Employee Engagement in Banking Sector
As
workers have more authority to seek out appealing businesses that fit their
requirements, executives in the banking sector have battled to position
themselves as an employer of choice for both frontline and corporate staff (Dutta
& Sharma, 2016). A skills gap that has emerged as a result of the
industry's digital revolution has made retention programs even more challenging
to traverse.
Over
one-third of the staff in a typical banking business is at risk of turnover.
However, when a business is recognized as a great place to work, the retention
risk lowers to 24%. Maintain a high level of employee participation in your
retention programs (Danish et al, 2014).
Employees
are less inclined to search for job elsewhere if they feel supported,
respected, and aligned. Half of your employees might be more pleased,
productive, and successful if you use the correct engagement tactics. 69
percent of banking employees are highly engaged in businesses regarded as great
places to work (Dutta & Sharma, 2016).
Employee
engagement is measured and analyzed on a regular basis at these environments,
and workers are prioritized through a range of engagement tactics and a strong
employee value proposition (Dutta & Sharma, 2016). Consider reevaluating
your employee value proposition to address any employee disengagement. In this
business, senior executives have a significant effect on employee engagement (Danish
et al, 2014).
To
boost employee engagement, the divide between customer-facing staff and
corporate personnel must be bridged. Employees at the branch see a
communication, recognition, and growth opportunity gap, which makes them feel
devalued. Employee engagement is highest when employees think their management
regard them as the organization's most valuable resource (Mozammel & Haan,
2016).
Senior
leaders aren't the only ones who have an influence on employee engagement;
managers do as well (Mozammel & Haan, 2016). The influence these leaders
have has a direct impact on employees' day-to-day work experiences (Dutta &
Sharma, 2016). Employees may lose motivation, productivity, and engagement if
they do not have a solid relationship and connection with their management (Sharma
& Dutta, 2016). Assist managers in developing good relationships with
employees in order to increase employee engagement and performance.
Employees
in the workplace must feel heard and seen. Employees provide vital insight into
your workplace, so leaders should listen to and celebrate their comments (Sharma,
2017). You can actively increase employee engagement by asking for and
listening to continuous feedback from employees, requesting feedback on the
employee experience and business initiatives, avoiding taking feedback
personally, creating a plan and acting on received feedback, following-up and
communicating your plan of action to employees, emphasizing the importance of
employee feedback, and communicating your appreciation (Danish et al, 2014).
List of references
Danish,
R., & Saeed, I., & Mehreen, S., & Aslam, N., & Shahid, A.
(2014). Spirit at Work and Employee Engagement in Banking Sector of Pakistan. Journal
of Commerce. 6, pp 22-31.
Dutta,
H., & Sharma, S. (2016). Employee Engagement in Indian Banking Sector: A
Review of the Literature.
Mozammel,
S., & Haan, P. (2016). Transformational leadership and employee engagement
in the banking sector in Bangladesh. The Journal of Developing Areas. 50, pp
43-55.
Sharma,
S., & Dutta, H. (2016). Employee Engagement in Banking Sector, pp 34-89.
Sharma,
S. (2017). Employee Engagement in Indian Banking Sector, pp 10-34.
Agreed, It is important for bank management to be aware of the needs and make up of their workforce. And also, when developing their programs and policies that have implications on employee engagement, they should consider the impact of environmental factors as well (Dutta, 2016).
ReplyDeleteThanks for the comment. Further employee engagement in banking instead leverages technology to deliver personalized digital experiences with consistent customer journeys across all digital and physical channels. Human connection and experiences are the heart of this model, strengthening the bond with customers (Agrawal, 2015).
DeleteI agree with your point of view. Employee engagement is a positive attitude where an individual goes above and beyond the call of duty so as to heighten the level of responsibility and further the business interests of the organization. Employee engagement has been popularized by practitioners as well as the research and academic community and is regarded as the barometer that determines the association of the individual with the workplace (Zaki, 2015). As a leading field in a country, the banking field should have highly engaged and motivated employees. If not, banks can't achieve their company goals. Studies have shown that employee engagement has a positive influence on organizational performance indicators such as employee satisfaction, productivity, employee turnover, organizational commitment, and safety (Zaki, 2015).
ReplyDeleteThank you for your Comment . Instead, increased staff involvement in banking uses technology to create individualized digital experiences with consistent customer experiences across all both online and offline channels. The core of this approach is human interaction and experiences, which enhance the link with clients (Agrawal, 2015).
DeleteAccording to Super.F (2020),Tuckmans stages of development which are forming , storming, norming and adjourning ; leaders should assist employees and bring them to the point where they are working as effectively as possible toward a common objective (Jones,2016).
ReplyDeleteI much appreciate your comment . Furthermore, I would like to emphasize that the culture of your firm may have a significant influence on your personnel. A positive, open culture may foster trust and loyalty among workers, inspiring them to be passionate about their work and dedicated to the organization (Mohod & Ikbal 2018).
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