{"id":661,"date":"2025-04-05T10:07:39","date_gmt":"2025-04-05T02:07:39","guid":{"rendered":"https:\/\/www.biworldwide.com\/en-sg\/?post_type=case-study&p=661"},"modified":"2025-04-06T10:11:03","modified_gmt":"2025-04-06T02:11:03","slug":"a-purpose-worth-banking-on","status":"publish","type":"case-study","link":"https:\/\/www.biworldwide.com\/en-sg\/our-work\/case-study\/a-purpose-worth-banking-on\/","title":{"rendered":"A purpose worth banking on"},"content":{"rendered":"
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\n\t\t\t\tA purpose worth banking on\t\t\t<\/h1>\n\t\t\t\t\t\t\t\t\t\t
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Most businesses understand the value of knowing “their WHY” and most leaders realize that having a clear purpose ignites passion, sharpens focus, and drives results. But over and over, we see companies leaving their real value on the table.<\/p>\n\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n

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Results<\/h2>\n\n\n\n

Connecting employees to a bigger purpose ignites passion, sharpens focus, and drives results. This recognition strategy put the company’s purpose in the spotlight and saved $10.4 million in turnover-related costs.<\/p>\n<\/div>\n\n\n\n

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Industry<\/h2>\n\n\n\n

Financial services<\/p>\n<\/div>\n\n\n\n

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Problem space<\/h2>\n\n\n\n

Employee engagement<\/p>\n<\/div>\n\n\n\n

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Services<\/h2>\n\n\n\n

Recognition<\/p>\n\n\n\n

Rewards<\/p>\n\n\n\n

Communications<\/p>\n<\/div>\n\n\n\n

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Technology<\/h2>\n\n\n\n

DayMaker<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/linearGradient><\/defs><\/svg><\/span><\/div>\n\n\n

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Live your purpose<\/h2>\n\n\n\n

Most businesses understand the value of knowing \u201ctheir WHY\u201d and most leaders realize that having a clear purpose ignites passion, sharpens focus, and drives results. But over and over, we see companies leaving their real value on the table.<\/p>\n\n\n\n

When we started working with a large financial services company, we discovered they had a strong, inspiring statement of purpose: \u201cLighting the Way to Financial Well-Being.\u201d This company is passionate about helping clients, teammates and communities achieve financial confidence, with a personal touch.<\/p>\n\n\n\n

But they wanted to know if this passion was resonating with employees. Was it shaping their behavior? Was it producing results?<\/p>\n\n\n\n

To find out, we interviewed employees from different parts of the company and asked each one what \u201cLighting the Way to Financial Well-Being\u201d meant to them. Did they know this was the company\u2019s purpose? Did they know how to bring it to life in their day-to-day interactions? Was their performance being measured against it?<\/p>\n\n\n\n

What we found was a disconnect between the visionary purpose statement and the boots-on-the-ground work. Not everyone knew how to activate the company\u2019s purpose, so very few employees were. And without purpose, employees can feel disillusioned, distracted, bored, replaceable\u2014all the things that eventually lead to looking for a job somewhere else.<\/p>\n<\/div>\n\n\n\n

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Ignite passion and sharpen focus<\/h2>\n\n\n\n

BIW proposed a recognition strategy that would put our client\u2019s purpose in the spotlight.<\/p>\n\n\n\n

The goal was two-fold:<\/p>\n\n\n\n

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  • Fire up their workforce – increase engagement, boost morale, and ultimately reduce turnover.<\/li>\n\n\n\n
  • Win over customers by truly “Lighting the Way to Financial Well-Being.”<\/li>\n<\/ul>\n\n\n\n

    The client saw the value and jumped right in. We named their recognition program myPurpose. We created Purpose Points. We established key recognition behaviors to support their purpose statement\u2014like putting the client first, fostering trust, working with precision, and showing a passion to win.<\/p>\n<\/div>\n\n\n\n

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    Drive results<\/h2>\n\n\n\n

    Just one year after the official launch and in conjunction with other internal strategies, two key business results were already clear.<\/p>\n\n\n\n

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    1. Employees were staying. In the first year, turnover dropped by almost 31%. With turnover costs at about $8.500 per employee, this saved them $10.4 million in the first year alone.<\/li>\n\n\n\n
    2. Customers were happier. A second, incredibly important results was the astounding jump in customer experience scores. The company had been aiming for a four-point gain in the first three years of the program which was a massive swing. Within 12 months of the program being in place, they’d already reached that goal – two years early.<\/li>\n<\/ol>\n<\/div>\n<\/div>\n\n\n\n
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      Thought Leadership<\/h2>\n\n\n\n

      Learn from the best. BIW thought leaders bring you a deeper look at the business of inspiration.<\/p>\n<\/div>\n\n\n\n

      \n\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

      A large financial services company aimed to ignite passion and sharpen focus by aligning employees with their purpose, “Lighting the Way to Financial Well-Being.” They launched a recognition program called myPurpose, rewarding key behaviors with Purpose Points. This initiative led to significant reductions in turnover and impressive gains in customer experience scores. Discover how this strategy transformed their company culture in the full case study.<\/p>\n","protected":false},"featured_media":1408,"template":"","meta":{"case_study_logo":1299,"unique_title":"A purpose worth banking on","unique_cta":"","featured_image_focal_point":{"x":0.5,"y":0.5},"footnotes":""},"content-topic":[51,64,60,54,55],"problem-space":[49],"class_list":["post-661","case-study","type-case-study","status-publish","has-post-thumbnail","hentry","content-topic-communications","content-topic-daymaker","content-topic-financial-services-and-insurance","content-topic-recognition","content-topic-rewards","problem-space-employee-engagement"],"yoast_head":"\nA purpose worth banking on - Singapore (English)<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.biworldwide.com\/en-sg\/our-work\/case-study\/a-purpose-worth-banking-on\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A purpose worth banking on - Singapore (English)\" \/>\n<meta property=\"og:description\" content=\"A large financial services company aimed to ignite passion and sharpen focus by aligning employees with their purpose, "Lighting the Way to Financial Well-Being." 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