preparing your company’s leaders for building a high performance workforce

Preparing Your Company’s Leaders for Creating a High Performance Workforce!Hy Pomerance, Global Managing Partner Impact International

Pomerance 2

Story of transformation at New York Life…. 2008-2013

Context Vision Objectives Future Awareness Challenges Challenges. Current State

Lessons Learned

!▪ Context: External and Internal !▪ Vision: CEO Transition !

▪ Objectives: prepare for the future !

▪ Charting the Future to High Performance !

▪ Building Awareness: just enough anxiety !▪ Challenges: set backs and recovery !

▪ Current State: culture and engagement !

▪ Lessons Learned !

Pomerance 3

Let’s start with the end….the lessons we learned

Context Vision Objectives Future Awareness Challenges Challenges. Current State

Lessons Learned

!▪ Plan the journey !▪ Big people in big jobs !

▪ Think big, start small, and move fast !▪ High Performance is both psychological and behavioral !▪ Be transparent at every stage

Pomerance 4

ContextContext Vision Objectives Future Awareness Challenges Current

StateLessons learned Support

New York Life Insurance Company • Lines of Business: Insurance, Retirement and Annuity, Asset Management, NYL

International • 165 year old Fortune 100: $17 Billion • 10,000 Employees, 15,000 Contract Agents !2008 - Internal Context • CEO Transition • Strong Financial Performance; AAA Ratings • Culture: Hierarchical, command and control, loyal and caring, slow and risk adverse !2008 – External Context • Recession • Regulatory pressure • Interest Rates

Pomerance 5

VisionContext Vision Objectives Future Awareness Challenges Current

StateLessons Learned Support

!!!VISION ➢ Get closer to the customer: Agents and Policyholders

Simplify and rebrand, service orientation ➢ Operate Efficiently and Effectively

De-risk, prepare for headwinds, become more agile ➢ Distributed Leadership Culture

Open and questioning culture, address talent and succession gaps

!

Pomerance 6

ObjectivesContext Vision Objectives Future Awareness Challenges Current

StateLessons Learned Support

Culture of Distributed Leadership

• Ask questions: challenge the status quo

• Decisions made at the lowest level

• Open to new ideas and change

!Increase Diversity representation at the Senior Levels

!Prepare the organization for change

!Build the bench: implement a discipline around succession planning

Pomerance 7

Charting the Future to High Performance

CEO’s Vision

High Performing Workforce

Operating Model: simplified

!Empowerment

Coaching for Change Leadership

Leadership Expectations Performance management

Reward!Intimacy

increased spans of control

Re-Align BusinessPrepare for Change Build Performance Culture

Right people in right role

Transparency

Promotions: role npt person

Career focus

Open internal labor market

20112009-2010 2012-2013

Align Top 250

Context Vision Objectives Future Awareness Challenges Current State

Lessons Learned Questions

Pomerance

2009 Engagement Highlights

8

The people in my work unit persist when faced with difficulties The people in my work unit take on new roles and responsibilities as the need arises The people in my work unit get things done at the first opportunity I am confident in the ability of the CEO and Executive Management Committee to make the decisions necessary to ensure the future success of New York Life My immediate manager shows that he/she truly cares about the people in my work unit

I feel like an active participant in the changes that are taking place I am satisfied with my involvement in decisions that affect my work The organizational changes being made at New York will help us get closer to our policyholders I think the organizational changes will positively affect my work I feel invested in the success of the changes that are taking place

Pomerance 9

Building Awareness: Just enough Anxiety

• Leadership Summit: Top 60 cascade key messages

!• Coaching for Change Leadership

!• 1:1 time with Ted

!• 15 leaders in a room…



Pomerance 10

Challenges

• Setbacks and Recovery - Authenticity questioned - Morale suffers during layoffs

!• Pace and sequence of change

- Fast cycle changes in measurable chunks

- Getting the people right - Inadequate tools: infrastructure and technology

!• Communication: good enough never is



Pomerance 11

Current State

• Engagement - Top 250 drive on-going change - Change; positive perception rises to 77% - Trust in management remains high

!• Distributed Leadership

- Fast cycle changes in measurable chunks

- People feel involved in the change program; increase to 70% fav

- Employees understand long term impact of change

!• Closer to the customer; agent engagement increases to 92% fav



Pomerance 12

Lessons Learned

• Plan the journey

• Big people in big jobs

• Think big, start small, and move fast

• High Performance is both psychological and behavioral

• Be transparent at every stage

Context Vision Objectives Future Awareness Challenges Current State.


Pomerance 13

!!

Questions

Context Vision Objectives Future Awareness Challenges Current State.
