Need Higher Employee Engagement ? Zions Bank has the Answer!!
Zions corporation is a bank holding company founded in 1873;
Headquartered in Salt Lake City . United States.
They provide Banking and Insurance services.
Operations:
Agricultural Finance, Capital Markets, Credit Corporation,
Management Services Company, Public Finance, online banking
and Capital Advisors.
WHAT IS THIS HR INNOVATION ABOUT?
•The once-a-year appraisal frequency was replaced with weekly mini-reviews and monthly coaching sessions between supervisors and reports.
•Peer accountability was adopted into the process.
•A heavy emphasis on business results was introduced into the mix, along with a strong connection between individual contributions and the strategy of the organization.
•Recognition and compensation was explicitly tied to desired behaviours and outcomes.
WHY WAS THIS INNOVATION IMPLEMENTED?
The company wanted to produce desired improvements in workforce engagement: Since the performance review can be unpleasant and even counter productive—
Therefore, the company ‘s Executive VP and HR Director set out not just to change, but to obliterate the standard review process, and replace it with a whole new system “ the weekly mini-reviews and monthly coaching sessions”.
WHAT ARE ITS MAIN BENEFITS?
•Engagement score increased by 11%.
•91% of participants reporting that it has helped them develop their job skills and knowledge, with 85% saying that it has assisted with their career growth.
• Overall, 92% of employees felt like they had their supervisors’ ongoing support and recognition.
COUNTRY:
United States
YEAR:
2012
SOURCES:
http://www.forbes.com/sites/larrymyler/2014/10/17/need-higher-employee-engagement-zions-bank-may-have-the-answer/#334ae10a4dca