Improving employee experience and your profits has been saved
Improving employee experience and your profits
The future of banking: The employee experience (EX) imperative
Since the Global Financial Crisis banks have been tackling one crisis after another, from solvency to money laundering. Survival and regulatory repair were top priorities - perhaps at the cost of employee satisfaction. Meanwhile, new technologies have emerged, raising first customer expectations and now employee expectations (EX). What are the implications of this trend for banks? Are they employers of choice for new, tech-savvy generations and if not, how can banks become more attractive employers who are best-in-class in EX – and increase their future success and profits?
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- The war on talent
- Differences between generations
- Identifying the moments that matter
- The 2020 Universum UK employer survey
The war on talent
The war on talent is becoming more and more fierce. Tech-savvy talent is scarce and people with these skills and capabilities can basically work anywhere. This is why Deloitte has been doing a lot of research on talent in the financial industry. One trend in particular needs to be mentioned: employee experience (EX). What started in the consumer business industry with “customer experience” has now reached the talent market as well. So what are these talented young people looking for in a job, apart from a financial reward? What they aspire most, is a working environment in which they feel safe to speak up, able to grow, have deep and meaningful relationships with colleagues, and a sense of purpose.
Differences between generations
Our research shows that EX challenges are partly generational. For our research, we focused on Gen Z (the youngest employees) and Gen X (the most senior generation still at work). What we found, is that Gen Z lacks pride in their work, worries about purpose in their jobs, and has concerns about psychological safety. A majority of Gen X, on the other hand, feels proud of the bank they are working for, feels that their job provides them with a sense of purpose, and also feels free to speak up about their ideas, questions and concerns. During the pandemic, another striking difference between both generations showed up: remote working has further weakened psychological safety for Gen Z. Actually, 24% perceived their relationships with co-workers to be less deep and meaningful during the lockdowns. Gen X, on the other hand, are very supportive of remote working.
Identifying the moments that matter
In our report, we pay full attention to these challenges and how to solve them. Please read our findings by downloading the report on the right. For instance, banks should become better at identifying the moments that matter to each employee. This requires so-called X-data: telling the story of employees’ feedback throughout the employees’ career. Also, banks should use moments that matter to deliver best-in-class EX. They can learn how to trigger positive emotional responses and become better at detecting the moments that matter both inside and outside the office. Finally, building employee trust – based on purpose, value, and psychological safety – will activate employees’ pride, loyalty, and enthusiasm, multiplying profit per employee.
The 2020 Universum employer survey
For this Deloitte publication, we surveyed over 2,000 UK Financial Services employees to explore the key challenges in the field of employee satisfaction, and to find out how banks can transition to a best-in-class EX. The survey covered three stages: pre-pandemic, during the pandemic, and hopes for new post-pandemic ways of working. Our findings will help banks to become a “best place to work” through small but significant changes. Banks can improve their EX by understanding how preferences vary per generation, job function and personality.