Virtual Development Center and a New-Age Life Insurance
Virtual Development Center And A New Age Life InsuranceHow a new-age life insurance benefited from comprehensive development centers for creation of an effective succession pipeline.
A new-age life insurance joint-venture, wanted to ensure succession in organization was driven by in-depth evaluation of competency levels. As they were scaling new heights in terms of business expansion, growth and development of internal talent was focused upon, to reach consequent phases of business maturity.
Based on this premise, they wanted to bring about a process for assessing existing competency levels for high performing employees. This would not ensure sustainability of performance, but would also focus on creating development plans for each of their high performers.
The core of Think Talent’s solution was based on-
- Ability to administer and manage assessments virtually, to enable scale and speed, while keeping a tab on the costs incurred.
- Providing a set of reliable tools measuring competencies from the client’s globally followed competency framework.
- A comprehensive and detailed report, giving feedback on clear and potential strengths and specific aspects to be further developed.
Think Talent worked closely with the client’s L&D team to understand Roles, Competencies & Behaviors mapped to those roles. After setting up a tool matrix for the Virtual Development Center, tool content was created to measure all the required behaviors representing the client competencies.
It was determined that the promotion decision would be based on the Virtual Development Center’s outcome and on the interview of the nominated employee by an internal selection panel. A report consisting of competency wise scores and observation was created.
- A Virtual Development Center was setup with a number of tools having required content for measuring various competencies.
- A communication plan was devised. This familiarized the nominated talent pool with the VDC process along with designing of mailers and other collateral for the same.
- On a pre-determined day, all the nominated employees went through the entire VDC from different office locations.
- Post the VDC, a competency-wise briefing was provided for each of the nominated participants to the internal selection panel.
- Thereafter, Individual Development Plan reports were generated for each of these employees. The report incorporated assessor feedback from VDC and the selection panel ratings.
This process has been adopted by the Client as an input to carry out all of their succession planning and development of internal employees across the organization. They found the Individual Development Planning report to be an extremely useful and enabling tool for giving developmental feedback to employees. The report helped the high performers to pursue actions to develop themselves better and in a more contextualized way, in order to contribute more to organizational needs.