A recent study reports that turnover in the financial services and banking industry is higher than it’s been in a decade. To add fuel to the fire, this report also shows that more than two-thirds of employees leaving their jobs do so voluntarily. Add this to the fact, that the competition to identify and hire top talent is perhaps fiercer today than ever before.
If banks and financial services institutions want to build a strong workforce that will help them advance well into the future, now is the time to develop a strategy to finally win the war on talent. The number one thing employers in the banking and financial services industry can do to win the war on talent is to improve employee engagement throughout the company.
Here’s a look at the top five things that employees in the banking and financial services want that will help boost employee engagement.
1. Employees want trust and transparency
Today’s employees rank trust and transparency high on the list of things they want from their employers. Unfortunately, a recent study shows that 63 percent of employees don’t trust their boss. This lack of trust between the frontline workers and management can destroy employee engagement and workplace morale, which can significantly increase turnover rates.
To combat this problem, employers must take steps to build trust with their workers. For those in the banking and financial services industry building trust is hindered by that fact that consumer confidence for the banking industry is already low. In a recent study, where consumers were asked to rank industries by their level of trust, the banking industry ranked dead last.
Employers can start by sharing the company goals and vision, as well as outcomes with their staff. Making a commitment to be as transparent with your workers as possible also can go a long way in building trust between management and employees.
2. Financial workers want recognition
Today’s workers don’t just want recognition for their hard work, they are demanding it. A new study reports that workers who feel underappreciated in the workplace are twice as likely to quit their job. In an industry where turnover is already high, banks and financial services companies just can’t afford to lose employees due to lack of recognition.
The good news is that innovative technology can simplify the employee recognition process. Employee recognition software provides an easy-to-use platform that allows for peer recognition and management recognition on a real-time basis. This is vital because today’s employees crave social and frequent, even daily, recognition.
3. Millennials want innovation and career growth
It’s an exciting time for employees, especially millennials, who are expected to make up one half of the workforce by the year 2020. Technology is advancing at unbelievable rates, low unemployment has created a candidate-driven job market, and employees are finding ways to maintain the ideal work-life balance. What’s exciting for workers, however, is hindering many employers from finding and keeping top talent workers.
Many in the banking and financial services industry are having a hard time competing with high-tech companies, but this doesn’t have to be the case. The fact is that technology is transforming the banking industry, and employers must portray these changes more efficiently to their prospective and current workforce. Focusing on career growth and innovations in the industry can help employers grab the attention of millennials who are looking for a career they can invest in.
4. A diverse workforce builds a stronger workforce
Jonas Prising, CEO of Manpower Group, stated that “We fundamentally believe that we will make better business decisions if we have diversity in thinking.” Prising understood the power of building a diverse workforce, and he is not alone. Many leading companies in the country also are working toward building a more diverse workforce.
Diversity in the workforce is even more important for a customer-centric industry like banking and financial services. Not only can diversity improve customers satisfaction and lead to higher levels of innovation, but it also can build a stronger workforce and improve business outcomes. In fact, a recent study reveals that companies with diverse workforces outperform other companies by 35 percent.
5. Your workers want to be heard
There is no doubt about it – your employees want to be heard. The question is, "Are you listening?" Think about it, your frontline workers have the most direct contact with your customers, they hear the complaints, and they know what works and what doesn’t work. Why would you not want their input?
For many employers, it’s not that they don’t want to hear from the employees, but they are unsure of how to create a process for receiving and dealing with feedback. Today’s technology can help with this problem. Employers can easily gather feedback through a variety of mediums, such as pulse surveys and single-click polls.
If you want your employees to know you’re listening, however, you must not stop at just collecting feedback, you must act on it. An active listening interface can help you with this process by providing an always-on platform that asks employees the right questions and delivers bite-sized, personalized actions.
Winning the war on talent in the banking and financial services industry starts with improving employee engagement levels across the board. Understanding what your employees want and how to meet their needs can help you develop a strategy that entices your top performers to stay longer.
Find out how Horizon Blue Cross Blue Shield, a health insurance provider with more than 5,000 employees, boosted overall engagement scores by 6 percent with Achievers. Learn more by accessing the Horizon Blue Cross Blue Shield Customer Success Story.
Do you have any thoughts on this article? Share your comments below.