Employees

Information unaudited Information ungeprüft Employees

Excellent, committed employees are a fundamental prerequisite for the success of the LLB Group. For this reason, we attach particular importance to an attractive and modern work environment. This includes a strong corporate culture, interesting tasks, high development potential as well as many opportunities to help shape our common future.

The LLB Group as employer

We, as the LLB Group, are conscious of our responsibility towards employees. The way in which we structure working conditions can have positive and negative effects on the health, safety and well-being of our employees. We adopt measures aimed at creating a work environment characterised by respect, mutual appreciation and inclusion. We communicate openly, support the development of our employees and do our best to prevent any mental or physical stress. This enables us to avoid risks, remain an attractive employer and develop and retain talent. Our HR strategy defines the guidelines for our personnel management.

Our workforce in numbers

As at 31 December 2023, the LLB Group had 1ʼ423 employees (31.12.2022: 1ʼ318), who together filled 1ʼ213 full-time positions (31.12.2022: 1ʼ116). This makes us one of the largest employers in Liechtenstein. We record these figures for employees only. Our systems cannot currently record workers who are not employees.

At the end of 2023, 21 per cent (31.12.2022: 22 %) of our employees were Liechtenstein nationals, 35 per cent (31.12.2022: 36 %) Swiss nationals, 26 per cent (31.12.2022: 26 %) Austrian nationals and 9 per cent (31.12.2022: 7 %) were German nationals. All in all, people from forty nations (31.12.2022: 39 nations) are employed at the LLB Group. We are committed to ensuring that our client base is reflected in our employee mix. This also applies to our traditional cross-border markets in Germany and the rest of Western Europe as well as to the growth markets of Central and Eastern Europe and the Middle East.

We are very keen that our managers understand the mindset and concerns of our clients. And for this reason, almost 100 per cent of the managers and the majority of employees in the main business locations have their roots in their respective region. As a result, they are highly dedicated to the company and have a high level of integrity. They also take a longer-term view, which is very much appreciated by the clients.

To meet the demand for skilled employees, the LLB Group relies on commuters who come every day from Switzerland (31.12.2023: 392; 31.12.2022: 348) and Austria (31.12.2023: 114; 31.12.2022: 105) to Liechtenstein.

1Including permanent and temporary employees.

Attractive work environment

Being an attractive employer is becoming increasingly important for companies to gain potential applicants and retain existing employees. Against this backdrop, we continue to implement measures to improve the work environment. Here, we focus in particular on health promotion in the workplace, raising job quality and flexibility of working hours and location. In this way, the LLB Group can influence the creation of an employee-friendly business location in Liechtenstein through example.

As a universal bank, the LLB Group offers a wide variety of job diversity and a broad range of subject areas. To acquire and retain talent, it relies on a humane corporate culture that is characterised by partnership-based cooperation. The targeted development of employees and a modern compensation system also act as motivators. Through the use of staff turnover analysis, we want to understand the reasons and motives behind employees leaving their jobs and, based on this, come up with measures to improve the terms of employment and to reduce staff turnover and the costs that go along with it.

The staff turnover rate at the LLB Group was 9.9 per cent in the reporting year (2022: 13.0 %). The staff turnover rate is collected monthly and collated quarterly for a qualitative evaluation of the reasons for the departures.

We survey our employees, as a rule, every three years to get an idea of their opinions and their needs. In the last survey in mid-2023, we achieved a very high response rate of 91 per cent as well as improving in three of the four target values (“Attractive employer”, “No resignation” and “Satisfaction”) (see section High employee satisfaction). Liechtensteinische Landesbank and LLB Schweiz were honoured once again in 2024 with the Swiss Employer Awards for this achievement.

Flexible work environment

Mobile working is now high on the list of priorities for jobseekers. In recent years, the LLB Group has responded to this development and ramped up its home office capacities. The corona pandemic has sharply accelerated this process. Since the autumn of 2020, almost all employees have been able to work from home. Our modern home office regulations provide that employees may work from home for up to 40 per cent of their workload, if their job duties permit it and the legal framework conditions allow it. Differences arise in relation to permissible workloads due to Liechtenstein’s bilateral agreements with Germany, Austria and Switzerland.

The measures taken are in line with our strong commitment to sustainability as defined in the ACT-26 corporate strategy: after all, fewer days in the office reduces commuter traffic. The feedback on these regulations has largely been very positive.

Compatibility of work and life situation

A high degree of compatibility between work and private life makes for an attractive employer. In recent years, therefore, we have pushed ahead with projects offering greater flexibility of working hours and location. Most employees work under the trust-based working time model. Under this model, they determine, in consultation with their manager, exactly how their working time is to be structured and different workloads managed. A reduction of working hours is, in consultation with their manager, possible as well – this also applies to management positions.

1Including permanent and temporary employees (apprentices and young talents)

In addition, employees can increase their holiday entitlement by five or ten days and forego a corresponding amount of pay in return. This “FreiZeit-Kauf” (purchase leisure time) scheme is highly valued: in the reporting year, 156 employees (2022: 125) purchased a total of 1ʼ013 additional leave days (2022: 783).

Compatibility of work and life situation is an important criterion when choosing an employer – particularly for mothers. We have launched a special programme to facilitate their return to work after childbirth. For example, the workload can be reduced to 60 per cent in the first year if a mutual commitment is made to subsequently increase this to 80 per cent. In other instances, individual arrangements to take extended leave after childbirth or a smaller workload are made.

We also support paternity leave and permit our employees care leave in the case of a family emergency. The “Villa Wirbelwind” crèche in Vaduz, which was set up in co-operation with the Liechtenstein Bankers Association, is open to the children of all Liechtenstein bank employees.

Long-service employees are rewarded with a sabbatical. 46 employees (2022: 54) with long-service anniversaries of ten, twenty, thirty or forty years went on a sabbatical for up to four weeks in 2023.

Fair and performance-oriented compensation

The LLB Group spent CHF 209.5 million (2022: CHF 196.1 million) on salaries and social contributions in 2023. We have a modern compensation system that is considered exemplary in the banking sector. For the majority of employees, it includes a variable remuneration component. We set great store by fair compensation that explicitly recognises skills and performance. Women and men in the same position and at the same performance level are in the same pay scale and wage model.

A key indicator of performance is the Group Performance Indicator (GPI). The GPI allows all LLB Group employees to have a direct share in the net profit generated. The Group profit for the last three years – weighted in the ratio 60:30:10 – is used as the basis. The Group Board of Directors has defined a percentage of the net profit to feed into the bonus pool, which is subsequently shared with the employees. This percentage remains constant over the strategy period and is only reviewed in exceptional cases (for example major acquisitions) (see chapter Compensation policy).

During the previous year, the LLB Group disclosed the wage ratio for the first time. We compared the salary of the highest earner in the company to the median salary of the other employees. The ratio as at 31 December stood at 10.63 for the reporting year (31.12.2022: 11.13). Calculations for the whole LLB Group were performed in Swiss francs (conversion rates for EUR and AED as at 31 December 2023). The calculation was based on 100 per cent of total target compensation as at 31 December 2023. Neither the group of young talent employees nor hourly paid employees are included in the calculation.

Health and safety

Gaining the “Friendly Work Space” label from Gesundheitsförderung Schweiz (Swiss Health Promotion) in 2020 has made us truly top of class in this metric. In 2021 and 2022, we followed this initial success through with action and applied for recertification in summer 2023. Besides our very broad health-focused offering, which forms the basis for this award, we dedicated our attention during the reporting year to further developing procedural topics and to mental fitness. Pilot events were also held such as “Healthy leadership” for supervisors and “Stress fit” for employees. Following good feedback, we will be rolling out these training courses more widely over the next few years. We have expanded our offering with a variety of online events on various health topics as well as with weekly yoga lessons and a back fitness programme over lunchtime. Our aim is to reduce short- and long-term absences and to facilitate the return to work.

Mental stress can often result in physical illness and vice versa. Our employees are therefore able to gain free and anonymous access to psychological counselling should they find themselves in difficult professional or life situations. We also offer support to employees returning to work after a long absence and to those with serious health problems. Providing practical support enables employees to maintain or regain their productivity.

Our health management covers all LLB Group employees. LLB Österreich promotes health and sports provision in particular. This ranges from medical check-ups at work and vaccination programmes right through to participation in sporting events.

High employee satisfaction

Employee satisfaction is an indicator of whether it is possible to retain motivated, high-achieving employees in the company. To understand where we stand in this respect, we regularly conduct in-depth employee surveys at the companies of the LLB Group. In the last survey of 2023, we repeated our very good results in the five categories of “Commitment”, “Satisfaction”, “No resignation”, “Attractive employer” and “Would recommend employer to others”.

On the strength of these ratings the LLB Group took first place in the Swiss Employer Awards in January 2024 in the category of companies with more than 1ʼ000 employees, with the high response rate of 91 per cent also being a decisive factor. A total of 141 Swiss and Liechtenstein companies took part in four categories based on size.

Diversity, equal opportunity and inclusion

We place a particular focus on diversity, equal opportunity and inclusion. Studies show that teams that are highly diverse are more likely to question existing processes and thought patterns as well as to develop and advance innovative ideas. A broad-based workforce where everyone is afforded the same opportunities ensures that the LLB Group has a talent pool in which different experiences and expertise complement each other. We strongly oppose any form of discrimination and violence and promote a diverse and inclusive workplace.

The LLB Group has long since stated its commitment to diversity among its employees and at all levels of management. The Board of Directors and management support teams that are characterised by cultural diversity. We have also focussed particularly on defining the generation and gender mix within the company and are taking measures in those areas where we see the greatest need for action on the basis of the key demographic figures and our business model.

While we do not have a separate programme to promote diversity, creating diversity and equal opportunities are an intrinsic part of our recruitment process. When we fill positions we look for an ideal complement to the team as well as an appropriate balance in terms of gender, nationality and age. The LLB Group has special programmes designed to promote young talent and employees over the age of 50. We do not distinguish between genders when it comes to compensation. Measures, key figures and targets relating to diversity, equal opportunity and inclusion are specified in the LLB Group diversity strategy.

Key figures and targets

In order to anchor diversity and inclusion more firmly within the company, in 2022 we defined measurable visions and key figures. These are not restrictive quotas, but indicators to help us prioritise measures and identify progress. In terms of gender balance, we would like to increase significantly the proportion of women in positions of responsibility.

Diversity and inclusion key figures

The proportion of women working for the LLB Group is relatively high at 42 per cent as at 31 December 2023 (31.12.2022: 43 %), though they are still under-represented in leadership positions. On 31 December 2023, there was one woman in Executive Management (31.12.2022: 1) and two women (31.12.2022: 2) in Senior Management. There has been one woman on the Group Executive Board since 2016. At the end of 2023, with two out of the seven members women, the proportion of women on the Board of Directors was 29 per cent (see chapter Corporate governance). 85 employees were assigned to the “Potential Pools”, from which, among other things, future managers are recruited internally; of these, 29 were female (see section Performance management and employee development).

1Including permanent and temporary employees.

With a view to achieving a generational balance, we want to retain outstanding employees over the long term and propel younger employees with potential into positions of responsibility more quickly.

1Including permanent and temporary employees.

Pay equality

In 2020, together with the University of St. Gallen (HSG), we analysed pay equality between men and women. The results from the analysis presented in 2021 confirmed that there is no statistically significant disadvantaging of women at the LLB Group:

• At LLB in Liechtenstein Logib – a web tool to analyse pay equality – produced a result of 3.3 per cent.
• At LLB Schweiz the figure was 7.6 per cent.

Based on this, Liechtensteinische Landesbank received the highest award possible, the “We pay fair” certificate. LLB Schweiz similarly complies with the legal framework with its wage differential; no analysis was undertaken for LLB Österreich. The target value for 2026 and 2030 has been defined as below 5 per cent for each Group company.

Anti-discrimination

We vehemently oppose any form of discrimination. Offering all employees at the LLB Group the same opportunities, alongside other preventative measures, helps reduce discrimination in the workplace. Group Human Resources (GHR) is the body to turn to in case of any dispute. In 2023, there were no cases of discrimination reported at the LLB Group.

Initiative for employees 50+

Rapid digital developments and growing complexity are affecting the workplace, making job profiles more demanding. Staying motivated and up-to-date is a challenge – especially for people who have been in professional life for a long time.

At our Liechtenstein location, 26 per cent of employees are over the age of 50. To ensure they remain fit for the working world of the future, we have a special programme available for them. It includes, among other things, offerings to strengthen personal, professional and methodological competence. Our courses for employees turning 50, namely an analysis of their financial position, and for those over 56 of regular progress meetings are actively used and appreciated.

And the “Skills 4.0” course from a leading centre of excellence for future-oriented learning in Switzerland provides further education training to meet the needs specifically of the 50+ age group. Two courses from the Liechtenstein Chamber of Commerce and Industry – one on looking at where they stand in life at age 50+ and the other on consciously entering a new stage of life – which we recommend to our employees, are also well received.

Training as a main pillar of a company’s success

For the LLB Group, training and professional education are important instruments for increasing its competitiveness. They can also enhance the professional and personal skills of current and potential employees. Moreover, this not only has a positive effect on the level of qualifications of LLB employees but also on the overall level of qualifications in Liechtenstein’s labour market.

The organisational unit Group Human Resources is responsible for implementing a uniform personnel and social policy in accordance with the corresponding Group directives. All employees receive regular appraisals of their performance and their career development.

Performance management and employee development

The LLB Group has two uniform appraisal processes – the “Performance Management Process” (PMP) and the “People Development Process” (PDP) – to support the systematic development of its employees. For employees with above-average potential, so-called “Potential Pools” are created. Those talents who exhibit considerable development potential and are highly motivated are supported in a targeted manner. Our electronic portal eMap allows all employees to create a profile containing personal information regarding their ambitions. It also provides them with an overview of courses and of any training they have completed or are planning to undertake. The Group-wide training and education programmes are reviewed every year. The LLB Group also draws on employee surveys, which are carried out regularly, to improve its offering.

In the reporting year, we invested almost CHF 2.0 million (2022: CHF 1.8 million) in the targeted development of managers, talent and competences. By doing so, we were able to fill 60 per cent (2022: 69 %) of management positions that became vacant internally. In the “Career Planning” project, developmental intentions and perspectives were discussed with interested employees using a system-based process and with the aid of competence-oriented job profiles.

Digital learning

In the age of digitalisation, learning is increasingly taking place online. Digital learning formats are opening up new possibilities for acquiring knowledge. Many of our internal training courses now use webinars to deliver content.

All LLB Group employees have access to LinkedIn’s entire e-learning offering. LinkedIn Learning provides expert-led practical courses that enable them to acquire or enhance and deepen skills. Greater flexibility is another advantage of e-learning: employees can learn at any time or place, according to their individual needs. LinkedIn Learning is therefore also an essential component of our Group-internal management training.

Client adviser certification

With mandatory SAQ client adviser certification, we are ensuring the outstanding advisory competence of the LLB Group for the long term according to uniform quality criteria. In 2023, some forty employees with client contact started certification. The recertification catalogue had new training topics added, both in the online and in-person formats. Around seventy employees needing recertification in 2023 were able to extend their SAQ certificate for another three years.

The SAQ certification also complies with the regulatory requirements arising from the European Markets in Financial Instruments Directive (MiFID II) and the Swiss Financial Services Act (FinSA). In 2023, we invested around CHF 230ʼ000 (2022: CHF 220ʼ000) in training programmes in accordance with the standards of the Swiss Association for Quality (SAQ).

Sustainability training for employees

We have established a multi-stage sustainability training programme aimed at our client advisers to help them stay up to date in the face of our growing sustainable product range and associated increased requirements from the clients’ side as well as the legislators’. The programme was continued during the reporting year. Its attendance is mandatory for all new employees and client advisers. Two hundred and thirty employees completed the programme in 2023. In 2023, an online training course also took place for all client advisers on the topic of energy-efficient renovation of buildings. Some 190 employees have already completed the course.

Management development

Our managers play a key role in the implementation of our corporate strategy. In order to provide prospective and new managers with the necessary skills, we make use of the internal Leadership Development Programme (LEAD), which 29 employees completed successfully in the reporting year.

Professional training

LLB is one of the largest providers of training in Liechtenstein. In 2023, the LLB Group trained a total of 22 apprentices (2022: 25) in the fields of IT and commerce. These young adults benefit from high-quality dual vocational education and training. The traditional apprenticeship remains the main pillar of the development programme for our junior employees. We believe that the provision of a broad education is a key task, especially as through the Federal Vocational Baccalaureate (FVB) it allows young adults to keep their options open to go to a university of applied sciences or a traditional university. To raise awareness of sustainability matters amongst apprentices, we ran a multi-day workshop in 2023, together with the foundation “myclimate”. This enabled participants to gain the necessary knowledge as well as work on sustainability projects themselves.

Bachelor, work and study, and master programmes

The LLB Group focuses strongly on university graduates. There are three different programmes available for candidates:

• practical-based direct entry for graduates (2023: 6 participants);
• a work and study programme for postgraduates in the final phase of their studies (2023: 4 participants);
• and a trainee programme for postgraduates (2023: 10 participants) in the areas of general and relationship management.

The participants of these three programmes are in contact with top management, are involved in day-to-day business from the outset and profit from the comprehensive spectrum of tasks of a universal bank. Those who demonstrate performance and commitment are recommended for a permanent position.

The LLB Group continues to have large demand for employees with a higher education. To enhance our profile as an attractive employer, we are regularly visibly present at both online and physical events at the Universities of Liechtenstein and St. Gallen, FHS St. Gallen University of Applied Sciences and Zurich University of Applied Sciences (ZHAW) in Winterthur. This is bearing fruit: the level of qualifications of new entrant employees and managers remained constant in the reporting year compared to 2022.

Digitalisation of personnel management

The LLB Group has had a digital portal for some years now that offers employees and managers a uniform platform for a variety of different HR applications, ranging from tools for learning management to onboarding new employees. At the same time, two management-intensive processes (performance management and people development) were also system supported and automated, improving and facilitating performance measurement and employee development. The HR portal also enables employees to network more closely internally over a collaboration platform.

We are increasingly using digital tools for recruitment purposes, too. The focus is on recruiting via our social media channels, i.e. LinkedIn, Instagram and Xing.

Social commitment

The LLB Group’s Future Foundation promotes activities and commitment in the areas of community service and the environment. Central to this are individuals and organisations whose actions serve as a model for successfully supporting the community. In addition, we had a new focus in 2023: employees actively supported non-profit and charitable projects in Liechtenstein, Switzerland and Austria. During a social volunteering day they lent a hand and made a valuable contribution. Through the Group-wide “Operation Christmas Child” campaign we helped disadvantaged children, bringing a little happiness under the Christmas tree.

Communicating with employees

Clear, transparent communication is imperative to gaining trust and commitment from employees. Here, the LLB Group is guided by the values of “integrity” and “respectfulness”. This enables us to increase the acceptance of change processes. We foster our corporate culture and motivate employees to contribute to the implementation of the ACT-26 strategy, so that its goals as well as the achievement of intermediate steps are clearly visible to those on the outside.

The main instrument for internal communication is LLB’s intranet. The modernised version (SharePoint) offers an array of collaboration tools such as, for example, the comment function. These tools enable employees to engage in interactive dialogue – much like on other social platforms.

In accordance with the Group directive “Corporate communications”, employee communication is anchored in Group Corporate Communications. The Head of Group Corporate Communications periodically reports to the Group CEO and discusses key internal and external announcements with him. The Group CEO regularly addresses employees at all Group companies with video messages on ongoing projects as well as on new developments via the intranet. At least once a year, he invites all employees to the Group Forum. This internal information event is designed as an annual kick-off event and is broadcast by livestream to all business locations outside Liechtenstein. There is also an annual Group Night, where the Group CEO addresses the staff, but it is primarily a social gathering. An important internal communication channel is the LLB Voices staff magazine, which is published four times a year.

The main focus of internal communication in 2023 was the ACT-26 strategy – and there were many narratives on the topics of sustainability, growth, efficiency and digitalisation that accompanied it. Through this project, video production has become increasingly important within the LLB Group.

Representation of Employees

As a fair and responsible employer, it is important to us that employees have a body to whom they can turn should they encounter problems at work and which represents their interests vis-à-vis the Group Executive Board. The Representation of Employees (Arbeitnehmervertretung) at LLB’s parent bank holds a regular dialogue with the Group Executive Board. The former has a say in various issues such as staff pension plans, rationalisation projects and staff retrenchment. It also represents the viewpoint of the employees in working groups such as the Mobility Commission and the Working Atmosphere and Health Commission. The Group Executive Board is obliged to inform the Representation of Employees of all matters that are relevant to employees. The Group CEO and the Head of Group Human Resources alternate this task on a quarterly basis. As at 31 December 2023, 19.2 per cent (31.12.2022: 19.3 %) of LLB Group employees are covered by collective employment contracts.

Personnel Pension Fund Foundation

The Personal Pension Fund Foundation of Liechtensteinische Landesbank provides a modern and straightforward pension solution. Our pension fund and its defined contribution scheme offer all insured persons an attractive benefit plan that goes beyond the requirements of the law. In addition, the employer assumes at least two thirds of the contributions. Securing pension provision is the top priority and this is monitored by the Board of Trustees on an ongoing basis. To achieve this objective long term, the technical parameters are set deliberately and carefully. In addition, the path we have embarked on towards digital channels will stand us in good stead for the future.

LLB Group headcount statistics