Some of you may know the term 'Know your client' or KYC as it's sometimes referred to. For those of us that work in financial services, this principle is fundamental to the way we work and to how we understand and look after our clients to drive improved client outcomes.
The concept is really straightforward but the execution of it takes a lot of care and effort, not just initially, but everyday thereafter as the client's lives, circumstances and needs change.
Nothing but good can come from such a deep interest and understanding, both for the client and for us as a firm. That way, we can ensure we develop relevant on-going services and offer them to suitable clients in line with their needs and preferences, so improving their lives.
But this KYC principle isn't only true for clients, it is as true, relevant and workable for engaging and motivating staff too.
Knowing your staff and understanding what's important to them can help to tailor the benefits you offer, your reward and engagement strategies and provide really meaningful insight for providers who help with benefits, communications and financial education.
Understanding your staff, the different segments, their preferences and what means the most to them is fundamental to designing meaningful communications and really engaging staff with their workplace benefits.
As this research shows, it's not always the obvious things that make a difference to the way staff feel about their employer; sometimes sharing a pizza can mean more than money.
Staff surveys, representative staff forums and focus groups, ongoing insight from management and inviting all staff to feel free to contribute ideas are all good methods to find out what staff value. These not only provide the answers but through the process, staff also feel more included, more valued and feel they have a part to play in shaping your business and their future.
Something for the weekend: Although many employees are partial to a cheese-topped pizza feast as a takeaway treat, academic research has found that the moreish Italian classic is a better motivator for staff than a monetary bonus. Dan Ariely, a professor at Duke University’s Fuqua School of Business, found that offering a voucher for a free pizza motivates employees more than a £20 cash bonus.