Lending Institution Improves Engagement Scores With Company “Ask & Listen” Initiatives

Challenge

This financial lending institution values its people and wanted to ensure its approach to their “People Plan” was developed with data and insights derived from the voice of their employees. They felt that they “knew” their employees’ wants and needs, but this assumption was not rooted in actionable data. This company was looking for a systematic and consistent way to measure and analyze what their employees were thinking, their well-being, and ultimately how engaged they were.

This company had three (3) key objectives when looking for a solution to this challenge:

  • Ability to collect and analyze data providing actionable insights that could positively impact employee engagement and turnover
  • Ability to create an initial baseline measurement and to be able to compare and monitor improvements to three (3) employee engagement metrics (Participation, Favorability, & Engagement)
  • A solution that was comprehensive and flexible enough to drive high employee participation rates, ensuring a high capture rate of employee sentiment

They turned to People Element to provide a solution that met their requirements and provided a way to ask, listen and understand their employees at a new level.

Solution

The organization utilized People Element’s Employee Experience and Engagement Platform. They leveraged the easy-to-use process and communication templates to develop and roll-out an initial set of surveys. Their aim was to both capture important insights from their employees, and to set a baseline for measuring impact and improvements that would come out of their “People Plan” initiatives.

Their 2020 Survey’s baseline results were:

  • 85% Employee Participation
  • 77% Employee Favorability Rating
  • 69% Employee Engagement Score

Based upon the data derived from this initial survey, and with the help of People Element’s client success team, they were able to draw several key insights for areas to focus on for their “People Plan” including Employee Growth & Development, Rewards & Recognition and Employee Voices.

Specific actions taken included:

  • Compensation adjustments for key departments within the organization
  • Introduction of new training modules for front line employees
  • Creation of new recurring 1:1 meetings between managers and direct report employees

People Element’s client success team partnered with the organization to share expertise and offer support through the feedback process. They focused on providing tactics to help drive higher survey participation rates, and conducted an Executive whiteboard session to help turn the data into actionable insights. Training sessions hosted by the client success team played a supporting role in guiding the organization to effectively leverage the platform to capture the voice of their employees.

Results

Based on the baseline data from the initial surveys and implementation of the key initiatives (compensation, training and 1:1 meetings), the organization developed an Engagement Check-in survey. This survey was deployed twelve (12) months later to measure the effectiveness of their initiatives and to capture the overall improvement in employee wellbeing, favorability, and engagement.

The comparative results of the Engagement Check-In survey are:

  • 92% Participation Rate (7% point improvement over Benchmark Survey)
  • 81% Favorability Rating (4% point improvement over Benchmark Survey)
  • 73% Engagement Score (4% point improvement over Benchmark Survey)

In addition, each of the key drivers that positively impact the level of favorability and employee engagement increased or maintained their scores from the Benchmark Survey. These items included specific indications that the company initiatives focused on Growth and Development and Rewards & Recognition were moving the needle with employees.

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