© 2009 HARDING & YORKE WELCOME TO THE THIRD ISSUE OF My name is Morris Pentel and I have only been with Harding & Yorke since October 2008. I am the Managing Director of the Channels business and my brief is to explore relationships and business opportunities with other organisations. Since joining Harding & Yorke I have been enormously impressed by the high regard in which my new colleagues are held by some of the largest organisations in the world. As such, I feel certain that over the next few months we will be able to announce new partnerships that will enhance our offerings and those of our chosen partners and bring additional value to our clients. Over the past year the downturn in the corporate climate has caught many of us off- guard and whilst I am both excited and impressed by ERIC's correlation with profitability many of the people I have been talking to recently are less interested in looking for ROCE ( Return on Capital Employed) and more interested in how they can save money through either OPEX ( Operational Expenditure) and/ or HR. Yuksel Ekinci is busy completing an academic journal on the findings of early 2008 ( which will be made available to all YEP subscribers) so in this edition I have asked Harding & Yorke's Chairman, Jamie Lywood, to explore some of the benefits reported by their clients that relate to expenditure and HR. As always please feel free to call me personally if you would like to discuss any of the topics discussed in this edition. Morris Pentel Managing Director, Channels Harding & Yorke + 44 ( 0) 7747 561 656 MP@ empathy. co. uk 03 The INDUSTRY RANKINGS & AVERAGES tables following, indicate organisation Empathy and Process Scores ( from our 1 to 10 scale) taken from industries researched over the past quarter. THE LIST is a complete ranking of comparable Empathy ratings taken from those companies that are, or have been, included in the ERIC standard benchmarking programme. Editor: Richard Dinnick Editorial Assistant: Clare Mercer Contact: editor@ empathy. co. uk Web site: www. empathy. co. uk Produced for Harding & Yorke by Right Dynamic - www. rightdynamic. com In line with Harding & Yorke's environmental policy, the production and delivery of YOUR EMPATHY PROPHET T has been fully offset.
YOUR EMPATHY PROPHET T - ISSUE 3/ FEBRUARY 2009 04INDUSTRY RANKINGS OCT 2008PROCESSRANKCHANGE Sainsbury's Bank8.9415 Legal & General8.9321 Standard Life8.9031 direct line8.7642 RBS8.6953 Virgin Money8.6864 HBOS8.6072 Norwich Union Direct8.5882 Tesco8.5294 Scottish Widows8.47103 OCT 2008EMPATHYRANKCHANGE Standard Life6.911 Legal & General6.6723 RBS6.6134 Sainsbury's Bank6.5545 Norwich Union Direct6.5452 Virgin Money6.5362 Scottish Widows6.4975 HBOS6.428 direct line6.3094 Tesco6.2810 NOV 2008EMPATHYRANKCHANGE ING Direct6.6012 CIS6.5421 Britannia6.5135 Sainsbury's Bank6.4641 Churchill6.4552 Abbey6.41= 6NEW Lloyds TSB6.41= 62 Direct Line6.3985 Nationwide6.3498 Tesco6.32101 HBOS6.31112 Norwich Union6.25122 MORE TH> N6.17131 Esure6.0614 NOV 2008PROCESSRANKCHANGE Sainsbury's Bank8.731 CIS8.64= 22 Tesco8.64= 27 MORE TH> N8.5949 Churchill8.5853 ING Direct8.5264 Abbey8.447NEW Direct Line8.4183 HBOS8.3993 Lloyds TSB8.37105 Nationwide8.34119 Britannia8.1512 Norwich Union8.07131 Esure8.02144 HOME INSURANCE LIFE INSURANCE Great News - an increase in both Empathy and Process sees the highest averages since our records began for this industry. The improvements in empathy noted in the 1st issue of Your Empathy Prophet have been consolidated. We are getting through to the right person at a rate of 94% ( compared to only 78% in Oct' 06) and the industry average offering ' further assistance' is up 16% over the same period. We are feeling much better about both how we are greeted with the initial words and for the rest of the call which is very pleasing although the gap between the two implies employees may now be ready for a reduction in scripts! Most pleasing is the reversing of ' Promotion' scores. In August we reported that ' Promotion' and offering ' Unique Reasons to do Business' were areas to work on together with developing a belief system for employees. I am delighted to report an increase in ' Pride and Belief' with corresponding increases in your ' Promotion' and ' Unique Reasons to do Business'. At only 14%, this is still a long way off the highs of mid' 07 ( 31%) but, this time, we believe you! Well done. Highest placed individual scored a respectable 8.0 ( Virgin Money) in Empathy and the lowest one 4.29 ( Tesco) yet again! In August ' 08 I suggested holding off the celebrations for increasing Empathy until this report - now it is time to really celebrate. The Empathy scores have risen again for the 3rd report in a row which certainly implies that any initiatives have stuck. Process scores are also increasing although at a slower rate and still sit behind the highs of mid' 07. In the areas we highlighted for the industry last time ( Building Relationships / Understanding and Appreciating our Emotional Needs) we can see good steady ( yet small) rises for the industry. One disappointing area is the area of offering Unique Reasons to do Business which has not risen - however we can take some comfort in recording a better score in the way we feel about it. Highest placed individual scored a very good 8.25 ( Sainsbury's Bank) and the lowest individual score was 2.71 ( MORE TH> N).