CLIENT CHALLENGE: CULTURAL ISSUES WERE JEOPARDISING REPUTATION AND GROWTH PROSPECTS
Old Mutual is a pan-African bank that has over 12 million customers and an extensive footprint across Africa, Latin America and Asia. The bank had failed to keep control of its company culture as it attempted a disastrous expansion into the US market. Painful lessons learnt set the business back two years in its corporate plan, and led to a damaged reputation, a crash in its stock market price, and loss of market share in its core regions.
A listing on the Johannesburg stock exchange in 2018 was the perfect opportunity for the bank to launch a new purpose, vision, strategic battlegrounds and brand identity. The key aim being to drive a customer-centric culture for the benefit of all its stakeholders and to be number one in all the markets it served.
OP Consulting recommended a series of leader-led workshops to address cultural issues. The approach was driven around workshops and briefing sessions facilitated by an effective survey process. An important key to addressing cultural issues was to involve all employees at different stages. I worked with leaders across the bank to make sure that transformation was driven from the top and that systemised training would ensure everyone across the organisation was on the same page.
More than 200 workshops were implemented to close the gap between current behaviours and the desired company values. OP Consulting worked closely with the HR team and Elevator Agency to communicate the new “desired culture” based on the company’s new purpose, vision, values and brand identity.
IMPACT: STRONG OWNERSHIP FROM THE TOP TEAM FORMALISED THE VISION AND VALUES
There was enthusiastic buy-in on vision and values from leadership teams in all local businesses. The 200 workshops helped to close the gaps between current behaviours and the company values in all areas. Major initiatives and role modelling was undertaken by all senior managers across the bank focused on acting with integrity, respecting each other and the communities they serve, championing the customer and driving innovation that makes a difference.