2019-2020 Annual Report and Statement of Accounts

ORGANISATIONAL EFFECTIVENESS Revamp the Human Resource Strategy to Support Talent Development and Management Recruitment and Selection

Understanding the importance of recruiting the best talent for organisational success and the achievement of the Bank’s strategic goals, the Bank ensured the diversity of its region was reflected in recruitment practices. Every effort was made to ensure that the ECCB’s recruitment experience was of a high quality, resulting in the identification and onboarding of candidates who were best suited for the Bank’s culture. Over the financial year, 31 external candidates were successfully recruited for seven departments within the Bank and six vacant positions were filled internally for two departments.

The staff complement of the ECCB stood at 265 as of 31 March 2020.

Training and Development Employee learning and development contribute to the productivity and growth of an organisation. For the period 2019/2020, as part of the Bank’s Management Initiated Training, staff participated in seminars, meetings, and conferences in areas such as Accounting, Risk Management, Information Security, Debt Management, Digital Currencies,Central Bank Regulations, Internal Auditing for Central Banks, Leadership Development, and Human Resources. In September and November 2019, 24 members of staff—identified for their burgeoning leadership abilities-- participated in the inaugural Emerging Leaders Programme, which was facilitated by Dr Lois Parkes from the Caribbean Centre for Development Adminitration (CARICAD). Additionally, five members of staff pursuing higher education gained support from the Bank through its staff initiated training. Compensation and Benefits Management Over the review period, the Bank ensured that compensation and benefits remained a priority by promoting progressive and proper remuneration of staff with benefits that allowed for flexibility and workable options. As previously planned, increments were reinstated Bank-wide effective 1 April 2019. The reintroduction of increments was aimed at further incentivising employees, enhancing the Bank’s compensation and benefits package and its overall competitiveness as an employer of choice poised to attract and retain superior talent. Additionally, in accordance with the recommendations and approval of the Triennium Salary Review Committee an increase in the housing allowance, overseas allowance and the first tranche of the triennial salaries increase (2019-2021) were effected 1 April 2019. The Bank, in its thrust to broaden its mortgage loan benefits offerings to staff, invited all the commercial banks within the ECCU to participate in its Staff Mortgage Scheme. Agreements were finalised with five commercial banks, which joined two other banks that were previously providing the service. The welfare of the Bank’s staff continued to be its top priority with the reintroduction of the Bank’s counselling service in person and online. The Bank’s Executive championed the provision of corporate-sponsored health and wellness support for staff to ensure mental acuity and to promote work life balance. Utilise technology to inform data-driven decision making Implement an Upgraded Currency Management Solution The Bank is in the process of improving currency processes and operations by upgrading the integrated Currency Management Solution. The solution comprises upgraded software and a new processing/sorting machine for bank notes inclusive of the polymer substrate. The ECCB has contracted the services of Cash Processing Solutions (CPS) to implement the solution.

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