The financial sector faces challenges like high turnover rates and a competitive talent market, which means aligning with employee values can be a game-changer for the industry.
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The power of employee trust
Trust is the foundation of any strong relationship, and that includes the relationship between banks and their employees. This is even more important when we realize how today people are looking for more than just a paycheck from their jobs. In this sense, companies have the opportunity to build trust by aligning with what their teams truly care about.
Whether it’s sustainability, diversity, or making a positive impact on society, people are choosing employers that stand for something bigger. In fact, the latest Deloitte Gen Z and Millennial Survey (2024) found 86% and 89% of Gen Z and Millennial workers respectively say having a sense of purpose is very or somewhat important to their overall job satisfaction and well-being.
Similarly, almost half of them have turned down an employer based on their personal ethics or beliefs. And if we take into consideration how these groups make up the majority of the job market today, it would be absurd to ignore it.
Empower employees to contribute to the ESG strategy
For banks, this isn’t any different; the financial sector faces challenges like high turnover rates and a competitive talent market, which means aligning with employee values can be a game-changer for the industry.
When employees feel their values are reflected in their workplace, they’re more engaged, more productive, and more likely to stay. But how can banks make this shift?
Key areas to align with employee values
So, how can banks turn these insights into action? It starts by focusing on the areas that matter most to employees. Today’s workforce, especially younger generations, wants to see their values reflected in their workplace, whether that’s through meaningful work, a commitment to diversity, sustainable practices, or opportunities to grow and develop.
For banks, this means going beyond traditional benefits and creating a culture where employees feel valued, heard, and aligned with the organization’s mission. By prioritizing purpose-driven work, diversity and inclusion, sustainability, and career development, banks can build trust, boost engagement, and position themselves as employers of choice. Let’s break these areas down:
- PURPOSE DRIVEN WORK
Employees want to feel that their work matters. For banks, this means connecting employees to a larger mission that goes beyond profits. For example, banks can highlight how their work supports financial inclusion, funds green energy projects, or helps small businesses thrive.
When employees see how their daily tasks contribute to a bigger purpose, they’re more likely to feel motivated and fulfilled. A clear sense of purpose not only attracts talent but also keeps employees engaged and proud of their work.
- DIVERSITY, EQUITY AND INCLUSION (DEI)
A workplace where everyone feels valued and respected is no longer optional, it’s a must. Employees want to see their banks actively promoting diversity and inclusion, whether through fair hiring practices, pay equity, or creating safe spaces for underrepresented groups.
Banks can take concrete steps, like implementing mentorship programs for women and minorities, conducting pay equity audits, or celebrating cultural diversity through events and training. When employees see their organization walking the talk on DEI, they’re more likely to trust and stay committed to the company.
- SUSTAINABILITY AND SOCIAL RESPONSIBILITY
Sustainability is a value that undoubtedly resonates deeply with employees. Banks can engage their teams by involving them in sustainability initiatives, giving employees a tangible way to contribute to positive change.
When banks prioritize sustainability, they’re not just helping the planet, they’re showing employees that their values matter. This can lead to higher engagement and pride in the workplace, as employees feel they’re part of an organization that’s making a difference.
- CAREER DEVELOPMENT AND UPSKILLING
Employees want to grow, and banks that invest in their development are more likely to earn their trust. This is especially important in the banking sector, where digital transformation and evolving customer expectations require new skills.
Offering training programs, mentorship opportunities, and clear career pathways can help employees feel valued and prepared for the future. By investing in employees’ growth, banks not only retain talent but also build a more skilled and adaptable workforce.
Guide to employees’ sustainability training and active engagement
Benefits of aligning with employee values
Aligning with employee values isn’t just a nice-to-have, it’s a strategic move that pays off in tangible ways. When banks take the time to understand and reflect what their employees care about, they create a workplace where trust, loyalty, and innovation thrive. Here’s how banks stand to benefit:
- Higher employee engagement: Employees who feel their values align with their employer’s mission are more motivated and committed to their work. This leads to higher productivity and a stronger sense of teamwork.
- Improved retention: In a competitive job market, retaining top talent is crucial. When employees see their values reflected in the workplace, they’re more likely to stay, reducing turnover rates and the costs associated with hiring and training new staff.
- Enhanced reputation: Banks that prioritize employee values earn a reputation as employers of choice. This not only attracts top talent but also boosts the organization’s overall brand image.
- Stronger organizational culture: A values-driven workplace fosters trust, collaboration, and innovation. Employees who feel valued and aligned with their organization’s mission are more likely to contribute ideas and drive positive change.
- Better business outcomes: Happy, engaged employees lead to happier customers. When banks align with employee values, they create a ripple effect that improves customer satisfaction and, ultimately, business performance.
The future of employee-centric banking
The banking sector is at a crossroads, with employee expectations evolving faster than ever; in fact, as we look to the future, several trends are shaping how banks should, and can, build trust and align with employee values.
One major trend is the rise of remote and hybrid work models; employees now expect flexibility in where and how they work, and banks that adapt to this shift will have a competitive edge. However, this also means rethinking how to foster connection and collaboration in a digital-first world.
Another emerging trend is the growing demand for transparency and accountability. Employees want to see their banks walking the talk on values like sustainability, diversity, and ethical practices. This means not only setting ambitious ESG goals but also regularly sharing progress and challenges. Transparency builds trust, and trust is the foundation of a strong employee-employer relationship.
Finally, technology is playing an increasingly important role in shaping the employee experience. Banks that embrace innovation will be better equipped to meet employee expectations. For instance, some banks are using innovative softwares to identify skill gaps and offer tailored training programs, helping employees grow while staying aligned with the organization’s goals.
As these trends continue to evolve, one thing is clear: banks that prioritize their employees’ values and needs will not only attract and retain top talent but also thrive in an increasingly competitive and values-driven world.
Empowering employees for a sustainable future
As we’ve seen, aligning with employee values creates a better workplace, and builds a stronger, more sustainable future for the banking sector. From fostering purpose-driven work to embracing diversity, sustainability, and career development, banks have a unique opportunity to win trust, drive engagement, and lead by example.
But how can banks turn these high-level goals into actionable steps for every employee? At DoGood, we aim to simplify the complex web of sustainability objectives for companies by offering a platform that translates ESG goals into clear, actionable tasks for every single employee.
No more vague directives. No confusion. DoGood automates the process, making it seamless for the workforce to know precisely what steps to take.
When employees understand how their individual contributions fit into the bigger picture, they don’t just feel empowered, they become active participants in driving meaningful change. With the right tools and support, banks can create a culture where sustainability and employee values go hand in hand.
