Economical Insurance developed and launched a High-Potential Strategy program to support its corporate goal to expand internal talent capacity and foster succession and development of leaders. The program was piloted in 2012 to determine if this model had the potential to become a best practice for the organization and part of the core leadership curriculum. Forty high-potential employees have been selected across levels, functions, and work areas since the program’s inception in a collaborative effort between HR and the business.
Commitment as to the value of the program has permeated from the CEO and senior executives. A rigorous selection process is maintained, and organizational communications highlight program success and ensure transparency.
The program exceeded initial expectations in a variety of ways, including the promotion of 16 participants (40 percent) into roles of increasing responsibility. As a result, the program now is integrated into the enterprise leadership curriculum.
Program Details
Program participants were grouped into teams of five with a designated executive sponsor. Each team was assigned a business challenge relevant to corporate strategic objectives to focus on. Five executive sponsors were selected from the executive committee to provide mentoring support to each of the high-potential groups. In both years, program requirements were to conduct research, apply analysis, and write a business case, including recommendations for execution, and present findings to the senior leadership team at the strategic planning meeting.
The full program took a blended approach to learning, combining a two-day instructor-led workshop with virtual training meets and interactive learning assignments. The curriculum focused on self-management activities, business acumen, and strategy. Each team conducted research and applied analysis to establish a framework for their research.
The instructor-led components of the program comprised 24 hours of training with a total of eight one-hour virtual classroom training modules. Three virtual meetings were facilitated once written submissions were complete, with the priority focus on oral presentation skills in preparation for presentations to the senior leadership. Groups were coached through dry runs of their presentations 24 hours prior to delivery.
The presentations were made to 35 senior leaders, including the president, CEO, and all senior vice presidents. Sixteen hours of teambuilding and celebration activities—including dinners with senior executives and the CEO—occurred at the conclusion of the program.
Results
- Some 95 percent of participants indicated they were more skilled and confident in the competency of strategic thinking than they were prior to participating in this program. Some 85 percent indicated they would use the skills acquired immediately on the job.
- Some 40 percent of participants were promoted into roles of increasing responsibility.
- In the two years of the program, all 40 participants indicated the program was one of the best experiences of their careers.
