The average high street bank could increase sales by £65m per year if it
improved employee satisfaction by just 10 per cent, new research claims.
A report, Achieving High Performance in Retail Banking, by
International Survey Research (ISR), shows that the attitudes of employees
working in high street banks have a direct impact on financial performance.
The research looked at the attitude of more than 43,000 staff at 2,111
branches across the UK and the Republic of Ireland.
According to the report, employees who view their branch favourably actively
sell, because they are committed to helping the bank succeed. They are more
likely to be proud of the products and services on offer and persuade customers
to buy more from their branch.
ISR project director Steve Young said: "This work demonstrates the
impact employees have on the bottom line. By improving the quality of their
leadership, investing in training and fostering a healthy climate, retail banks
can significantly reduce costs and dramatically improve sales. Superior branch
performance is impossible without committed employees."
Branches that improve employee satisfaction also see a reduction in annual
costs. People take fewer days off sick and branches can see a drop of up to 14
per cent in absentee rates.