Employees who are not engaged or who are actively disengaged cost the world $8.8 trillion in lost productivity, according to Gallup's State of the Global Workplace: 2023 Report. Many of those are who are disengaged fall into the "quiet quitters" category of employees who do just the bare minimum required to keep their job and have lost interest in doing more.
That isn't the case at BOK Financial®, however. The company was named a 2024 Gallup Exceptional Workplace Award winner for creating a culture that values and invests in employees. This prestigious award is Gallup's top recognition for workplaces, celebrating companies—just 60 globally—that have a highly-engaged and performance-driven workforce.
What does the award reveal?
The Gallup Exceptional Workplace Award application is by invitation only. Each year, Gallup identifies organizations that meet the minimum criteria and invites them to apply. Companies with a participation rate of at least 80% on the Q12 Survey and achieve a grandmean of 4.40 or higher can be invited to apply for the award.
This year’s survey revealed that the winning companies had:
- 70% average engagement.
- Seven times the average ratio of engaged employees versus the U.S. average.
- A 14-to-1 average ratio of engaged to actively disengaged employees.
- 11 times the average ratio of engaged employees versus the global average.
Submitting BOK Financial for the Gallup award is something Janet Huber, director of diversity, equity and inclusion at BOK Financial, said the company takes great pride in. “It shows how we’re always working toward our unique aspirational culture by being strengths-based, engagement-focused and performance-oriented.”
Creating an environment for engaged employees
So, what is a leader's "secret sauce" for developing a highly engaged team?
"It's important for employees to understand how their role contributes to the company and its growth. When you connect those dots, they understand their value,” shared Paula Barrington, executive director of treasury services at BOK Financial.
She says when an employee becomes disengaged, it might be as simple as not having the right equipment or not being in the right role, so they can't perform at their best. By being open, honest and direct, Barrington feels she can understand what's going on and help the employee.
“I have conversations with them. I gain an understanding of what motivates them to get up in the morning and what they have a desire to do. Then when opportunities arise, I can move them into a better seat, and then they just flourish.”- Paula Barrington, executive director of treasury services at BOK Financial
Leadership styles can vary. For Kevin Kramer, Kansas City market CEO at BOK Financial, it's about letting employees do what they do best. "I have an underlying focus on hiring good people and staying out of their way. Allowing them to do what has made them successful creates an environment where they can share those skills for success with others."
Barrington added that transparency is crucial, especially when making decisions. "If you don't explain 'the why,' people will come up with their own reasons. You need to make sure employees are given the opportunity to ask questions and offer different opinions. That way, they feel they have a voice."
Both leaders cited recognition as an important part of employee engagement as well. "I haven't found a person yet who didn't like to be recognized, whether it's verbal or written," said Kramer.
For example, when Barrington heard feedback that her team wanted recognition from their peers, they created "Cheers for Peers," a program that allows team members to nominate each other for recognition during all-hands calls.
What engagement means for employees
Engagement can be a broad and vague term. For a manager, an engaged employee may mean they are being productive and adding to the company's success.
However, it may mean something else to an employee. For instance, for Rob George, manager of deposit pricing, strategy and analytics and a member of Barrington’s team, engagement comes when companies have a strong culture.
"Companies need to understand that it's a two-way street—you get what you give,” he said. “It's not just transactional. It's a relationship. My manager, Paula, has a very active relationship with us, and so does our HR partner. I can see they really look at developing their people.”
The value of an engaged workforce
Engaged employees can mean the difference between success and failure for a company.
"We don't need graphics and data to tell us that a more engaged workforce is higher performing, easier to retain and more interested in being developed to take on more responsibilities," said Jeff Reid, chief human resources officer at BOK Financial. "They're collaborative, productive, innovative and see their contributions in our overall success."
He feels the Gallup recognition emphasizes BOK Financial’s focus on engagement, person by person and team by team. It also outlines the type of company new employees will be joining which is helpful with recruitment efforts.
"People want to join our organization because they feel they'll have an opportunity to contribute, to be heard and to be developed. We look for people who want a career, not just a job," Reid said.
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