal Driven
A defined talent pipeline
Digitized
Talent management processes
Corporate culture
That attracts the best talents
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