Dramatic Increase in Employee Engagement: Financial Sector
While the financial services industry was reportedly on the merge of a damaging meltdown by May of 2008, the gravity of the situation was not, at that time, fully comprehended. A year later, engagement levels of workers within the financial services industry are beginning to see a dramatic turnaround, as reported by Modern Survey, a provider of online surveys and consulting services. In fact, the number of disengaged workers in the United States (U.S.) financial services sector have been cut in half, to only 11%. In Canada, the number of fully engaged financial services workers has shown a very clear increase, from 10% a year ago to 16% in 2009. Modern Survey’s Employee Engagement Index uses five questions that gauge the extent to which employees:
1. Take pride in their company;
2. Believe they have a promising future at their company;
3. Recommend their company as a great place to work;
4. Go “above and beyond” their normal job duties in order to help their company succeed;
5. Intend to stay with their company.
Of the five survey items used to measure engagement, the largest change in response from 2008 to 2009 for both U.S. and Canada reportedly occurs with the “Inspired to go ‘above and beyond’ normal job duties” question. While the Canadian Index shows an impressive change in responses favorable to this question, from 56% in 2008 to 67% this year, the U.S. Index reveals even more staggering growth from 58% to 73%. Both groups demonstrate a very positive trend, posting statistically significant gains across four-out-of-five index items, portraying financial service workers as increasingly willing to do more at their jobs. As a result of the more severe industry challenges in the U.S., the changes in responses from 2008 to 2009 are more extreme in the U.S. than in Canada for the majority of the survey questions. As to the cause of this rebound in engagement levels, says Modern Survey President, Don MacPherson, “There are a number of factors which could be affecting these figures, including layoffs which may have trimmed out less engaged employees, changes in business practices due to market conditions, and the increased level of public scrutiny over the financial sector.” MacPherson further adds that in his opinion, one may conclude that employees, especially in the financial sector, acknowledge not only feeling fortunate to have a job but feel compelled to give it their best efforts. Regardless of the reason for this turnaround, the figures are encouraging to an industry that took so many hits in 2009, both financially and in terms of public relations.
Web Site: www.modernsurvey.com