HR Excellence Awards 2020 HR team of the year: FSCS
The Financial Services Compensation Scheme (FSCS) had an ambitious vision for 2020. The organisation wanted to be prepared for any type of failure it could face, as well as protect its customers and get them back on track if anything were to go wrong with their finances. That’s where its people team came in.
The team not only wanted to increase employee engagement and excitement within FSCS, but also wanted to equip leaders with the skills and tools to drive performance in a new landscape.
They also wanted to enhance the FSCS’ approach to talent management and total reward; be more agile with staff embracing new ways of working to maintain productivity; and increase the number of BAME, female and LGBT+ leaders across the business. All of these aims would be big tasks for any year, not to mention the curveball pitched by COVID-19.
The FSCS HR team delivered in many ways. To enhance employee engagement the team retired multiple engagement channels and replaced them with one streamlined engagement platform, Hive.
Alongside Hive, managers can reward their teams and colleagues instantly and spontaneously with Celebratory Shout Outs, or informal office huddles announcing FSCS and partnership success.
In order to better equip leaders, the people team launched the Driving the Ambition programme, endorsed by the Institute of Leadership and Management (ILM). The programme was available to front line staff, managers and the senior leadership team. A toolkit was also offered to help leaders have performance conversations, embrace change and respond successfully to business challenges.
In 12 months, the team has increased the number of BAME managers to 17% from 10% in 2019, and more than a third of all employees at FSCS (38%) now come from BAME backgrounds.
A further 33% of its leaders are women including 60% of the FSCS Board – up from 25% in 2019. The company also appointed its first female CEO in nine years in May 2019.
Day to day, the FSCS people team are responsible for the entire employee lifecycle at FSCS: diversity and inclusion, employee experience, facilities, health and safety, HR, learning and development, recruitment, talent management and total reward.
The team strives to have all FSCS employees understand their personal connection to its customers and purpose and to be motivated to contribute to organisational success. In 2020, the team almost managed to achieve 100% agreement on this front from employees as a people survey in May revealed 93% said they knew how they individually contributed to the success of the organisation.
The FSCS HR team’s creative approach to people management, and the enjoyment it elicits from colleagues, is what stood out to our panel about this entry. They also admired how the team managed to maintain a tailored and focused agenda across the workforce.
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The Financial Ombudsman Service