New research shows that banking employees believe their industry has a bright future, they're proud of their work. So, why aren't they willing to go the extra mile?
Banking employees in the Gulf are confident about the future of their sector, according to global management consultancy Hay Group. Feedback from employees around the Gulf shows that they are proud of their work, in what they say is a prestigious industry.
John Branch, head of financial services consulting at Hay Group said "Of the individuals surveyed, we saw strong levels of pride and feelings of prestige around their position, much more so than if we are to look at global averages."
The research found that Gulf banking employees are highly engaged, concluding:
- 83 per cent take pride in working for their employer, compared to 75 per cent globally
- 80 per cent believe in future projects, compared to 71 per cent globally
However only 61 per cent of the same banking employees are willing to exert discretionary effort, compared to 67 per cent globally. Mr Branch explained "Generally we expect to see highly engaged staff prepare to 'go the extra mile' for their employers, but here we see the opposite is true. We looked into this further and found that employees are frustrated - despite wanting to do a good job, they feel there are too many barriers in way of being able to do so."
The Hay Group research, which will be released next week, found that the industry isn't making the most of their workforce with many employees feeling stifled:
- 64 per cent feel that their work is interesting and challenging, compared to 71 per cent globally
- 57 per cent say they are encouraged to come up with better ways of working, 8 per cent less than global averages
- Only 55 per cent feel that their ideas are listened to, less than the global average of 62 per cent.
There are some banks who have overcome these challenges. Amongst these is National Bank of Fujairah (NBF) where recent results show employee satisfaction is ahead of regional, and many global averages.
NBF's CEO Vince Cook said that the bank has made good progress in engaging and enabling employees through a combination of wellness, social and talent development programmes: "We have always believed that our staff are our biggest asset and we have put a comprehensive framework into place to nurture the talent within the bank. We do this by implementing a suite of training and career advancement programmes designed to support the growth of our people and the bank, thereby establishing a strong pipeline of leaders for NBF.
"Taking care of staff wellbeing has also been a top priority. We were one of the first local companies within the UAE to introduce a full-fledged employee wellbeing programme, while regular recreational activities continue to increase engagement levels across the bank. Such a holistic approach towards staff development underscores our belief that the bank's future is intricately linked to the strength of our human capital, and we will continue to invest in our people as a matter of principle."
For further information
For a copy of the full report, or to arrange an interview with John Branch please contact Megan Willis at megan.willis@haygroup.com
About Hay Group
Hay Group is a global consulting firm that works with leaders to transform strategy into reality. We develop talent, organize people to be more effective, and motivate them to perform at their best. With over 4,000 employees working in 86 offices in 49 countries, we work with over 7,000 clients across the world. Our clients are from the private, public, and not-for-profit sectors, across every major industry and represent diverse business challenges.
Our focus is on making change happen and helping people and organizations realize their potential.
For over 35 years Hay Group has partnered with the world's largest and most complex organizations to create value through the strategic use of employee survey research. Our mission is to help senior leaders identify the barriers to individual and organizational effectiveness, and remove them to improve the performance of people, teams, and organizations.
By providing employee feedback and supporting strategy, our surveys help organizations achieve high levels of performance and lasting change.
Please note: all findings should be attributed to 'Hay Group' the global management consultancy and never 'Hays' which is a separate and unaffiliated entity.
About Hay Group Methodology
The employee opinions on engagement referred to throughout the report are taken from Hay Group's world-leading global employee survey database, using 2014 data. Updated annually, the database comprises responses from more than 5 million employees working in over 400 organizations worldwide, representing a broad cross-section of industries and sectors. To learn more about Hay Group's Employee Surveys, click here.
© Press Release 2015
