Trends of employee engagement in financial

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Trends of employee engagement in financial

Introduction

People are operating more like free agents than in the past. In short, the balance of power has shifted from employer to employee, forcing business leaders to learn how to build an organization that engages employees as sensitive, passionate, creative contributors.

We call this a shift from improving employee engagement to a focus on building an irresistible organization. Time for a change One of the issues we must address is the aging idea of an employee engagement survey.

Consider the typical process: Most use vendor-provided surveys that claim to be statistically validated ways of measuring engagement. The pioneer in this market, Gallup, promotes a survey of 12 simple factors that statistically predict retention.

In a recent survey among 80 of the most advanced users of engagement surveys, only half believe their executives know how to build a culture of engagement. Consider the radical changes that have taken place at work: Employees operate in a transparent job market where in-demand staff find new positions in their inboxes.

Organizations are flattened, giving people less time with their direct managers. These changes to the workplace have altered the engagement equation, forcing us to rethink it.

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For example, a well-known pharmaceutical company found that its executives and scientists in China were leaving the company at an alarming rate. The annual engagement survey provided no information to help diagnose this problem.

By running a statistical analysis on all the variables among these departing high-potential workers, the company realized Trends of employee engagement in financial in China, unlike other parts of the world, people were expecting very high rates of compensation increase every year.

The job market there was highly competitive, so people were being poached based on salary progression alone. Today more and more companies are deploying analytics solutions to predict retention, correlating factors such as compensation, travel schedule, manager, and demographics to understand why certain people are less engaged than others.

High-technology companies, for example, throw benefits at employees to see which ones stick—unlimited vacation, free food, health clubs, parties, stock options, and fun offices are common.

Trends of employee engagement in financial

Do these all result in high engagement? So what matters today? Make work irresistible Our research suggests that we need to rethink the problem. There are three issues to address: Here we suggest 5 elements and 20 specific practices. Companies need tools and methods that measure and capture employee feedback and sentiment on a real-time, local basis so they can continuously adjust management practices and the work environment at a local level.

These tools include employee feedback systems as well as data analytics systems that help identify and predict factors that create low engagement and retention problems.

Leaders in business and HR need to raise employee engagement from an HR program to a core business strategy. A note about compensation and benefits Most studies show that compensation is an important factor in employee satisfaction.

Research by Aon Hewitt, for example, shows that it ranks among the top five drivers but is not number one. One organization we studied told us that among the highest-potential employees, the organization could directly correlate pay increases with retention—but among the remaining 90 percent of the workforce, compensation simply had to be competitive and fair within job families.

Our discussions with clients confirmed that once pay is competitive and fair, the 20 issues we discuss in this paper have a much greater effect.

Make work meaningful The first and perhaps most important part of employee engagement is job-person fit. We need to make sure jobs are meaningful, people have the tools and autonomy to succeed, and that we select the right people for the right job.

This is anything but a simple undertaking. Nearly every job has been changed and often transformed by technology, and we constantly look for ways to do more with less.

Well-run companies constantly look at the work they do, trying to find ways to outsource more to technology and produce more output with less expensive human input.

Despite these pressures to improve productivity, research shows that when we enrich jobs, giving people more autonomy, decision-making power, time, and support, the company makes more money.

Zeynep Ton, a Massachusetts Institute of Technology professor, in her book The Good Jobs Strategy shows that retailers like Whole Foods, Costco, UPS, and Mercadona deliver higher profitability per employee by giving their employees above-average wages and greater control over their jobs.

At Mercadona and Costco, for example, stores are staffed by people cross-trained to handle many positions: They manage cash registers, stock shelves, rearrange the store, develop promotions, and manage others.

The result is both a set of highly empowered teams that have the training and freedom to be both autonomous and productive as well as above-average retention and engagement rates. As we design jobs to be meaningful, we must also carefully select the right person for each job.

Fewer than 40 percent of all hiring teams use any form of formal prehire assessment: Most managers look for relevant experience, college credentials, or GPA. When we hire people who fit, they perform well, and they love their work.

Zappos, a company that prides itself on culture as strategy, uses its 10 core values to assess people for cultural fit in the early stages of the application process.4 Global Trends in Employee Engagement Leaders seem to be making the connection between talent, engaged talent, and business results at an exponentially increasing rate.

2 Trends in Global Employee Engagement Employee Engagement Defined The concept of employee engagement is often confused with satisfaction or.

Agile Employee Engagement: Using Your Engagement Strategy to Transform Your Culture and Accelerate Performance. This webcast will walk you through the process of shifting leaders’ mindsets, driving accountability among managers and leaders, and making action-taking easier.

Low levels of employee engagement are plaguing companies today and improved rewards and recognition programs are the solution, according to Accelir’s recent Rewards & Recognition: Trends Report. Company cuts and cost reductions, technology advances and a .

nGUVU is the leader in contact center employee engagement. We provide gamification and machine learning-based workforce optimization.

2 Trends in Global Employee Engagement Employee Engagement Defined The concept of employee engagement is often confused with satisfaction or.

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