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The Employee Experience As A Competitive Advantage

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It wasn’t long ago that an effort to improve the employee experience would have been derided as an indulgence motivated by generosity rather than the expectation of any measurable returns. But a growing body of research confirms that a supportive employee experience contributes powerfully to financial performance. As financial services companies become more enlightened on talent and organizational issues, many are beginning to acknowledge that committed, motivated employees deliver higher levels of productivity and support innovation and change. Read more.

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The Employee Experience As A Competitive Advantage

  1. 1. THE EMPLOYEE EXPERIENCE AS A COMPETITIVE ADVANTAGE THE NEW DIGITAL WORKPLACE IN FINANCIAL SERVICES
  2. 2. THE EMPLOYEE EXPERIENCE: IT’S ABOUT UNLOCKING SHAREHOLDER VALUE “Employees come first, and if employees are treated right, they treat the outside world right, the outside world uses the company’s product again, and that makes shareholders happy.” – Southwest Airlines founder, Herb Kelleher Copyright © 2019 Accenture. All rights reserved. 2
  3. 3. THE EMPLOYEE EXPERIENCE IS A KEY DETERMINANT OF SUCCESS The employee experience is central to 3 of the biggest challenges facing companies today: • Attracting and retaining digital skills • Productivity • The customer experience Copyright © 2019 Accenture. All rights reserved. 3
  4. 4. COMPETING FOR TALENT ON THE BACK FOOT • Technological innovation is accelerating • Cross-industry competition for rare skills is growing • The baby boomer retirement wave is reaching its peak • Financial services is not a preferred destination for young talent Copyright © 2019 Accenture. All rights reserved. 4
  5. 5. THE WORKPLACE IS CHANGING • The traditional hierarchical, siloed structure is under strain • Jobs are being reconfigured to support more agile business models • Work processes are fragmenting • Automation and augmentation are increasing • Teams are becoming more fluid A less stable environment leads to more unsettled employees. Copyright © 2019 Accenture. All rights reserved. 5
  6. 6. 122% Companies that provide a great employee experience outperform the S&P 500 by 21% Committed, motivated employees deliver higher levels of productivity, support innovation and change, and contribute significantly to superior customer experiences. Measurable returns: THE EMPLOYEE EXPERIENCE IS NO LONGER AN INDULGENCE Companies with highly engaged workforces are more profitable than their peers. Copyright © 2019 Accenture. All rights reserved. 6
  7. 7. POSITIONING BANKS AND INSURERS AS EXCITING EMPLOYERS Copyright © 2019 Accenture. All rights reserved. Financial services employers can tick many of the boxes for younger job seekers: • Employment with greater purpose • Better-than-average employment terms and conditions • More diverse workforces • More comfortable working environments • Melping individuals secure their financial future 7
  8. 8. CREATING A DIGITAL PLAYBOOK FOR SUCCESS Industry leaders are using digital technologies to develop better and more personalized employee experiences faster and more effectively—experiences comparable to customer experiences. 9financial services high performers regard rewiring their culture, organizational structure and workplace tools as “highly important” to business success. out of 10 Copyright © 2019 Accenture. All rights reserved. 8
  9. 9. REIMAGINING THE EMPLOYEE EXPERIENCE: A CASE STUDY A large bank leveraged design thinking and the latest digital technologies to reimagine the employee experience for branch agents. Revenue increased by Call-center requests & branch staff costs Customer satisfaction rose by 40% 35% $400m in new loans generated Copyright © 2019 Accenture. All rights reserved. 9
  10. 10. EMPLOYEES EAGERLY AWAIT DIGITALIZATION A growing number of employees today want and expect their work experience to mirror their consumer experiences, with technology easing the way. 71% of company leaders agree their employees are far more digitally mature than their organizations and are “waiting for their company to catch up”. Source on Synchrony: http://fortune.com/2018/03/27/edward-jones-best- company-finance-happy-workers/ Copyright © 2019 Accenture. All rights reserved. 10
  11. 11. MIXED FEELINGS ABOUTAUTOMATION Employees are concerned about the impact of technology on their and their colleagues’ jobs. However, this concern is tempered by excitement about its potential to provide them with new opportunities and to enhance their jobs. 68% out of7 10 employees of highly automated companies say automation improves job satisfaction and increases time for creativity, as well as opportunities for advancement. of highly skilled employees feel mostly positive about AI. Copyright © 2019 Accenture. All rights reserved. 11
  12. 12. Financial services companies should take advantage of—and vindicate—their employees’ welcoming attitude as they roll out these technologies. • Reskilling and upskilling workers as automation takes over more of their rote tasks. • Utilizing technologies to: • Create hyper-personalized work experiences • Help employees reinvent their work and their jobs • Find and realize untapped talent within the workforce A PRODUCTIVE RELATIONSHIP BETWEEN THE WORKFORCE AND TECHNOLOGY Copyright © 2019 Accenture. All rights reserved. 12
  13. 13. The day-to-day work experience—work environment, tools and oversight. Handling the moments that matter—inclusion, a sense of individual significance, respect, mutual trust and fairness. These layers contribute significantly to today’s employee experience and all need to be addressed by companies aiming to maximize employee engagement, motivation and retention. THE EMPLOYEE EXPERIENCE HAS MULTIPLE LAYERS Copyright © 2019 Accenture. All rights reserved. 13
  14. 14. FIRST STEPS ON YOUR DIGITAL WORKPLACE JOURNEY 1 2 3 Digital adoption needs to be incorporated into operating model transformation. Appointing a top executive to champion and sponsor your workplace digital transformation is key to its success. A successful digital strategy is integrated across leaders and end-users in their various functions and divisions. 4 Design thinking isn’t just for customers, but also for the extended workforce. Copyright © 2019 Accenture. All rights reserved. 14
  15. 15. Copyright © 2019 Accenture. All rights reserved. 5 Nail the Moments that Matter using automation and AI, coupled with advanced analytics. 6 Communication is about so much more than the message you intend, so take care how you craft your policies, rules and decisions. 7 Incorporating employee experience metrics into leaders’ KPIs is critical to creating a culture that not only cares but follows through. FIRST STEPS ON YOUR DIGITAL WORKPLACE JOURNEY 15
  16. 16. THANK YOU

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