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The Bank has managed its various knowledge assets. Among them its team of people, has been one of
the main factors that has enabled
the Bank to deliver consistent value
over the years.
Knowledge Enhancement
Knowledge enhancement focuses on enhancing the capabilities of the staff through performance coaching. Learning processes, succession management, leadership capabilities and ensuring the management’s commitment are some key areas that the Bank focuses on.
During 2008, our Staff Development Centre conducted 204 internal training programmes and 141 external local programmes. Last year 88 staff members participated in overseas training which included seminars, conferences and study visits to correspondent banks. Eminent overseas trainers from India, the United Kingdom and Malaysia conducted training on Risk Management, Basel II,
SMEs, and Credit Management for a number of our officers.
Last year we put in a considerable effort to strengthen our libraries. At the end of the year, sub-libraries were in place at 134 branches.
Job rotation and enrichment in addition to systematic staff transfers provide additional knowledge and experience to our staff. In 2008, 21%
of our workforce was rotated.
Knowledge Acquisition
Knowledge acquisition is essentially to do with creating the right workforce with the right people in the right jobs. All positions are periodically evaluated and role profiles updated from time to time.
Our recruitment procedure is one that is constantly sharpened to ensure a better fit from the word go. In the year under review, we received 17,239 applications and recruited 467. Of these recruits,
219 were for replacement, 241 for expansion and 7 were for new roles
that were created.
Wherever specialised knowledge needs to be acquired, the Bank uses external consultants. Pawning, risk management, exposure on International Accounting Standards on Financial Instruments and Basel II were some
such recent initiatives.
Target-Driven Performance Culture
The Bank’s Target-Driven Performance Culture has motivated our employees to push the bar higher and higher. The Bank’s strategy of rewarding its team members whenever targets have been met or exceeded has been highly successful.
Compensation and benefit management differentiates between various levels of performance and motivates the Bank’s staff to exceed stated targets and to perform as a team. The goal is to produce a continuous superior performance through a highly motivated workforce. The sustainability of the Bank’s performance depends on an on-going optimum alignment between the passion of our staff to exceed targets and the Bank’s unceasing efforts to raise the performance bar.
The Bank is increasingly recognising the growing importance of Compensation and Benefits Management, which impacts on knowledge management within as well as across sectors, and recognised that rewards were a key driver influencing employee behaviour and thereby affecting business results.
The Bank engaged the services of an external firm of consultants to carry out a comprehensive assessment of its compensation and benefits programme. The new Compensation and Benefits programme promotes desired behaviours and recognises required results, with a focus on rewarding critical skills and capabilities and building a high performance culture.
Future Strategies
- Focussing on managing change, shaping the culture to facilitate the achievement of strategic direction.
- Capacity enhancement of front line staff and developing emerging skills
in general.
- Setting accountability, periodic measurement and rewards.
- Creating exciting, caring and productive work environment.
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