At Standex, our talent strategy is focused on attracting and retaining the best talent, recognizing individual and team contributions and investing in the ongoing development of our employees at all levels and at every stage of their careers. We are an organization that values continuous learning and personal development.
We engage in an annual Talent and Organization Review in which each business, as well as the corporate headquarters, summarizes progress on its talent strategy to include reporting on succession planning, leadership development, diversity and inclusion, organizational development and change, and culture assessment. The CEO and CHRO present and discuss the aggregational highlights from these reviews with our Board of Directors during its April Board Meeting, with emphasis on reviewing succession plans for corporate executives and business unit presidents. In addition, talent development is a topic on which we regularly update our Board of Directors throughout the year, including inviting top (non-executive level) talent to present at Board meetings as a development experience.
Since 2017, we have employed the LEAP (Leadership-Engagement-Advancement-Performance) process, which focuses on goal setting and alignment, performance and employee development. The LEAP process encourages managers to have quarterly check-ins with their employees to discuss progress on performance goals set at the beginning of the fiscal year and to ensure continuous dialogue and coaching on the employee’s career and development goals. As a company, we are committed to developing talent internally and filling key positions with current employees whenever possible. As of March 31, 2021, the company’s internal fill rate for management positions was 69%.
To further assist in leadership development, senior leaders and their teams periodically go through a formal 360 Review Program conducted by The Center for Creative Leadership, a world class leadership research and development firm. Additionally, the company provides opportunities for tuition reimbursement benefits and supports both on-the-job and formal training programs, including apprenticeships and cooperative education.
The Board believes that one of its primary responsibilities is to oversee the development and retention of senior talent and to ensure that an appropriate succession plan is in place for our CEO and other members of senior management. To this end, the Board undergoes an annual review process with the CEO and senior management to develop, evaluate and make adjustments to succession plans.
In furtherance of the foregoing, we developed a formal leadership development curriculum in FY 2022. Starting with senior leadership, we delivered customized training courses over a six-month period. We intend to further develop the curriculum and the scope of participants in the coming fiscal year. All of our employees also undergo annual performance management and development reviews.