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Build public trust by focusing on employees

Customer trust in financial institutions was at an all-time low following the financial crisis. Now, as firms start to regain their footing, they are realizing that they need to rebuild this trust.

Customer trust in financial institutions was at an all-time low following the financial crisis. Now, as firms start to regain their footing, they are realizing that they need to rebuild this trust.

A recent report by PricewaterhouseCoopers (PwC) stated that restoring public trust was vital to strengthening customer loyalty, retention and growth. It cited restoring trust as the top priority for the industry as it directly affects revenue, satisfies shareholders and creates new opportunities. However, before companies can start mending their relationship with customers, they need to engage their workers.

The source states that reshaping corporate culture will be essential in rebuilding trust with the public. Fortunately, employee incentive programs can be used to create change within organizations. Engaging workers requires firms to develop and implement new value propositions for employees. Reward programs provides the tools to convey new values to staff members. Recognizing workers who exceed expectations can set an example for other workers. For instance, risk management is more important in the wake of the housing crisis. Employees who are able to minimize losses by conducting thorough reviews should be recognized for their commitment to controlling risk. This creates an office environment that is mindful of the potential harm caused by failing to analyze each account properly.

Creating corporate culture
Implementing employee reward programs is a simple and straightforward way to influence corporate culture. New policies and practices can be supported with incentives to ensure they are adopted quickly. Engaging workers with incentive programs provides several benefits to corporations. Motivated employees create memorable experiences for customers. By building enthusiasm in the workplace, companies can lift customer satisfaction, which helps rebuild trust. In addition to this, reward programs help reduce turnover, which is a major concern for financial services CEOs.

More than 70 percent of banking CEOs said they had to pay increasing salaries to retain top talent, according to a PwC survey. Many note that this model is unsustainable and recognize they need to find alternatives to keep workers in place. Reward programs are a cost-effective solution that boosts the commitment staff members feel to their companies. Engaged employees feel valued by their firms, which encourages them to stay with their current employers rather than pursuing larger salaries elsewhere.

Banks and other organizations could see a lot of benefits from focusing on their employees. Reward and recognition programs are an easy way to control corporate culture and motivate workers to rebuild public trust.

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