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Financial Services 2020

The financial services benchmark represents a range of financial services companies from more traditional, large financial services firms to small, regional organizations. Please note that the companies in this benchmark make up a subset of the broader Finance Benchmark which includes all Financial institutions.

  • ~2m

    Questions answered
    in last 12 months

  • /
  • ~50

    Organizations

These insights represent ~2m questions answered from ~50 organizations, ranging in size from 40 to 18,800 people, in the last 12 months.

The data meet our criteria as being robust and reliable; unlikely to substantially change over time; and representative of the wider industry. Read more about the methodology.

Data provided by Culture Amp

Industry breakdown

  • Financial Services

    100%

Region breakdown

  • North America

    40%

  • Europe

    31%

  • Asia

    11%

  • Oceania

    11%

  • MEA

    4%

  • South America

    3%

Are employees committed to their organizations?

Engaged people are emotionally committed to their organization. These people stay at their organizations longer and are more productive and effective. Successful organizations have more engaged employees.

72% of Financial Services employees are engaged

This is in the top 36% compared with other industries.


The average eNPS score for organizations in this benchmark is 16 and is in the bottom 44% compared with other industries.

Understanding the engagement questions

Engagement is defined through these five industry-standard questions from Culture Amp’s engagement survey template.

I see myself still working at [Company] in two years' time

66%

3% above global average

[Company] motivates me to go beyond what I would in a similar role elsewhere

70%

1% above global average

I rarely think about looking for a job at another company

56%

1% above global average

I would recommend [Company] as a great place to work

83%

1% above global average

I am proud to work for [Company]

84%

2% below global average

The highest scoring question for Financial Services had 90% of People agreeing that they know how their work contributes to the goals of [company] (+1% compared to overall) while they were generally most positive about Management.


People in Financial Services were generally least favourable about Service & Quality Focus, and were most negative towards 'I have seen positive changes taking place based on recent employee survey results' with 14% of people disagreeing (+0% above average).

Which questions matter the most?

Different things are important to different cultures. If you want to make more of your people engaged then you need to know what is important your people. These questions are most important to keeping people engaged in Financial Services organizations.

1

I am happy with my current role relative to what was described to me

78% favorable


The factor this relates most closely to is Alignment & Involvement

Which questions matter the most?

Different things are important to different cultures. If you want to make more of your people engaged then you need to know what is important your people. These questions are most important to keeping people engaged in Financial Services organizations.

1

I am happy with my current role relative to what was described to me

78% favorable

Alignment & Involvement
2

[Company] is a great company for me to make a contribution to my development

78% favorable

Learning & Development
3

The leaders at [Company] demonstrate that people are important to the company's success

72% favorable

Leadership
4

The information I need to do my job effectively is readily available

70% favorable

Enablement
5

I believe there are good career opportunities for me at [Company]

60% favorable

Learning & Development

How long do people stay?

In the short term, 20% of people in this benchmark are thinking of or actually seeking jobs elsewhere (+0% compared to overall) while on a longer time frame, 11% of people see themselves leaving within two years (-1% compared to overall).

The following questions had the biggest impact on whether individuals felt that they were planning to stay at their organization and not actively looking for alternative jobs.

1

I am happy with my current role relative to what was described to me

78% favorable

Alignment & Involvement
2

The information I need to do my job effectively is readily available

70% favorable

Enablement
3

Most of the systems and processes here support us getting our work done effectively

62% favorable

Enablement
Average Glassdoor ratings

We’ve connected the employee feedback data for each company included in the benchmark with ratings from Glassdoor.com, which is one of the world’s largest job and recruiting sites combined with a growing database of company reviews, CEO approval ratings and more.

Overall Rating

3.9 stars (+0.1)

Culture and Values

4.2 stars (+0.3)

Work Life Balance

4.0 stars (+0.2)

Compensation and Benefits

3.9 stars (+0.3)

Career Opportunities

3.6 stars (+0.1)

Recommend to Friend

78.0% (+7)

CEO Approval

80.0% (-4)

Are staff empowered with results?

Organizations in the Financial Services benchmark on average gave 9% of employees access to reports with their survey results. This is below the overall average of 10% and demonstrates that organizations in this benchmark are more likely to share via offline and traditional formats.

An interesting reference point is that the average proportion of managers in organizations is 12-15%, with some industries higher than others (New Tech was closer to 20%).



  • Global average


    10%

  • Financial Services


    9%



  • How does Financial Services compare?

    People in Financial Services were much more positive than average regarding Collaboration & Communication and Decision Making.


    What are organizations focussing on?

    Below are the most common areas that organizations in Financial Services choose to take action on using the Culture Amp platform. Actions varied from changing or iterating on an All Hands meeting, introducing new skip level 1:1s, to introducing an organizational transparency report.

    1

    I receive appropriate recognition for good work at [Company]

    69% favorable

    Feedback & Recognition
    2

    I believe there are good career opportunities for me at [Company]

    60% favorable

    Learning & Development
    3

    Other departments at [Company] collaborate well with us to get the job done

    65% favorable

    Collaboration & Communication

    Insights data provided by Culture Amp. For a complete overview of 2021 Insights (Culture Amp Platform benchmarks) visit the Culture Amp Support Guide.

    What makes Insights special? Gain a deeper understanding of how they work.

    Learn more about Insights with Culture Amp’s benchmarks

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