Banking and Financial Recognition Program Successes

Recognize Employees to Achieve Customer Service Results!

At banking and financial institutions, customer service is of the utmost importance. With the best customer service, an organization will increase customer loyalty and referrals. One way to encourage great customer service from tellers to managers is to recognize and reward employees for their customer service efforts.

A recent white paper focused on the financial industry discussed three ways in which a recognition program can boost employee performance and customer retention. Our account management teams assist clients to implement an employee recognition program in accordance with these three traits.

Case Study

Situation:
A credit union selected Awards Network to be their recognition program provider and help build an award program to engage employees, award excellent customer service and recognize achievements.

Solution:
Awards Network designed a recognition program website that allowed employees to log in with a unique username and password. The website had a program details page in which employees could see what behaviors they could demonstrate in order to earn brand name rewards. The online recognition program also allowed both managers and employees to nominate each other for demonstrating good customer service. There were five reasons employees could receive a nomination in accordance with the organization's core values: cost savings, new business, outstanding performance, gold standard of customer service and teamwork effort.

Every time an employee received a nomination, it was approved by the employee's supervisor and points were automatically awarded to the nominee. Then both the employee and the nominator were notified of the approval by eCards. Employees collected their eCards and posted them in their work spaces. As employees demonstrated ideal behavior and received nominations and recognition, they were able to select brand name rewards from multiple price points. The credit union also posted the nominations each month in the breakroom to show who received employee recognition and what they did to deserve it.

Benefits and Results of the Employee Recognition Program:

• An internal survey showed customer service ratings improved by 45%
• Employee retention increased by 20%
• Customer retention over the course of 3 years increased by 5%
  
• Attendance rates increased from 90% to 98%
• Employee engagement increased dramatically

Are you ready to change your workplace with an employee recognition program?  Contact Awards Network today to discuss your employee recognition program needs.