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Where did we go wrong in the financial industry in Europe and America

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Kilian Wawoe, Ph.D., VU University Amsterdam, Wawoe Consult

Kilian Wawoe, Ph.D., VU University Amsterdam, Wawoe Consult

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  • 1.    Dr.Kilian  Wawoe  Improving  Performance  
  • 2. Introduc*on  Kilian  Wawoe  §  Psychologist  §  ABN-­‐AMRO  Bank  HR  trainee  §  Head  of  Human  Resources  Europe  §  PhD  on  reward  /  performance  mgt  Banks  §  Professor  at  VU  University  /  Webster  University  §  HR  professional  for  banks  in  emerging  markets  
  • 3. 2013    1813    
  • 4. Performance  management  §  Strategy  §  Banks  goal  §  Objec*ves  §  Reward  OrganisationIndividual
  • 5. Bonus  Scheme  Target Actual Bonus30Mortgages35Mortgages$ 1.000,-
  • 6. The  risk  of  planning  
  • 7. Lesson  1:  Managers  prefer  too  simple  targets        Performance  Management  
  • 8. Lesson  2:  people  overes:mate  their  own  performance  Performance  Management  
  • 9.  Lesson  3:    Armstrong’s  Law:  12  months  is  oUen  too  quick  Performance  Management  
  • 10. Lesson  4:  Gaming:    too  much  focus  on  targets  Performance  Management  
  • 11. Lesson  5:  fraud:    a  combina:on  of  high  targets  and  high  bonuses  Performance  Management  
  • 12.  Lesson  6:  The  Beverly  Hills  syndrome:          Comparing  yourself  with  peers  Performance  Management  
  • 13. Lessons  learned  1:  Managers  prefer  too  simple  targets  2:  People  overes*mate  their  own  performance  3:  Armstrong’s  Law:  12  months  is  oUen  too  quick  4:  Gaming:    too  much  focus  on  targets  5:  Fraud:    a  combina*on  of  high  targets  and  high  bonuses  6:  The  Beverly  Hills  syndrome:  Comparing  yourself  with  peers  
  • 14. 2013    1813    
  • 15.    Dr.Kilian  Wawoe  Healthy  Banking:  Improving  Performance  
  • 16. Healthy Banking§  10  years  of  research  §  What  makes  a  bank  healthy  §  Knowledge,  skills,  compliance,  Engagement  §  All  in  one  survey  §  http://www.hrmlink.nl/dev/qm.only2/index.php?l=8&u=eeg0002&p=4912
  • 17. Research in the CIS countries§  12.000  bankers  were  approached  in  CIS  countries  §  Around  5.000  par*cipated  between    11/2012  and  3  /  2013  §  Compared  to  the  Global  Financial  Services  Norm  
  • 18. CIS  Bankers  0   10   20   30   40   50   60   70   80   90   100  Performance  Mgt  Salary  Innova*on  knowledge  Stay  Inten*on  Engagement  
  • 19. CIS  Bankers  vs  Global  Banking  Norm  -­‐23  -­‐21  -­‐19  11  12  15  Stay  Inten:on  Performance  Management  knowledge  Salary  Engagement  Innova:on    %  posive  answers  against  benchmark  
  • 20. Conclusion§  Many  issues  is  banks  are  the  same  §  Many  are  Human  Resources  related  §  Most  employees  are  mo*vated  §  They  need  to  be  managed  §  They  need  to  be  trained  
  • 21. Not the will, but the skill