A new CIPD survey of 1000 employees in banking and financial services explores the issue of culture change in the sector, and finds that perceptions of excessive reward and concern over short-term cultures still prevail.
Fewer than one in three of the financial sector workers surveyed outside of senior management say they're proud to work in the sector, almost two-thirds of all workers in the sector believe some people in their organisation are rewarded in a way that incentivises inappropriate behaviour, and three in four financial services workers (eight out of ten workers in the banking sector) say they think some people in their organisations are paid excessively.
Less than half of respondents rank customers as their organisation’s most important stakeholder, and a third still consider shareholders to be their number one priority. Four in ten say there has been an initiative led by senior executives to change culture in their organisation within the last two years, but a similar proportion say this has not happened.
The findings highlight the importance of ensuring that values are meaningful to staff and are embedded through things like performance appraisals. Respondents also call out the need for regulatory reform to change the prevailing culture, enhanced protection for whistleblowers and improved consultation and engagement with staff.
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