For the LLB Group, training and professional education is an important instrument for raising its competitiveness. In 2015, we invested CHF 1.2 million (2014: CHF 1.1 million) in the targeted development of managers, talent and competences. The opportunities that we offer help us to recruit and retain committed employees and managers.
The LLB Group ensures that all staff are challenged and supported. Their individual knowledge and their continued further training are assured through the 70-20-10 model. Employees acquire 70 percent of their professional knowledge through practical experience in everyday job situations; 20 percent results from talking with colleagues and managers or activities in networks; and 10 percent of their skills are gained through training as well as by applying what they have learned.
Our employees may choose from a wide range of learning options as well as in-house programmes and training sessions. Employees throughout the whole Group use our e-tutor, the LLB Group’s “Learning Management System”. It allows us to specifically manage learning processes, efficiently administer internal training and, most of all, to promptly inform employees at their workplaces of the numerous regulatory changes.
The LLB Group has installed two uniform processes – the “Performance Management Process” (PMP) and the “People Development Process” (PDP) – to support the systematic further development of its staff as skilled employees, managers and individuals. A key instrument for connecting the LLB Group’s strategy and the GHR processes is the strategic requirements profile.
The PMP is used to link Group objectives with individual staff objectives. This central and very comprehensive process starts at the beginning of the year with an “Agreement on objectives” between employee and manager and culminates in an appraisal of the employee’s performance and skills. The process has been institutionalised across the company and it works for employees and managers alike, irrespective of their function.
The main focus of the PDP is on the competences that the LLB needs to achieve the objectives set in the Focus2015 strategy (2013 to end-2015) and in the new StepUp2020 strategy (2016 to end-2020). The PDP is unique in the fact that the assessment of an employee’s development and the identification of talent is not only carried out by their immediate supervisor, but has to be confirmed by a body of executives. This ensures objectivity beyond departmental boundaries.
In 2014, GHR, together with the operating units, created five “Potential Pools”, the goal of which is to systematically develop identified talent with good performance and excellent conduct. For the PDP 2015, 89 out of our 839 employees, which is about ten percent of our staff, were allocated to appropriate “Potential Pools” on the basis of a careful evaluation process. These employees, together with their supervisors and with the support of Group Human Resources, devised development plans using systematic processes.
The PDP allows the LLB Group to discover, harness and promote the existing potential of its employees. In doing so, we place particular emphasis on both forward-looking succession planning and, as a result, career guidance for the purpose of strategically filling key positions. This also includes identifying potential successors as well as targeted staff development.
Strategic succession planning is decisive if we are to be able to secure the sustainable performance of top executives for the LLB Group in the future too. At the same time, the level of expertise and competences in the company will increase over the long term too. And, not least, development opportunities are the prerequisites for enthusiasm, motivation and good relationships with clients and within the team.
In 2015, 25 future leaders from the LLB Group took part in an external leadership training programme in a targeted and efficient way under our “Future leaders” pool programme. This allowed 73 percent of vacant leadership positions to be filled internally.
The LLB Group promotes lifelong learning. Our experts regularly participate in professional education events, for example, at the University of Liechtenstein. In 2015, the focus was again on business and bank-specific diploma courses. In addition, a series of in-house training courses on special topics took place such as the LLB Group’s new pricing model or regulatory developments. We provided courses on the sales process for our client advisers and on the “Performance Management Process” (PMP) for our managers. In 2015, all LLB Group employees attended workshops entitled “Live the brand”, where our vision of banking based on our guiding principle of “We set standards for banking with values” was communicated to them.
New employees attending the introductory training course “Welcome to the LLB” are introduced, among other things, to such topics as vision, guiding principles, compliance, data protection and security. The LLB has been offering the “Preparing for Retirement” seminars in cooperation with the Liechtenstein Chamber of Industry and Commerce (LIHK) since 2010. The seminars are open to employees aged 58 and over.
We have set up special training programmes for the qualification of managers and client advisers. In 2016, on the one hand, our 160 managers will take part in development training based on our vision, our guiding principles and the StepUp2020 strategy. On the other, we want to set new standards with a pilot project for bank client adviser certification. Increasing demand for advice and the continuously changing situation of the financial markets require a high level of professional expertise. Consistent quality of advice creates trust and lasting credibility.