Washington Mutual

UNITE AND CONQUER: PERFORMANCE MANAGEMENT PAYS DIVIDENDS FOR WASHINGTON MUTUAL

Washington Mutual, a Fortune 500 company, is the largest savings institution in the country. It is also growing fast. Over the last 24 months, the bank has absorbed American S&L, Coast FS&L, Great Western Bank, and Home Savings of America. While Washington Mutual’s aggressive acquisition program is good for its business, rapid growth challenges the managers responsible for the smooth post-merger integration of the new executives who support the bottom line.

Washington Mutual’s loan servicing division is a case in point. In November 1999, Senior Vice-President Dave Imig found himself organizing a new steering committee comprising eight executives from four banks. These former competitors came from varied corporate cultures and did not know each other well. It was no surprise that uniting as a team posed challenges. With additional bank acquisitions on the horizon (Washington Mutual has since purchased a mortgage company and another bank), successful team building was Imig’s top priority. “Once the consolidation was complete,” says Imig, “the question was how to improve performance and service.”

ASSESSMENT:“A POSITIVE EXPERIENCE”
In January 2000, Brett Miles of Milestones, Inc. was brought in to help develop Imig’s steering committee. The first step was to interview each committee member and perform assessments of his or her styles, motivators, and drivers. First Vice President Arlene Scavone had been assessed before and had not found it helpful. Brett’s approach changed her mind. “It was a positive experience this time,” said Scavone. “Brett took the time to show us how our styles affect the way others see us.”

Brett then began individual coaching of the team members. This initiative concentrated on resolving interpersonal issues and building trust. It was supplemented by a team-building day that included a review of the individual assessments, an analysis of how the team members might work together, and a discussion of what makes a great team.

“WE ’RE MORE UNITED, PRODUCTIVE, AND EFFICIENT ”
A “360 survey” assessment was then performed to determine how well the steering committee was performing the top five competencies. This process uses peer comments and scores to evaluate qualities that most people believe are unmeasureable. Brett Miles and Madelon Miles then began coaching the committee members to improve performance in the competencies that received the lowest ratings in the 360 survey.

The team-building sessions revealed that the steering committee needed a well-defined goal so strategic planning was added to Brett’s mission. He responded with three strategic planning sessions, with team members doing homework between sessions. The process developed such critical elements as a mission statement, goals, and action plans. Working together on the strategic plan also helped the team members get to know each other better. The plan will be refined over the next two years, providing the committee with an effective, ongoing team-building process.

For Washington Mutual, creating a strong, well-integrated group required a range of Milestones, Inc.’s services.

Assessment, strategic planning, team building, and individual coaching all played important roles. It was well worth the effort, according to Imig. “We have come a long, long way as a team,” he says. “We’re now more united, productive, and efficient.”

Based on the positive results, Washington Mutual has asked Milestones, Inc. to provide coaching for employees at the next level down. While that program will not be as elaborate, the goal remains the same—effective, focused teams that can help a growing company perform at its best.