Page 53 - Banking Finance December 2024

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leading to a higher level of employee morale. A positive work
culture can also attract top talent, making it easier for the
banking sector to recruit and retain highly skilled employees.

Moreover, engaged employees tend to have a better
understanding of the company's goals and values, and are
more likely to align their actions with the organization's
objectives. This can lead to better decision-making and
problem-solving abilities, ultimately benefiting the banking (Image credit: www.aheadintranet.com)
sector in terms of increased efficiency and profitability.
Additionally, improved employee engagement can also successful engagement program should lead to improved
foster innovation and creativity within the organization. retention. Compare turnover rates before and after
Engaged employees are more likely to share their ideas and implementing engagement initiatives. Reduced
opinions, leading to a diverse range of perspectives and absenteeism is a positive sign of employee engagement.
potential solutions to challenges faced by the banking sector. Track the number of unplanned absences and correlate
This can result in new and improved products and services, them with engagement efforts.
ultimately enhancing the customer experience and
increasing the company's competitive advantage. The Measure productivity indicators such as output per
benefits of improved employee engagement in the banking employee, project completion rates, or sales performance.
sector are numerous, ranging from increased productivity If engagement programs positively impact productivity,
and efficiency to a positive work culture and enhanced you'll see improvements in these metrics. Evaluate employee
innovation. Therefore, banking organizations need to performance during regular reviews. Assess whether
prioritize and invest in employee engagement to reap these engagement initiatives have influenced performance
benefits and achieve long-term success. positively. Track participation in company events, training
sessions, and wellness programs. Higher participation
indicates engagement. Monitor the frequency of peer-to-
peer recognition or awards. Increased recognition suggests
an engaged workforce.

Similar to the Net Promoter Score used for customers, e-NPS
measures employee loyalty and willingness to recommend the
organization. Calculate e-NPS by subtracting the percentage
of detractors (unhappy employees) from promoters (satisfied
employees).Conduct focus groups or interviews with
employees to gather qualitative insights. Understand their
experiences, challenges, and suggestions related to
(Image credit: www.alamy.com) engagement programs.

Measuring the effectiveness of employee engagement Compare the costs of implementing engagement initiatives
programs is quite imperative. It may be done in many ways. with the benefits gained. Benefits may include reduced
Conduct regular surveys to gather feedback from turnover costs, increased productivity, and improved
employees. Ask questions related to job satisfaction, work morale. Remember that measuring effectiveness is not
environment, communication, and overall engagement. Use limited to quantitative metrics; qualitative feedback and
a Likert scale or open-ended questions to assess specific anecdotal evidence also play a crucial role. Regularly review
aspects of the program. Result of survey may be analyzed and adjust your engagement strategies based on the data
to identify trends and areas which require attention. A collected.

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