Sun, 7 July 2019
Cameron Hedrick is the Chief Learning Officer at Citi, a 200 year old financial services company with around 200,000 employees in 100 countries. Cameron has been with Citi for 16 years and prior to that he worked at Fidelity for over 7 years.
As Chief Learning Officer at Citi Cameron is responsible for the performance rating system inside the organization, defining the corporate culture, and of course the learning platforms.
Citi is addressing a lot of key issues including climate change, urbanization, AI and automation, changing demographics, and plenty of others. Some of these issues may make sense for an organization to focus on, such as AI and automation, but how does climate change and urbanization affect Citi and other organizations?
When it comes to urbanization Citi realizes that there is currently a higher concentration of people in big cities--New York, Chicago, LA, etc… and so in the past a lot of companies have focused on putting headquarters there to draw in the best talent. But what Citi has realized as well is that the cost of distance between the worker and the company is going down, because with current technology people are able to live anywhere and work.
Cameron explains why they are addressing climate change as well, “I think we think of it for at least two reasons, but the obvious one is that it changes business dynamics, right? When you have areas that are going to be dramatically impacted by climate change or over time, coastal flooding will change the sort of real estate outline of the coastal areas that we've come to know, many of which are heavily populated. When drought and rain patterns happen, that changes the flow of goods around the world. So those are some of the reasons we look at it from a business standpoint. And then from a social responsibility standpoint, we think about it as well. Are we being responsible as a firm to not contribute to the issue?”
What is the culture like inside of Citi? Cameron says especially because they are a financial institution the culture has a large focus on ethics and trust. It is also about creating harmony between “the mission and value proposition that we put forth with the way we rate and pay people with the policies and processes that we put in place and with the leadership behaviors we espouse.”
Citi uses something called the voice of the employees survey to measure culture and then they cross-pollinate that survey with other metrics such as performance rating patterns, attrition patterns, audit issues, etc.. and when you put all of these metrics together you start to see the company’s strengths and weaknesses. From there they can create actionable items to work on their weaknesses.
Citi is a 200 year old company, but they are not afraid to evolve and change with the times. Cameron attributes the company’s longevity to collaboration, local management, and the proper amount of risk.
What you will learn in this episode: