The finance department of this multinational company knew they had a problem with representation. Their leadership team all looked the same and didn’t reflect the makeup of their own company, let alone the communities they serve. The company recognized that their existing succession system was inequitable. They were acquiring and developing talent from the same places and thereby perpetuating a non-representative leadership team.
All of the company’s CFOs and senior-most finance leaders participated in ExperienceInnovation Apply, which involved interviewing people throughout the organization. They discovered that unconscious bias crept into how people defined risk in the pursuit of risk aversion. For example, hiring practices gave precedence to graduates from the same first-rate universities, which increased workforce homogeneity. The team realized that any fair succession program would have to eliminate unconscious bias.
Leaders designed a succession plan that prioritized talent and potential over proven qualifications. They investigated and revamped how people are promoted and advanced across the entire company, beginning with entry-level positions. These new succession practices were accompanied by a development plan to support all employees in developing their capabilities and skills, with the aim of creating organizational-wide equitable opportunity for advancement.
