A survey into finance employee well-being and sense of employee recognition
How are employees at credit unions, financial services, bank branches, and corporate banking feeling? We asked about 180 banking professionals of all walks of life those exact questions.
Although half of finance companies provide employee awards, most do not provide monetary employee recognition. Why do finance companies wait for end of year to give bonuses? Credit unions, banking institutions, and finance have an opportunity to tie company values with recognition throughout the year. They should couple these activities with a monetary component. With most finance employees stating they don't receive enough recognition, an employee engagement strategy is an easy competitive advantage over the competition.
Banking survey employee recognition
28% of finance workers are tired half or most of the time in the last six months
What factors are playing into exhaustion? Could it be only work or other factors, such as home life.
Most workers feel good about themselves
86% of people said that most of the time they feel good about life and themselves.
Most workers are able to concentrate
Similarly, 83% said they can concentrate all the time or most of the time. Only 15% said frequently or at least half the time they felt they had trouble concentrating.
Most companies do not provide monetary employee recognition
Interestingly, only 2% of companies surveyed provide donation to charity. 1/3rd of companies offer on-the-spot bonuses, and only half have employee awards. Therefore, having an employee recognition and rewards program would give a strong competitive advantage.
More than half of companies have an official recognition program
42% of companies are missing out on not having an employee recognition program. However, this number might be slowly improving as 16% of financial companies have reported adding an official recognition program in the past six months.
Less than half of employees are unsure or don't feel appreciated
With a successful employee recognition program, at least 70% of people should feel appreciated.
Similar results with half of staff not appreciated
Still, 9% of finance workers say they strongly disagree with the recognition they received and only 19% strongly agree.
Slightly more people strongly agree their recognition was at least adequate.
Less than half of people strongly agree or agree that they are adequately recognized for their work. Financial institutions should aim to fix this problem in order to have a more engaged workforce.
No recognition is not acceptable for the banking industry
With half of employees feeling unsure or under appreciated, staff need to be recognized at least quarterly.
Half say no
Like most of this survey it is split between people who agree they appreciate the amount of recognition their employer provides and half that do not. What side is your company on?
Banking survey demoraphics
The Recognize team always tries to get an accurate look at the population when conducting surveys. We were able to hit the mark by surveying an equal amount of men and women and people with different job titles and salaries. Unfortunately, it wasn't easy to get enough banking professionals to take the survey. Our aim was to get at least 500 responses, but we had to settle at only 184. We hope to provide a more comprehensive look in the future.
Incentivize, Recognize, Reward
Recognize increases staff productivity, provides company engagement insights, and helps retain top employees. Providing HR with an out-of-box solution since 2012.Watch Video