A survey by Expedia found last year that 37% of Americans did not take all of their available time off, up from 31% 2Ys earlier. In absolute percentage terms, that is an increase of roughly 19%. High unemployment, industry stress, concern over keeping a job and dealing with existing workload were all contributors. Not that it would have mattered very much, even if people did take all of their time off. A study in 2010 points out that about 33% of managers work while on summer vacation anyway and 80% frequently check and answer emails. Stress in the banking industry is running high already, so our advice is to enjoy the time off when you have it and cut back on checking email to 2x per day maximum.
Since today is Friday and we have you thinking of taking a vacation perhaps, we thought some lighter fare might be in order, so we focus on employees. Given bankers are always trying to find a better way to improve employee performance; we highlight some tips, as we can all use an occasional reminder.
For starters, consider whether or not to measure performance against the past year. While a common practice, management needs to make sure last year was a suitable beginning point. Tying compensation to metrics that lag business activity is one area to potentially improve. Next, consider the mirror. If you only look at your own performance and never compare to anyone else, you might think things are always great. Focusing internally is important to keep you grounded and alert, but not losing sight of what competitors are doing, the success they may or may not be having and the risk they are taking to improve performance are all key factors to work into the mix. Third, try to avoid getting sucked in by too much data. Bankers in particular have a hard time with this, but sometimes the data being tracked isn't worth the paper it is printed on. Think about what really matters, keep things simple, and stay focused on the prize to make sure you get there. Avoid spending too much time examining deep nuances of data that serve only to distract. Finally, utilize metrics that have different timelines, come from diverse sources and drive different (but additive) results. This way you can get all four wheels of the car turning and none will be stuck in the mud.
Now that we have performance measurement out of the way, we turn our attention to a few tips on how to keep employees engaged as industry strains continue. One thing you can do right away is to fill in the gaps. When people don't know what is going on, they tend to make up explanations on their own that are usually worse than reality. The best way to prevent this is to explain the bank's current situation and present a credible plan as to how management plans to address any issues. Next, try shifting around responsibilities. Happy employees are those that are challenged with new opportunities, get to learn new skills and see a management team dedicated to their success. The key here is not to pile on too many new things too fast, but rather to stretch employees based on what they can truly support. Empower staff, give them tools to succeed and provide regular encouragement to drive better results and productivity.
Employees work to support your bank every day, so choosing the right metrics and taking steps to engage people even more should only help drive better performance and create a happier workplace. You may even be able to create an environment where everyone is so happy; they never take any time off.