Employee Experience Leads TO 19% Income Increase for Virgin Money

THEIR CHALLENGE

Customers were being caused a major inconvenience when 1000 high street banks closed in the past two years. Virgin Money decided to throw out the rulebook and transform the traditional relationship between bank and customer from a transactional one to one that benefits everyone, ultimately repositioning banking at the heart of the community

“We made it our mission to make everyone better off, and set about creating a highly engaged workforce, pursuing high levels of customer service with the ultimate goal of making customers love us.”

EVERYONE’S BETTER OFF

To deliver the vision of a banking culture in which ‘everyone’s better off’, employees are at the heart of the cultural change programme with initiatives including:

  • Listening events – held weekly by senior leadership teams at each store and Lounge.
  • Memorable moments – empowering colleagues to create memorable moments for customers including buying birthday cakes and handing out umbrellas.
  • Real-time feedback - adding a feedback app to iPads in Lounges so that customers can provide feedback electronically.
  • Quality 1:1s – with conversations driven by colleagues rather than managers.
  • A different way of banking - stores and Lounges are deliberately different to other High Street banks, incorporating colleagues’ suggestions including complimentary tea, coffee and WiFi.
  • Brilliant colleagues - an internet hub accessible by all staff, to publicly recognising colleagues who go the extra mile.
“Everything we do focusses on ensuring our colleagues are supported in their roles and engaged in our customer-experience strategy. Our employee engagement scores have jumped to some of their highest levels ever - outstripping all norms including the high performing company average and these high levels have been maintained.”

MAKING CUSTOMERS LOVE US

Their increased employee experience and subsequent customer happiness are propelling loyalty and support for the bank with total income up 19% in just one year

“Record employee engagement, and resulting customer satisfaction is driving record customer loyalty and advocacy. Our Net Promoter Score is still increasing and we achieved the highest level ever this year at 65, up from 63 last year.”

If you are already reaping the rewards of putting employees at the heart of your organisation, why not enter this year’s UK Employee Experience Awards? Take a look at our diverse range of categories here.

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