Viewpoint Results Summary. Bank of England October 2017

Transcription

1 Viewpoint 2017 Results Summary Bank of England October 2017

2 Overview: Understanding how employees feel about working in the Bank is of huge importance to the Governors and senior management. Between 5 and 25 September 79% of staff participated in the Viewpoint survey. We use this and results from previous surveys to help make the Bank a more effective and better place to work, supported by our Vision2020 strategic plan. We have made significant progress in many important areas since our first strategic plan with 21 out of 35 questions significantly scoring above those in 2015; our colleagues feel more able to speak up, their view of transparency has improved and work life balance is improving. Colleagues also reported seeing continued progress in supporting the Bank s Diversity goals The results reinforced that we have prioritised the right things to work on as part of Vision 2020, especially improving productivity and doing more on empowerment. We have some other challenges, particularly in terms of pay and performance management. We have worked hard to ensure pay is fair across the Bank and at all levels. But we are a public sector institution and we operate with a limited budget. Therefore, like others in the public sector, we have had to, and continue to, take difficult decisions when setting pay for our staff. Overall, 87% of staff said they are proud to work for the Bank and we will continue to make further positive changes so that we can ensure everyone, at all levels, feels able to take initiative and to contribute towards achieving our overall mission Korn Ferry. All rights reserved 2

3 Summary of findings 79% participation 79% (n=3,240) compares well to other organisations and is 1% point up on 2016 Survey open 5 to 25 September Some significant improvements The majority of questions continue to outperform 2015 levels (21 out of 35 questions significantly above 2015) The Bank has achieved notable improvements in key areas since 2016, with 8 out of 36 questions improving by a statistically significant amount. Only 2 questions declining significantly. Engagement remains in line with UK Norm Engagement remains stable (down 2% points to 64, not a significant shift), Levels of pride and advocacy remain high and above the UK benchmarks Enablement is stable, with room for further improvement Enablement remains stable at 61%, High levels of personal fulfilment at work Whilst there has been some progress, staff still reported substantial productivity barriers Continued progress evident in open communications and cooperation I feel free to voice my views at work was the most improved question (up 11% points vs. 2016, and 17% points up vs, 2015) More people feel the Bank is open and transparent in its communications (up 5% points vs and 16% points up vs 2015), encouraged to try new ideas (up 5% points vs and 11% points up vs. 2015) and greater cooperation and teamwork within my Division (also up 5% points vs 2016 and 9% points up vs. 2015) 2017 Korn Ferry. All rights reserved 3

4 Survey dimensions compared to 2016 and 2015 Majority of survey dimensions remain in line with 2016 levels % Favourable % Neutral % Unfavourable Vs Vs Wellbeing Collaborative Open Inclusive Development Empowering Employee Engagement Performance Management Work Environment Employee Enablement Strategy, Mission & Leadership Decisive Reward & Recognition significant positive difference significant negative difference 2017 Korn Ferry. All rights reserved 4

5 Most improved question items compared to 2016 Top 5 most improved questions (8 of 36 questions improved significantly vs. 2016) Percent Favourable Difference to 2016 Difference to 2015 I feel free to voice my views at work Employees are encouraged to try new ideas in an attempt to increase effectiveness There is good cooperation and teamwork within my Division The Bank is open and transparent in its communications with its people There is a good balance between my work and personal life Korn Ferry. All rights reserved 5

6 Biggest decreasing question items compared to 2016 Top 5 decreasing question items (2 of 36 questions declined significantly vs. 2016) Percent Favourable Difference to 2016 Difference to 2015 I am fairly rewarded (i.e. compensation and benefits) for the type of work that I do I have trust and confidence in the Bank s leadership (this includes Governors, Executive Directors and Directors) The Bank has a fair system for evaluating people s performance I feel motivated to go beyond my formal job responsibilities My job provides me the opportunity to do challenging and interesting work Korn Ferry. All rights reserved 6

7 % Favourable % Favourable Engagement and Enablement for the Bank overall Both Engagement and Enablement remain stable (no significant shifts) and above 2015 levels Engagement Index Enablement Index BoE 2015 BoE 2016 BoE 2017 BoE 2015 BoE 2016 BoE (i2) BoE 2015 BoE 2016 BoE 2017 BoE 2015 BoE 2016 BoE Pride Advocacy Self-Motivation Motivated by company Loyalty Job Challenge Skills Used Feel Productive No Barriers 2017 Korn Ferry. All rights reserved 7

8 ENABLEMENT % Favourable ENGAGEMENT % Favourable Engagement and Enablement by Deputy Governorship No significant change in either Engagement or Enablement across Deputy Governorships vs i2 i3 i2 h2 h1 i BoE Overall Markets & Banking Chief Operating Officer Financial Stability Monetary Policy PRA Governor's Direct BoE 2015 BoE 2016 BoE 2017 vs i1 h4 0 0 i BoE Overall Markets & Banking Chief Operating Officer Financial Stability Monetary Policy PRA Governor's Direct BoE 2015 BoE 2016 BoE 2017 * Indicates a statistically significant difference 2017 Korn Ferry. All rights reserved 8

9 ENABLEMENT % Favourable ENGAGEMENT % Favourable Engagement and Enablement by Grade Bands No significant change in Engagement or Enablement by Grade Band clusters vs i1 0 i A,B,C,D,E,Deputy Governor, Governor, Advisor, Special Advisors N = F,G,GP and Sandwich/Student Gap N = H,I,J, JP,K, Apprentice and Temporary Vacation Staff N = Grade 2015 Grade 2016 Grade 2017 BoE Overall 70 h1 h2 i A,B,C,D,E,Deputy Governor, Governor, Advisor, Special Advisors N = F,G,GP and Sandwich/Student Gap N = H,I,J, JP,K, Apprentice and Temporary Vacation Staff N = Grade 2015 Grade 2016 Grade 2017 BoE Overall 2017 Korn Ferry. All rights reserved 9

10 Low Enablement High Enablement Drop in proportion of people who are feeling both highly engaged and highly enabled compared to 2016 BoE % BoE % BoE % BoE % BoE % BoE % UK Norm 13% UK Norm 42% BoE % BoE % BoE % BoE % BoE % BoE % UK Norm 32% UK Norm 13% Low Engagement High Engagement 2017 Korn Ferry. All rights reserved 10

11 Summary of Questions

12 Question summary % Fav % Neut % Unfav 2016 Employee Engagement Given your choice, how long are you likely to work for the Bank? I feel motivated to go beyond my formal job responsibilities The Bank motivates me to contribute more than is required I am proud to work for the Bank I would recommend the Bank to family or friends as a place to work Employee Enablement My job provides me the opportunity to do challenging and interesting work My job makes good use of my skills and abilities There are no significant barriers at work to doing my job well Conditions in my job allow me to be about as productive as I can be * % Fav = 5 or more years; % neutral = 2-5 years; % Unfav = less than 2 years Green = BoE % favourable significantly above 2016 / 2015 Red = BoE % favourable significantly below 2016 / Korn Ferry. All rights reserved 12

13 Question summary % Fav % Neut % Unfav 2016 Collaborative I feel able to work across boundaries/outside my immediate team* There is good cooperation and teamwork within my Division My manager encourages teamwork and collaboration My Division receives high quality support from other teams on which we depend Inclusive I am kept informed about decisions and changes that affect my role The Bank takes diversity seriously In my Division I have seen progress made in supporting the Bank s diversity initiatives and goals Empowering I have the authority I need to carry out my job effectively Employees are encouraged to try new ideas in an attempt to increase effectiveness My manager encourages me to take on greater responsibility* Decisions are made at the appropriate level within the Bank Green = BoE % favourable significantly above 2016 / 2015 Red = BoE % favourable significantly below 2016 / 2015 * = New question for 2017, no trend data available 2017 Korn Ferry. All rights reserved 13

14 Question summary % Fav % Neut % Unfav Decisive Where I work, we rarely waste time due to unnecessary or poor processes and procedures* My manager actively re-prioritises the team's work when required* Within my team, my manager makes decisions in a timely manner* Open My manager acts on people s ideas and suggestions I feel free to voice my views at work The Bank is open and transparent in its communications with its people Development There are good opportunities to achieve my career objectives at the Bank The Bank offers good opportunities for learning and development Green = BoE % favourable significantly above 2016 / 2015 Red = BoE % favourable significantly below 2016 / 2015 * = New question for 2017, no trend data available 2017 Korn Ferry. All rights reserved 14

15 Question summary % Fav % Neut % Unfav Performance Management I understand the results expected of me in my job My manager provides me with regular and constructive feedback on my work The Bank has a fair system for evaluating people s performance Reward and Recognition I receive recognition when I do a good job I am fairly rewarded (i.e. compensation and benefits) for the type of work that I do Strategy, Mission and Leadership Based on my recent experiences, the Bank's Strategic Plan (Vision2020) is having a positive impact I feel that my work makes a real contribution to the Mission of the Bank I have trust and confidence in the Bank s leadership (this includes Governors, Executive Directors and Directors) Green = BoE % favourable significantly above 2016 / 2015 Red = BoE % favourable significantly below 2016 / Korn Ferry. All rights reserved 15

16 Question summary % Fav % Neut % Unfav 2016 Wellbeing I am treated with respect as an individual There is a good balance between my work and personal life Work Environment I have the tools and technology I need to do my job well I have the information I need to do my job well When changes are made where I work, communications are usually handled well Green = BoE % favourable significantly above 2016 / 2015 Red = BoE % favourable significantly below 2016 / Korn Ferry. All rights reserved 16