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Engaging for success: Enhancing performance through employee engagement 17 Table 1 below relates to sales data and plots the sales achieved against the relative engagement scores of retail areas. It shows that those areas with high engagement scored 14 percentage points higher on sales of banking products that those with low engagement scores, and were 34 percentage points higher on sales of general insurance. Table 1: Nationwide – Employee Engagement and Sales 120 Sales of products 100 80 60 40 High Medium Low 28 26 24 Lending GI P&I Banking Savings 18 Table 2 shows the results on risk. Here, low scores are positive and the finding was that those areas with high engagement scored much better on risk than those areas with low engagement. Table 2: Nationwide – Employee Engagement and Risk Risk Score 22 20 18 16 14 Correlation = -0.60 High Medium Low 40
Chapter 2: The Case for Employee Engagement – The Evidence ●● In terms of customer service, Nationwide found significantly higher scores for customer experience in areas of high engagement: there was a difference of eight percentage points between ‘high’ and ‘low’. ●● Those retail areas within Nationwide’s branch network with areas of high engagement had a voluntary employee turnover rate of just over ten per cent, whilst in those with low engagement it was around 17 per cent. ●● Nationwide also found that retail areas that were in the top third of their relative engagement index had lower absence levels. They calculate that if all retail areas brought their engagement scores up to those in top third, and there was a parallel improvement in the number of days lost, this could represent a financial saving of £800,000 per annum. 19 A study by Standard Chartered 65 compared the results from 2002/3 and 2003/4 from the branches of two countries: Hong Kong and Ghana. Both quantitative and qualitative data was obtained. The quantitative research was carried out in the bank’s retail branches in Hong Kong between 2002 and 2004. Three sets of data were examined: employee engagement (using the Gallup Q12 measurement tool), workplace climate (13 questions) and business performance data, as indicated by branch revenue, profit growth and employee turnover. The additional qualitative data was obtained from focus groups with employees and one to one semistructured interviews with managers. 20 Standard Chartered found that branches where employee engagement was high achieved 16 per cent higher profit margin growth than branches where employee engagement was low and had 46 per cent lower voluntary turnover. 21 The study emphasises the importance of the engaged manager in inspiring and engaging the workforce, in contrast to human resource management practices alone. This research builds on previous findings in both academic and practitioner literature and suggests a strong correlation between an engaged manager and performance. 22 Not all organisations who believe in engagement carry out the very detailed analysis that Nationwide and Standard Chartered do, but they also have convincing stories to tell about the impact it has made on their performance and bottom line. 23 After receiving the third set of average annual engagement scores for its 1,200 staff working in one of their UK divisions, Accenture assigned a member of staff to work on employee engagement full-time, bringing together all of their different efforts towards people and building one robust programme. Six months later, engagement scores had significantly improved, and their net revenue increased by 21.6 per cent. 66 65 Provided by Standard Chartered to the MacLeod Review 66 Accenture, Presentation to MacLeod Review, December 2008 41
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