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Download WhitepaperIn the last five years we have witnessed one of the most turbulent periods for our bank customers and their intranets. We’ve seen a lot of intranet redesigns take place, as mergers and acquisitions have driven change management. We’ve seen structural re-orgs geared toward defining new strategic direction, while leaning on the intranet to maintain employee communication and engagement.
As our bank customers take on more ambitious plans for growth, demands on employees to take on new roles and activities, as well as empowering them to get more involved, have become internal goals. With these goals is a need to deliver collaborative employee performance, retention and recognition programs, of which many are turning to a Bank Intranet as a cost effective solution. We have also seen our Bank Intranet becoming a strategic tool designed to improve employee experiences and offer insights to upper management and peer groups with monitored and regular feedback of the employee ecosystem. Bank Intranets offer a collaborative approach to employee performance, recognition and 360 reviews.
Bank Intranets Impact on Employee Retention
The emphasis on employee retention, training and focusing on internal loyalty and culture is where a lot of banks are advocating value for their intranets, with the need to increase employee engagement and knowledge in order to compete in today’s customer-centric online marketplace.
The benefits of employee retention and recognition programs are becoming more commonplace with bank intranets being able to bridge these recognition programs with employee performance and goal structuring.
What are Employee Recognition Programs?
An employee recognition program is an organized plan to award employees who excel and exceed in their job expectations. Employee recognition programs are popular because they can motivate employees to solve problems, take self-starter action and excel with positive reinforcement.
A Bank Intranets role in the banking industry has become pivotal to its success in gaining competitive advantages, in a world of expediency and 24/7 mobile access. This success can be fueled by a focus on your intranet toward employee retention, new product cross-training and encouragement to become active evangelists in the communities. A Bank Intranet allows you to incorporate employee reviews and recognition programs, utilizing the Employee Recognition Application, tied into collaborative and strategic involvement and idea making, along with culture-driven incentives to boost engagement and brand loyalty.
As with a lot of businesses rebooting in today’s highly competitive landscape, it’s becoming clear that brand loyalty starts internally, with your employees, and by extension reaches out to your customers. These tools are available on your Bank Intranet, and can be leveraged to tie into collaborative engagement through corporate and employee strategic goals, 360 feedback and performance management. These tools include:
Online Surveys
Online Surveys on your Bank Intranet is an excellent way to measure employee engagement. Conducting regular company-wide surveys is a great way to keep a pulse on your employee satisfaction. Surveys can provide anonymous or audited opportunities for employees to rate aspects of their work environment. Sample questions could be:
- “I am comfortable bringing work-related concerns to my supervisor” Rate 1 to 10
- “In the last 6 months, I have had opportunities to develop my skills and talent” True or False
Online Forms & Application Builder
Typical intranet online forms consist of mileage reimbursement forms and time-off requests. But you can create just about any type of online data gathering with our smart Online Forms, including annual or quarterly performance reviews. Employee or manager specific sections of the forms can be allotted, along with a hefty workflow process and data capture that can be stored, searched and archived for auditing.
Create 360 feedback programs with our easy to build applications, allowing you to control the feedback process with its built-in workflows and approvals, monitoring each stage of feedback and allowing for collaborative peer-to-peer comments. 360’s can be made public or kept private, always available for review and archival.
E-Learning & Credentialing
Several e-learning and credentialing tools are available on your Bank Intranet, allowing you to manage and offer a more online route to employee training. Create Online Tests for new product offerings, changed procedures and even fun culture-driven quizzes.
Employee Recognition
Create an Employee Recognition Application on your Bank Intranet, designed to provide public kudos in a peer setting. Invite managers, supervisors or even the CEO or President to send a congratulatory note via the intranet on behalf of employees and their achievements.
Collaborative Feedback Forums
Focus groups, peer groups and active strategic idea crowd-sourcing can all be accomplished via your Bank Intranet, with many social-based tools that can be engaged (or turned off) based on the goals of the feedback. Moving collaborative idea gathering, and feedback opportunities, to the intranet allows not just for improved engagement, but gives areas of voice to employees that can be documented, reviewed, approved and archived, and searched upon.
Town Halls & Culture-Driven Goals
Bank Intranets are incredible vehicles to drive corporate culture and mass communication that effectively keeps everyone in the loop. Many banks are utilizing popular techniques such as town halls and departmental weekly stand-ups, using a Bank Intranet to facilitate these meetings, ensuring that the intent on the value you want to receive is merited, as well as communicating key alignment goals, overall business strategy and customer service mantras that deliver on improved customer loyalty and community involvement.
Bank Intranets Boost Morale
We often advocate to our new customers coming on board with Intranet Connections, or to customers looking at an intranet redesign: consider first what you most want to accomplish with the intranet. Select a few key strategies that help to support the overall corporate goals and vision for growth. Aligning employees to this vision and helping them execute new strategies is a great focus for your intranet and you can do this with performance goals, reviews, feedback, surveys, credentialing and recognition programs. Not only will this help you succeed with your intranet, but it will also boost morale and engagement among your employees.
Webinar: “What Do Financial Intranets Do?” OnDemand
We’ll walk you through the features, functionality & tools that help engage, organize and involve your employees on a Financial Intranet.
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How Bank Intranets can Improve Employee Experiences
