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While business leaders in the financial services industry are engrossed in revamping work processes in the new normal, what can HR leaders do to foster engagement and build a culture of appreciation in this intensive industry?
Gratifi is here to help!
The Need for Employee Engagement and Appreciation in the Financial Services Industry
One of the major HR goals in the financial services industry is to bring the firm’s core values to life and keep employee engagement in check, while complying with regulations. Engaged employees lead to better productivity, profitability, and performance. Here are a few insights into the current industry outlook:
Over 66% of financial services employees suffer from workplace burnout
Employee engagement rates stoop to as low as 33%
14% of employees are not clear on the R&R policies within their organization
Only 32% of financial services employees report that their immediate supervisor sets a good example for them to follow
Some of the Common R&R challenges identified in the Financial Services Industry
Intense work conditions make employees feel nervous, anxious, and vulnerable to burnout
Dismal employee engagement rates due to large scale and scope of the financial services sector
Lack of instantaneous spot recognition
Transactional nature of appreciation, mostly tied to customer satisfaction levels and target achievements
Lack of flexibility in the R&R program to be adapted to local cultural requirements
A holistic rewards and recognition program is the proverbial “glue” that can help engage banking and non-banking executives and staff alike. A recognition framework that enables instantaneous appreciation for noteworthy behaviors that go above and beyond the basic job responsibilities can be a game-changer in financial services, where customer service requests and interactions vary greatly, and the work day is wrought with unexpected and challenging situations.
Leverage our established competence in the BFSI/NBFC sector that comes with an esteemed clientele belonging to the financial services industry. Here’s how we have helped some of the leading BFSI/NBFC firms transform their R&R processes:
Inculcating fairness, transparency, and open communication through a data-driven solution
Streamlining recognition by creating a centralized enterprise program with a common recognition currency and org-wide visibility
Deploying sentiment analysis tools to identify at-risk employees and tackle impeding burnout
Provide accessibility and ease-of-use through a mobile application and chatbot for R&R
Reinforce positive attributes by introducing behavioural and value-based recognition categories
Celebrate personal and professional milestones in real-time with spot recognition
Encourage senior stakeholder buy-in using automated notifications and recognition reminders
Leverage data-driven insights to enable efficient tracking and analysis of the R&R framework
Promote transparency and empowerment through 360-degree recognition and performance feedback
Encourage leadership buy-in using value-added services such as platform walkthroughs, adoption plans, and marketing collaterals
If the technological infrastructure is the hardware of an organization, the employees are the indispensable software that ensure the smooth functioning of the system. For financial services, the challenge lies in catering to a demographically diverse worker base, as well as having to comply with financial regulations.