During the course of the next few months, something very strange, possibly unique, will happen to around 3m bank accounts. They will move. As part of the diktat of the competition authorities, Lloyds Banking Group is having to sell on more than 600 branches. A number of potential buyers have come forward with varying degrees of enthusiasm.
This presents a fascinating threat and opportunity to LBG, to the organisation that ultimately stumps up the cash for the 600 branches as well as to the rest of the banking industry. Many of these 3m account holders are likely to be less than delighted about being passed around as an acquisitional trinket. They may well have been loyal LBG customers of many years standing.
And what role does the employer brand have in this scenario? Plenty, we would suggest. The current levels of engagement and enthusiasm these 3m account holders are receiving right now from LBG may well see them revert quickly back to the arms of Lloyds. Or indeed they may well be uncontained in their joy in being able to move from LBG without the ensuing hassle.
It is entirely logical too that they may well choose to do some window, internet or telephone shopping – which other banks are delivering the service that meets their needs? Again, the relative strength of our banking industry’s employer brands will separate the winners from the losers in what may well be a potential bank-swap bunfight.
Talented people, aligned to their organisation and its vision are probably going to appear more persuasive and more enticing to our 3m account holders, than employees at banking organisations currently experiencing attrition, disenchantment and disengagement.
Getting to the heart of your employee mindset 