The Financial Services Compensation Scheme (FSCS) was set up by parliament to protect investors and savers when financial firms fail. Funded by the financial services industry, FSCS is a completely independent and free service that pays compensation to customers of failed financial institutions who can’t pay claims against them.
Summary
Over the past five years Will It Make The Boat Go Faster? has partnered with FSCS to gain a clarity of direction for the organisation, create a driving ambition within their teams and embed a strategic direction for running the business.
How Did we Get There?
The Challenge
FSCS were an organisation who were performing well, but there was a desire to do more. There was a lack of ambition in the business and the company culture was perceived as somewhat of potential challenge. They wanted to take their performance from good to great!
FSCS wanted to create a vision for the future direction of the business, improve the performance of their leadership population and get everyone within the organisation rowing together in the same direction.
The Solution
Will It Make The Boat Go Faster? conducted in depth diagnostics and designed a bespoke Leadership and Team Programme, touching everyone in the FSCS organisation.
To begin our partnership, we facilitated a Crazy Goal Programme to help create and develop FSCS’s strategy for the 2020s and hold the executive teams account on what they must deliver.
We then began our work with the entire organisation, all 14 teams to help make everyone feel connected to that strategy and aligned around what was most important to achieving their Crazy Goal. This was to help equip each individual team member with a toolkit of simple, effective habits and techniques to transform everyday performance.
We then went on to work closely with the FSCS leadership population, to help the team develop high performance habits and understand the contribution they need to make as leaders to drive their strategy forward and achieve their vision. This was to increase the ownership and accountability of the Senior Leadership Community (SLC, one below the executive team) so they can ‘run the business’. At the same time, allowing the executive team to be more strategic and externally focused.
The Results
Internal Measures
+26-point increase in the FSCS engagement Net Promoter Score (NPS) to +61 (considered world class)
23% increase in employee engagement
87% of employees at FSCS are positive about the future direction of the organisation (vs 53% before our work together)
9 out 10 employees understand how they personally make the FSCS boat go faster
External Measures
30% increase in customer satisfaction
Average claim length has been reduced by 100 days
Reduced the end-to-end customer journey by 40 days
35% of all claims are now processed within 5 days
Watch David Blackburn, CPO at FSCS talk about our most recent work together on the formation of the SLC:
We can say with absolute confidence that we are delivering the best ever performance we ever have. And I have absolutely no doubt whatsoever that the work that we’ve done with Will It? has had a direct impact on our organisational performance.
