The Financial Services Compensation Scheme (FSCS) is the UK’s compensation scheme for financial services, protecting people when authorised financial services firms fail.
FSCS is independent and covers many regulated financial services in the UK. Since launching in 2001, they’ve helped millions and paid out billions in compensation.
Their customers, people and stakeholders, are at the heart of everything they do – understanding that for employees to provide the best possible customer experience, they need to feel supported, engaged with a purpose and given the tools they need to succeed.
FSCS also recognise the importance of creating a diverse and inclusive workplace where everyone can achieve their personal and professional goals, recruiting and supporting colleagues from the broadest possible most diverse pool of talent, irrespective of age, gender, race, sexual orientation, or social background.
We spoke to Chief People Officer David Blackburn about what winning an award would mean to them and what the future holds.
Why did you enter The Investors in People Awards 2021?
As a team and an organisation, we’re immensely proud of what we’ve achieved over the past 18 months. We mobilised quickly as the pandemic hit to best support our people and be in the best place possible to continue to provide an outstanding customer experience; we were there for people in their time of need.
We have evolved and implemented an effective strategy to support our people and realise long-term benefits – ensuring everyone feels supported; whilst accelerating momentum in achieving our organisational goals. Our strategy touches on all elements of the employee experience from wellbeing to smarter working, diversity and inclusion and personal development.
Despite the obstacles presented by the pandemic, we have done more than tread water. We have stayed abreast of constantly evolving requirements, consistently anticipating and responding to the needs of our people.
As a result, our people are more engaged than ever, helping us achieve an eNPS score of +67 (up 37 vs 2019); and an overall engagement score of 88%.
We have supported our employees to deliver their very best, which has had a significant positive impact on our customers. In June 2021, we delivered our highest ever recorded customer satisfaction at 89% (up 10% on 2019/20) and delivered the most advice decisions we ever have as a scheme.
Are there any goals or challenges you hope an award will help you achieve or solve?
It is very rewarding to receive recognition for all that we’ve achieved as an organisation – it supports our people to continue to feel connected to our purpose and acknowledge all the work that has gone into delivering for our customers during this challenging time.
This award also recognises the People Team, who have worked tirelessly throughout the pandemic to ensure that our employees felt supported. We have achieved outcomes that we never even thought possible at the beginning.
It helps to thank everyone involved in the scheme and showcase the impact they’ve had.
Tell us what distinguishes you from other companies in the category you’re shortlisted in.
As a small company of around 250 employees, we have shown how it is possible to achieve a lot in a short time if you focus on what matters. In our case, this has been our people and our customers.
We’ve achieved record Customer Satisfaction Scores this year and the highest engagement levels we have ever seen across the scheme (eNPS of 67 and engagement score of 88%).
What does being shortlisted mean to everyone at your company? (Feel free to include stories of people running around the office, crying or calling their parents).
It means the world to us – it recognises the work we’ve done over the past 18 months; all the effort and hard work that has gone into ensuring that our employees are supported, feel well at work and are in the best position possible to support our customers through what has been an extremely challenging time.
For our business, it is also recognition of how we’ve future-proofed to ensure that we are set up to deal with the ongoing impacts of COVID and how we’ve been able to take all that we have learnt throughout the pandemic forward into our new strategy.
As a People Team, we are extremely proud to be shortlisted – the last 18 months have brought us even closer together. We enjoy being able to celebrate the success of being shortlisted and all that we’ve achieved together.
What would it mean to win?
It’s hard to even put into words what it would mean to win Best People Team. We’ve worked tirelessly over the last 18 months to ensure that our employees have been supported throughout, our office environment was maintained and ready for everyone’s safe return in September this year, and we have become closer than ever – learning more about ourselves and each other as the year has progressed and thrown new challenges at us.
We love to celebrate our success as a team, frequently taking time to reflect on just how much we’ve achieved and how far we’ve come – this would be the cherry on the cake in our 2021!
How does being shortlisted benefit your customers?
Being shortlisted showcases our commitment to our people and our customers – it highlights how we put them at the heart of everything we do alongside our stakeholders; and all the work that has gone into ensuring we are in the best place to support them during COVID, and into the future.
How would you use being the recipient of this award to influence others?
We will continue to share our successes as a team and as an organisation – highlighting the importance of celebrating achievements together as a team.
Hopefully, it will also solidify our place as an employer of choice – share our success with external stakeholders and potential future employees.
What can we expect to see from your organisation in the next 12 months? (And beyond!)
We will continue to focus on Smarter Working – ensuring that everyone feels able to take ownership for their working weeks and encouraging the office environment for collaboration, connection, celebration, and creative thinking.
We will continue to have regular feedback touchpoints with our employees, listen to their feedback and communicate how we are taking action off the back of this – engage, listen, act!
We will continue to hold hybrid events, using our transformed office space and technological capabilities to ensure everyone is included.
We will continue to celebrate success and all that we have achieved – next year is our 21st anniversary of operation!
What advice would you give to anyone applying for The Investors in People Awards 2022?
Ensure that you have a compelling story to tell – and use this as an opportunity to celebrate all that you’ve achieved and the impact that it’s had on your people and your organisation.