Against the backdrop of the economic crisis, employee retention emerged as a key challenge across industries.
•
Inflation, taxation and the escalating cost of living continued to impact employee motivation and welfare.
•
Digitalisation continued to be a key focus area to ensure accessibility, convenience and improve turnaround time.
CONTEXT FOR 2023
8,579
Employees
32
Average training
hours per employee
60%
Female
representation
Our team is the cornerstone
of our operations, and
comprises multifaceted,
talented individuals from all
walks of life. As the largest
employer in Sri Lanka’s
banking sector, Bank of
Ceylon is deeply committed
towards providing its
workforce with opportunities
for development and
progress, while steadfastly
working towards building
industry capacity, capabilities
and knowledge.
BANK OF CEYLON
A N N U A L R E P O R T 2 0 2 3
PRIORITY AREA 01:
NURTURING DIVERSITY
GRI 2-7
With 8,579 permanent staff members distributed throughout nine provinces in Sri Lanka, branches in the Maldives, Seychelles, and India, and a subsidiary bank in London, Bank of Ceylon serves as the largest financial institution in Sri Lanka’s banking sector, and consequently its biggest employer.
The Bank is dedicated to fostering a space for diversity and inclusivity, welcoming people from a variety of socio-economic backgrounds, religions, and ethnicities. This provides the Bank with a competitive edge, while cementing its reputation as a leading employer, thereby attracting the nation’s foremost talents and capabilities, and is the driving force behind its numerous accomplishments.
Province-wise employees by nature of employment and gender
Province
Permanent
Outsourced
Contract
Total
Male
Female
Male
Female
Male
Female
Western Province
1,528
2,425
365
17
3
-
4,338
Central Province
264
445
157
7
-
-
873
Eastern Province
269
187
133
-
-
-
589
Northern Province
232
274
140
-
-
-
646
North Central Province
284
285
125
-
-
-
694
North Western Province
245
432
138
3
-
-
818
Sabaragamuwa Province
210
321
126
-
-
-
657
Southern Province
230
496
159
-
-
-
885
Uva Province
211
241
128
-
-
-
580
Total
3,473
5,106
1,471
27
3
10,080
Employees by age and category of employment
Category/ Age
Corporate
Management
Executive
Management
Chief
Manager
Senior
Manager
Branch
Manager
and
Assistant
Manager
Management
Trainees and
other officer
grades
Staff/
Office
assistant
and
allied
Total
for
2023
Under 35
-
-
-
-
55
1,015
3,048
4,118
35-55
8
44
124
155
1,086
1,720
1,059
4,196
Above 55
10
19
26
15
36
60
99
265
Total
18
63
150
170
1,177
2,795
4,206
8,579
11 Years
Average
service length
of permanent
employees
100%
of Senior Management
hired from local communities
EMPLOYEES BY TENURE
Years
>20
15-19
10-14
5-9
<5
%
15%
24%
11%
8%
42%
Enabling equal opportunity
Among other policies, Grievance Handling Policy, Disciplinary Code and Human Resources Policy of the Bank provide equal opportunities and a harassment-free workplace. BoC's dedication to fostering an equitable and inclusive workplace is further evidenced by the Bank's implementation of Grievance Handling Policy as well as the Gender Policy.
The Gender Policy provides a framework for action, which will ensure equal access to women and men for all Bank resources and opportunities. The policy and procedures applies to all employees at the Bank despite the designation, category or place of work in terms of:
•
Recruitment, selection and promotion
•
Terms and conditions of employment
•
Access to training, professional development and career progression
•
Safe working environment
•
Leadership, management and accountability
•
Grievances, disciplinary action and termination of employment
•
Compensation and benefits
Furthermore, the Bank has policies in place regarding the hiring of differently- abled individuals, and in 2023, 14 such employees were added to the Bank's team, fostering inclusivity and equal opportunity.
Non-Discrimination
GRI 406-1
No incidents of discrimination or corrective actions were reported during the year.
Diversity of governance bodies
and employees
GRI 405-1
With 60% of its workforce being female in 2023, Bank of Ceylon continued to enjoy one of the highest rates of female representation in the industry. The Bank's governing bodies further reflect this commitment to diversity with the Executive Management of the Bank holding a 49% female representation rate.
DIVERSITY OF GOVERNING BODIES
Male
Female
% / Nos
49% (31) 81% (17)
19% (4)
51% (32)
Corporate Management
Board
100% (5)
Executive Management
EMPLOYEES BY GENDER
2023
2022
2023
2022
Male
Female
40%
41%
60%
59%
Recruitment
GRI 401-1
All recruitment opportunities are publicly advertised, and are undertaken in accordance with a Board-approved manpower plan. During the recruitment process, numerous factors are taken into account, including diversity,
EMPLOYEES BY CATEGORY
AND GENDER
Nos.
0
1,000
2,000
3,000
4,000
5,000
6,000
A B C D E
A- Corporate and Executive Management B- Managerial (CM, SM, BM and AM) C- Officers (including MT) D- Staff/ Office assistants and Allied Grades E- Total
Male
Female
46
592
905
970
1,825
1,865
2,341
3,473
5,106
35
skills, experience and qualifications. A stringent vetting process and strict guidelines are in place to ensure a fair and unbiased selection process is upheld, with written examinations conducted as required.
New recruits by gender
Gender
Male
Female
270
494
65%
of female
recruits
A WINNING, TALENTED AND DIVERSE TEAM
BANK OF CEYLON
A N N U A L R E P O R T 2 0 2 3
New recruits by region
Province-wise
Recruitment
Male
Female
Total As a percentage
of total
recruitments
Central
6
33
39
5%
Eastern
42
30
72
9%
Northern
27
44
71
9%
North Central
52
51
103
13%
North Western
21
54
75
10%
Sabaragamuwa
18
60
78
10%
Southern
16
57
73
10%
Uva
46
55
101
13%
Western (including H/O)
42
110
152
20%
Total
270
494
764
100%
Fostering fairness and
inclusivity
The Bank has in place a Disciplinary Code that includes guidelines, procedures, and protocols that address possible workplace sexual harassment in a proactive manner. In the event of a grievance or concern, comprehensive guidelines and a systematised process spanning inquiry to resolution are outlined in the Bank's Grievance Handling Policy.
Parental leave
GRI 401-3
Parental leave is an essential aspect of the Bank's strategy to attract and retain female talent. The Bank succeeded in retaining 100% of the employees who went on parental leave, and has consistently observed strong rates of return to work from these individuals.
In 2023, paternity leave was introduced for the male employees (03 working days with pay).
Indicator
2023
Employees entitled to parental leave
5,106
Employees who availed on parental leave
340
Employees who returned to work after parental leave
307
Employees still in employment twelve months after their return to work from parental leave
445
Return to work rate
100%
Retention rate
100%
Equal Pay
GRI 405-2
According to the terms of the Collective Agreement entered in to for 2021–2023, and in accordance with the Bank's established policies, Bank of Ceylon ensures that men and women are provided with equal pay (1:1 ratio).
PRIORITY AREA 02:
STRENGTHENING
GOVERNANCE
As an equal opportunity employer, the Bank has established a range of policies, practices, and standards to guarantee that all workers receive the same treatment and opportunities, regardless of their gender, ethnicity, or any other aspects.
These governance mechanisms uphold all local laws and worldwide best practices while fostering a non-discriminatory work environment.
Together with the HR and Remuneration subcommittees, the HR Policy Committee headed by the General Manager, is in charge of all affairs pertaining to the Bank's overall HR strategy, including guidance and support at a policy level.
Furthermore, a sustainability policy guides and ensures that sustainable principles are ingrained and practiced across the workforce.
The operationalisation of the Bank's HR management function is the responsibility of the HR Department. Every employee transfer is supervised by a Transfer Board.
Additionally, the Bank upholds an open-door culture to guarantee accountability and openness throughout all operations and reporting levels.
Whistleblowing Policy
During the year, the Whistleblowing Policy was reviewed, demonstrating the Bank’s commitment towards transparency and accountability. The policy maintains the utmost confidentiality and ensures that employees can report any instances of misconduct or fraudulent activity without fear of retaliation.
A WINNING, TALENTED AND DIVERSE TEAM
Freedom of association and
collective bargaining
GRI 407, GRI 402-1
The Bank offers collective bargaining and freedom of association, and 100% of the workforce holds membership in one of six trade unions. The highest level of transparency is maintained throughout any discussions held with trade unions, which are handled by elected representatives. The Collective Agreement that was signed in 2021 and encompassed the years 2021–2023 remained in effect during the year.
Collective agreements covering all permanent employees specify the notice time as well as measures for negotiation and consultation. A notice period of six months is given to ensure employees are apprised of any significant major operational or organisational changes.
PRIORITY AREA 03:
ENHANCING PRODUCTIVITY
The Bank consistently works towards improving employee skills and capabilities, while creating a conducive environment to build a productive and high-performing workforce.
Training and development
The Bank of Ceylon continues to place a significant emphasis on staff training, allocating a substantial investment towards this endeavour. The Human Resource Department strives to develop staff members into more capable decision-makers, leaders, and mould a driven, engaged workforce.
The Bank's training programmes are specifically designed to give its employees the abilities and information required to prosper in a dynamic, unpredictable, and ever-changing work environment.
The framework also describes procedures and techniques for determining the following:
Investment in Training
GRI 404-1
LKR 200.1
million
Invested in training
and development
596
Training
programmes
275,019
Total training man-hours
32
Average training hours
per employee
Designing training programmes
Choosing training methodologies
Measuring training efficiency
Conducting a needs assessment
Establishing goals and learning objectives
Performance management
GRI 404-3
The Bank utilises a Performance Management System that assesses KPIs and competencies on a bi-annual basis. The performance evaluation process is automated, thereby ensuring a fair, unbiased assessment of employee performance throughout the year.
Career development and
succession planning
The Bank relies on data-driven, technologically assisted efforts to roll out succession planning for managerial positions and above, with an emphasis on leadership development and career advancement.
Key Training Programmes during the Year focused on the following Areas, amongst Others:
•
Lending
•
Information technology
•
Compliance
•
Collection and recovery
•
General banking and banking operations
•
Internal control and audit
•
Treasury operations
•
Human resource management
•
Skills development
•
Sales and marketing
•
Finance and planning
•
Risk management
•
Legal
•
Security
•
Personal grooming and etiquette
•
Work-life balance and stress management
•
Sustainable banking practices
PRIORITY AREA 04:
IMPROVING WELFARE
The Bank offers a holistic value proposition to its employees, which include and transcend remuneration and rewards.
Competitive remuneration and merit-based rewards
Concessionary and complimentary benefits
Work-life balance with a focus on health and well-being
Continuous investment in training, development and career progression
Safe and dynamic work environment
Post-employment benefits
This involved identifying specific roles and preparing qualified candidates to assume more responsibility and senior positions. Coordinated leadership development courses, such as executive and management development programmes, leveraging the expertise of external organisations and resources to support their development and implementation.
Competitive remuneration and
merit-based rewards
GRI 401-2
Employee benefits and incentives correspond with market prices entitled as per the Collective Agreement agreed for the 2021–2023 period. Every employee's salary and non-salary benefits are outlined in the aforementioned Collective Agreement, which stipulates that all Bank employees are entitled to receiving appropriate compensation and benefits in a fair and equitable manner.
In light of the prevailing economic conditions, the Bank adjusted the Cost-of-Living Allowance (COLA) to compensate for the elevated inflation and provided a certain level of relief to employees.
Consistent engagement and
employee motivation
The Bank conducts a range of programmes to ensure employees remain engaged and motivated, while nurturing long-term relationships with its workforce.
Multi-level staff
meetings
BoC Library
Ceybank
newsletter
Performance
appraisals
Open-door
Culture
Year-round
activity calendar
Grievance
handling
mechanism
Two dedicated
channels (internal)
through PEO TV
tvBOC 1 and 2
Talent shows,
singing
competitions,
sports meet
Engagement
through trade
unions
Career
advancement
plans
Consistent engagement and employee motivation
LKR
25.8
billion
Invested in
compensation
and benefits
A WINNING, TALENTED AND DIVERSE TEAM
Employee resignation
GRI 401-1
As the country faced a severe brain drain owing to the financial pressure caused by the economic crisis, Bank of Ceylon too experienced an increase in staff turnover during 2023 as employees began seeking employment opportunities overseas. The retention rate of the Bank dropped from 98% to 95%, and out of the total count of resignations during the year, 72% were due to migration.
Resigned
Ret
ired
Total
Male
84
30
114
Female
190
50
240
Total
274
80
354
RESIGNATION BY AGE AND
GENDER
Nos.
0
20
40
60
80
100
120
140
160
180
Below 30
30-50
Male
Female
9
23
75
1
166
Above 50
Concessionary and complimentary
benefits
As part of the Bank's commitment to, employees also enjoy paid leave, medical reimbursements, discretionary bonuses and incentives, concessionary lending facilities and welfare transport facilities,
Owing to the economic crisis, the Bank offered relief credit facilities at concessionary rates, while providing flexibility with loan repayments.
Work-life balance with a focus on
health and mental well-being
BoC recognises the importance of promoting work-life balance and supporting the health and mental well- being of its employees. Gym facilities, Yoga sessions, resorts for holidaying and library access are provided to employees to promote physical health, mental well-being, and stress management. A consultant is also available to provide confidential counseling, support services under the programme "Sri Lanka Sumiththrayo", as resources for employees facing personal or work-related challenges.
Safe and dynamic work
environment
GRI 403-1/403-4/403-5/403-7/
403-8/403-9/403-10
Employee well-being, safety, and health are top priorities for Bank of Ceylon. The Bank has established robust standards and guidelines that address crucial elements pertaining to occupational Health and Safety. Furthermore, collective agreements that encourage involvement and engagement in Occupational Health and Safety (OHS) concerns clearly describe employee entitlements under the Bank's medical aid schemes.
Throughout the year, 459 lost-days were attributed to absences, work-related illnesses, and/or injuries.
The Bank has instituted an official OHS Committee with employee representation as a key component of its ongoing commitment to protect employee health and safety. To raise staff knowledge and spread a culture of health and safety, regular health awareness workshops and fire drills were held throughout the year. Additionally, all employees' health and safety hazards undergo consistent evaluation and supervision via a high- level Special Safety Task Force comprised of senior management.
GRI 403-6
In order to promote employee health, the Bank has established a pharmacy and an on-site physician at the Head Office. Additionally, all permanent employees are eligible for a comprehensive medical assistance programme that covers hospital stays, and outpatient (OPD) treatment.
Post-employment benefits
GRI 401-2
The Bank also provides superannuation and assistance with medical needs to its former workers who completed their tenure of devoted service at the Bank of Ceylon. In accordance with the Bank’s policy, widows and orphans are also eligible for this support.
•
7,299 pensioners receive assistance from the Bank's Superannuation programme
•
2,133 Widows' / Widowers' and Orphans' Pension Fund beneficiaries
LKR
4.1
billion
Invested in
superannuation
support
PRIORITY AREA 05:
DIGITALISATION AND
SUSTAINABILITY
The Bank continued to prioritise the development of a future-ready workforce, by equipping employees to adapt to a fast-evolving digital environment. The Bank further offers flexibility to employees by supporting a hybrid work environment that enables both on-site and off-site working capabilities.
The organisation’s digital drive has successfully utilised systems and platforms to reduce paperwork and improve efficiency. The introduction of the Human Capital Management (HCM) System and the use of workflow and sales service portals have considerably contributed towards process improvements within the Bank.
Sustainability at BoC
A dedicated AGM division oversees sustainability development within the Bank, and additionally, employees receive consistent training and awareness sessions regarding ESG principles and green banking. Particularly with respect to credit training, employees undergo at least half an hour of training regarding
ESG during each programme. These are further reinforced by ongoing sustainability initiatives at the Bank, and content presented via tvBOC.
Furthermore, a solar loan facility is offered by the Bank to encourage employees to progress towards renewable energy sources.
GRI 403-6
In 2023, the Bank introduced the award for ‘The Best Digitalised Branch’ in order to recognise efforts to integrate digital capabilities within the Bank in order to streamline processes, increase efficiency and reduce costs.
Province-wise
Resignation
Retirement
Central Province
14
5
Eastern Province
6
3
North Central Province
17
1
North Western Province
20
3
Northern Province
9
6
Sabaragamuwa Province
16
5
Southern Province
16
7
Uva Province
11
3
Western Province
165
47
Total
274
80
WAY FORWARD
The human capital remains dynamic, influenced by technological advancements, evolving customer expectations, regulatory changes, and workforce trends. Talent acquisition and retention will remain a priority, particularly as the country’s migration levels remain elevated. We will also maintain our focus on employee well-being and mental health, while investing in reskilling and upskilling programmes to equip employees with the skills needed for the future of banking. BoC will also strengthen its efforts to promote diversity in hiring and leadership and foster a culture of belonging where all employees feel valued and respected.
