Financial institutions can no longer afford to ignore the preferences and feedback of their employees, according to new research from Qualtrics.
The global research platform, which captures employee insights, says the finance sector is highly competitive and relies on top talent to drive excellent customer experiences.
“To attract, retain, and develop talent, financial institutions must understand employee engagement and how to measure it. This will help boost workforce productivity, customer satisfaction, and the bottom line,” the group said.
Qualtrics research has found that 56 per cent of Australian bank customers and 44 per cent of New Zealander equivalents think all banks and financial services institutions act the same.
Qualtrics managing director, Asia Pacific and Japan, Bill McMurray, said financial institutions are increasingly aware of the link between employee engagement and company growth, though don’t have the real-time tools to measure engagement and act on it quickly.
“The best place to start is with a real-time employee engagement platform so that action plans are developed and delivered against as soon as employees have provided their feedback,” he said.
“Traditionally, financial services companies run annual employee engagement surveys to collect employee data. Collecting feedback once a year means organisations can miss valuable opportunities to get ongoing feedback from their staff and dig deeper into issues or specific departments.”
Mr McMurray said financial institutions should consider pulse surveys — short form, regular surveys, in combination with their annual engagement survey.
“These are easy to analyse so organisations can take action on employee engagement issues as they arise and monitor improvements,” he said.
Continuously listening to employee feedback and acting on it can have significant impact on revenue, according to Mr McMurray, who pointed to research that has found a 5 per cent improvement in employee engagement leads to a predicted 3 per cent increase in sales.
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James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.
He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.
He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.
James holds a BA (Hons) in English Literature and an MA in Journalism.
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