ECCB 2022-2023 Annual Report and Financial Statements

Eastern Caribbean Central Bank Annual Report 2022 - 2023

As part of its targeted people management strategy, the ECCB maintained a strong emphasis on leadership growth and development, focusing on building talent, a robust succession pipeline, good governance, employee health and wellness, and relevance.

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Support for Staff Wellbeing, Development, Creativity and Innovation

and Conversations , an engagement initiative where staff had the opportunity to share their employee experience with the Human Resource Department in an intimate and informal setting. Compensation and Benefits Management Compensation and benefits are key drivers in recruiting, attracting and retaining employees. The Bank, being cognisant of this, continued to ensure that its compensation and benefits package remained attractive to new talent and its current employees. The Bank engaged and partnered with Korn Ferry, a global HR consulting organisation, in 2021 to review roles (via job evaluation) and conduct a competitive compensation and benefits study against a select peer group. Additionally, the Bank undertook a salaries and allowance review for triennium 2022 – 2025. Based on the recommendations, approval was granted for a 2.0 per cent salary adjustment to cushion inflation for the years 2023 – 2024 and 2024 – 2025. Acknowledging the rising healthcare costs and its possible financial burden, an increase was recommended and approved for the maximum medical loan amount to be increased from $27,000.00 to $120,000.00 or the equivalent of the staff member’s annual gross salary, whichever is less. The maximum unsecured loan amount was also increased to $54,000.00. These changes are meant to augment staff members’ financial access to quality healthcare and widen options available to them.

In its quest for best fit employees to advance the Bank’s strategic goals, ten (10) new staff members were carefully selected to join the ECCB team following selective recruitment and selection processes to onboard best fit candidates. Additionally ten (10) citizens from ECCB member countries accepted and participated in targeted internships in five(5) departments, contributing meaningfully and positively to the work of the ECCB and the wider ECCU, whilst building their own knowledge base and experience. Strategic staffing actions included opportunities for upward mobility through promotion for approximately 8.0 per cent of staff. The ECCB’s turnover ratio for the year 2023 was 5.0 per cent. This ratio doubled the recorded ratio from the previous year. The Bank recognised, there would be waves in the movement of staff given various influences including tenure, global dynamics and attrition. Retention of key talent remained a priority for the Bank with continued focus on promoting and providing flexible work hours and options. There was also continued focus on providing and maintaining a robust suite of policies that offer mutual benefit to staff and the organisation. Commitment to the ongoing development of the workforce was also undertaken through continued assessment and alignment of staff for sustained optimal organisational effectiveness. In addtion, the Bank also commenced its Coffee

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