Viewpoint 2017 res… · Between 5 and 25 September 79% of staff participated in the Viewpoint...
Transcript of Viewpoint 2017 res… · Between 5 and 25 September 79% of staff participated in the Viewpoint...
Viewpoint 2017
Results Summary
Bank of England
October 2017
© 2017 Korn Ferry. All rights reserved 2
Overview: Understanding how employees feel about working in the Bank is of huge importance to the Governors and senior
management. Between 5 and 25 September 79% of staff participated in the Viewpoint survey. We use this and results
from previous surveys to help make the Bank a more effective and better place to work, supported by our Vision2020
strategic plan.
We have made significant progress in many important areas since our first strategic plan with 21 out of 35 questions
significantly scoring above those in 2015; our colleagues feel more able to speak up, their view of transparency has
improved and work life balance is improving. Colleagues also reported seeing continued progress in supporting the
Bank’s Diversity goals
The results reinforced that we have prioritised the right things to work on as part of Vision 2020, especially improving
productivity and doing more on empowerment.
We have some other challenges, particularly in terms of pay and performance management. We have worked hard to
ensure pay is fair across the Bank and at all levels. But we are a public sector institution and we operate with a limited
budget. Therefore, like others in the public sector, we have had to, and continue to, take difficult decisions when setting
pay for our staff.
Overall, 87% of staff said they are proud to work for the Bank and we will continue to make further positive changes so
that we can ensure everyone, at all levels, feels able to take initiative and to contribute towards achieving our overall
mission.
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Summary of findings
79% participation 79% (n=3,240) compares well to other organisations and is 1% point up on 2016
Survey open 5 to 25 September
Some significant
improvements
The majority of questions continue to outperform 2015 levels (21 out of 35 questions significantly above 2015)
The Bank has achieved notable improvements in key areas since 2016, with 8 out of 36 questions improving by a
statistically significant amount. Only 2 questions declining significantly.
Engagement remains
in line with UK Norm
Engagement remains stable (down 2% points to 64, not a significant shift),
Levels of pride and advocacy remain high and above the UK benchmarks
Enablement is stable,
with room for further
improvement
Enablement remains stable at 61%,
High levels of personal fulfilment at work
Whilst there has been some progress, staff still reported substantial productivity barriers
Continued progress
evident in open
communications and
cooperation
‘I feel free to voice my views at work’ was the most improved question (up 11% points vs. 2016, and 17% points up
vs, 2015)
More people feel ‘the Bank is open and transparent in its communications’ (up 5% points vs. 2016 and 16% points up
vs 2015), ‘encouraged to try new ideas’ (up 5% points vs. 2016 and 11% points up vs. 2015) and greater ‘cooperation
and teamwork within my Division’ (also up 5% points vs 2016 and 9% points up vs. 2015)
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Survey dimensions compared to 2016 and 2015
78
73
70
68
65
65
64
62
62
61
59
57
56
12
19
21
20
23
22
21
22
21
21
32
21
21
10
8
9
12
13
13
14
16
16
18
9
22
24
Wellbeing
Collaborative
Open
Inclusive
Development
Empowering
Employee Engagement
Performance Management
Work Environment
Employee Enablement
Strategy, Mission &Leadership
Decisive
Reward & Recognition
% Favourable % Neutral % Unfavourable
Majority of survey dimensions remain in line with 2016 levels
+1
-
+6
1
0
-
-2
0
0
0
-1
-
-2
Vs.
2016
+5
-
+12
+8
+4
-
+1
0
+2
+3
-
-
-1
Vs.
2015
significant positive difference significant negative difference
© 2017 Korn Ferry. All rights reserved 5
Top 5 most improved questions (8 of 36 questions improved significantly vs. 2016)
71
68
78
59
70
I feel free to voice my views at work
Employees are encouraged to try new ideas in an attempt to
increase effectiveness
There is good cooperation and teamwork within my Division
The Bank is open and transparent in its communications with
its people
There is a good balance between my work and personal life
11
5
5
5
4
Percent Favourable Difference to 2016
Most improved question items compared to 2016
17
11
9
16
7
Difference to 2015
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Top 5 decreasing question items (2 of 36 questions declined significantly vs. 2016)
40
65
38
68
76
I am fairly rewarded (i.e. compensation and benefits) for the
type of work that I do
I have trust and confidence in the Bank’s leadership (this
includes Governors, Executive Directors and Directors)
The Bank has a fair system for evaluating people’s
performance
I feel motivated to go beyond my formal job responsibilities
My job provides me the opportunity to do challenging and
interesting work
-4
-4
-2
-2
-2
Percent Favourable Difference to 2016
Biggest decreasing question items compared to 2016
-5
2
-4
1
1
Difference to 2015
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Engagement and Enablement for the Bank overall
Engagement Index
BoE 2015 BoE 2016 BoE 2017
63 66 64 (i2)
86 68 67 49 45 88 73 70 55 42 87 72 68 54 41 30
35
40
45
50
55
60
65
70
75
80
85
90
Pride Advocacy Self-Motivation Motivated bycompany
Loyalty
BoE 2015 BoE 2016 BoE 2017
% F
av
ou
rab
le
Enablement Index
BoE 2015 BoE 2016 BoE 2017
58 61 61
75 65 46 47 78 67 51 49 76 67 51 51 30
35
40
45
50
55
60
65
70
75
80
85
90
Job Challenge Skills Used Feel Productive No Barriers
BoE 2015 BoE 2016 BoE 2017
% F
av
ou
rab
le
Both Engagement and Enablement remain stable (no significant shifts) and above 2015 levels
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Engagement and Enablement by Deputy Governorship No significant change in either Engagement or Enablement across Deputy Governorships
63 58 61 64 67 63 73 66 63 66 64 65 66 72 64 60 64 66 66 64 72 30
40
50
60
70
BoE Overall Markets & Banking Chief Operating Officer Financial Stability Monetary Policy PRA Governor's Direct
BoE 2015 BoE 2016 BoE 2017
EN
GA
GE
ME
NT
E
NA
BL
EM
EN
T
* Indicates a statistically significant difference
i2 i3 i2 h2 h1 i2 0
58 56 53 60 62 60 71 61 59 60 60 62 61 71 61 59 59 64 62 61 67 30
40
50
60
70
BoE Overall Markets & Banking Chief Operating Officer Financial Stability Monetary Policy PRA Governor's Direct
BoE 2015 BoE 2016 BoE 2017
0 0 i1 h4 0 0 i4
vs. 2016
vs. 2016
% F
avoura
ble
%
Favoura
ble
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EN
GA
GE
ME
NT
E
NA
BL
EM
EN
T
Engagement and Enablement by Grade Bands
No significant change in Engagement or Enablement by Grade Band clusters
64 59 65 66 64 68 65 64 65 30
40
50
60
70
A,B,C,D,E,Deputy Governor, Governor, Advisor,Special Advisors N =
F,G,GP and Sandwich/Student Gap N = H,I,J, JP,K, Apprentice and Temporary Vacation StaffN =
Grade 2015 Grade 2016 Grade 2017 BoE Overall
i1 0 i3 vs. 2016
% F
avoura
ble
61 56 60 62 58 64 63 60 62 30
40
50
60
70
A,B,C,D,E,Deputy Governor, Governor, Advisor,Special Advisors N =
F,G,GP and Sandwich/Student Gap N = H,I,J, JP,K, Apprentice and Temporary Vacation StaffN =
Grade 2015 Grade 2016 Grade 2017 BoE Overall
h1 h2 i2
% F
avoura
ble
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Drop in proportion of people who are feeling both highly engaged and highly enabled compared to 2016
High Engagement Low Engagement
Lo
w E
na
ble
men
t H
igh
En
ab
lem
ent
14%
9%
14%
13%
BoE 2017
BoE 2016
BoE 2015
UK Norm
37%
41%
33%
42%
BoE 2017
BoE 2016
BoE 2015
UK Norm
34%
26%
37%
32%
BoE 2017
BoE 2016
BoE 2015
UK Norm
16%
23%
17%
13%
BoE 2017
BoE 2016
BoE 2015
UK Norm
Summary of Questions
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Question summary
% Fav % Neut % Unfav 2016
% Fav Diff
2015
% Fav Diff
Employee Engagement 64 21 14 -2 1
Given your choice, how long are you likely to work for the Bank?
41 32 27 -1 -4
I feel motivated to go beyond my formal job responsibilities 68 18 14 -2 1
The Bank motivates me to contribute more than is required 54 27 19 -1 5
I am proud to work for the Bank 87 10 3 -1 1
I would recommend the Bank to family or friends as a place to work
72 19 9 -1 4
Employee Enablement 61 21 18 0 3
My job provides me the opportunity to do challenging and interesting work
76 15 9 -2 1
My job makes good use of my skills and abilities 67 17 16 0 2
There are no significant barriers at work to doing my job well 51 26 23 2 4
Conditions in my job allow me to be about as productive as I can be
51 27 22 0 5
* % Fav = 5 or more years; % neutral = 2-5 years; % Unfav = less than 2 years
Green = BoE % favourable significantly above 2016 / 2015
Red = BoE % favourable significantly below 2016 / 2015
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Question summary
% Fav % Neut % Unfav 2016
% Fav Diff
2015
% Fav Diff
Collaborative 73 19 8 - -
I feel able to work across boundaries/outside my immediate team*
75 18 7 - -
There is good cooperation and teamwork within my Division 78 14 8 5 9
My manager encourages teamwork and collaboration 85 10 5 1 3
My Division receives high quality support from other teams on which we depend
53 35 11 0 2
Inclusive 68 20 12 1 8 I am kept informed about decisions and changes that affect my role
61 21 18 1 6
The Bank takes diversity seriously 78 14 8 0 5 In my Division I have seen progress made in supporting the Bank’s diversity initiatives and goals
66 26 9 4 15
Empowering 65 22 13 - - I have the authority I need to carry out my job effectively 68 18 13 1 3
Employees are encouraged to try new ideas in an attempt to increase effectiveness
68 20 11 5 11
My manager encourages me to take on greater responsibility* 74 18 8 - -
Decisions are made at the appropriate level within the Bank 48 33 19 0 5
Green = BoE % favourable significantly above 2016 / 2015
Red = BoE % favourable significantly below 2016 / 2015
* = New question for 2017, no trend data available
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% Fav % Neut % Unfav 2016
% Fav Diff
2015
% Fav Diff
Decisive 57 21 22 - -
Where I work, we rarely waste time due to unnecessary or poor processes and procedures*
30 25 44 - -
My manager actively re-prioritises the team's work when required*
69 21 11 - -
Within my team, my manager makes decisions in a timely manner*
73 17 10 - -
Open 70 21 9 6 12
My manager acts on people’s ideas and suggestions 79 14 7 2 3
I feel free to voice my views at work 71 19 10 11 17
The Bank is open and transparent in its communications with its people
59 30 11 5 16
Development 65 23 13 0 4
There are good opportunities to achieve my career objectives at the Bank
53 30 17 -1 2
The Bank offers good opportunities for learning and development
76 16 8 0 6
Question summary
Green = BoE % favourable significantly above 2016 / 2015
Red = BoE % favourable significantly below 2016 / 2015
* = New question for 2017, no trend data available
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Question summary
% Fav % Neut % Unfav 2016
% Fav Diff
2015
% Fav Diff
Performance Management 62 22 16 0 0
I understand the results expected of me in my job 82 12 6 1 3
My manager provides me with regular and constructive feedback on my work
66 20 14 1 2
The Bank has a fair system for evaluating people’s performance 38 33 29 -2 -4
Reward and Recognition 56 21 24 -2 -1
I receive recognition when I do a good job 71 17 12 -1 2
I am fairly rewarded (i.e. compensation and benefits) for the type of work that I do
40 24 36 -4 -5
Strategy, Mission and Leadership 59 32 9 -1 -
Based on my recent experiences, the Bank's Strategic Plan (Vision2020) is having a positive impact
39 48 13 -1 4
I feel that my work makes a real contribution to the Mission of the Bank
74 21 5 4 -
I have trust and confidence in the Bank’s leadership (this includes Governors, Executive Directors and Directors)
65 26 8 -4 2
Green = BoE % favourable significantly above 2016 / 2015
Red = BoE % favourable significantly below 2016 / 2015
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Question summary
% Fav % Neut % Unfav 2016
% Fav Diff
2015
% Fav Diff
Wellbeing 78 12 10 1 5
I am treated with respect as an individual 86 9 5 -1 3
There is a good balance between my work and personal life 70 14 15 4 7
Work Environment 62 21 16 0 2
I have the tools and technology I need to do my job well 60 20 19 -2 -4
I have the information I need to do my job well 71 19 9 0 2
When changes are made where I work, communications are usually handled well
56 24 20 3 8
Green = BoE % favourable significantly above 2016 / 2015
Red = BoE % favourable significantly below 2016 / 2015