Motivation - how Egg unleashes the power of people
An Egg case study

Page 1: Introduction

Egg is the world's largest pure online bank, established in 1998. It has a reputation for innovation in financial services and was set up in response to consumer demand for a more flexible approach to banking. Today it has more than 3.7 million customers. Egg is best known for its credit card business, but it also offers loans, savings accounts, investments, mortgages and insurance.
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Page 2: Benefits of motivating people

Egg's enduring purpose is 'to revolutionise customers' experience of financial services driven through unleashing the power of people'. This is like a mission statement, in that it defines the way the company carries out its business. Egg knows its performance will determine its success in winning and keeping the confidence of its customers. It is apparent from Egg's enduring purpose that it...
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Page 3: What is motivation?

In essence, motivation is the art of getting people to do things because they want to, or because they see some benefit. At its most crude, motivation in the workplace is linked to pay. It has subsequently been proved that pay is not the only motivator and in certain circumstances does not act as one at all. For Egg, motivation is about creating an environment where its people: Are...
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Page 4: Motivational theory

Over the years, many theorists have tried to discover what motivates people. The most well-known are Taylor (1856-1917), Mayo (1880-1949), Maslow (1908-1970), McGregor (1906-1964) and Herzberg (1923-2000). Of course, motivation is so important that new theories are constantly being developed (Egg, for instance, uses McClelland's Three Social Motives) but these are all built on the work of the...
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Page 5: Motivation in practice

Mayo's theories and conclusions are particularly important at Egg. He commenced from the idea that the better the relations between management and their teams, the more efficient the business would be. Working agreeably is linked to being contented, and satisfaction comes from the employee knowing s/he is appreciated. This is why Egg places so much emphasis on managers knowing their people well...
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Page 6: Conclusion

The success of Egg is connected to the way it treats its people. Its enduring purpose sets out what it wants to provide as an organisation and where its targets lie. This includes having satisfied and well-motivated people who strive to deliver an excellent service for customers thus achieving greater shareholder value. By achieving these aims, both the organisation and its people get what...
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