Employee Engagement in the U.S. Financial Services Industry: A Study by Modern Survey
Data from Study Conducted May 2010
The Components of Employee Engagement
Through national surveys, Modern Survey tracks employee engagement levels using five questions that have been identified as critical indicators of employees’ psychological investment in their organizations.
Modern Survey began conducting this study on the financial services industry in May 2008 to a nationally representative sample of 200 U.S. working adults (18+ years old) who match census data in terms of age, gender, and region.
The following chart shows the percentage of favorable responses to each question, for the most recent survey iterations, as well as the percentage point change from the previous iteration:
U.S. Financial Services Engagement Component Trends: Percent Favorable
| Component |
May 2008 to May 2009 |
May 2009 to May 2010 |
||||||
|
May 2008 |
May 2009 |
Change |
Probability |
May 2009 |
May 2010 |
Change |
Probability |
|
| Pride |
76% |
85% |
+9 |
.006 |
85% |
67% |
-18 |
.000 |
| Future |
54% |
68% |
+14 |
.002 |
68% |
47% |
-21 |
.000 |
| Recommends |
54% |
63% |
+9 |
.028 |
63% |
47% |
-16 |
.000 |
| Effort |
58% |
73% |
+15 |
.000 |
73% |
53% |
-20 |
.000 |
| Stay |
65 |
62 |
-3 |
.571 |
62% |
55% |
-7 |
.068 |
U.S. Financial Services Engagement Level Trends
| Level |
May 2008 to May 2009 |
May 2009 to May 2010 |
||||||
|
May 2008 |
May 2009 |
Change |
Probability |
May 2009 |
May 2010 |
Change |
Probability |
|
| Disengaged |
23% |
11% |
-12 |
.000 |
11% |
29% |
+18 |
.000 |
| Under Engaged |
32% |
38% |
-6 |
|
38% |
33% |
-5 |
|
| Moderately Engaged |
32% |
35% |
+3 |
|
35% |
21% |
-14 |
|
| Fully Engaged |
13% |
16% |
+3 |
|
16% |
16% |
0 |
|
Note: The overall Chi Square test for the Fully Engaged percentages across all 3 measurements was not significant (p = .529) so tests of year to year changes are not warranted. The overall Chi Square for the Disengaged percentages across all 3 measurements was highly significant (p = .000) so tests of year to year changes are legitimate. The percentage of Disengaged employees in 2010 does not differ significantly (p = .137) from 2008.
About the Study
The five Employee Engagement Index questions were posed to a nationally representative sample of financial services industry workers in the U.S. in May of 2008. Modern Survey then repeated the questions with industry-specific surveys conducted in May of 2009 and again in May of 2010. Each survey was administered online and included people who work full-time or part-time in organizations with 100 or more total employees. The survey was completed by representative samples 300 U.S. financial services workers in 2009 and 2010, and 200 U.S. financial services workers in May of 2008.
Clarifying Engagement Levels
Modern Survey has developed a proprietary method for categorizing individual workers into four distinct levels of engagement, based on the pattern of answers each worker gives to our Engagement Index questions. Fully engaged employees answer at least four of the five questions with the most positive response possible. Moderately Engaged employees give mostly positive answers, while Under Engaged employees give mostly neutral to mildly positive answers. Disengaged employees give mostly negative answers.