Cambria Client Ranked High Among “Top 100” in Workforce Development

Contact: Stephanie Pinter
info@cambriaconsulting.com
Cambria Consulting, Inc., Boston, MA
617-523-7500

BOSTON, Mass. (May 5, 2004) – Charlotte, NC-based Wachovia Corporation, the fourth largest retail bank in the US with over $400 billion in assets, was ranked 27 on Training magazine’s Top 100 companies for workforce development in 2004. In a year of continued merger integration efforts and a sluggish economic recovery environment, Wachovia’s ranking on the list moved from its 2003 position at 68 – a significant change that reflects Wachovia’s continued commitment to developing talent.

An important component of Wachovia’s talent development strategy – that helped propel it up the rankings in the March 2004 issue of Training – is a comprehensive, strategic executive coaching program, developed in partnership with Cambria Consulting of Boston, MA. According to the magazine, the bank’s coaching practice “…employs both internal and external coaches using a consistent model and approach to support Wachovia leaders at four levels throughout the corporation.”

“The response [from Wachovia’s leaders] to Executive Coaching has been overwhelmingly positive,” observes Colleen Gentry, Wachovia’s SVP of Organizational and Executive Consulting, and manager of its coaching practice. “They see this as an opportunity to engage a ‘personal leadership trainer’ who can help them advance their own leadership impact as well as provide linkages to organizational goals.”

Wachovia’s partner in the development of its coaching practice, Cambria Consulting, is not surprised to see Wachovia’s efforts recognized by the training and development community. “Wachovia has one of the most advanced 360 degree feedback and strategic coaching programs we’ve seen,” notes Ellen Kumata, a partner at Cambria Consulting and the firm’s coaching program strategist.

Cambria partnered with Wachovia to build each piece of the program –updating the company’s executive competencies reflecting the new organization and its new environment, launching an online 360 degree feedback instrument, and developing and implementing the internal coaching framework and training program.

According to Kumata, “Building the coaching capabilities of its own HR generalist staff has helped Wachovia put coaching in reach of a much larger group of high potential managers than would be possible with the expense of external coaches.” Once the internal coaching program was underway, Wachovia again tapped Cambria to supply expert external coaches where needed for its most senior executives.

Wachovia’s internal and external coaches balance individual development with the needs of the organization. “Because we have intentionally linked executive coaching to broader organizational interventions, we have the potential to provide positive impact at the individual, group and system levels,” explains Gentry. “At the individual level, leaders are effectively supported in the specific areas they want or need to grow. At the group level, teams are positively affected by the changes in leadership effectiveness. But most importantly, at the organizational level, we are building great bench strength to ensure our organization has sustainability in the leadership arena.”

Currently, Cambria and Wachovia are creating a web-based coaching management system to streamline the process of overseeing and administering the programs, further ensuring that Wachovia reaps the greatest reward from its commitment to, and investment in, its best talent.

About Wachovia
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, with assets of $401 billion, market capitalization of $61 billion and stockholders’ equity of $32 billion at Dec. 31, 2003. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 9 million households, including 900,000 businesses, primarily in 11 East Coast states and Washington, D.C. Its broker-dealer, Wachovia Securities, LLC, serves clients in 49 states. Global services are provided through 32 international offices. Online banking and brokerage products and services also are available through www.wachovia.com.

About Cambria Consulting, Inc.
Cambria Consulting, Inc. is a human resource management consulting firm specializing in developing people solutions that drive business performance. Through our Consulting, Coaching, Survey and Interactive divisions, Cambria helps our clients achieve their strategic objectives more effectively by designing, developing and implementing HR solutions in the areas of workforce and leadership development, performance management, competency development, 360 degree feedback, executive coaching, selection systems, organizational surveys, and integrated e-HR applications. For more information, visit www.cambriaconsulting.com or call (617) 523-7500.