With changes in the mental and emotional investment in the workplace many people have quit their jobs in the UK and the US. Employees now seek greater engagement at their work. The banking sector has largely provided this engagement according to several reports.
They are reaping the benefits through increase in productivity, profits and customer satisfaction. Employees in the banking sector have greater autonomy than before. They are able to set their goals freely, making their work personally meaningful. Their work is also recognized and rewarded. This is good news for the banks as they are historically slow to adopt changes stated Bahaa Abdul Hussein.
Areas Where Banks Have Done Well
Compared to other industries the banks have done extremely well in promoting employee engagement. Not only that, their employees scored banks very highly in the factors that lead to increased engagement. Goal setting, strategy and recognition are areas where the banks have performed the best in comparison to other industries.
This means that the management was able to lay out clear objectives for the organization and pin down the role individual employees had to play. They were also good at recognizing and appreciating good performances. Remote working was another important factor for employees. The choice to work from the office or from home provided much more freedom to the employees than they were used to.
Areas Where Banks Need To Do Better
Among the drivers of engagement, the banks did very poorly when it came to workload. The employees are overworked and find their workload unmanageable. This can easily load to burnout and eventual quitting.
To prevent decrease in engagement due to the huge workload, the banks have to take steps to aid their employees. They must find out the exact needs of their employees and help them however possible, This can include providing more resources or benefits. The banks could also find a way to make the workload flexible.
Things To Avoid In The Future
The worst thing banks can do in this situation is to try to return to a pre-pandemic state of “normal”. Since the employees are now used to a degree of flexibility they will not go back to the previous mode of employment. They have shown their desire for maintaining a work-life balance which is enabled by remote working.
Even if banks find remote working unsustainable, they have to find some alternate route to give flexibility in working conditions and work hours for its employees. Besides, this they should continue providing clear working goals and make the workload more manageable.
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