Aspiring to become recognized as a best place to work is a worthwhile goal for any bank.
Those who make this commitment often have highly engaged employees — as Temkin Group's research shows, they are more likely to work late if needed, help co-workers without being asked, be committed to the success of the organization and recommend improvements. Our research also shows that companies with more highly engaged employees deliver better customer experiences and have stronger financial results.
How can banks create an environment that employees want to be a part of and that inspires them to put in sustained levels of effort? Though programs designed to make the workplace more fun — such as "bring your pet to work" days or after-work sports leagues — might be nice, they are not sufficient for driving true engagement. Instead, banks should create a work environment that focuses on human beings' intrinsic needs for meaning, competence, progress and choice.
Let's take a closer look at one of these intrinsic needs: meaning. Feeling a sense of meaning is so vital to people that companies should begin connecting individuals to their organizational purpose before they even officially become employees. When we conducted research into which potential job attributes people found most appealing — the company's mission, pay level or boss — a majority of respondents, 54.4%, identified "inspiring mission" as the most important consideration. Only 26.9% selected "above-average pay."
Not only does meaningful work attract people to a job, it keeps them more engaged. When workers feel as if they lead a purposeful life, they are nearly two times as likely to recommend their employer's products and services and 1.7 times as likely to do something good for their company, even if it is not expected of them.
To design a workplace that creates meaning for employees — and thus results in high engagement — look first to managers. More than 80% of employees say they "always" or "almost always" try their hardest when they have a boss who leads with purpose.
There are five key behaviors of purposeful leaders: They explain why a task is important rather than just telling employees what to do, they regularly show appreciation for employees’ work, they make decisions consistent with what they say is important, they help employees do well in their jobs and they exude passion for contributing to the company’s success.
In addition to getting leaders to embrace these behaviors, a bank can foster its employees' sense of meaning by articulating how every role helps it to deliver value and fulfill promises to customers. Challenge employees to internalize this message by asking them to think about what the bank's values mean to them and then identify one thing they can do in their role every day to support those values. To reinforce a sense of meaning and purpose, design organizational routines — from training, to performance management, to rewards and recognition — that support employees' efforts to live the bank's values. For example, every month Regions Bank presents its Better Life Award to an employee who embodies its values: put people first, do what is right, focus on the customer, reach higher, and enjoy life. Employees are nominated by their managers and peers and receive special recognition, including a $1,000 donation in their name to a charity of their choice.
Another powerful tactic banks can use to help employees derive meaning from their work is to show them firsthand the organization's purpose in action. Create opportunities for employees — especially those not on the front line — to hear directly from customers. Customer panel discussions during training sessions, customer visits or customer videos are a few options. Banks also can solicit customer feedback that recognizes specific employees and then thank those employees for creating positive customer experiences.
Because purpose connects individuals in pursuit of a shared goal, banks that tap into their employees' sense of meaning will ultimately be more successful. So harness this intrinsic need with potent engagement tactics.
