CorpComms Magazine

Three out of five financial institutions have no clearly expressed internal communication strategy, according to the State of the Sector 2010 survey by internal communications consultancy Gatehouse in conjunction with the Institute of Internal Communication (IoIC).

Organisations are not communicating their company vision effectively with many workers unaware of the professed ethos or goals of their firm; just under three quarters of employees do not have a good grasp of short-term business plans and more than half of respondents feel staff are unclear of their company values.

Management is failing to engage with staff personally, with almost half of workers thinking their boss is not on the 'same wavelength' as they are.

Face to face meetings and team bonding days are still the dominant tools in the internal communications arsenal, though almost all financial institutions use an employee intranet, nine out of ten issue staff emails and online newsletters, and half of are using blogs. Print retains a stronghold with three out of five organisations publishing employee magazines and newspapers.

All organisations had a process in place for delivering formal feedback, but a third do not have formal team meetings or one-on-one meetings between staff and line-managers.

Simon Wright, director of Gatehouse, said: 'This was a timely piece of research focused on a sector which has experienced more than its fair share of change. It suggests that many communicators have spent the last 12-18 months fighting fires - responding well to the immediate and most pressing needs of the organisation - but have lost sight of longer term goals.

'Now is the time to move on - to focus on enabling the business strategy, rebuilding trust, enhancing employee engagement, improving core channels and measurably adding value.'

Dominic Walters, chairman of the IoIC, said: 'It's been a hugely challenging time for the financial sector in terms of reputation and performance, which can clearly take its toll on employees in terms of motivation and sense of direction.

'For employees to remain engaged in difficult times, it is very important that they understand the big picture in terms of where the company is headed and their role in achieving this - something that the findings of this survey suggest is proving a challenge for businesses.'

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