Specialist Employee Engagement surveys for Financial Services
At WeThrive we collectively have over 20 years experience in the financial services industry and a roster of financial clients that have continued to renew and improve the working culture in their business. We are able to use that experience to create custom employee engagement surveys for financial organisations and help you implement employee retention and engagement strategies that will actually drive results for your business.
Why Employee Retention & Employee Engagement is important for financial services
The financial services industry has taken quite a hit recently with Brexit and Trump in the mix. Combine that with continued digitisation of banking services and the industry is a little rocky for employer and employees alike to say the least. As Ed Price, Head of Finance at Experis UK & Ireland recently put it:
“The financial services world is on the cusp of the next wave of disruption. Last year’s largely unexpected global political results have caused continued uncertainty, with the full repercussions of the UK’s EU Referendum vote and Trump’s election victory as yet unknown. Meanwhile, the digitisation of banking services has resulted in more complex,automated processes and roles, coupled with the emergence of smaller, niche fintech players, who are quicker to adapt to the changing market.Within this environment, traditional financial services organisations are struggling to attract and retain the top talent.What can be done to bring in the right skills and people to ride out the next wave of disruption?”
March 2017, globalbankingandfinance.com
While there are plenty of ‘one size fits all’ employee retention or employee engagement solutions and employee engagement surveys out there, improving employee retention and increasing engagement can be more challenging in corporate offices or large call centres with higher staff turnover, changing shifts and widely dispersed geographical locations. We can extract the data you need to create an action plan that will work for your business, so you can make real progress and improve employee engagement company wide without the risk of breaching regulations or reducing productivity.
Why staff wellbeing should be on the Financial Services agenda
There’s been a surge of awareness on the importance of staff wellbeing recently, in particular focusing on mental health in the workplace with over a third of UK employees found to be struggling with mental health. Despite seemingly positive signs that sickness rates are declining by ONS, it seems people are taking less time off because they are frightened to go off sick. Unfortunately, this leads to more financial loss for employers with an unproductive workforce that are present but not productive (presenteeism) and greater pressure on employees who are struggling with their health both emotionally and physically. The point being, if you’re not yet taking wellbeing in the workplace more seriously – beyond free beers on a friday or periodic work parties – then you should be.
Stress costs UK businesses about £30 Billion a year. One third of UK employees have had sleepless nights because of stress at work, and over 40% of employees have changed job because of it (PwC survey). And that’s the cases we know about. It’s not just the cost – the neurological consequences of stress directly compromises people’s decision-making capacity, causing poor decisions and increased risk. Regulations are supposed to counter risk, but they increase employees’ stress. Regulation will not decrease, so we have to find other ways to reduce the total stress on staff. Many of the problems that stress your staff are experiencing are subconscious, but WeThrive diagnoses them. It also uncovers a host of other practical, psychological and social difficulties that may be arising in the workplace without anyone identifying them or recognising their importance.
Why Employee Benefits are not the only solution
Financial businesses are generally trying to solve their motivation and engagement problems by giving staff extra benefits. We mentioned the temporary fix of free beers on a Friday and periodical work parties. While these are a nice to have for employees they are not the solution. Even if you throw huge bonuses, commission and great health benefits, which will no doubt go some way towards boosting the morale for some – it is not the only resolution. For example, there were findings in ‘The Extra Mile: How to Engage your people to win’ that RBS’s engagement score rose by about 20% when they implemented new employee benefits, but only for those employees who take up three benefits or more. Also, this may only be because engaged employees are more likely to engage with the benefits system.
We can get to the route of your employees wants and needs, so you can nurture a workplace culture and provide them with incentives that will actually improve their lives – both at work and at home.