Financial Services, Employee Engagement

 

BUSINESS SITUATION:

A large multinational bank seeks to develop a clear strategy through the integration of various streams of important corporate information.

 

RESEARCH OBJECTIVES:

The client wanted to measure and integrate loyalty and engagement levels of commercial consumers, employees and financial data.

 

METHOD:

Burke conducted a 9-year customer engagement tracking study among commercial banking clients; part of a larger program that provided regular customer engagement tracking among retail customers, other B-to-B constituencies, as well as employee satisfaction measurement.  Quarterly analysis included tracking of customer engagement index, as well as customer engagement strategy based on key driver analysis and performance ratings on service attributes.  Advanced modeling techniques were used to identify key drivers of loyalty, and to link customer opinion data to bank’s financial performance and to employee satisfaction.

 

OUTCOME:

Reporting quarterly at local, national and regional levels has provided a wealth of timely and actionable information with both strategic and tactical benefits.

 

 

 


Financial Services, Employee Engagement

 

BUSINESS SITUATION:

As part of an overall customer engagement initiative, a financial services organization sought to ensure employees were optimally engaged and delivering exceptional customer service. Our client wanted employees to be active advocates of their products and services, while also recommending the bank to friends and family as being a good place to work. Employees exhibited high commitment/low turnover, however leadership sought employees to be engaged in providing service and support in all ways to ultimately enhance the customer experience.

 

RESEARCH OBJECTIVES:

The client wanted to transition from a commitment model to an engagement model to ensure top performance, and assess, improve and monitor levels of employee engagement. We wanted to identify strengths and prioritize improvement opportunities; making areas with highest impact on engagement and sub-optimal performance top priorities, and link employee engagement to customer engagement to financials. The goal was to determine the most important brand image attributes driving overall brand equity, identify the strengths and weaknesses of the client brand compared to top competitors in each market, and determine key messages that could be used to maximally differentiate the client brand from other brands on the most important image dimensions.

 

METHOD:

With strong and active leadership support census employee engagement surveys were conducted on an annual basis. The online surveys included questions on a broad range of topics including company leadership, culture, company practices and systems, manager, job, career, customer service and support, work group effectiveness, ethics, and Burke's Employee Engagement Index. Each major business unit included 5-10 specific questions for their BU. Overall, content evolved about 10% each year to keep the results meaningful in all circumstances. Surveys were accessed online using Single Sign-On (SSO) technology, consistently achieving 80%+ response rate. An engagement model was designed and validated specific to the employees in this organization.

 

OUTCOME:

Survey results showed employee engagement increases over time supporting the organization's focus on achieving the best-in-class customer experience. The results continually provided insights into the areas most influencing and impacting engagement, allowing for targeted improvement efforts. Major improvements include the advancement of a high performance culture, alignment of customer-driven goals and initiatives throughout the organization, enhanced performance management, and improved job flexibility to better support work and life balance. Robust and analytically advanced linkage analyses showed a significant and meaningful relationship between employee engagement and customer advocacy - with both employees and customers recommending the organization to others. By maintaining a directed and unified focus on the customer with engaged employees leading the charge, this organization's financial performance has continued to expand reaching record levels.