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.


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)


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


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


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


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


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


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


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


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


Question summary


% 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



* = New question for 2017, no trend data available



% 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



* = New question for 2017, no trend data available


Question summary


% 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




Question summary


% 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



viewpoint 2017 res… · between 5 and 25 september 79% of staff participated in the viewpoint...

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