Other parts of this series:
As the financial services industry evolves, it’s easy to focus on technology’s potential for growth. But what about the people behind the technology?
As a report released by Accenture highlights: The employee experience is a key driver of financial success. Everything a company does starts with its employees, from customer service to internal innovations. More than ever, it’s clear that there is a direct link between employee satisfaction and profit.
A Glassdoor report tracked companies that received Best Places to Work awards and compared their performance against the S&P 500. This chart shows that the Best Places to Work portfolios outperformed the S&P 500 by 53 to 122 percentage points over six years. There is a clear correlation between employee satisfaction and financial performance, and this correlation could mean the difference between success and failure in the competitive future.
This powerful chart shows the median percentage difference in outcome metrics between organizations in the top and bottom quartile of employee engagement. The financial benefits of investing in your workforce are clear: Profitability is up 21%, sales productivity is up by 20%, and customer loyalty by 10%. All of this saves the company money internally and increases sales profits externally. You can review the full Gallup report here.
Building Engagement with Automation
Automation and employee engagement can sometimes seem at odds with each other, but that thinking couldn’t be further from the truth. In fact, automation and AI can be used to take the mundane tasks off of employees, allowing them to focus on more interesting and innovative ideas and analyses. With 68% of highly skilled workers and 48% of lower-skilled workers feeling positively about AI, the assumption that AI could replace humans is wrong. AI can not only make a job more interesting, but it can expand employees’ career prospects by learning a new emerging technology that is impacting every industry across the world.
Case Study: Spanish Bank Grows Revenue by Improving Employee Satisfaction
Still unconvinced? Avanade, a joint venture by Accenture and Microsoft, recently helped a large bank in Spain improve its employee experience. The result was impressive. By improving employee satisfaction, the bank was able to increase revenue by 40% and customer satisfaction by 35%. It’s ultimately a trickle-down effect: Engaged employees have the positive energy to tackle internal changes and innovations while also actively engaging customers.
These charts make one thing obvious: To unlock the potential of your company, you must unlock the potential of your employees. And that means listening to them, investing in them, and ultimately, allowing them the freedom to thrive.