“Investing in People, Growing Together“
Recognising the importance of staff development
While most would associate sustainability with taking care of the environment, at Krungthai Bank, sustainability is three dimensional. Aside from environmental sustainability, the bank also observes economic sustainability (for company growth and profit, risk management, innovation and customer relations) and operational sustainability (for governance. regulation, operational and human resource management).
For Krungthai Bank, human resources (HR) is the most important resource that can help the company achieve its goal of becoming a future bank. All employees are considered a valuable asset to be developed and retained, which go a long way towards achieving the bank’s vision of supporting the growth and wealth of customers, enhancing the quality of society and environment, and generating outstanding and sustainable returns to shareholders.
As such, Krungthai Bank has put in place a human resource management plan that responds to changes caused by technological disruption, changing customer behaviours and intensive business competition, and by doing so is able to efficiently support government policies as a listed state owned commercial bank
There are five aspects to the bank’s short-term and long-term HR strategies that aim to build and develop the over-20,000 employees in the organisation.
Workforce Management – the goal is to develop a workforce that is appropriate and effective and one that complies with business needs. This is done by regularly reviewing the workforce plan to ensure it matches the business plan and policies of the bank.
Up-skilling and Re-skilling Employees – to ensure employees have sufficient and appropriate skills, Krungthai Bank reviews their core, technical and management competencies. This allows the bank to identify strengths and opportunities for development.
Talent Management – in order to attract, manage and retain talent most efficiently, the bank continually improves its external channels of recruitment. It also assigns projects to employees based on their aptitudes and interests, and promotes IDP or Individual Development Plan for career growth.
Performance-Driven Organisation (PDO) – to create a PDO culture and provide appropriate compensation to employees, the bank shares its performance management guidelines with all employees and provides compensation that is in line with actual performance; in other words, the harder you work, the more compensation you receive.
Sustainable Krungthai Project – in order to eliminate corruption and create a moral organisation that has a zero-tolerance culture, the bank has implemented the Sustainable Krungthai Project to promote the concept of “a problem to solve, a good deed to do”, which encourages employees to participate in brainstorming sessions to solve problems in a morally sound manner.
Operating with international guidelines, the bank’s non-discrimination practices provide equal and transparent opportunities for new candidates and current staff seeking promotion. The bank considers only qualifications and not nationality, race, gender or disability.
In order to make employees feel that the bank is their “second home”, Krungthai Bank has recognised the importance of health and safety at the workplace and implemented the Krungthai Safety Together Project to provide knowledge on safety, evaluate and control hazards, keep the environment safe and appropriate, and promote good health in physical, emotional and social aspects. It looks into little details such as office ergonomics and helps employees by adjusting workstations and promoting better sitting postures.
Work-life balance is also important. The bank has provided welfare benefits to staff and their families and also adjusted the working environment to encourage creativity and innovation to generate new products and ideas. And if that is not enough, Krungthai takes it upon itself to provide inspiration to young employees to aim high in life. One example is inviting students who have received scholarships from the bank to dine with the bank’s management and get a taste of what the future holds for them.
“Working on the simple principle that if employees are happy with their work, they will always produce quality work for the organisation, Krungthai Bank takes care of its staff with an extensive and effective human resource management plan.”
Shanggari Balakrishnan, Chief Executive Officer, MORS Group