5 - 11 October 2000

BOV’s new human resources formula

Bank of Valletta has introduced a new motivational performance management system titled “FIRST (Formula in Realising Success Together). Through First, all the bank’s employees initiative and performance will be duly recognised and rewarded. The new performance management system is also expected to enhance BOV’s maxim of being the leading provider of value and relationship-based financial services.
Bank of Valletta’s 1,600 employees, from bank clerks and cashiers to branch managers, general managers and all top executives will be taking part in First which came into effect on 1 October and which will be implemented within the coming three years. The programme’s structure is tied to the bank’s financial year, from October to September. The employees’ goals, set in September, have to be reached within the 12 months prior to the start of the next financial year. Those employees who manage to reach the set standards will be awarded with a performance bonus.
Speaking about the performance management programme, Bank of Valletta chairman Joseph f. X. Zahra said: “First has come at a very opportune time when Bank of Valletta is undergoing a crucial restructuring process. As Malta’s leading financial services provider, our human resources have always played a major role in the success built throughout the years and this new initiative is another investment in our people.”
Describing the concept behind this innovative and ambitious initiative, Noel Scerri, head of BOV’s Human Resources Development Unit said: “First is the result of a study initiated by BOV almost two years ago on the dynamics of a potential performance management system. In this regard, the bank had also involved a number of consultants from the Bank of Ireland whose expertise subsequently led BOV’s management to devise a tailor-made system which would suit the bank’s strategies.”
Mr Scerri added that “it is of utmost importance that everyone understands the principles of this programme. Besides the financial rewards, it is also a new form of empowerment where the goals achieved, will reflect the employees’ new roles. Besides encouraging employees to identify new opportunities and advantages, the First programme will boost employees in all ranks since their jobs will become more challenging and important.”