Overseeing the implementation of these initiatives is a special committee of the Board of Directors of the Bank. Made up of both Board members and senior management, the committee, called the Opportunities Committee, has as its goal the development within the organisation of an environment that can attract and retain the kind of staff the Bank feels is needed to maintain its global competitiveness.
The specific goal of the initiatives and of the Committee is to create an environment where performing employees are valued and encouraged to grow to their fullest potential and, in time, to have the Bank seen as one of the most desirable institutions in which to work by every community in which it operates.
The responsibilities of the new committee are to assist management and the Board of Directors to create an optimum working environment within the Bank. This includes hiring practices, performance management, succession planning, career development and an equal opportunity policy. They are also responsible for reviewing the biannual employee opinion survey results and action plans, reviewing quarterly exit interview reports, as well as the Bank's diversity training course.
Eugene Bean, Chairman of the Opportunities Committee of Bank of Bermuda said: "We not only have a moral responsibility to ensure that these ideals are reinforced in all management practices and human resource processes, it is also a fundamental component contributing to the Bank's overall profitability."
The Opportunities Committee will be chaired by Eugene Bean, President and CEO of Bermuda Aviation Services. Other members of the Committee are David Hamshere, Louise Jackson, Dennis Tucker and Ward Young from the Board of the Bank, and Henry Smith, Alan Richardson and Mark Perreault from the Bank's senior management.
Foremost among the initiatives are global teams which will review and revise the performance management process and internal communications; a remuneration system that determines competitive salaries based on considerable market research; the extension of global profit share to all employees; implementation of staff surveys, staff focus groups, and a new appraisal process to be piloted in Bermuda and Stirling.
Henry Smith, President and Chief Executive Officer, said: "This effort is all about attracting and retaining the best staff available. The single most critical and challenging task every office faces is getting the right people - and keeping them."