Human resources

By creating a positive working environment we are able to retain and attract the best employees. Together we aspire to understand and meet the needs and expectations of our customers because their experience is the heart of Arion Bank.

Human Resources Policy of Arion Bank

The right people. We ensure that the hiring process is professional and that every position is occupied by the right person. We are careful to ensure that people have the best experience when joining or leaving the Bank.

A clear vision for equality. We maximize our human resources by having a diverse team of employees and guaranteeing equal opportunities and terms.

Healthy work-life balance. We aspire to create a motivating working environment where employees are comfortable and satisfied in their jobs and we also encourage a healthy lifestyle. It is important that people have a healthy work-life balance and that employees take responsibility.

Continuous development and training. We encourage employees to maintain and add to their knowledge and skills, and we provide opportunities for professional development.

Strong leadership. We have a dedicated management team with a clear vision for the future and we strive hard to develop our leadership skills. Constructive feedback to employees is important.

Efficient working environment. Lean management is applied to enhance efficiency and there is a culture of constant improvement throughout the Bank.

Good quality service. We aspire to provide good quality service and to carry out our work attentively. We seek to inspire confidence and act professionally in all our dealings, while exceeding the expectations of our colleagues and customers.

Human Resources Policy

Organizational changes

In September 2019, extensive organizational changes were announced, resulting in changes in the management team and a 12% reduction in the number of employees, with approximately 100 people leaving the Bank, 80% of these at the headquarters and 20% in the branches.

Helga Halldórsdóttir was appointed head of Human Resources in April 2019.

It has been a year of great change at the Bank. The key focus of the Human Resources team this year has been supporting employees and management through these changes and attending to tasks related to these changes. Numerous projects were undertaken during year which were designed to improve the business, including enhanced access to information on HR matters, shortening working hours, digital employment agreements, changes to employee time recording, and an increased focus on digital training to ensure employees are able to provide outstanding service. We are committed to creating a stimulating and attractive working environment for our excellent employees who are driven by results and strive to do better today than they did yesterday. The future is exciting and we will be stepping up our focus on digital services, while at the same time developing positive and personal relationships with our customers. Human Resources plays a key role by supporting, training and developing employees and shaping the working environment in line with our key focuses.

Helga Halldórsdóttir, Head of Human Resources

Employee well-being

Every month a digital survey is sent to employees, which includes questions on their well-being, goals and opportunities to develop in their jobs. The response rate is generally good and on a scale of 1 to 5, the average score was 4.41 in 2019, up slightly from 2018 when it was 4.36.

Diverse team of employees

Arion Bank employs a diverse team of people with wide-ranging experience and varied educational backgrounds. In 2018 there were 820 full-time equivalent positions on average, while in 2019 the average was 755. At the end of 2018 there were 794 full-time equivalent positions, compared with 687 at the end of 2019, a decrease of 107.

Gender ratio – management

Age of employees

The average age of Arion Bank employees is 41.8. The average length of employment at the Bank is 10.1 years, but many people have worked at the Bank and its predecessors for much longer, some up to 44 years.

Gender ratio - employees

Equal opportunities

Arion Bank has adopted a clear policy on equal opportunities which can be viewed here. The CEO is responsible for implementing equal opportunities at the Bank and he is represented by an equal opportunities committee comprising Bank employees who put forward an equal opportunities action plan. The objective of the action plan is to promote equality and equal opportunities for employees irrespective of their gender, sexuality, origin, nationality, race, age, disability or religion, or other factor.

The objective of the action plan is to promote equality and equal opportunities for employees irrespective of their gender, sexuality, origin, nationality, race, age, disability or religion, or other factor.

Since 2014 the Bank has supported the Women’s Empowerment Principles (UN Women) and UN Global Compact. These are international declarations and treaties under the auspices of the United Nations which companies and institutions can use as guidelines when implementing responsible working practices, irrespective of geographic location or sector, and primarily concern advancing gender equality.

Arion Bank complies with the Gender Equality Act No. 10/2008, with subsequent amendments, and all other legislation and rules designed to ensure that women and men are not discriminated against and that people receive equal pay for equal work. The Bank has equal pay certification and complies with the equal wage management system standard ÍST 85. The Bank will be assessed again in the spring of 2020 with a view to maintaining this certification.

The Bank has equal pay certification and complies with the equal wage management system standard ÍST 85. The Bank will be assessed again in the spring of 2020 with a view to maintaining this certification.

Arion Bank respects human rights and operates in accordance with Icelandic law and international obligations. At the end of 2016 Arion Bank became a signatory to the UN Global Compact initiative on corporate sustainability. By doing this the Bank has committed itself to working in accordance with the UN’s 10 principles on sustainability, including human rights.

Arion Bank’s focus on equality supports the UN’s fifth sustainable development goal which concerns gender equality.

Allbright in Sweden has published its report on gender equality at the 333 companies listed on the Swedish stock market. Arion Bank is in 25th place this year, compared with 17th place last year. The focus of this report is the gender ratio at board and management level at listed companies.

Mutual respect in the work place

Communication at the work place should be characterized by mutual respect and we have zero tolerance for any inappropriate behaviour. The Bank has a policy on tackling bullying, harassment and violence, and one of our cornerstone values is to say what we mean. An anti-bullying team oversees the Bank’s policy on tackling bullying, harassment and violence. A process has been set up for receiving complaints from employees about inappropriate behaviour.

A healthy workplace

We aspire to create a working environment where employees are comfortable and satisfied in their jobs. We try to ensure that our employees can combine their family duties and work responsibilities as well as possible as it is important to maintain a healthy work-life balance. Employees are encouraged to take good care of their own health and to lead a healthy lifestyle, and the Bank contributes by providing health checks, sports grants and by holding health-themed events.

Every four months employees are asked about the balance between work and their private lives. The response rate is generally good and on a scale from 1 to 5 the average is 4.29. The same survey asks about employees’ satisfaction with equal opportunities at the Bank and the average score there is 4.06.

96%

Health
indicator

24.7%

used the transport
allowance

74.3%

used the
sports grant

39

events with a health theme
held during the year

47%

of people invited to a
health check accepted the offer

Training and professional development

The Bank offers a wide variety of training and development for our employees. We have increased the scope of digital training on offer in order to ensure that everyone has the expertise and skills required by their jobs at any given time. We provide opportunities for professional development with new challenges, greater responsibilities and demanding projects. Each employee is expected to be responsible for their own level of knowledge and we encourage employees to show ambition and willingness to improve and develop in their work.

Average number of hours of training and education in 2018 and 2019

hours

During the year we continued to develop the Bank’s service culture along the lines of our A Plus service strategy. We build upon the lean management techniques which have been implemented across the Bank. We aim to create a culture of learning and improvement, seeking to do better today than we did yesterday. We have also stepped up the level of training our employees receive on the products and services we offer.

Main tasks in 2019