Formue Uses Employee Data for Continuous Team Development

Previously, Formue conducted annual surveys, which required a lot of administration. The systems were inadequate and provided little value to the company. Consequently, they sought to use a research-based tool.

Formue is a leading Nordic company offering independent and comprehensive advice to individuals, families, and foundations. By the end of 2023, the company had 430 employees across Norway, Sweden, and Denmark. Comprehensive wealth management and advisory services are about realizing the goals set by clients. Trust and dialogue are crucial elements. Learn more about Formue and their services at www.formue.no.

We spoke with Merete Borg Larsen, Head of People in Formue's HR department. Larsen emphasizes that to offer the best customer experiences, it's crucial that employees are happy at work. Job satisfaction is vital for team cohesion and development.

The company has experienced significant growth in recent years, making it essential to have a grasp of what’s happening throughout the organization. For this, Formue needed solid data, especially since they operate in many different locations in Norway and across three countries.

‍

Annual Employee Surveys Were Not Enough

Previously, Formue conducted annual surveys, which required a lot of administration. The systems were inadequate and provided little value to the company. Consequently, they sought to use a research-based tool. They turned to their Swedish organization for inspiration.

It was in Sweden that they first started with pulse measurements using Winningtemp. They had great success with it and decided to implement it in Norway as well.

According to Formue's Head of People, they wanted to avoid guesswork. They aimed to make informed decisions based on data and wanted fresh data to work with.

Winningtemp allows weekly temperature checks within the company, and anonymity ensures honest answers.

‍

Easy to Implement

For many companies, implementing a new tool can be met with skepticism. There might be fears that the system is difficult to learn or that it’s expensive or time-consuming to implement.

Fortunately, Winningtemp is user-friendly and easy to implement. Focus on usability and privacy are among the elements Larsen values most. She also emphasizes the need to allocate time for system implementation.

Implementing pulse measurements in a company can take time, which is important to understand. HR should allocate time for good dialogue with leaders and for sparring about emerging issues, she explains. HR should support leaders and ensure they are comfortable with the system. They must provide tools that facilitate good team conversations based on data from Winningtemp. HR can, for example, help by arranging workshops or preparing presentation materials that support the message.

‍

A Team Development Tool

By combining traditional employee conversations and pulse measurements with Winningtemp, Formue can gather input from employees both individually and as a team.

We value constructive feedback. We have various tools to support this work. We have four interaction rules that have been with us for many years, aimed at fostering good internal communication and dialogue, and building the culture we desire. “We give and take constructive feedback” is one of our interaction rules.

Larsen elaborates: With Winningtemp, employees can respond anonymously, and it’s not important to know who answered what. We get an overview of satisfaction within our teams. Pulse measurements are a valuable support and team development tool for us. They contribute to a good feedback culture in our organization. How do we want things to be here, and what measures should we take to get there? We want openness about this.

General employee follow-up at the individual level is achieved through good dialogue. Pulse measurements do not replace the meaningful conversations Formue wants with its employees, such as regular status or performance reviews.

‍

Departments Learn from Each Other

Merete Borg Larsen seeks insight into what truly contributes to a good work environment. She notes that the various departments have much to learn from each other. Therefore, measurements and feedback are highly valued. She explains:

Sometimes we see that certain departments score very high on various parameters. “Why do they do that? Why is the situation perceived as so good in this department during this period?” There can be a wide range of responses from employees, and the diversity itself is very interesting! “Why do we answer so differently?” It creates good discussions when we bring this into the departments. Being curious rather than skeptical means we respect each other more and create room for differences in our organization.

It’s important for Formue to get an overview of temperature and feedback at the department level and then prioritize actions. Where should we allocate our resources? It's well-known that HR and leaders have many balls in the air. Implementing the right measures at the right time makes us more effective.

‍

Focus on Three Key KPIs

Formue's Head of People is clear that job satisfaction and a good work environment are not solely the responsibility of the leaders. It’s something everyone must work towards together. In this context, they use Winningtemp for ongoing reporting, with a particular focus on three key performance indicators (KPIs).

These are leadership, eNPS, and overall temperature score. Leadership because we know how important it is to have a good leader who supports, provides security, and challenges the team for further growth. eNPS, or "employee net promoter score," to determine how many ambassadors the company has. And overall temperature score because it gives insight into the average of all nine research-based categories.

Formue reports on these quarterly, just as they report on their financial situation. CEO Øystein Bø presents these figures to the entire organization.

Winningtemp is also a useful tool for reporting on various sustainability reports and ESG parameters. Both HR and management use the tool weekly and continuously, says Merete. It has become a tool that supports us in monitoring our organization and our people in a meaningful and effective way, with solutions well-grounded in research.

‍

A Continuous Process

Merete Borg Larsen has clear advice for other companies wishing to use pulse measurement tools like Winningtemp.

It’s a continuous effort. Both leaders and employees should understand why the chosen KPIs were selected. With Winningtemp, you get an active system you can use to develop employees. Use the results over time. Data is collected, analyzed, and actions are initiated. This is an ongoing process, and time must be set aside for it. Be cautious about comparing different departments and their results. We have different roles and conditions that affect our scores. Each team should work on what’s best for them. This doesn’t mean you shouldn’t learn from each other, but be careful about comparing without delving into what lies behind the numbers. And remember – pulse measurements should never replace the meaningful conversations we want with our employees.

‍

Pulse Measurements Have Become Part of Employee Engagement

Formue has now used Winningtemp for three years, sending out six questions a week. It’s easy to respond, and HR finds that many are eager to participate.

We have an average of 90% response participation, and most employees are satisfied with the solution. I would say that pulse measurements have become part of the employee engagement we have at Formue. Employees also feel that leaders address any challenges through good dialogue and leadership.

The high participation rate gives the HR department a good overview of what’s happening. They can therefore focus on implementing measures where they are truly needed. According to Larsen, the company’s priorities and action plans are partly based on data collected from Winningtemp.

Do you find Formue’s experiences with Winningtemp inspiring? With Winningtemp, you can gather tangible data, analyze it, and implement measures. This way, you can also ensure higher employee satisfaction in a simple and visual way.

Order a free demo today!

‍