By the end of 2014 we had increased the Permanent to Interim ratio from 44:56 to 68:32, increasing value by reducing reliance on high cost interims. We established a centralised Change Team with the right skills and the right change methods to provide a repeatable One Best Way of Change across Virgin Money delivering some significant projects in 2014.
In 2015 building on the foundations, controls and skills developed we focused on transforming and growing Change Delivery.
We continued to educate and work with all business areas and third parties. We invested in a robust training and development plan for all Change Colleagues and set a target of moving to a 80:20 Permanent to Interim ratio to add further value. In addition we focused on transforming Change:-
By the end of 2015 we had successfully increased the Permanent to Interim ratio to 80:20 reducing the cost of change delivery resource from £13.5m in 2014 to £11.9m in 2015. We increased our productivity demonstrated through the £ of change delivered per fte from £299k in 2014 to £380k in 2015. We had another successful year of delivery, meeting our key regulatory requirements and the memorable public launch and migration of our Credit Card business.
In 2016 we continued our strategy to drive efficiency and value creating additional agile Lab environments including the continuation of the Mortgage Lab and launch of the Finance 'Submarine'.
We invested in a Change Management tool 'Planview' to further enhance our capability and efficiency removing hundreds of spreadsheets across the Business, standardising reporting and embedding a centralised tool that provides the single version of the truth for all VM Projects.
2016 was another year of successful project delivery, with further improvement in the £ of change delivered per fte from £380 to £440 and a maturity to our Governance framework through revised ToR's for Change Board and MPPB.
The introduction of a rolling 18 month Investment plan and a new approach to Investment funding allocation linked to our longer term strategy has enabled planning for 2017 to commence in Q4 for the first time.
Going into 2017, we have a repeatable proven Change process and governance that is robust. Underpinning that is a skilled Change team and a Change Management system, that allows us to optimise the 2017 Investment portfolio through the Master Portfolio Plan. Our aim is to continue to drive value through investment in additional 'agile' working environments, targeting a 90:10 Permanent to Interim and investment in training and development of all Change Colleagues.