Change Management Investments Generate More Productivity — Fifth Third Bank Chief Technology Strategy Officer

(US & Canada) Tracie Wichman, Chief Technology Strategy Officer at Fifth Third Bank, speaks with Channie Mize, General Manager at Slalom Consulting, in a video interview about using the Prosci methodology at Fifth Third, the driving factors behind the organization’s successful change management efforts, and the need for employee satisfaction.

According to Wichman, the ProSci framework is an effective approach to understanding and implementing change within an organization. It helps identify different types of changes, guides people through the transition, and integrates these changes into regular work processes. The framework outlines a voluntary, staged process for change management, emphasizing the importance of identifying all stakeholders affected by the change.

Wichman also highlights the integration of change management into the feature development cycle. By making change readiness a part of the "definition of done," teams ensure that end-users are prepared to adopt new solutions. This approach involves close collaboration between product management experts and change management professionals to ensure both the technical and user adoption aspects are thoroughly addressed.

When asked about the driving factor behind successful change management initiatives, Wichman reveals that the key to ongoing success lies in recognizing the immense changes happening in both personal and professional lives. This awareness has allowed the team to effectively engage the sponsors of the modernization program, emphasizing the significant transformations expected. By reframing change management not as an adoption issue but as a missed opportunity, they stress the importance of investment in this area to ensure that new products and process improvements are fully utilized and valuable.

According to Wichman, it's crucial to fully grasp the value of an investment by understanding the priorities of key stakeholders like sponsors and product managers. By aligning change management with these priorities, the benefits of change can be effectively demonstrated and realized. Showing the value of change management to that ultimate outcome has been key.

Speaking about the impact of employee satisfaction, Wichman emphasizes that employee engagement is key to driving better business at Fifth Third. Regular checkpoints are deployed to ensure employees have what they need to succeed and understand how their daily tasks align with the larger strategy. Positive growth in engagement scores correlates with increased productivity. Additionally, investment in change management and training on time-saving features further boosts productivity by ensuring employees can effectively utilize tools that enhance customer experience.

Retaining talent is a top priority, as long-term employees tend to be the most productive and high-potential. Wichman notes that creating a fulfilling work environment is essential for encouraging employees to build their careers at Fifth Third. This commitment to employee retention involves continuous efforts to enhance job satisfaction, making employees feel more productive, fulfilled, and dedicated to their roles. The overarching goal is to ensure employees are not only successful in their current positions but also motivated to remain with the bank throughout their careers.

Of nearly a decade of serving at Fifth Third, Wichman takes pride in the organization's unwavering commitment to delivering exceptional customer experiences. She highlights how the company has successfully adapted to significant changes in the financial services landscape and the broader world. Emphasizing the critical role of employees in meeting evolving customer expectations and leveraging new technologies, Wichman sees the team's dedication as central to the company's success.

CDO Magazine appreciates Tracie Wichman for sharing her insights with our global data community.