London: PwC worked with Swiss Re to deliver F1, a groundbreaking cultural and behavioural change programme, to over 1000 people in 21 countries.
2012 Finance and Risk Management winner
In 2008, Swiss Re, the world's second-largest reinsurance company, faced some significant challenges, heightened by the global financial crisis. The impact of these challenges within the Finance department was felt most greatly by the Finance staff, as operations shifted to shared service centres and teams that had worked together for many years were redeployed or restructured.
Fielding a blend of detailed sector knowledge and transformational experience, an international team of PwC consultants, together with an initially small , but very dedicated Swiss Re team, stepped forward to design and implement F1, a groundbreaking cultural and behavioural change programme across 33 offices in 21 countries, (which would) touch every one of the department's 1,060 people.
The team's wide range of subject matter expertise broadly covered: change management; occupational psychology; employee communications; insurance and finance operations; project management; and strategy.
The F1 Initiative promotes a clear Finance vision and helps teams to develop suitable working practice standards and organises the right "people initiatives" to support the implementation of the Finance vision, values, and desired behaviours. These are then supported by working practices which are consistent across the Finance community thereby reducing risk, improving control and making life easier for everyone. The working environment is improved by celebrating and rewarding successes and enabling opportunities for growth, development and career progression.
F1 has delivered significant results, including:
- an improvement in employee understanding of the function's vision, strategy and values
- a drop in operational, risk-related errors
- an increased response rate to the employee engagement survey — from a response rate in the low 50s in 2010 to 86% of the function responding in 2011
- focus on transparency of career management through refreshing job catalogues and skills assessments
- development of a comprehensive learning landscape including increased technical and leadership development opportunities
- a jump in traffic flowing into the Finance intranet site, from 30 visitors a month to more than 600 visitors a week after F1 went live.
Irrespective of what they do or where they're based, people working within Finance now share a common vision for their function and a shared understanding of its strategy and desired values.
What's more, they understand the role they need to play in bringing Finance's vision and strategy to life — and how adopting the values as part of their everyday working practices will help them do this.