TM - February 2008 - (Page 55)

around driving performance, so you’ll hear themes around driving in the car. The pit stop is an opportunity for the employee and the manager to reflect on goals and progress toward those goals so far in that calendar year, perhaps make some adjustments or changes if necessary. It might mean adding another goal they need to work on for the rest of the year. Our strategy going forward is to make sure that is happening about three times a year. At the end of the year we ask employee and manager to sit down again. The employee should do a self-assessment toward their goals, and the manager should give feedback against performance. We’ve also integrated our values. Our company has a set of five, and within each we have two competencies. All employees are assessed against those competencies and values. All of these pieces are integrated with our internal Web site. The tool provides a lot of reminders to employee and manager on where they should be in the performance management cycle within that calendar year. How does Western Union develop organizational culture and employee attitudes to facilitate workforce performance? TM: We started establishing our values right before we spun off from our parent company, and we interviewed and held focus groups with over 1,200 employees in the company. At that time, our company was a little bit smaller; it was before we had an acquisition. Employees were interviewed to ask what do you want, what do you believe the culture should be for Western Union, and/or what do you see it being today? We worked very closely with our executive team, so our values come from within, and we’ve established these competencies to continually reinforce the behaviors and the culture we strive to achieve at Western Union. These performance management programs, as well as our recognition program, very much support the employees putting all those into action. Jacoba: We use our company’s overall financial performance. Our compensation program is tied to not only how the company performs, but how the business performs financially and how all employees perform against their individual goals and competencies. We also do some assessments with our leadership team around leadership quality, attributes, behaviors. TM: Jacoba: How does Western Union measure workforce performance? We are pay for performance, so we reward based on what people have achieved and how they’ve achieved it. TM: Jacoba: What compensation practices does Western Union employ to manage talent? February 2008 talent management magazine www.TalentMgt.com 55 http://www.TalentMgt.com

Table of Contents Feed for the Digital Edition of TM - February 2008

Talent Management - February 2008 Editor's Letter - Talkin' 'Bout My Generation Contents Human Performance - Achievement Motivation: Top Talent At Any Age Leading Edge - Who's On First? Foundations - Managing the Next Generation Workforce Viewpoint - Talent Strategies That Work Are Talent Strategies That Stick Those Who Have Left: The Value of Building Employee Relationships Alternatives to 360s: The Manager's Role Compensation and Benefits For X&Y Build A Multigenerational Performance Management Strategy Development's Role in Creating A Culture Of Inclusion Tomorrow's Leader: Identifying the Next Generation Integrating Talent Management Systems Strategically Seagate Uses Yearlong Evaluations to Help Integrate Talent Efforts Western Union: Connecting Strategy and People Globally Advertisers' Index Editorial Resources Full Potential - The Best Time to Change? Right Now!

TM - February 2008

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