# Employee wellbeing main priority for UK banks as they seek to attract quality talent Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2019-08-10 Category: BUSINESS Category URL: https://financedigest.com/category/business Meta Title: UK Banks Emphasise Employee Wellbeing Amid Challenger Bank Meta Description: Discover how UK banks are prioritising employee wellbeing and preparing for the risks posed by climate change in the face of competition from challenger banks URL: https://financedigest.com/employee-wellbeing-main-priority-for-uk-banks-as-they-seek-to-attract-quality-talenthtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/wellbeing-1736839003418-compressed.jpg) - _Competition from challenger banks and FinTech start-ups means great emphasise placed on employee wellbeing_ - _Flexible working (68%), diversity (66%) and development and training (61%) rising up the change agenda_ - _Regulators set to increase focus on the risks posed by climate change to financial institutions_ The UK’s top financial institutions are placing a greater emphasis on employee wellbeing in the face of strong competition for high quality [talent from challenger banks](https://www.financedigest.com/how-effective-talent-management-could-disrupt-the-retail-banking-sector.html "HOW EFFECTIVE TALENT MANAGEMENT COULD DISRUPT THE RETAIL BANKING SECTOR") and agile FinTech competitors. According to [Bishopsgate Financial’s](https://thethinktankpr.cmail20.com/t/y-l-urktlkk-tuzelkhi-r/) Change Perspective, 60% of UK banks have made employee wellbeing a key priority, reflecting a broader trend across society. ![Mike Hampson](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/mike-hampson-1736839003299-compressed.jpg) Mike Hampson Wellbeing covers more than physical and mental health – it’s the work environment, personal [growth opportunities](https://www.financedigest.com/prefabricated-building-system-markets-advanced-research-growth-opportunities-in-global-industry-by-2025-edited-by-leading-research-firm.html "Prefabricated Building System Market’s advanced Research & Growth Opportunities in Global Industry by 2025 Edited by Leading Research Firm"), and social aspect. It reflects the [growing recognition of the positive link between employee wellbeing and organisational health](https://www.financedigest.com/the-health-information-exchange-market-to-grow-on-a-satisfactory-note.html "The Health Information Exchange Market to grow on a satisfactory note"), as well as being a positive asset when recruiting. As a result, nearly three quarters (72%) of UK [banks identified the need to implement agile working conditions as central](https://www.financedigest.com/analysis-powerful-swiss-central-bank-faces-reform-calls-in-wake-of-credit-suisse-rescue.html "Analysis-Powerful Swiss central bank faces reform calls in wake of Credit Suisse rescue") to achieving high performing teams. There is also an increased focus on flexible working (68%), developing more diverse teams (66%) and implementing development and training (61%). Furthermore, the [report identifies and increased focus](https://www.financedigest.com/tesla-investors-to-focus-on-demand-issues-in-earnings-report.html "Tesla investors to focus on demand issues in earnings report") on collaboration, which is a crucial feature of any genuinely agile working environment. **Climate change** [rising up the agenda](https://www.financedigest.com/why-procurement-is-rising-up-the-agenda-in-financial-services.html "Why procurement is rising up the agenda in Financial Services") A key element the [report highlights](https://www.financedigest.com/bone-grafts-and-substitutes-market-overview-highlighting-major-drivers-growth-and-demand-report-2018-2026.html "Bone Grafts and Substitutes Market Overview Highlighting Major Drivers, Growth and Demand Report 2018 – 2026") as a growing area of focus, particularly after the impact of Extinction Rebellion and other global protests, is climate change. Mark Carney, the outgoing Governor of the [Bank of England](https://www.financedigest.com/bank-of-england-publishes-rules-for-energy-firms-liquidity-tool.html "Bank of England publishes rules for energy firms’ liquidity tool"), has said that all financial institutions should have a strategy in place for climate change. According to Carney, the [global financial system faces an existential threat](https://www.financedigest.com/cup-holder-market-emerging-industries-challenges-and-threats-faced-by-key-vendors-and-global-business-outlook-till-2031.html "Cup Holder Market Emerging industries, Challenges and Threats Faced by Key Vendors and Global Business Outlook till 2031") from climate change and must take urgent steps to reform. While the message may not have truly sunk through to decision makers yet (only 8% of respondents have significant change activity planned for the year ahead) it is anticipated that financial regulators will begin asking for UK [banks to provide details in order to examine their climate change](https://www.financedigest.com/climate-change-fight-a-core-duty-for-central-banks-ecbs-villeroy.html "Climate change fight a ‘core duty’ for central banks – ECB’s Villeroy") plans in the future. Driven in part by a desire for candidates to work for strong, ethical businesses, [corporate social responsibility](https://www.financedigest.com/corporate-social-responsibility-within-the-festival-industry.html "Corporate Social Responsibility Within The Festival Industry") (CSR) continues to be significant area of focus across the financial sector (76% of respondents). CSR now makes good [business sense for employers looking to hire top](https://www.financedigest.com/top-business-trends-in-2022-for-cybersecurity.html "Top business trends in 2022 for cybersecurity") individuals, however these initiatives can’t be seen as merely ‘window dressing’ as you’ll soon be found out. Mike Hampson, CEO of Bishopsgate Financial, comments: “Attracting and keeping the right people and talent has always been at the heart of the UK’s successful financial [services sector](https://www.financedigest.com/how-communication-technology-can-help-relieve-pressure-on-staff-in-the-financial-services-sector.html "How communication technology can help relieve pressure on staff in the financial services sector "). More so than ever, there is an increased focus on the employee and their continuing wellbeing within an organisation. “Our research shows that banks are taking their commitment to diversity seriously, while they also appreciate that their CSR credentials are central to long term [business success](https://www.financedigest.com/why-start-ups-fail-5-barriers-to-business-success-and-how-to-overcome-them.html "Why start-ups fail: 5 barriers to business success and how to overcome them"). Finally, the issue of climate change is only going to rise up the agenda for financial [services companies](https://www.financedigest.com/why-financial-services-companies-should-consider-rfps-in-their-digital-transformation-strategies.html "Why financial services companies should consider RFPs in their digital transformation strategies") and their employees alike so we fully expect UK banks to have more robust policies in place in the year ahead.” Now in its second edition, the Bishopsgate Financial [Change Perspective speaks to industry leaders at the forefront of change, including COOs, CIOs and Heads of Change and senior programme managers](https://www.financedigest.com/uk-at-forefront-of-fx-management-change.html "UK at Forefront of FX Management Change") from over 30 prominent financial institutions in the UK. The research took place during the 2019 budgeting cycle, ensuring the critical priorities were identified for the [year ahead](https://www.financedigest.com/global-stocks-to-grind-higher-lacklustre-year-ahead-reuters-poll.html "Global stocks to grind higher, lacklustre year ahead: Reuters poll"). --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---