Page 50 - Banking Finance December 2024

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one-on-one conversations, encouraging two-way Incorporate more praise and recognition into your
communication between employees and management, and communication channels. Acknowledge employees' efforts
creating a culture where all opinions are valued. Use this publicly. This can be in the form of awards, bonuses, or even
input to make necessary improvements and address simple gestures such as a thank you note. Implement
concerns. Encourage transparent and open communication incentives like "Employee of the Month" rewards for
between management and employees. Regularly consistent performers. Recognizing outstanding
communicate and engage with employees and share contributions encourages continued engagement. This helps
company goals, updates and performance expectations. in boosting employee morale along with creating a positive
Encourage feedback and listen actively to employee work culture. For example great performances at
concerns. Regularly seek feedback from employees. Cheesecake Factory are rewarded through its reward and
recognition program, the Wow Stories Initiative, which
2. Create opportunities for development and growth: disseminates stories of extraordinary service in the
Investing in employees training and creating opportunities for organization, improving motivation and engagement.
skill development, training, and career advancement
augments the level of confidence among employees. Ensure
that salaries are competitive and benefits (such as health
insurance, retirement plans, and bonuses) are attractive.
Feeling fairly compensated positively impacts engagement.
When employees envisage path for their personal and
professional growth, they become more engaged and
committed. Employees are more likely to be engaged when
they feel like they are learning and growing in their roles.
Banks can provide this by offering training and development
programs, opportunities for job rotations, and promotion
from within. Provide sufficient autonomy and decision-making
authority to all the employees within their roles. Feeling of
trust and empowerment helps in higher engagement. This
also helps in retaining talent within the company. Employees
at DreamWorks Animation receive perks such as free drinks
and paid opportunities to decorate their offices. One of the
things they value most about workplace celebrations following
large projects is that employees are encouraged to display (Image credit: www.therightgroup.com)
any artwork or projects that may be relevant for the firm. It
greatly enhances the interest of others, making employees 4. Embrace work-life balance: The banking sector is
feel more than just a part of their jobs. known for its long and demanding work hours. However,
promoting work-life balance is of utmost importance in
3. Recognize and reward employees: Acknowledging improving employee engagement. Banks can
employees' efforts and achievements leads to higher implement several initiatives like flexible work
motivation and engagement. Regularly recognizing their arrangements, flexible schedules or remote work
contributions through verbal praise, written notes, or options, to allow employees to strike healthy work-life
awards may help in improving connect with the employees. balance. Encouraging breaks and vacations to prevent
Feeling appreciated boosts morale and engagement. Those burnout also helps in building an engaged workforce.
employees who are appreciated and recognized are found This not only improves employee satisfaction but also
more engaged and motivated. Banks can implement leads to increased productivity and engagement.
recognition programs to acknowledge and reward
employees for their hard work and contributions. 5. Foster a positive work culture: Help employees connect

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