Employee Disengagement in the Banking Industry
A report by Gallup shows that up to 33% of American employees are disengaged. Disengaged employees are those who seem unhappy in their workplaces.
The banks are quite a beehive of activities, and disengagement is quite common as a result of work overload. The following are other reasons why the banking industry experiences employee disengagement;
- Poor pay
- Poor management and communication
- Lack of career growth opportunities
High Turnover Rates
In a recent study by Compdator, the banking industry experiences a turnover rate of about 18.6%, which is higher than in most industries.
In the millennial age, the industry has experienced an increase in turnover rates as a result of low engagement among the employees as opposed to previous years.
Common causes of high turnover rates in the banking industry include;
- Overworking
- Little opportunity for career growth
- Lack of opportunity to give opinions
Ways to Get Employees Re-engaged in the Banking Industry
Disengagement in any industry inhibits productivity as well as innovation. According to Forbes, 20 percent of business loss can be credited to poor service by disengaged employees.
The following are techniques that employers can employ to re-engage employees;
- Carry out a Disengagement Survey
Employers can take a survey using to determine the rate and reasons for disengagement amongst employees. A questioner is an ideal method to identify the personal needs of the workforce.
Ask them to rate employer or working conditions, fill in open-ended questions to give their opinions, or even multiple choices to find out what they prefer.
- Invest in Employees
Promote educational and career advancement for your employees. You can do this by offering training, scholarships, and promotions at work. Investing in your employees has proven to be an effective method in reducing turnover rates.
- Conducive Work Environment
You can consider offering flexible working conditions such as work from home and flexible working hours.
Also, improve office conditions to make it friendlier by providing perks and incentives to motivate employees, such as gym discounts.
- Develop a Personal Relationship
Employers should make a point to know their employees on a personal level. This encourages them to give feedback and innovations that can significantly impact the business.