Viewpoint 2017 Results Summary Bank of England October 2017
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. 2017 Korn Ferry. All rights reserved 2
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. 2016 and 16% points up vs 2015), encouraged to try new ideas (up 5% points vs. 2016 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
Survey dimensions compared to 2016 and 2015 Majority of survey dimensions remain in line with 2016 levels % Favourable % Neutral % Unfavourable Vs. 2016 Vs. 2015 Wellbeing 78 12 10 +1 +5 Collaborative 73 19 8 - - Open 70 21 9 +6 +12 Inclusive 68 20 12 1 +8 Development 65 23 13 0 +4 Empowering 65 22 13 - - Employee Engagement 64 21 14-2 +1 Performance Management 62 22 16 0 0 Work Environment 62 21 16 0 +2 Employee Enablement Strategy, Mission & Leadership 61 59 21 32 18 9 0-1 +3 - Decisive 57 21 22 - - Reward & Recognition 56 21 24-2 -1 significant positive difference significant negative difference 2017 Korn Ferry. All rights reserved 4
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 71 11 17 Employees are encouraged to try new ideas in an attempt to increase effectiveness 68 5 11 There is good cooperation and teamwork within my Division 78 5 9 The Bank is open and transparent in its communications with its people 59 5 16 There is a good balance between my work and personal life 70 4 7 2017 Korn Ferry. All rights reserved 5
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 40-4 -5 I have trust and confidence in the Bank s leadership (this includes Governors, Executive Directors and Directors) 65-4 2 The Bank has a fair system for evaluating people s performance 38-2 -4 I feel motivated to go beyond my formal job responsibilities 68-2 1 My job provides me the opportunity to do challenging and interesting work 76-2 1 2017 Korn Ferry. All rights reserved 6
% 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 2017 63 66 64 (i2) 58 61 61 BoE 2015 BoE 2016 BoE 2017 BoE 2015 BoE 2016 BoE 2017 90 90 85 85 80 80 75 75 70 70 65 65 60 60 55 55 50 50 45 45 40 40 35 30 86 88 87 68 73 72 67 70 68 49 55 54 45 42 41 Pride Advocacy Self-Motivation Motivated by company Loyalty 35 30 75 78 76 65 67 67 46 51 51 47 49 51 Job Challenge Skills Used Feel Productive No Barriers 2017 Korn Ferry. All rights reserved 7
ENABLEMENT % Favourable ENGAGEMENT % Favourable Engagement and Enablement by Deputy Governorship No significant change in either Engagement or Enablement across Deputy Governorships vs. 2016 70 i2 i3 i2 h2 h1 i2 0 60 50 40 30 63 66 64 58 63 60 61 66 64 64 64 66 67 65 66 63 66 64 73 72 72 BoE Overall Markets & Banking Chief Operating Officer Financial Stability Monetary Policy PRA Governor's Direct BoE 2015 BoE 2016 BoE 2017 vs. 2016 70 0 0 i1 h4 0 0 i4 60 50 40 30 58 61 61 56 59 59 53 60 59 60 60 64 62 62 62 60 61 61 71 71 67 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
ENABLEMENT % Favourable ENGAGEMENT % Favourable Engagement and Enablement by Grade Bands No significant change in Engagement or Enablement by Grade Band clusters vs. 2016 70 i1 0 i3 60 50 40 30 64 66 65 59 64 64 65 68 65 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 i2 60 50 40 30 61 62 63 56 58 60 60 64 62 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
Low Enablement High Enablement Drop in proportion of people who are feeling both highly engaged and highly enabled compared to 2016 BoE 2017 14% BoE 2017 37% BoE 2016 9% BoE 2016 41% BoE 2015 14% BoE 2015 33% UK Norm 13% UK Norm 42% BoE 2017 34% BoE 2017 16% BoE 2016 26% BoE 2016 23% BoE 2015 37% BoE 2015 17% UK Norm 32% UK Norm 13% Low Engagement High Engagement 2017 Korn Ferry. All rights reserved 10
Summary of Questions
Question summary % Fav % Neut % Unfav 2016 Employee Engagement 64 21 14-2 1 Given your choice, how long are you likely to work for the Bank? 41 32 27-1 -4 I feel motivated to go beyond my formal job responsibilities 68 18 14-2 1 The Bank motivates me to contribute more than is required 54 27 19-1 5 I am proud to work for the Bank 87 10 3-1 1 I would recommend the Bank to family or friends as a place to work 72 19 9-1 4 Employee Enablement 61 21 18 0 3 My job provides me the opportunity to do challenging and interesting work 76 15 9-2 1 My job makes good use of my skills and abilities 67 17 16 0 2 There are no significant barriers at work to doing my job well 51 26 23 2 4 Conditions in my job allow me to be about as productive as I can be 51 27 22 0 5 2015 * % 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 / 2015 2017 Korn Ferry. All rights reserved 12
Question summary % Fav % Neut % Unfav 2016 Collaborative 73 19 8 - - I feel able to work across boundaries/outside my immediate team* 75 18 7 - - There is good cooperation and teamwork within my Division 78 14 8 5 9 My manager encourages teamwork and collaboration 85 10 5 1 3 2015 My Division receives high quality support from other teams on which we depend 53 35 11 0 2 Inclusive 68 20 12 1 8 I am kept informed about decisions and changes that affect my role 61 21 18 1 6 The Bank takes diversity seriously 78 14 8 0 5 In my Division I have seen progress made in supporting the Bank s diversity initiatives and goals 66 26 9 4 15 Empowering 65 22 13 - - I have the authority I need to carry out my job effectively 68 18 13 1 3 Employees are encouraged to try new ideas in an attempt to increase effectiveness 68 20 11 5 11 My manager encourages me to take on greater responsibility* 74 18 8 - - Decisions are made at the appropriate level within the Bank 48 33 19 0 5 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
Question summary % Fav % Neut % Unfav 2016 2015 Decisive 57 21 22 - - Where I work, we rarely waste time due to unnecessary or poor processes and procedures* 30 25 44 - - My manager actively re-prioritises the team's work when required* 69 21 11 - - Within my team, my manager makes decisions in a timely manner* 73 17 10 - - Open 70 21 9 6 12 My manager acts on people s ideas and suggestions 79 14 7 2 3 I feel free to voice my views at work 71 19 10 11 17 The Bank is open and transparent in its communications with its people 59 30 11 5 16 Development 65 23 13 0 4 There are good opportunities to achieve my career objectives at the Bank 53 30 17-1 2 The Bank offers good opportunities for learning and development 76 16 8 0 6 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
Question summary % Fav % Neut % Unfav 2016 2015 Performance Management 62 22 16 0 0 I understand the results expected of me in my job 82 12 6 1 3 My manager provides me with regular and constructive feedback on my work 66 20 14 1 2 The Bank has a fair system for evaluating people s performance 38 33 29-2 -4 Reward and Recognition 56 21 24-2 -1 I receive recognition when I do a good job 71 17 12-1 2 I am fairly rewarded (i.e. compensation and benefits) for the type of work that I do 40 24 36-4 -5 Strategy, Mission and Leadership 59 32 9-1 - Based on my recent experiences, the Bank's Strategic Plan (Vision2020) is having a positive impact 39 48 13-1 4 I feel that my work makes a real contribution to the Mission of the Bank 74 21 5 4 - I have trust and confidence in the Bank s leadership (this includes Governors, Executive Directors and Directors) 65 26 8-4 2 Green = BoE % favourable significantly above 2016 / 2015 Red = BoE % favourable significantly below 2016 / 2015 2017 Korn Ferry. All rights reserved 15
Question summary % Fav % Neut % Unfav 2016 Wellbeing 78 12 10 1 5 I am treated with respect as an individual 86 9 5-1 3 There is a good balance between my work and personal life 70 14 15 4 7 Work Environment 62 21 16 0 2 I have the tools and technology I need to do my job well 60 20 19-2 -4 I have the information I need to do my job well 71 19 9 0 2 2015 When changes are made where I work, communications are usually handled well 56 24 20 3 8 Green = BoE % favourable significantly above 2016 / 2015 Red = BoE % favourable significantly below 2016 / 2015 2017 Korn Ferry. All rights reserved 16