Global Performance Management
Client profile
Our client is one of the largest independent investment managers in the UK, currently managing assets on behalf of consumers, institutional clients and investment professionals through a broad product range, which includes investment trusts, ISAs, pension products, offshore funds and other specialist mandates.
Objective
PRPi was invited to design and implement a competence and objectives based performance management system to spearhead and reinforce a new "common culture" that was being introduced into two recently merged UK firms.
Our client also wanted to introduce a more robust approach to managerial objective setting leading to higher levels of delivery against business plans and it wanted future compensation decisions to be highly correlated with the new performance mangement scoring method pioneered and stress-tested by PRPi.
Client's situation
Our client was merging two companies with very different cultures. A major component of this strategy was to implement a common, competence-based performance management system. Up to this point, performance management had not had a high degree of credibility nor utility in the two firms and senior management wanted to change this to meet urgent business, HR strategy and regulatory needs.
Solution
Our strategic input included:
- Identifying the need for a more systematic, objective focused and performance-linked approach
- advising on a system to link job performance objectives and competence levels to the compensation of all employees
- advising on remuneration strategy and the project-management of the system implementation
- conducting focus groups with a significant sample of top performing employees in each function
- researching and designing appropriate competence frameworks
- designing supporting reward systems
- assisting the CEO in communicating the change to all employees and improving managerial objective setting
Benefits
In less than six months our Client was enabled to implement a globally consistent performance management process linked to reward which ensured: transparent objectivity in determining reward, a clear focus on performance standards.
The new system received excellent feedback from managers and staff. 94% of senior managers were "very positive" about the new process.
Our client's feedback
“We used PRPi for a global performance management implementation. We wanted access to a tried and tested system which could be implemented speedily, professionally and with complete attention to detail. PRPi’s consultants, who are all ex HR practitioners, were able to give us the required seniority of input and have an established track record in their field. We also felt they were 'on the same wavelength' as us; we were extremely pleased with the end results.”
Group HR Director
European-owned Investment Bank
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