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Why financial services should cash in on employee experience (EX) now more than ever

As digital transformation and automation continue to send ripples across various industries, the financial services sector also is in the midst of a massive shift. Structural changes, novel strategies, and changes at the operational or talent level can have a significant impact on your employees.

It goes without saying that delivering exceptional customer experience is among the top priorities for businesses in the financial services market. However, anxiety, negativity, and uncertainty can indirectly affect employee performance and that is the last thing you would want as a business. Dips in individual performance culminate in less-than-satisfactory outputs overall, which in turn can lead to unremarkable customer experience (CX).

People make the organization, and hence, employers should ensure that their employees’ experience at work is nothing short of outstanding.

Understanding the role and importance of employee experience (EX)

The concept of employee experience (EX) has gained a lot of importance in the corporate world and for good reason. With disruption almost becoming the norm of financial service businesses, employees play a pivotal role more than ever.

Good employee experience can help financial services organizations thrive in terms of:

  • Enabling employees to contribute to the company’s overall output capacity
  • Improving the morale of the workforce, thereby keeping them in good spirits
  • Gaining competitive advantage through an organizational culture that fuels employee engagement and optimal productivity

Financial service companies can achieve elevated employee experience by:

  • Innovating on the employee experience strategy front by taking a holistic approach towards attracting, recruiting, and engaging talent, and managing the entire lifecycle of the employees.
  • Investing in cloud-based, digital HR transformation programs to partially automate processes like scouting, hiring, onboarding, L&D, talent management, and performance management.
  • Ensuring every employee touchpoint is acknowledged and optimized to regularly engage and motivate them.
  • Focusing on interpersonal relationships through the hierarchy of the organization by making communication transparent and ensuring that the workforce feels valued.

The good news is, some financial service companies are already investing in EX initiatives and reaping benefits.

How leading financial services companies are investing in EX

  • A leading international bank replaced its legacy HR systems with digital HR processes to successfully transform employee experience from a talent, succession, career development, and performance perspective. Moving from a traditional HR framework to one that is cloud-based helped the organization to reimagine their knowledge management, data accessibility, and reporting capabilities.
  • Last year, a global financial services firm announced a $350 million initiative to focus on forecasting future workplace skills and empowering employees to upskill or reskill through a range of innovative training programs.
  • Another renowned banking group has been recognized as an “attractive” company for employees primarily because of its staff-driven social initiatives and promotion of gender diversity and wage equality.

Several studies and surveys, too, point towards the fact that investing in the employee experience framework should be a no-brainer for financial services

  • According to Gallup, businesses with highly engaged workforces outperform their peers by 147% in earnings per share.
  • 53% of HR professionals reckon employee engagement levels rise when employers revamp or upgrade their onboarding process. Similarly, identifying and optimizing other key interaction points through the employee’s daily and long-term journey can help this cause.
  • A Gartner report suggests 70% of Forbes Global 2000 companies are on their way to implementing gamification strategies to boost employee engagement, retention, and revenues.

And here is one statistic you really can’t argue with – happy employees are 20% more productive at work!

These statistics and cases illustrate the ever-growing need to go beyond a welcoming work environment and build novel EX capabilities that provide holistic fulfilment.

Key focus areas for companies looking to enhance employee experience

Many decision-makers in the corporate world fail to acknowledge the fact that delivering great employee experience is not limited to employee engagement initiatives. Three independent driving factors shape employee experience:

  1. Company culture
  2. Technological environment
  3. Physical workspace

Together, these concepts can successfully help integrate your workplace, human resources, and management practices and deliver an employee experience that truly stands out.

How Infosys BPM can help

There is no better time than today for financial services companies to revisit their employee experience strategies. Infosys BPM helps businesses standardize, optimize, and reengineer their HR framework.

Our Human Resource Outsourcing (HRO) offerings are robust, scalable, and flexible. With automation, digital business transformation strategies, and change management at the epicentre of our HRO capabilities, we offer services like:

Head to our HRO page to understand how our integrated consulting, technology, and outsourcing solutions can enable you to deliver a progressive and positive employee experience.