Compensation, Benefits & Compliance Division
The principal activities for the Compensation, Benefits and Compliance Division are the development, implementation and maintenance of a competitive and equitable compensation and benefits policies and programs that will enable the Bank to attract, recruit, motivate and retain highly qualified people. The Division is also responsible for job classifications and management of merit-based pay system in line with Bank’s policy of reinforcing pay for better performance. The division takes a lead in developing compensation packages and reward systems that enable the Bank to attract, motivate and retain high performing quality staff. The Division takes leadership in identification and recommendation of competitive pay and rewards systems in line with the current trends in similar organizations. The Bank's comprehensive benefits program includes health and life insurance coverage, pension benefits, income protection in the event of short and long-term disabilities, and benefits for employee education and children's tuition grants and loans.
These activities are detailed as follows:
- provide prompt, efficient and effective compensation and pay administration in accordance with applicable laws, rules and procedures for the benefit of employees of the Bank. This is particularly important as employee salaries and benefits comprise the vast majority of the Bank's operating expenses;
- administer the Bank’s policy for granting financial assistance to staff members through payroll advances – vehicle loan, installation and household equipment advance, normal advance and special advance;
- manage the various staff benefits – home leave, home leave allowance, maternity leave, dependency allowance, and education allowance, etc. - in accordance with Bank policies, procedures and practices;
- undertake job evaluation and grading that ensures equity in the grading and remuneration of staff at all levels in the institution. This involves classifying positions, evaluating jobs, developing classification standards, competencies and specifications, assigning pay grades to classifications;
- develop and recommend rewards that recognizes, rewards and enhances performance; reinforce organizational values such as excellence, teamwork, client orientation, and also motivate staff to achieve higher productivity;
- coordinate the database for employees’ salaries and staff benefits managed in the payroll such as pension contributions, foreign salary transfers, leave salary payments, overtime payments, relevant deductions or recoveries, etc;
- administer the Bank’s claim settlements for Group Life and Group Personal Accident for permanent staff, official visitors, staff on fixed-term contract, consultants and short-term staff;
- prepare reports on all accidents and deaths to insurance the broker and follow up cases until beneficiaries are paid;
- review and recommend changes in current compensation and rewards systems using comparator organizations and other MDBs. This will include networking and partnerships on new developments in remunerations, benefits and insurance schemes;
- develop and recommend other performance based reward and recognition systems geared at enhancing productivity and reinforcement of good organizational values.
- all departments/units in the Bank with regards to the above detailed activities of the Division;
- all staff in providing them with professional advice and guidance on the application of rules and regulations regarding their benefits.
- Other MDBs and significant comparator organizations in order to ensure that the Bank’s compensation and benefits programs are competitive and in line with best practices.