Targeted Executive Coaching Proves Itself Again at Wachovia
Contact: Stephanie Pinter
info@cambriaconsulting.com
Cambria Consulting, Inc., Boston, MA
617-523-7500
BOSTON, Mass. (October 19, 2005) – Cambria Consulting, a leading strategic HR consulting and executive coaching firm, announces that the firm has again partnered with Wachovia’s Corporate and Investment Bank unit to provide its specialized, industry-pioneering targeted coaching services for the division’s senior leaders and managers.
In a repeat of a 2004 pilot program, wherein Cambria and Wachovia partnered to design and implement the innovative targeted coaching methodology for a population of nearly 100 of the Corporate and Investment Banking division’s most senior leaders, Cambria’s executive coaches will work with a new group of nearly 100 leaders to give guidance on delivering the most effective annual reviews. As in 2004, this targeted coaching initiative for 2005 will focus on reviewing manager skills and offering guidance on how to deliver a more effective, empowering, and motivating performance review.
The targeted coaching initiative at Wachovia CIB reinforces a long-term, people-oriented strategy for the organization. “As we continue to work on our ambitious growth plan for the next several years, it is important that we continue to build managerial effectiveness,” said Julie Bouhuys, Head of Credit Products for Wachovia Securities, and executive sponsor for the targeted coaching project at the firm. She adds, “In order to move our team to a culture that values and models high-performance, we believe our next tier of management should be given the opportunity to receive personalized coaching.”
“A key foundation for better performance is a strong connection between manager and employee that is built on honest, substantive and actionable performance planning and feedback,” observes Ron Moser, VP of Human Resources at Wachovia and implementation manager of the 2005 initiative. “We believe providing real-time, one-on-one coaching is the best way to build skills in a key area,” adds Moser.
A team of 10 executive coaches with expertise in performance review will provide the targeted coaching, each working with approximately ten senior managers. The coaches will assess and analyze their leaders’ performance review practices, and offer brief, targeted, one-on-one coaching sessions to identify specific improvements to make as they conduct their 2005 performance reviews.
In reviewing the 2004 work for Wachovia, Cambria found that 90 percent of the managers who participated in a follow-up survey felt the process improved their readiness to deliver quality reviews, and 86 percent said they learned and applied new techniques as a result. Between 85 and 90 percent of the employees whose manager participated in the coaching sessions responded that their manager was effective in identifying areas and methods for personal development, in setting clear 2005 performance goals, and in providing an accurate assessment of their 2004 performance.
Notes Moser, “Last year we proved that this targeted coaching method could make a big impact on the organization while at the same time sending the message that we value effective management. Our process touched 1000 corporate and investment banking employees, who experienced immediate improvement in the quality of their performance reviews. This year, we’re going to do it again with 1000 more. We’re all very excited.”
About Wachovia
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with retail operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Wachovia had assets of $511.8 billion, market capitalization of $78.2 billion and stockholders’ equity of $47.9 billion at June 30, 2005. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 13 million household and business relationships primarily through 3,126 offices in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, also serves clients through 699 offices in 49 states and five Latin American countries. The Corporate and Investment Bank serves clients primarily in selected industries nationwide. Global services are offered through 40 offices around the world. 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.
