The Financial Services Compensation Scheme (FSCS) protects customers when financial services firms fail. If a firm can’t honour the claims against it, the FSCS steps in to pay compensation. Since its creation over 20 years ago, FSCS has paid over £26.5 billion to 6.5 million customers to compensate for the failure of nearly 4,300 firms. Their work provides the foundation for financial stability and consumer confidence across the industry.
FSCS does this with under 250 employees. And, in recent years, it has transformed the way it goes about building trust with us – its potential customers – and with its people.
Read how the Financial Services Compensation Scheme used the CIPD’s People Impact Tool to confirm its people strategy is fit for the future.
The challenge: transformation for the future, not just for today
When David Blackburn, Chief People Officer, joined FSCS in 2013, claimants were required to complete 68-page forms and customer satisfaction was around 50%. Employees’ commitment to the purpose of FSCS was rock solid, but things had to change. So, David and his HR team built the case for investment in the people, skills and technology required to transform its processes. Now, with almost all claims made online, and both customer effort and end to end turnaround times reduced, customer satisfaction is above 80%.
David’s team helped to deliver this transformation by resetting the culture. HR became insight-driven – engaging customers, people and stakeholders, asking for feedback, and acting on what they learned.
The impact on employee engagement speaks for itself:
- FSCS has risen from 40th to 12th position in the list of top 50 UK Inclusive Companies and been recognised as a Working Families Top Employer.
- It has achieved Gold Investors in People accreditation.
- The work of the HR team has led to national recognition for FSCS, with awards for change management, diversity, and inclusion, human resources and legal services – a total of forty-six national awards.
However, David and his team are not complacent about the complexity, change and uncertainty that all organisations and their leaders continue to face. For him, meaningful data is central to designing, developing and delivering a people strategy that continues to unlock potential through ongoing disruption and instability.
That’s why he opted to use the CIPD’s People Impact Tool, to gather evidence that would add real insight to his team’s efforts. This 20-minute online survey measures HR capability through the perspectives that matter – views within the people team and feedback from senior leaders, managers and employees across the organisation.
The solution: measuring the capability and impact of the whole HR team
Underpinned by the standards set in the CIPD’s Profession Map, the tool measured his team’s capabilities against the core knowledge, behaviours and specialist expertise required of the people profession. And it gathered feedback on the team’s
impact and readiness for the future.
The People Impact Tool provides the solid evidence that senior people leaders need. The summary report provides data on an HR team’s current people expertise, business impact and future readiness. Anonymous feedback comments support understanding and action planning. And with the opportunity to discuss the results in detail, organisations can quickly review their people strategy, refocus their investment and navigate their response to the challenges they see ahead.
The outcome: confidence in a team that’s ready for the changes ahead
The success of your people strategy starts and ends with the team who implement it. David knew that the People Impact Tool would provide the vital data and insight for his team’s next steps. It shone a spotlight on where the HR team could make a greater impact. And it confirmed that the business had trust in the team’s capability, impact, and readiness for future challenges.
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