The financial crisis and recession of the past decade has been tough on the banking and financial industry, resulting in plummeting employee engagement scores across the sector. High stress, high turnover, and high potential for burnout are the trifecta of disengagement. Additionally, the increased public scrutiny on executive bonuses and fraud claims, have left many employees disenchanted. One study even shows an astonishing 65% disengagement rate of banking sector employees.
As a result, institutions have seen a decrease in employee morale and an increase in absenteeism and turnover rates which studies show directly impact productivity, customer satisfaction scores, and other key business outcomes that directly affect the bottom line.
In order to shift the employee engagement paradigm, financial institutions must focus on redeveloping trust in leadership, clearly defining the impact that employee engagement plays on the customer experience, and recognizing the top performers for their loyalty and commitment to the organizational mission.