Selecting the Right Metrics
The Strength of Your Bench Depends upon it
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With hundreds of metrics available, it is possible to measure almost everything. The problem arises, which ones are right for your organization to bring on stakeholder support for the HR function? Brian Fishel, SVP, Executive and Leadership Pipeline Development and Brent Mattson, SVP, Leadership Measurement and Analytics recently presented their best-in-class practice for Bank of America at our recent conference Orlando, Florida.
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Through several mergers and acquisitions, Bank of America has grown into a large financial institution, and one that truly implements best practices. In order to truly showcase to executives the important metrics, one must first realize what they expect. At Bank of America, their top five include: relevance, simplicity, accuracy, value added and the what, so what and now what philosophy.
Over the next few years, Bank of America realizes that 150 of their top 600 executive jobs will be retiring. From this statistic grow their most important metrics and idea, the strength of their bench. These use five different metrics to measure vulnerability, as well as process efficiency and effectiveness
- % of retirement eligible population with no ready now successor
- Top talent turnover
- Pull thru rate/promotions
- Internal time to fill
- % filled with external talent
Throughout this process, Bank of America has learned that it is each line of business that must really own the metrics. It needs within individual departments to truly form an overall company wide “healthy bench.”
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