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Employee Recognition and Rewards Reap Benefits in the Financial Services Industry

Employee Recognition and Rewards Reap Benefits in the Financial Services Industry

A new white paper released from the Forum for People Performance Management and Measurement comprised of personal interviews and a survey of more than 3,500 branch level employees in Canada.

Key findings from the study:

  • Of the three question categories, the “manager recognition” questions recorded the strongest impact among those employees surveyed. Employees gave overwhelming high marks to managers who are fair, consistent and timely in their reward and recognition activities. These results strongly reinforce the importance of a local manager in motivating employees to deliver prompt and personalized service. In addition, this reinforces the importance of selecting and promoting branch managers who are good at employee recognition. It also reinforces the importance of continually training managers on how to recognize and reward employees.
  • The study also found that non-manager recognition from customers and peers had a very small effect on employee service behaviors, and did not influence how employees felt about their manager or their company. However, recognition from peers did have a positive impact on “participation behaviors.”
  • The more that employees “understand the system” of the link between proactive and personal customer service, and how it leads to rewards and recognition, the more likely they will continue to provide excellent service. In addition, they will feel more supported by the organization, and therefore display more loyalty in the form of promoting the bank outside of the branch office walls; among family, friends, and other community contacts.

Link to the Overview

     Motivational Minute Blog