An experience of the financial industry in Chile: A Belbin point of view.
The challenge is complex. From 2015 Chile’s economy has indicated a need for change due to internal modifications in economic and social policies. The financial market, and the banking industry in general, have had to suddenly adapt: result-oriented practice and low cost strategy has now had to shift towards a people intensive orientation. Clients now decide which bank to choose based on who has the best service quality and highest quality standards. For that reason operations must change.
One bank, whose origins are traced back to Europe, and has presence in most of Europe and Latin America, took the challenge to adapt to this new approach to business. They started this change by declaring a new strategy accompanied by a new Vision and Mission for the next 5 years:
“Being the bank of the people and our employees.”
For this internal, as well as external challenge, Momentum Consulting suggested to this bank to use the Belbin methodology as a core tool for this change process. Because a culture change was in order, the implementation of the whole process was focused on results through clients, negotiations and relationships.
It’s clear when organizations and culture change, leadership, people and teams change as well.
In order to materialize the new strategy in the 135 subsidiaries distributed throughout the country, a team made up from the Network Manager and 6 Regional Managers was formed to lead the change. They first defined several position profiles vital to the process, such as the Change Manager profile, by using the Belbin Job Requirements Inventory. Using the subsequent Belbin Job Reports they were able to describe this position that was key to the entire change process, because these positions would later lead change throughout the organization and would work with all the agents of the subsidiaries to materialize the new strategy.
With the previous culture within this role, the profiles that would have been mostly appreciated would have been Shapers, Implementers and Completer Finishers (focused on results and processes). They initiated an Individual Coaching Programme using the Belbin Individual Belbin Report (SPI+ Observers) and Coaching Duos using the Belbin Working Relationship Report.
After 3 months, all members of the change coalition (now about 200 people) were already speaking Belbin Team Roles. The Co-ordinators were communicating and co-ordinating actions within the teams, the Resource Investigators were strongly oriented to new opportunities and negotiations and finally the Teamworkers started being more appreciated within the organization.
After 6 months into the project, one third of the subsidiaries had already implemented the methodology, the working environment surveys and service quality surveys had already improved, and the labour turnover and loss of clients had decreased. None of these results would have been possible without the commitment of the Banks’ leaders who believed in the effectiveness and ease of the Belbin tool to achieve the main goal.
Contact us to see how you can replicate the success of Belbin Chile. Email [email protected] or phone +44 (0) 1223 264975.