Discover how to map out your own custom employee recognition program that suits your business' and employees' needs with clear examples of potential recognition plans.
Five Star Bank is a publicly-owned financial services provider in Upstate New York with approximately 650 associates across 54 offices. The firm was looking to grow the business while protecting its status as a great place to work and do business with.
Number of employees:
Number of Locations:
Employee recognition, employee surveys
Five Star Bank was struggling with its ability to grow the business financially as well as hire the right employees to expand the employee base.
The firm also lacked clearly defined values so leadership was not able to set expectations with associates, so the employees were left to their own interpretations of what the values meant and how to do them, which was leading to inconsistencies and difficulty in measuring impact.
Five Star Bank worked with Reward Gateway to refine its existing values with specific, measurable behaviors to educate associates and help them understand, internalize and feel equipped to deliver the desired experience.
Next, they implemented a strategic recognition program as a tool for capturing, sharing, discussing and learning from successes and best practices across the firm.
In order to measure and track progress over time, the organization began employee surveys twice a year to measure behaviors and engagement and quantify the culture. They also sent out customer surveys to effectively measure, track and follow up on the customer experience.
Finally, senior leaders stepped up and took ownership of the experience. They participated in leadership coaching to build the skills and habits for creating the environment for more engagement. In addition, they started holding meetings with associates across all locations to collaborate on and discuss results after each survey.
The firm has shown high participation in strategic recognition since launch. In the past three years, 83% of managers and 79% of non-manager associates have been active in the program.
This had led to over 4,000 examples of successes and best practices published in the past three years. And over 11,700 stories written and posted since launch.
The firm achieved a number of financial outcomes including increasing net interest income to a record high of $24.6 million, a 12.3% increase on total loans, a 9.7% increase in total deposits, and record-high levels in interest-earning assets, loans and deposits.
Five Star Bank also ranked #3 in the number of small business administration loans in the Rochester region.
Client satisfaction is high at 8.40 out of 10. The firm has an above average NPS at 46 (while the industry average for Financial Services/Banking is 18).
higher Net Promoter Score (NPS)
than industry average
manager participation in strategic recognition in past 3 years