The Compliance Company have partnered with ThriveWell Global to run live, virtual webinar which focuses on how to build employee resilience for the implementation and delivery of Consumer Duty, cultivating a positive, supportive environment where your employees can thrive and your consumer’s feel safe, confident and well-informed.
ThriveWell Global is a leadership and workforce training company which develops employee resilience training for organisations, so when their people flourish, their business thrives.
Cara Cunniff at ThriveWell Global has provided a thought provoking piece on how employers can prepare their teams for the changes of the Consumer Duty;
The obligations being introduced as part of the new Consumer Duty are wide-ranging and will affect all staff in firms within scope of the rules. The successful implementation of this new duty will likely require a significant change programme for many businesses. Success will require the traditional hallmarks of an effective change programme – a clear vision, coherent planning for implementation, appropriate resourcing etc etc. However, it is unlikely that this will be enough. Too often the key factor in delivering effective change is either overlooked, misunderstood, under-resourced or simply not considered. This factor is the Human Factor, your employees.
The human factor, your employees.
For your employees, change brings a range of challenging and varied emotions and reactions. It’s important to have a strategy and appropriate training in place for positively bringing out the best in your staff when implementing the new Consumer Duty requirements. You should be supporting employees who are resistant or fearful of the changes, as well as boosting those who embrace it.
The key human quality which enables change – personal resilience.
One of the most effective ways in which you can improve your firm’s ability to deliver change is to focus on that key human quality which enables it – personal resilience. It’s a resilient workforce who will absorb, respond to and seize the opportunities of the new Consumer Duty in the most effective way possible.
In today’s increasingly uncertain and turbulent times it’s even more important than ever to support your workforce to build that resilience to enable them to both survive, thrive and drive your changes. This will both support their own health and wellbeing whilst also enabling them to tackle the challenges of significant change programmes such as that posed by Consumer Duty.
So let me ask you two questions:
- How intentionally have you prepared your employees for the Consumer Duty changes?
- How Resilient Ready™ are your employees for the Consumer Duty changes?
Resilience is a particular strength that can be developed, allowing your staff to engage more positively and cope effectively at work. By following the guidance below, you can create a supportive workplace culture and an empowered workforce.
Value and Vision
Coach your employees to find meaning in the Consumer Duty changes. Make sure they understand the need for the changes and how it will benefit them, your firm and the end consumer.
Connection and Collaboration
Train your employees to build strong internal and consumer relationships through positive and effective communication, empathy, willingness to ask for help, and willingness to offer help.
Mental Agility
Develop your employees to think flexibly and accurately, seek new perspectives, and have the willingness to try new strategies. This may require new problem-solving skills; being resourceful, anticipating challenges and planning ahead.
Emotional Intelligence
Employees who can regulate impulses, thinking, emotions and behaviours are critical to good customer service and should be cultivated. Train your employees to focus on their strengths and what they can control, rather than dwelling on negative thoughts.
Tenacity and Optimism
Empower your staff to develop a resilient growth mindset. Encourage them to see mistakes as learning opportunities and to view challenges as something to be embraced.
Workplace Wellbeing
Educate your employees on the merits of eating well, sleeping well and moving well to support brain health. In turn, this will boost their resilience and ability to cope daily. Stress management is instrumental here.
Of course it goes without saying…strong resilient leadership makes all the difference.
So how Resilient Ready™ are your firm and your employees? If not now… when?
About Thrivewell Global
ThriveWell Global is a leadership and workforce training company which develops employee resilience training for organisations, so when their people flourish, their business thrives.
You can contact Cara at cara@thrivewell.global to book a discovery session or book in here.
Visit www.thrivewell.global