Write a paper to discuss the staff engagement in the banking industry. Write about the importance of the staff engagement, factors affecting it, ways to measure it and other related issues which needs to be included.
Importance of Employee Engagement:
Employee engagement is the level of commitment and involvement an employee has towards their organization and its values. An engaged employee is aware of business context, and works with colleagues to improve performance within the job for the benefit of the organization. The organization must work to develop and nurture engagement, which requires a two-way relationship between employer and employee.' Thus Employee engagement is a barometer that determines the association of a person with the organization.
An organization's capacity to manage employee engagement is closely related to its ability to achieve high performance levels and superior business results. Some of the advantages of Engaged employees are
? Engaged employees will stay with the company, be an advocate of the company and its products and services, and contribute to bottom line business success.
? They will normally perform better and are more motivated.
? There is a significant link between employee engagement and profitability.
? They form an emotional connection with the company. This impacts their attitude towards the company's clients, and thereby improves customer satisfaction and service levels
? It builds passion, commitment and alignment with the organization's strategies and goals
? Increases employees' trust in the organization
? Creates a sense of loyalty in a competitive environment
? Provides a high-energy working environment ? Boosts business growth
? Makes the employees effective brand ambassadors for the company A highly engaged employee will consistently deliver beyond expectations. In the workplace research on employee engagement (Harter, Schmidt & Hayes, 2002) have repeatedly asked employees 'whether they have the opportunity to do what they do best everyday'. While one in five employees strongly agree with this statement. Those work units scoring higher on this perception have substantially higher performance.
Banking Industry and Employee Engagement:
"I belong here."
This statement could be part of every bank's brand promise. Every banking executive wants their target customer to feel this when they walk into a branch, go online, or phone the call center. Customers who feel they belong with their bank are less responsive to a competitor's offering, are less price/fee-conscious, and give more of their wallet share to the bank.
Encouraging a sense of belonging among customers is a worthy aspiration for any bank. It should also be part of every bank's promise ...
Discuss the staff engagement in the banking industry: factors and measures