A big part of the superior profitability at WSFS Financial Corp. is the banking company’s intensive talent development and planning, says the former chairman of the $6.8 billion asset banking company’s board, Marvin “Skip” Schoenhals.
The compensation committee of the Wilmington, Delaware-based bank reviews at least annually management’s plans to develop potential candidates not only for C-suite jobs, but also another level down, the bank’s executive vice presidents and senior vice presidents. The full board reviews an abbreviated version of the report. Plus, the bank often rotates executives into new positions so they can learn about other areas of the bank and develop new skills, as the bank recently did in creating a risk officer position for an executive.
It’s no accident, then, that the bank has achieved return on assets above 1 percent and double digit return on equity for each of the last four years, according to data from independent research firm Morningstar...To read this article in its entirety and get the full interactive experience of the digital magazine, download the app today!