The Manchester-based bank used Best Companies’ data to provide the best experience for both its customers and colleagues.
“It's no surprise to me that from that point where we came out of the pandemic – when we were authorised as a bank – we've seen a seven-fold increase in our lending. We've created sustainability in our profitability. And I put that entirely down to having the strong engagement from our employees. And Best Companies has been at the heart of us both understanding that and driving that.”
Carl D'Ammassa, Chief Executive Officer, DF Capital
Best Companies’ data provided learnings that helped DF Capital increase its employee retention rate to 91%
Increased engagement has contributed to the sustainability of DF Capital's profitability and a growth in its lending.
By focusing on the areas highlighted for improvement in its bHeard employee survey, DF Capital has gone from a ‘Ones to Watch’ status to a 3-Star Accredited organisation in just two and a half years
An engaged workforce has contributed to DF Capital achieving a ‘Platinum Trusted Service Provider’ status from Feefo two-years running
By using Best Companies’ data, DF Capital has seen a tangible ROI in productivity, managerial, and team performance metrics.
DF Capital is a bank that likes to do things its own way. The “DF Capital Way”. A phrase it’s coined to capture its spirit of striving to do things differently.
This, it says, means going against the norm, and building a bank that breaks the mould of stereotypes often associated with the financial services sector.
“We want to be the employer of choice, an organisation that can attract and retain the best talent in the industry because of who we are, what we do, and how we do it,” explained Charlie Michael, DF Capital’s Chief Sustainability and People Officer.
The bank has big ambitions. Since it founded in 2016 as a niche commercial lender, it began a mission to help small and medium- sized businesses (SMEs) across the UK by providing them with flexible finance products that support the growth of their businesses.
It was authorised as a bank in September 2020, enabling it to begin offering personal savings accounts to individual customers. Scaling the bank by growing its lending is DF Capital’s main priority, and indeed, its FY2023 financial results showed it achieved pre-tax profits of £4.6m – more than threefold increase on FY2022.
That’s impressive enough, but even more so for a bank that’s only held its licence for four years. It’s secret? Well, DF Capital says it’s all down to its people.
“We have an amazing opportunity ahead; however, success is defined by how engaged, passionate, and excited employees are about our journey,” explained Carl D'Ammassa, the bank’s Chief Executive Officer.
He believes that to fulfil DF Capital’s straightforward, expert, and flexible way of doing business – and in turn creating great experiences for its customers – then it must place a focus on its people.
Recognising the crucial role its people play in driving success, DF Capital aimed to better understand how people felt about working at the company. In 2020, as a growing organisation undergoing significant transformation, the bank wanted to gather candid feedback on employee sentiment regarding their work and the company as a whole.
This insight was vital in shaping an HR strategy that would position DF Capital as an employer of choice – one capable of attracting and retaining top talent in the industry.
In 2021, the bank approached Best Companies to provide it with a tool and framework to be able to measure its employee experience. In undertaking its first bHeard survey, it saw 97% of colleagues responding, and DF Capital being recognised with a ‘Ones to Watch’ Accreditation status.
The data the organisation received from this initial survey provided valuable insight that Charlie says was crucial in helping them decide on next steps.
We all know that an engaged workforce is crucial for achieving organisational goals," she explained. "This is why the data is invaluable. It’s given us a clear pulse on how people feel about the organisation’s clarity, vision, and purpose, how they contribute, and where the gaps are. This insight helps us pinpoint areas where we need to boost engagement to drive better business results."
DF Capital used its Best Companies data and insights to implement a strategy for improvement, with a strategic focus on embedding clarity throughout the organisation.
“When we first received a Ones to Watch Accreditation, we were delighted,” Charlie explained.
“However, what was obvious was that the employees across our organisation weren't necessarily really clear on what our purpose was, what the vision and mission was of DF Capital, and the role that they played to contribute towards that.”
Together with the senior leadership team, Charlie dedicated considerable time to determining how best to communicate this to all colleagues at DF Capital, ensuring everyone clearly understood their role in driving the organisation’s goals.
As a result, Charlie and the team came up with a set of key focus areas and agreed on what success looked like.
“We completely redesigned our performance management framework around the mission and vision of the organisation, so that our employees have real clarity in the part they play towards our success,” Charlie continued.
“We connected that to our recognition and reward framework. While it may sound simple, it actually required significant time, reflection, and integration across the organisation. However, as a result, it has made a real difference in how people feel about working at DF Capital.”
Over the two-and-a-half years since that first survey, DF Capital’s strategy has proven to be a successful one. It’s latest survey, in January 2024 saw it achieve a 3-Star Accreditation, the highest of those that Best Companies awards, and be named ‘Best Improver’ based on its data alone.
Its survey response rate has remained above 95%, highlighting the fact that both the organisation and its people recognise the importance of how providing open and honest feedback can help identify opportunities for improvement and drive success.
Its engagement scores have increased across the board, across each of the ‘8 Factors’, with the two areas it placed its most significant focus on, ‘My Company’ and ‘Leadership’ two of its highest scoring overall areas of engagement (77% and 79% respectively).
So, has the strategy meant that DF Capital has moved closer to its goal of being an employer of choice?
“Since working with Best Companies, we have increased our employee retention rate to 91%, from 81% ,” said Charlie.
“This has definitely attributed to the huge success we’ve had in the last couple of years, seeing us boost profitability and obtain an impressive NPS score, in addition to receiving the Platinum Trusted Service provider with Feefo.”
When it comes to the connection between an engaged workforce and an organisation that operates optimally, Charlie says she’s is thrilled with DF Capital’s progress in such a short space of time, adding that the hard work is paying off for the organisation, its employees, and its customers.
“I'm so proud of the 3-Star accreditation, but I think I'm actually more proud of the journey that we've gone on and how we've really listened to our colleagues and made a difference,” she said.
“Customer experiences are absolutely empowered by engaged colleagues. If you can work out how to engage your colleagues, you will engage your customers, which in turn will give you a better bottom line.”
Now, as it looks to build on its recent success and strong start in investing in its people, does Carl D’Ammassa believe that DF Capital’s culture will play a pivotal role in its next steps?
“Having engaged and empowered employees who are really powered by purpose, drives really great customer outcomes,” he explained.
“Working with Best Companies, we've got all the insight on how we can drive great employee engagement. So, having employees that have got a smile on their faces, a spring in their step as they come into work, and knowing exactly what they've got to do is creating a really great environment, which is fabulous for all stakeholders.”
Reflecting on the journey so far, and buoyed by the improvements that have been made since working with Best Companies, what does Carl think the key benefits to business are by having an engaged workforce?
“It's no surprise to me that from that point where we came out of the pandemic – when we were authorised as a bank – we've seen a seven-fold increase in our lending. We've created sustainability in our profitability. And I put that entirely down to having the strong engagement from our employees. And Best Companies has been at the heart of us both understanding that and driving that.”
For more information about how working with Best Companies data can help your organisation achieve its goals, please get in touch.
To read more about DF Capital’s latest bHeard survey results and initiatives, please click here Best Companies | DF Capital Company Profile
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