Munich Re, a leading global reinsurance company, has implemented StepStone Solutions Performance Management to provide consistent performance reviews for around 400 of its UK employees. The implementation is part of Munich Re’s global ‘DRIVE Performance Management’ project, which aims to enhance consistency and drive differentiation in respect of measuring and rewarding the contributions employees make to the business. Performance Management is a key component of StepStone Solutions Talent Management, a best of breed solution for strategic, global, enterprise-wide talent management.
Munich Re’s decision to implement StepStone Solutions Performance Management directly supported its new appraisal process. The DRIVE Performance Management approach ensures that each individual is measured against transparent, consistent targets aligned with key business goals and behaviours. Before using StepStone Solutions, Munich Re stored employee information on multiple Word and Excel documents – none of which were connected. Now, data access and reporting has significantly improved as employee information is stored in one location which can be instantly accessed online.
The solution went live in December 2009 after an implementation process of just eleven weeks. To complement what was already a new approach to performance management, it was vital that this new system solution was highly usable from the outset. Not only has Munich Re’s HR department praised the system’s usability and the expertise of the StepStone Solutions team, but the feedback from the business has also been highly positive.
Matthew Parker, StepStone Solutions’ CEO comments: “Our work with Munich Re highlights how our technology has the capability to support fundamental changes to a business. Monitoring a workforce’s performance and capabilities through a consistent appraisal process will not only give employees a greater sense of control over their career progression, but will give managers a better view of the talent within their organisation.”