twimbit’s EX benchmarks for banks

BOQ – An Overview

About

Vision

Create prosperity for our customers, shareholders and people through empathy, integrity and by making a difference

Employee experience objectives

• Foster digitally empowered employees
• Empower employees financially

Drivers of culture

• Digital transformation
• Educational initiatives for financial wellbeing

Top EX initiatives

• Digital transformation, the best way forward
  

Bank of Queensland (BOQ) is known for making news on its efforts in digital transformation. The bank believes that digital solutions are instrumental in driving innovation and change, especially with employee experience. By reengineering its processes, BOQ wants its employees to be on par with today’s future-forward business setting.

Some of the innovative digital initiatives by BOQ include:
o Robotics Process Automation (RPA): Helps automate processes across retail lending which reduces bottlenecks, allowing employees to focus on “high-value” work
oCloud Migration: BOQ’s entire Virgin Money Brand is a cloud-based offering that allows greater flexibility and helps employees analyse and organise large amounts of data
o Qualtrics: The bank uses this platform for its employee engagement survey, which allows managers to see improvement areas and create action plans quickly and efficiently

As a HR Specialist, you can:
o Utilise technological platforms to help reduce the workload of employees. These include usage of Big Data, AI, Cloud
o Conduct employee engagement surveys on Qualtrics

• Financial Wellbeing
  

Employee wellbeing has many aspects to it, but financial wellbeing is particularly important as poor financial wellbeing leads to a greater sense of insecurity and demotivation among employees. A study by Barclays Bank shows that 1 out of 10 employees face financial struggles silently.

BOQ believes by empowering employees financially as well as equipping them with the knowledge to make informed financial decisions will ultimately lead to a better employee experience. Hence, it has an array of financial rewards and benefits for their employees.

These include:
o Money Management: Fee-free transaction accounts, discounted insurance, credit cards, home lending, personal lending and salary packaging
o Information & Advice: Online and onsite information sessions on money management
o BOQ Share Plan: Offered on an annual basis
o Memberships: Gym, car parking, airlines, travel, books
o Health: Health provider discounts, flu vaccination programs

As a HR Specialist, you can:
o Prioritise financial wellbeing in your workplace, as well as introduce methods to improve employees’ knowledge on making financial decisions
o Focus on money management amongst employees especially those nearing retirement

Other employee engagement initiatives

How you can match up to BOQ

• Digital tools should be the core of employees’ growth in your company
• You should provide an avenue for your employees to be equip themselves with financial knowledge

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