While employee engagement had trended upward in the U.S. financial services sector from 2008 to 2009, over the past year, the industry has experienced a tremendous decline. Most alarmingly, the number of disengaged employees has skyrocketed from 11% of the population in 2009 to 29% in 2010, a statistically significant increase of 18 percentage points.
We’ve all read (and some of us experienced) about how employee engagement has derailed during this latest economic tsunami, but in financial services (banking, insurance, investment firms, etc.), it’s a dead sea.
Per a Total Picture Radio Podcast I listened to yesterday, Modern Survey released the follow-up results of a comprehensive study depicting a precipitous decline in the degree to which U.S. workers are psychologically invested in their work.
How low can you go? Straight to the sea floor.
Financial services has sunk the lowest for obvious reasons, but in companies everywhere:
- A-players are ready to jump (and have jumped),
- Then B-players,
- And hey, even C-players — you know, the ones you invested more time in instead of retaining your A-players?
A-players are jumping from their ship of fools. And that means leadership failure big and small.
But remember the good news — HR executives said they have recently revamped, or plan to revamp, their leadership-related training and development programs this year.
Don MacPherson from Modern Survey ended his above interview with the fact that the Primary Drivers of Engagement include these three things:
- Recognition and Appreciation
- Personal Accomplishment
- Career Development
Managers at all levels must understand their role in handling these things in order to keep their boats afloat and full of top talent.
Now, if we can just get more Vitamin C, Emotional Intelligence and other Smart-Skill pills to the boats via more HR captains and champions, then maybe we can stem the scourge of lack-of-leadership scurvy.
Enjoy today’s L3-TV. Shiver me timbers.