Employee survey and consultancy firm People Insight have released a report detailing how key players in the financial sector have navigated necessary cultural change to cope with the vast technological and regulatory change in the industry. The report includes insights from thirteen industry experts including Cheryl Bosi of Lloyds Banking Group, Susanne Chishti of FINTECH Circle and Mike Jeacock of the Jersey Financial Services Commission. These thirteen experts share progress on uniting their workforce and bringing their people with them through transformational change.
Following the 2008 financial crisis, culture was cited as a root cause of the major conduct failings that occurred. In its 2018 report, the Financial Conduct Authority (FCA) stated that the industry needed to rebuild trust and that this would require a major rethink about culture, values and modes of operation.
Recognising the ongoing progress, People Insight talked with financial service industry thought leaders about what change has been happening since the FCA report and how they are creating cultures where employees can perform and thrive.
Among other points, the report highlights:
• The importance of an authentic company culture, which can’t be copied and pasted from one organisation to another.
• How culture provides a real competitive advantage.
• How the explosion of tech is an enabler, allowing people to be more human.
• How culture is evidenced through the employee experience and so can be assessed and measured.
• The importance of a listening strategy throughout a process of change.
• How giving employees a voice through change enables them to thrive.
• How values succeed when leaders genuinely believe in them and live by them.
• What particular obstacles the experts have encountered and what tools and techniques they used to their advantage.
“Get into the habit of listening. Giving people the opportunity to have their say can make all the difference to whether you make change with your people or despite them.”
– Sarah McPake, Senior Manager at TSB
“The right leadership, role models, and clear expectations around beliefs and behaviours help create a far more positive culture where people feel confident enough to bring their whole selves to work and produce their very best work.”
– Cheryl Bosi, HR Director at Lloyds Banking Group
Using this report, other companies can gain useful insights into how to bring about a culture where people can perform and thrive during change.
How to access the report:
The full report can be read using the link below: https://peopleinsight.co.uk/culture-financial-services/
About People Insight
People Insight are an employee engagement and culture consultancy. We design and implement listening strategies to assess employee experience and culture through employee surveys, focus groups, workshops and expert consultancy.
We also help organisations develop their desired culture, values and behavioural frameworks and align them to the day to day employee experience through workshops and expert advice.
For more information, please contact:
Carolyn Nevitte, Marketing Director at People Insight
Telephone: +44 (0)7825 776048