Many financial services companies are still wary of employees sharing on social networks. As a traditionally risk-averse industry, this is no surprise, but it’s this very lack of innovation that is going to cause large financial institutions across the world to lose 24 percent of their revenues to fintech companies over the next three to five years (PWC Report).
There’s a massive opportunity for financial services companies who are willing to rethink the way they engage their workforces.
Here are three ways you’re missing out by not having an employee advocacy solution in your enterprise:
1) Putting your employees first will attract more customers
In speaking with top financial services companies, I’ve found that one of their main challenges is translating their company vision into action on the front line. When consumers need to understand something, they don’t turn to advertising for answers. They go to friends, colleagues, and family, whom they trust more. Why not equip your people with messaging that’s going to elevate your brand and support your business growth? As discussed in Altimeter’s report on social media employee advocacy, companies need to move beyond viewing social media as a tool for marketers and empower their employees to help achieve their key business objectives. This means focusing less on “growing your social media audience” or “increasing your reach”, and more on looking internally and across departments to support a broader digital vision.
2) No one is seeing your brand content
RIP organic reach. In 2016 Facebook organic reach declined a staggering 52%, and it’s only going to worsen. Paid social is a bottomless pit and the smartest marketers are going back to the basics and re-focusing on building communities through peer-to-peer sharing. This means building a culture of content and empowering your employees.
3) You’re not aggregating your content and engaging your workforce
The number one thing I hear from employees at large financial services companies is that they want to share content for their brand, but they don’t know what content they are allowed to share. Having an employee advocacy solution allows you to aggregate all the content your team is investing time and money into creating, and host it in one centralized place.
On top of that, employees who aren’t fully engaged cost your enterprise a significant amount of money every year. It’s estimated that 71% of employees aren’t fully engaged, which is a big concern for enterprises.
Leading financial services firms have already adopted employee advocacy, and are using it to improve internal communications, increase brand value, and deliver a better workplace experience.
What are your thoughts? Is your organization exploring employee advocacy? Why or why not?
Let me know what you think in the comments, or give me a tweet @meaganamy.