Our employees are continuously called upon to adapt to the rapid transforma- tion of the financial services industry with its new regulations and market ­conditions. 

With our corporate strategy in mind

For VP Bank, it is essential that employees be connected and feel they belong to the company in order to overcome the challenges they face and lead the company towards a future that continues to be successful. VP Bank therefore conducts regular surveys in order to measure employee commitment and satisfaction. The goal of the Group-wide survey is to determine areas for improvement and maintain existing strengths.

In the past, we conducted an employee survey every two years to assess satisfaction and commitment within the company.

The next survey was scheduled for 2021. Due to the ­challenging situation, Group Executive Management decided to conduct an abbreviated “pulse survey” in autumn 2020. The response rate was 92 per cent.

VP Bank is committed to providing professional train­- ing for interns in the sales and information technology areas. Highly trained instructors complement the trade schools and pass on their industry knowledge, thereby ensuring that trainees can apply their knowledge in ­practice and learn about the broadest range of work and operating areas. These efforts lay the foundation for future career moves following the training period. For the Bank, the development of trainees through the coop­erative educational system continues to represent a strategi­cally important talent management component.

Last year, the development programme for students ­(support model) and university graduates (career start) was further expanded. These programmes offer attractive first-­time jobs at VP Bank. In the “support model”, Master’s level students can combine theory and practice and gain valuable experience over a 12-­ to 18-­month period. In the “career start” programme, graduates have the opportunity to further their knowledge in two or three selected areas as well as participate in specialised and foreign internships in preparation for a defined target function after 18 months and take their first career step. 

In order to also offer opportunities for bachelor’s degree graduates in future, VP Bank has launched another development programme in the form of the ­bachelor’s graduate programme. Through the graduate programmes and apprenticeship training, VP Bank ­develops future talent in a targeted manner in order to secure its growth from within.

At the end of 2020, VP Bank was training 15 (previous year: 16) young people in the sales programme and 5 more in information technology. In summer 2020, 6 (previous year: 7) trainees successfully passed their final exams.

As of the end of 2020, the graduate programmes had two students in the study-accompanying support model, five graduates in the career start programme, and one person in the bachelor’s graduate programme.


People Strategy

Enthusiastic employees are crucial to inspiring our clients. In order to seize and successfully take advantage of the current opportunities presented by ongoing change, the People Strategy focuses on a bank’s most valuable and decisive competitive advantage – its employees.

In order to successfully implement the 2026 strategic goals, the People Strategy puts its focus on four key thrusts.

With these thrusts and the associated measures for ­implementing them in the context of culture and talent management, we create the basis for extraordinary moments – for our employees as well as for our clients.


Management by Objectives (MbO)

Managing by objectives is a key part of VP Bank Group’s approach to leadership. Each year we go through a ­recurring process to ensure that the objectives set by the Bank for the following year are systematically iterated throughout all levels of the organisation. On the individual level, corresponding objectives and primary tasks are set for individual employees. On this basis, the employees’ activities are systematically brought into line with the desired direction, and the achievement of the Bank’s ­objectives is coordinated with those of the individuals.

At the end of the reporting period, the manager assesses and recognises the performance of the employees when determining performance­oriented remuneration. The ­manager takes into account the achievement of objectives, the satisfactory completion of the principal tasks and, ­notably, compliance with regulatory provisions, internal rules, and customised conditions. With the management by objectives process, superiors trust their employees, let them figure out how to do their job and recognise the required individual development measures.


The Group Human Resources unit

The Human Resources (HR) department has its own staff at the Liechtenstein, Zurich, Luxembourg and Singapore sites. Group HR manages global topics and, where necessary, includes the country companies. Along with the local HR staff, the unit is broken down into four primary segments: HR Consulting, HR Change & Development, HR Services and HR Benefits & Payroll. The HR Consulting division includes the HR Business Partner and Young ­Talents teams.

Group Human Resources advises Group Executive Management, senior management and employees, provides suitable instruments and handles a number of subjects. Human Resources plays a pivotal role and ensures that tasks, skills and responsibilities are properly matched up and administered. HR also supports key processes such as recruiting, departures, wage setting, promotions and much more. Employee development is yet another key component of human resources work. VP Bank continuously invests in the tech­nical training of its employees and managers and implemented various internal leadership training programmes in 2020.


Employee representation

The employee representation organisation (Arbeitnehmervertretung – ANV) was created at the Liechtenstein location in 1998, based on the then newly enacted Employee Participation Act (Mitwirkungsgesetz). The five members are each elected to a four-year term of office.

The ANV’s functions are based on the Employee Partici­pation Rules, which were issued by Executive Management. Whenever general employment conditions are amended or staff reductions are planned, Executive Management must inform the ANV and give it a chance to participate, although decision­-making powers remain with Executive Management. The ANV serves as a point of contact for all employees at the Liechtenstein location in order to ­discuss a variety of topics such as employee terminations and to defend employee interests. All proposals, complaints and personal matters are handled with utmost ­discretion in regularly scheduled meetings within the ANV. Regular meetings are also held between the Chair of the ANV and the HR division’s management in order to discuss current personnel matters.

At VP Bank (Luxembourg) SA and VP Fund Solutions ­(Luxembourg) SA, a joint works council represents the employees of both companies. Given the size of the ­company, the employee delegation comprises 13 elected members, with seven of them being permanent members and six being alternates.

The Works Council represents employee interests and intervenes to protect and improve working conditions, defend employment situations and jobs, and protect employees’ social security benefits. The employer must inform the Works Council about business operations and the development of the company as well as about the most recent and probable development of its activities and its economic situation. The Works Council also has the right to request certain information at regular ­intervals.


Employee headcount

As of 31 December 2020, VP Bank Group employed 990 people. VP Bank in Singapore saw its headcount increase by 8 employees to 75 (full-time equivalents +8). The changes at our other locations were minimal.

At the end of 2020, VP Bank Group had a total of 161 client advisors (FTE 156).

At VP Bank, client advisors are defined as those employ- ees who are client facing and manage allocated assets.

Client-­facing employees such as active advisory team ­members, investment consultants and clerks are not ­considered client advisors since they do not have any ­allocated assets.













FTE = Full Time Equivalents

HC = Headcount (nominal number of employees)


As of the end of 2020, the average years of service at VP Bank Group remained unchanged at 9 years. This value at VP Bank Fund Solutions (Liechtenstein) AG declined slightly to roughly 7.9 years (previous year: 9.2 years). In contrast, VP Bank (Switzerland) Ltd recorded a slight increase to roughly 5.3 years (previous year: 4.8). The ­average length of service at our locations in Hong Kong and the British Virgin Islands increased by 1 year each (Hong Kong 2020: 11.1; British Virgin Islands 2020: 5.7).


Employee statistics of VP Bank Group



































People with Swiss nationality continue to form the largest group with 37.3 per cent of all employees (previous year: 37.2 per cent), followed by Liechtenstein nationals with 20.5 per cent (previous year: 21.5 per cent). German employees continue to represent the third-largest group, with 14.2 per cent in 2020, up from 14.0 per cent the ­previous year.



Employee recruitment and exits

In the reporting year, an average of between 20 and 30 vacancies were advertised each month. Specialists in IT and the Compliance and Tax divisions were particu­- larly sought after. The trend of hiring candidates outside the immediate catchment area – especially those from Zurich – increased further in 2020. The electronic applicant management system is making a contribution to more efficient management of vacancies as well as faster responses to applications.

The recruitment of technically and socially competent ­individuals who fit the needs of VP Bank is and always will be one of the primary tasks of the human resources function. VP Bank uses a standardised recruiting process based on interviews and a personality analysis.

Employees leaving the company also receive professional support. Exit interviews are conducted by both line managers and human resources staff, with exiting employees surveyed using a standardised form.

The employee turnover rate for 2020 is 6 per cent (previous year: 7.2 per cent).


Employee retention, remuneration and support

Job functions that appear meaningful and satisfying as well as a good work environment are very important ­considerations for employee well-being. Many factors can destroy a good working environment: bad influences from within the company, economic circumstances or even an employee’s personal or family situation.

VP Bank is aware that employees should be seen as ­indi­viduals with differing needs and within the context of their own life situations. The contact persons in the HR departments are always ready and willing to help all employees or their line managers clarify any issues that may arise. Support measures for employees and line managers include regular discussions with those involved, searching for solutions, support during situations of conflict or personal crisis and also team ­analyses and coaching. Employees at the Liechtenstein and Swiss locations may also take advantage of external help for work-related and non-work-­related difficult situations. This professional service with a broad range of specialists may be used around the clock and on an anonymous basis upon request. Individual evaluations or develop­mental counselling are also offered. Broad expertise is available in ­house and, where required, is supplemented using external partners.

Remuneration is also essential for employee satisfaction and loyalty to the company. VP Bank is committed to paying fair and competitive remuneration in line with the market. Guaranteed fixed remuneration varies according to function and related requirements, whereas variable salary components are geared to the success of the ­company and individual performance. Pension obliga­- tions are guaranteed by Treuhand-Personalstiftung for employees in Liechtenstein, by AXA Winterthur for the employees at VP Bank (Switzerland) Ltd and by the statutory pension fund for employees of VP Bank ­(Luxembourg) SA. In addition, VP Bank (Luxembourg) SA pays into a pension scheme with the LALUX insurance ­company for its employees.

In addition to financial incentives, employees also receive other attractive benefits depending on the location. These benefits range from sporting and social activities and events to the possibility of purchasing additional vacation days to length of service benefits, health offers, subsidised canteen meals, attractive offers in the area of mobility, and much more.


Employee development

2020 was significantly shaped by the influence and impact of the COVID-19 pandemic. Our focus was largely on supporting employees and managers in the new digital world. This change in our point of departure requires further devel­opment on an ongoing basis, especially with regard to leadership culture and the shape that our Group-wide ­collaboration takes. To this end, we have launched a variety of training measures on the topic of work and leadership in the digital world.

Further training of our client advisors was also continuously fostered. In addition to individual development measures, they undergo a certification process according to the SAQ standard. In order to keep this certification up to date, our client advisors complete targeted training courses in a recertification process for sustainable quality assurance and in order to polish their advisory skills.

Last year in Liechtenstein, 26 people (previous year: 24) completed a job-related course of study with a recognised diploma, while another 38 people (previous year: 40) were participating in continuing education at the end of 2020.

Through implementation of these training initiatives, VP Bank is clearly demonstrating that it is making constant investments in the development of its employees and thus in the competitiveness of the company.



Number of employees by location





 Variance with previous year