A Midwest community development finance organization.
A Midwest-based, full-service community development financial partner that supports community stabilization and economic development was growing rapidly. The CEO was challenged by the board to develop a succession plan and to find new talent.
Our talent and organizational development experts identified a new process for identifying new hires and future leaders. This began with an assessment of the organization’s strategic goals to determine the talent gaps that needed to be filled.
Previously, the company conducted talent assessments after a staff member was identified for a leadership position. Per our recommendations, these assessments are now conducted earlier in the process to determine the right alignment of skills for the roles. We helped the organization create a formula for success by defining job trajectory and growth goals for each person. These competency models and metrics were also carried over into assessments for all new hires.
The talent assessments not only aided the succession plan, but were also beneficial to all staff members. With insights into their own strengths and weaknesses, they could clearly see their place in the future of the organization. It also put them in charge of their own careers and created a deeper connection with the organization.
The organization has the tools in place to ensure their talent aids in reaching their strategic goals and has nearly doubled their staff in three years. The priority they have placed on identifying and maintaining good talent has led to positive public buzz. In a competitive market for talent, this focus on succession planning has helped the organization stand out as a great place to work. This has also commanded the attention of investors that contribute to their funds and investments into growth. The people provided investors with the confidence they need.