The latest financial crisis has not only a human toll but also a cultural one. The consequences of the banking industry’s reckless behavior will be felt for decades. We must change the culture of banking, and fast.
Does it make sense to call the current workplace culture of a bank a competitive disadvantage?
It all depends on the bank. Accenture’s cross-industry research, which was mentioned earlier in this blog series, has shown that many banks have poor workplace cultures compared to other companies.
This problem will be faced by banks that want to use cutting-edge digital tools to make the transition to cloud computing a success. We spent this series focusing on how banks can improve their culture.
The series is over. This post includes the second part of my Q&A.
If a bank wants to make its employees happier, where should it start?
Recent research has shown that employees are now more frustrated with a lack of modern technology in their workplaces than they were ten years ago. Employees are used to being able pay for their purchases with a simple click or tap. They find themselves in an office that is slow and uses outdated technology. Their reactions are not surprising.
Employees expect a simple and intuitive experience. Employees are looking for an innovative and forward-thinking organization that invests in technology. This is a sign of a lack of modern technology in the workplace.
How long does it take for investments in the workplace to pay off?
When you start to roll out new technology, you can see its benefits immediately. ServiceNow and SaaS, which are cloud-based technologies, are easy to use. You can see which people use it, what they are doing with their time, how long they spend on certain screens and any benefits.
It is crucial to decide where you want to invest. Focus on the important moments. What frustrates employees the most? What is most important to them? Here is where you have the best chance.
Let’s suppose someone is on leave and wants to have a baby. This is a very important time in their lives. They want to feel supported and appreciated by their employer. A smooth leave of absence process will make a huge difference. It is important to have a smooth process for leave of absence, including promotion and onboarding.
What are other benefits a bank can get to improve its workplace culture?
Business benefits include higher engagement, retention, productivity, and fewer employee problems. Although I could continue to talk about the benefits for the business, I believe that people who are motivated, excited, and passionate about what they do, also benefit society. Positive work cultures lead to improved mental health and well being. This could encourage people to give back and volunteer more.
What’s the cost of doing nothing?
Banks are likely to face this problem as they already have higher levels of absenteeism and attrition. Neglecting to be a great place to work can lead to reputational risk. You may be able to save some money and increase efficiency by doing nothing but it will not help you grow your revenue organically. If your employees aren’t engaged, it can be difficult for you to make your company more profitable.
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