Using Success Profiles to Drive Performance
As a firm that often partakes in operations or customer service consulting work, people management and talent development are common key differentiators of the most profitable and established firms in the industry. How do those organizations perform these functions so well? The answer to that is complex – and encompasses culture, organizational structure, compensation models, physical location and performance management, among other factors. While the majority of the factors listed require significant effort and investment to change, performance management is one that can be addressed (to some extent) in a shorter period of time with a relatively lower level of effort (compared to physical location, culture, organizational structure).
Performance management, in its simplest form, is how organizations structure, plan, develop, monitor, and reward employee contributions to the company. An effective tool we frequently use with our financial services consulting clients, especially in operations or customer service oriented functions, are competencies and success profiles.
What are competencies and success profiles and how are they developed?
Competencies are characteristics of people who are successful at performing work. Success profiles are a collection of competencies that together define successful performance in a particular work setting. Success profiles provide employees with an understanding of “what good looks like” and can be used to set expectations, and ultimately drive (or improve upon) performance.
When creating success profiles, we follow the process below:
- Identify a role that you want to increase performance
- Identify top performers, observe and collect data
- Build the success profiles
- Use success profiles to build developmental tools – such as best practices guides, playbooks, and/or other coaching tools
By using this methodology, we have been able to help financial institutions achieve over 10% improvement in productivity and customer satisfaction.
Additional Uses for Success Profiles
Once success profiles are developed, they do not need to be limited to creating developmental tools. Success profiles can further increase efficiency and effectiveness when used for the following tasks:
- Hiring and interviewing
- New hire education and on-the-job training programs
- Employee recognition strategies
- Performance assessments
For more detail on how to create success profiles and incorporate them to improve efficiency and effectiveness, download the full presentation content Performance Management: Using Success Profiles / Competencies to Drive Performance.