This company is one of the world’s foremost independent credit card lenders and is part of Bank of America, one of the largest financial institutions in the world. The future of the business was , thrown into considerable doubt in 2011 when the business was informed by its parent company that it would be exiting the credit card business in Europe. With this announcement came significant uncertainty, restructuring and over 1,000 redundancies.
Many businesses are reluctant to invest in people when the future for many is uncertain. The CEO put it well: “Yes, we had that conversation. Why invest in people when we know they might not stay? But we believed that the best possible outcome for us as a business with an uncertain future was to commit to delivering a well-trained and engaged workforce.”
The strategy designed to drive engagement through these themes was called “eXplore.” The CEO explained: “Explorers don’t work with certainty and thrive in uncharted territory. Explorers are brave, innovative and crucially, they define success by the experience and what they learn from it, rather than the end-destination.”
The financial sector has significant regulatory requirements mandating training but what’s crucially important to understand is that outside of regulatory training, the whole ethos underpinning learning is elective. The company’s leadership team felt that learning and development was not just about ticking boxes. Because no one knew what the future of the business was, they encouraged people to think of career development as a journey, rather than a destination.
Branded Fuel50 CareerDrive™ license using all 5 exercises and career planning
Facilitate career plans to support a vast increase in learning activity across the business.
Coaching & Mentoring
To build the leadership capability to drive engagement through the rest of the business.
Every member of staff and management very clearly understands what is required of them and is available to them for training and development. The eXplore program has provided high levels of staff engagement and awareness of what is available and all staff are engaged in some form of training and development.
In 2013, the QICM assessed all areas of the business and we became the first credit card organization to achieve the Quality in Credit Management Accreditation, three months ahead of schedule.
- In 2010, engagement levels were recorded at 53%.
- By the end of 2012, engagement was 70%, a remarkable increase in light of the substantial redundancy program and the uncertainty of the business’s future.
- Overall levels of engagement in 2013 leapt further to 79%.
46% of those exceeding performance expectations are these active participants and an amazing 81% of them are active via the Leadership Cloud.
Those currently active on the Livingstone program have an engagement score of 75% in 2013, up from 67% in 2012.
Approximately 1000+ colleagues have gained or are currently participating in professional qualifications.