BoE Viewpoint 2016 Results Summary...Grade 2016 BoE 2016 69 72 59 61 55 58 59 58 59 64 40 50 60 70...

Viewpoint 2016 Results Summary

Bank of England

June 2016 |

© 2016 Korn Ferry. All rights reserved 2

Understanding how employees feel about working in the Bank is of huge importance to the Governors and senior management. In 2016, staff were encouraged to take part in the second Viewpoint staff survey. Between 11 May and 1 June 2016, 78% of staff participated in the Viewpoint survey. A summary of results was discussed at Court on 13 July 2016; a version of these results is published below. As a result of this survey, a significant amount of valuable information was gathered that is being used to help make the Bank a more effective and better place to work. In due course the Executive Team will issue a response setting out detailed change initiatives, designed to address any key areas for improvement.


Summary of findings

78% participation • 78% (n=3,062 ) compares well to other organisations (although 4% points down on

2015) • Survey open 11 May - 3 June

Strong positive improvements

• The Bank has achieved significant and substantial improvements in many key areas • 26 out of 39 questions improved significantly and only 1 declined significantly

Engagement is up • Engagement up significantly (by 3% points) to 66 • High levels of pride further strengthened, alongside gains in advocacy and motivation

Enablement up, but room for further improvement

• Enablement up significantly (by 3% points) to 61 • High levels of personal fulfilment at work further strengthened • Whilst there has been some progress, staff still face substantial productivity barriers

Greater trust and communication is key to overall improvement

• ‘The Bank is open and transparent in its communications with its people’ was the most improved question

• More people feel ‘comfortable speaking up’ (up 6% points) and there is greater ‘trust and confidence in the Bank’s leadership (this includes Governors, Executive Directors and Directors)’ (up 6% points)


Survey dimensions compared to 2015

77

70

68

67

66

65

64

62

62

61

59

58

48

12

20

27

23

20

23

27

21

22

22

26

20

41

11

10

6

11

14

12

9

17

16

17

14

22

11

Wellbeing

Collaborative

Strategy, Mission andLeadership

Inclusive

Employee Engagement

Development

Open

PerformanceManagement

Work Environment

Employee Enablement

Empowering

Reward and Recognition

Decisive

% Favourable % Neutral % Unfavourable% diff vs.

2015

4*

3*

3*

7*

3*

4*

6*

0

2

3*

4*

1

5*

* Indicates a statistically significant difference

Majority of survey dimensions have improved significantly since 2015


Top 5 most improved questions (26 of 39 questions improved vs. 2015)

62

54

55

63

60

In my Division I have seen progress made in supporting the Bank’s diversity initiatives and goals

The Bank is open and transparent in its communications with its people

The Bank motivates me to contribute more than is required

Employees are encouraged to try new ideas in an attempt to increase effectiveness

I feel comfortable speaking up on important matters within the Bank

11

11

6

6

6

Percent Favourable Difference to 2015

Question item comparisons to 2015


Engagement and Enablement for the Bank overall

86 68 67 49 45 88 73 70 55 42 3035404550556065707580859095

100

Pride Advocacy Selfmotivation

Motivated bycompany

Loyalty

% F

avou

rabl

e

BoE 2015 BoE 2016

75 65 46 47 78 67 51 49 30354045505560657075808590

Job challenge Skills used Feel productive No barriers

% F

avou

rabl

e

BoE 2015 BoE 2016

2 5 3 6 3 3 2 5 2

Engagement Index

BoE 2015 BoE 2016

63 66 (3)

Enablement Index

BoE 2015 BoE 2016

58 61 (3)



The Bank has substantially increased the proportion of employees with high levels of both Engagement and Enablement

High Engagement Low Engagement

Low

Ena

blem

ent

Hig

h E

nabl

emen

t

9%

14%

BoE 2016

BoE 2015

41%

33%

BoE 2016

BoE 2015

26%

37%

BoE 2016

BoE 2015

23%

17%

BoE 2016

BoE 2015

However, the proportion of staff with a combination of high engagement and low enablement has also risen


The questions below represent the topics with the biggest gaps between those with High Engagement but Low Enablement and those who scored highly on both indicators. The greatest differences include decision making and access to the right tools and technology.

Gap analysis against those with both high Engagement and Enablement

15

14

54

40

50

36

74

65

63

51

Conditions in my job allow me to be about as productive as I can be (ENABLEMENT INDEX)

There are no significant barriers at work to doing my job well (ENABLEMENT INDEX)

My job makes good use of my skills and abilities (ENABLEMENT INDEX)

Decisions are made at the appropriate level within the Bank

I have the tools and technology I need to do my job well

The Bank has a fair system for evaluating people’s performance

My job provides me the opportunity to do challenging and interesting work (ENABLEMENT INDEX)

I have the information I need to do my job well

I have the authority I need to carry out my job effectively

When changes are made where I work, communications are usually handled well

87

83

95

66

76

60

97

88

85

73

72

69

41

26

26

24

23

23

22

22

Those with High Engagement but Low Enablement Percent Favourable

Those with both High Engagement and Enablement Percent Favourable

Percent Favourable Gap


Engagement and Enablement by Deputy Governorship COO and Banking & Markets are driving the overall improvement in Engagement and Enablement with scores now broadly consistently across the Bank

63 58 61 64 66 63 73 66 63 66 64 64 66 72 30

40

50

60

70

BoE Overall Banking andMarkets

Chief OperatingOfficer

Financial Stability Monetary Policy PRA Governor's Direct

BoE 2015 BoE 2016

EN

GA

GE

ME

NT

EN

AB

LEM

EN

T

58 56 53 60 63 60 70 61 59 60 60 62 61 70 30

40

50

60

70

BoE Overall Banking andMarkets

Chief OperatingOfficer

Financial Stability Monetary Policy PRA Governor's Direct

BoE 2015 BoE 2016

3* 5 5* 0 2 3 1

3* 3 7* 0 1 1 0

* Indicates a statistically significant difference Note: Monetary Policy comprises MA, Notes, and Research & Statistics


72 63 58 64 65 74 65 63 64 67 405060708090

Senior Managers(Grades A, B, C)

N = 112

Middle Managers(Grades D, E)

N = 928

Analysts (Grades F, G)N = 930

Grads (Grade GP)N = 122

(Grades H, I, J , K)N = 887

Grade 2015 Grade 2016 BoE 2016

69 59 55 59 59 72 61 58 58 64 405060708090

Senior Managers(Grades A, B, C)

N = 112

Middle Managers(Grades D, E)

N = 928

Analysts (Grades F, G)N = 930

Grads (Grade GP)N = 122

(Grades H, I, J , K)N = 887

Grade 2015 Grade 2016 BoE 2016

EN

GA

GE

ME

NT

EN

AB

LEM

EN

T

2 2 5 0 2

3 2 3 1 5

Engagement and Enablement by Grade Bands Good progress made amongst Analysts, who scored particularly low in 2015.


83 73 51 87 78 62 40

50

60

70

80

90

100

I am treated with respect as an individual The Bank takes diversity seriously In my Division I have seen progress made in supporting the Bank’s diversity

initiatives and goals

% F

avou

rabl

e

BoE 2015 BoE 2016

Diversity and inclusion focused question items

4* 5* 11*


Significant progress has been made on key diversity and inclusion indicators.

Summary of Questions


Question summary

% Fav % Neut % Unfav

2015 % Fav

Diff

Engagement 66 20 14 3 * Given your choice, how long are you likely to work for the Bank?* 42 31 27 -3 *

I feel motivated to go beyond my formal job responsibilities 70 17 14 3 *

The Bank motivates me to contribute more than is required 55 26 19 6 *

I am proud to work for the Bank 88 10 2 2 * I would recommend the Bank to family or friends as a place to work 73 18 8 5 *

Enablement 61 22 17 3 * My job provides me the opportunity to do challenging and interesting work 78 14 9 3 *

My job makes good use of my skills and abilities 67 18 15 2 There are no significant barriers at work to doing my job well 49 28 23 2

Conditions in my job allow me to be about as productive as I can be 51 29 20 5 *

* % Fav = 5 or more years; % neutral = 2-5 years; % Unfav = less than 2 years

Green = BoE % favourable significantly above 2015 Red = BoE % favourable significantly below 2015


Question summary

% Fav % Neut % Unfav 2015

% Fav Diff

Collaboration 70 20 10 3 * There is good cooperation and teamwork within my Division 73 17 10 4 *

My manager encourages teamwork and collaboration 84 11 5 2 * My Division receives high quality support from other teams on which we depend 53 33 15 2

Inclusive 67 23 11 7 * I am kept informed about decisions and changes that affect my role 60 22 18 5 *

The Bank takes diversity seriously 78 16 6 5 * In my Division I have seen progress made in supporting the Bank’s diversity initiatives and goals 62 31 8 11 *

Empowering 59 26 14 4 * I have the authority I need to carry out my job effectively 67 19 14 2

Employees are encouraged to try new ideas in an attempt to increase effectiveness 63 25 12 6 *

Decisions are made at the appropriate level within the Bank 48 35 17 5 *



Question summary


% Fav Diff

Decisive 48 41 11 5 * Major decisions made by the Bank tend to be effectively implemented 55 35 10 5 *

Based on my recent experiences, the Bank’s Strategic Plan and initiatives are having a positive impact on the way we work

40 47 12 5 *

Open 64 27 9 6 *

My manager acts on people’s ideas and suggestions 77 16 7 1 I feel comfortable speaking up on important matters within the Bank 60 30 10 6 *

The Bank is open and transparent in its communications with its people 54 35 11 11 *

Development 65 23 12 4 * There are good opportunities to achieve my career objectives at the Bank 54 30 16 3 *

The Bank offers good opportunities for learning and development 76 16 8 6 *



Question summary


% Fav Diff

Performance Management 62 21 17 0

I understand the results expected of me in my job 81 13 6 2 My manager provides me with regular and constructive feedback on my work 65 20 15 1

The Bank has a fair system for evaluating people’s performance 40 29 31 -2

Reward and Recognition 58 20 22 1

I receive recognition when I do a good job 72 17 11 3 * I am fairly rewarded (i.e. compensation and benefits) for the type of work that I do 44 23 33 -1

Strategy Mission and Leadership 68 27 6 3 * The Bank is doing a good job on delivering its Mission to promote the good of the people of the UK by maintaining monetary and financial stability

80 17 3 3 *

I feel that my work makes a real contribution to the Mission of the Bank 70 23 7 4 *

I believe that the Bank's Strategic Plan is the right one at this time 53 43 5 0

I have trust and confidence in the Bank’s leadership (this includes Governors, Executive Directors and Directors)

69 24 7 6 *



Question summary


% Fav Diff

Wellbeing 77 12 11 4 *

I am treated with respect as an individual 87 9 4 4 *

There is a good balance between my work and personal life 66 15 18 3 *

Work Environment 62 22 16 2

I have the tools and technology I need to do my job well 62 20 18 -2

I have the information I need to do my job well 71 20 9 2

When changes are made where I work, communications are usually handled well 53 25 21 5 *


Thank you

BoE Viewpoint 2016 Results Summary...Grade 2016 BoE 2016 69 72 59 61 55 58 59 58 59 64 40 50 60 70...

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