Recent data from employee research specialist ORC International's report – Putting it in Perspective – has highlighted that 73% of employees working in the UK financial sector consider themselves to be satisfied with their working environment. This is six percentage points higher than the UK norm of 67% and is the most favourable score across all UK sectors.
This is just one of the many findings contained within the annual report, which reviews trends in UK employee opinion over time and by industry. The report is based on data derived from ORC Perspectives, which as one of the UK's largest employee survey benchmarking database, represents the opinions of 1.4 million employees.
Further findings in the report which offer a positive perspective of employee opinion within the finance sector show that 70 % of financial sector employees intend to still be working forthe same company in 12 month's time. This compares with 58% of employees working in the housing sector and a UK norm of 66%.
Financial sector and retail employees are the most satisfied with the recognition they receive for doing a good job, scoring 72% on this issue. This compares with 63% in the high-tech sector and a UK norm of 68%.
When asked about communication, 82% of financial sector employees say they are aware of their organisation's long term goals, which is a substantial 20% percentage points higher than the UK norm of 62%, and compares favourably with all other sectors.
Financial sector employees are the most likely to speak up and challenge the way things are done in the workplace scoring 57% on this issue which compares with the UK norm of 47%.
Tom Harvey, head of internal communications at Nationwide, says: “There is plenty of evidence that the financial service industry as a whole has worked very hard to improve employee satisfaction. Retaining your best people is better value than recruiting and training new people. So the business logic is simple and obvious. And the data in 'Putting it in Perspective'reflects the efforts and energy invested by the industry.
“Nationwide, however, has an advantage over many of its plc competitors. Its mutual status provides clarity of purpose – we can and do put our members first because we have no external shareholders to pay. This in turn fosters a unique culture with high retention levels and longevity of service.”