3 Best Practices to Increase Employee Engagement in the Banking Sector

A Sector Facing the Challenges of Hybrid Banking

The emergence of new competitive models, with the rise of "fintechs" or neo-banks challenging the status quo, and the rapid development of technology and digital tools reinforce the imperative need for banking institutions to transform themselves and remain competitive.

There are many challenges to highlight here. It is becoming imperative to retain employees, while reorienting management practices towards greater flexibility and agility to ensure better retention of talent, greater team commitment, and ultimately increased competitiveness. 

The Difficulty of Maintaining Employee Engagement in the Banking Sector

In this context, and while facing all of these constraints, one of the major problems encountered by companies in the sector is the difficulty of implementing winning strategies without entering into time-consuming processes. 

Indeed, the multiplication of digital tools sometimes becomes synonymous with cumbersomeness, and hinders the teams’ engagement. 

When you have to juggle between 72 tabs and as many different media, the time and energy wasted can be enough to overwhelm the most patient of us! 

However, managers need effective platforms to ensure flexible and collaborative teamwork, while ensuring a good communication, and consequently a better employee experience. 

In this context, some banks have called on Klaxoon to digitalize their daily practices and increase their employees' commitment tenfold.  

Here's a look at three of them that have already revolutionized their practices!

It all starts in the morning when the day begins at the office...

1. Engaging and Inclusive Team Rituals

At Crédit Agricole Côtes d'Armor, the teams felt that the 3 hours of weekly top-down meetings did not provide a concrete response to the problems that the teams encountered in the field.

We wanted to get away from the traditional meeting with a U-shaped table and flip chart. We wanted an action-reaction meeting, one that is lively, with feedback. Mathieu Guenroc, Sales Coordinator at Crédit Agricole Côtes d'Armor

With this in mind, and with the support of experienced Klaxoon consultants, the teams set up a new ritual format on Klaxoon. 

With Board, Klaxoon's visual whiteboard, the branch teams now conduct a daily meeting that is participatory and accessible to all, both on site and remotely! This format lasts between 15 and 20 minutes and allows everyone to bring up the problems they encountered, discuss the agency's highlights, and share information asynchronously (i.e., outside the meeting time). 

For Mathieu, Sales Animator, this support allows him to access information when managers want it, and thus to be closer to their teams without generating any extra load. He can also facilitate the team meetings in a more playful and dynamic way, to reinforce the cohesion and employee engagement within the banking sector.  

To sum it up, these team rituals allow: 

• An ultra-participative management; 
• A more flexible organization;
• Real-time feedback from the field;
• A better alignment within the team, but also at the level of all the agencies.

Employees can express themselves at any time, whether they are more or less comfortable speaking. In fact, to limit top-down meetings or the recurring intervention of a few employees who feel more confident in speaking in public, Klaxoon allows for greater inclusiveness, and consequently a stronger mobilization of collective intelligence.

To achieve this, it is also essential to create a positive work environment that encourages expression and allows all information to be passed on. 

2. Gamified and Effective Onboarding

Onboarding is a real lever for employee engagement in th banking sector, since it helps to retain new recruits as soon as they arrive. Yet, according to a Gallup survey, 88% of employees believe their company should improve its onboarding processes.

And today, neglecting employee onboarding can be a critical mistake, especially in a tight job market. As 45% of resignations occur during the first year of employment, it may be time to rethink how we welcome talent, to facilitate a successful and lasting integration.

To increase commitment within its teams, the Société Générale bank has set up an efficient and hybrid onboarding program with Klaxoon's all-in-one platform. 

To cope with the increase in the number of new profiles being integrated remotely, Sylvaine, an educational engineer in the Training team, created a global integration pathway allowing new recruits to share content and meet each other.

Thanks to the Klaxoon collaborative suite, Sylvaine organizes a week-long pathway available to all newcomers. Through this, they meet with about 15 speakers to introduce them to the different aspects of the jobs, and take part in an Adventure (a gamified course to test their skills/knowledge), and follow their progress thanks to a Mission tool (a step-by-step progress tracking activity).

3. Ideation Workshops to Collectively Create the Bank of Tomorrow

On their side, BNP Paribas has chosen to solicit everyone's opinions and provide forums for exchange and ideation, in order to benefit from the collective intelligence of its employees.

In order to support the transformation and managerial innovation projects within her company, Cécile conceived ideation workshops in hybrid mode to the company's managers. 

These workshops aim to respond to the challenges of digitalization in their work, by co-constructing together the roadmaps to achieve it. 

Thanks to Board, Klaxoon's visual workspace, Cécile leads creative and ultra-participative brainstorming sessions, which allow everyone to express their vision of the company of tomorrow. 

Thanks to Klaxoon, these workshops that used to be conducted on site and last for nearly 3 hours, now only last 1 hour and 45 minutes. They are also accessible to everyone in hybrid mode. Each participant is free to join the workshop from wherever they are, on site or remotely, while enjoying an inclusive and engaging experience.

Using Klaxoon came very naturally. And today, it is part of our habits! Cécile Ollivon, Head of Corporate Change Management at BNP Paribas

In the banking sector, as for BNP Paribas, such ideation workshops allow teams to gather feedback and ideas to co-construct tomorrow's businesses, and to collectively face a constantly changing environment. This is a significant asset for remaining competitive and innovative. 

In this highly competitive ecosystem, which is facing the arrival of new players but also new expectations from employees, it is becoming crucial for managers in the banking sector to find digital solutions adapted to the constraints of their professional environment.

Data security, information centralization, and adaptation to new working methods are essential aspects of corporate transformation policies. However, this transformation must not generate additional burdens for teams, who could lose track of the multiplicity of tools available.

To this end, Klaxoon offers a complete, easy-to-use and ultra-secure collaborative suite that both engages employees and facilitates the work of managers. 

Board, the visual workspace, allows you to facilitate workshops, team rituals, and also customer meetings to make your communication more factual.

Klaxoon's platform offers a range of fun and engaging activities to create training paths in just a few clicks, and ensure onboardings that facilitate the integration of new recruits, while increasing employee engagement in the banking sector.