ECCB 2018-2019 Annual Report and Statement of Accounts

ORGANISATIONAL EFFECTIVENESS

HR Consultancies The Bank, determined to stay the course and work towards achieving its strategic objective of enhancing organisational effectiveness, undertook the task of developing a modern HR Strategy. Consultancy firm, VF Inc of the Commonwealth of Dominica led by principal consultant, Dr Valda Henry, partnered with the ECCB to this end. During the year, VF Inc continued to work with the Bank to review its HR policies, procedures, performance management, and its training, development and succession plans. A compensation survey and gap analysis were undertaken. Policy Enhancement and Compliance The HR consultant’s review of HR policies and the recommendations from audit findings and general industry best practice alignment, resulted in the decision to formulate new policies and improve existing ones to better enhance the operational framework of the department. Compensation and Benefits Management The HR consultant reviewed the ECCB’s compensation and benefits package to assess and determine whether the remunerations the Bank offered were in keeping with best practices. The HR consultant undertook surveys and research which ascertained that the Bank’s remuneration packages were generally competitive. The triennial practice of the review of compensation packages resulted in certain recommendations, which the Board of Director approved. The adjustments in compensation would be effective 1 April 2019. Utilise technology to inform data-driven decision making Meetings Management Solution The Bank commenced implementing a paperless boardroom meetings management solution to facilitate the following objectives: 1. Provide a platform for a holistic approach for the coordination and management of the Bank’s meetings; and 2. An enhanced protection protocol for the transmission of documents with minimized risk to the Bank, by ensuring the security of confidential documents. The meetings management solution will be used to enhance the communication and information sharing for the Bank’s statutory meetings. These stakeholders will be able to collaborate on papers and conduct meetings via a central platform with mobile access.

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The Bank, determined to stay the course and work towards achieving its strategic objective of enhancing organisational effectiveness, undertook the task of developing a modern HR Strategy.

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