The business review included in this year's Annual Report and Accounts listed seven strategies we're adopting for success. One of these was 'establishing an exceptional engaged workforce'.
Understanding
We included the strategy 'establishing an exceptional engaged workforce' in our Corporate Plan for the first time in 2006. This was communicated to our staff via a series of road shows. We believe that by ensuring our staff are fully aware of Chelsea's direction they will take an active part in our future and be more informative when talking to our customers.
Value
Value, as many businesses will testify, is difficult to measure. We demonstrated within our newsletter that accompanied the spring Annual General Meeting mailing, that for investing members value can take the form of beneficial interest rates. Our average savings rates are 0.84%* above the industry average. It may also be as simple as making sure that our positive reputation of being a good place to work and do business with is maintained.
*Weighted retail funding rate as per 'CACI Current Accounts and Savings Market database' for banks and building societies - May 2007.
Defining engagement
Each one of our Heads of Department were asked to define what engagement meant to them and their staff. The responses were:
How we did itStaff are now aware of our seven strategies, of our core values and the overall direction of the organisation.
The key objective was to ensure everyone knows how vital they are to Chelsea and our success.
Our plans for the future are as important to every member of staff as they are to our Board.
For all our staff to understand how they fit into the bigger picture, a series of roadshows entitled 'Making Chelsea No1', run by our Chief Executive, kept staff up to date on Chelsea's Corporate Plan for the next 3 years.
As you walk around inside our Head Office sites you can't help but notice there are subtle images on windows and stairwells reminding staff of our core values. It's important that everyone not only understands what the values are but acts in accordance with them. It's all part of something we call 'Making Chelsea No1'
Our valuesWe talk to staff about our values, whether they've just joined the business or they've worked here for a long time.
Our staff
Around 1,000 staff work for Chelsea. Whether they are based in either of our two Head Office sites, in our branches or work from home, it's important that we look after their needs.
Much of the work carried out by our teams in Personnel relates to making sure that individuals' needs are recognised.
Whilst we can't always deliver what everybody wants, we can tell them why some things are not possible or what alternatives we could consider.
Our staff survey takes place this autumn. It is a bespoke engagement survey which we call Viewpoint. This survey was last conducted in 2005 and asked questions about working conditions, management, salaries and benefits, careers, workload and how well we communicated with staff.
It will be fascinating to see what effect the things raised within the last survey have had as many have been developed considerably since. We'll report on this in 2008.
Brathay Hall Trust and Chelsea managers' leadership programme.
In 1939, Francis Scott, the successful MD of the Provincial Insurance Society purchased the Brathay Hall Estate near Ambleside in Cumbria. Scott recognised the relationship between society and business as an important one and he believed that creating wealth carried with it responsibilities. In 1946 he founded the Brathay Hall Trust to improve the personal and social development of young people.
Today, as a leading provider of experiential learning, the Trust is still true to its heritage using profits from corporate activities. Chelsea Building Society is proud to have worked alongside the Trust for mutual benefit for several years. Chelsea managers undertake part of their Leadership Development Programme here.
Brathay operates on a 'Challenge by Choice' basis which means that everyone is encouraged to explore their own developmental boundaries through a variety of high impact personal and team activities.
Accreditation of Training Excellence
Our dedicated Training and Development Department spend thousands of hours supporting staff. We have just been awarded FSSC accreditation of Training Excellence for Firms. We are the first and only bank or building society to achieve this accolade.
