The monetary authority hires the consultancy firm to design leadership programmes and objective measurements of candidates.
The European Central Bank (ECB) has hired Deloitte to assist it in the selection of its senior staff and in the career development of its internal talent. The body chaired by Christine Lagarde has just signed a 12 million euro contract with the consultancy firm, according to the award document.
The objective of the European monetary and supervisory institution is to have a partner to assist it in the evaluation processes, while providing other services aimed at the career development of its employees.
“Hiring and developing strong leaders is key to creating an inclusive environment and to fulfilling the ECB’s mandate,” the Frankfurt-based institution said in its tender documents. For this reason, it has “an elaborate assessment of leadership and management skills in the context of talent searches and job offers, with dedicated training courses and programmes for managers, advisors and team coordinators”, it added.
So far, the ECB has used a talent detection model based on the needs and strengths of candidates that emerge after a six-step assessment process, including an online personality test, a self-perception questionnaire, a competency-based interview and a role-playing activity. Using these tools, 700 candidates for senior positions and positions of responsibility have gone through the monetary authority’s internal programmes.
Using these existing practices as a basis, the ECB launched its tender with the intention of strengthening its recruitment and career development processes for senior managers (“leaders”, in the Frankfurt nomenclature), as well as to acquire tools that allow it to measure the actual competencies that these employees display before and after participating in these processes.
One of the objectives to be met by Deloitte is to design and provide methodologies to the ECB that allow it to objectively assess, with metrics, the impact of a leader or the internal commitment of an employee.
In close collaboration with the central bank, Deloitte will design, develop and deliver an assessment methodology for recruitment processes, succession planning for senior management and other aspects. In addition, the consulting firm will be responsible for outlining leadership development programmes at different levels and working groups within the ECB.
What would a candidate for senior management need to develop his or her full potential? The answer will be another of the objectives to be answered by Deloitte. In addition, it will have to present objective metrics to assess pre- and post-professional development programme capabilities.
The ECB expects the consultancy to have “reliable scientific tools” and research services, as well as access to reputable external providers in fields such as headhunting and training (university, business, etc.).