Employees

The most valuable and decisive competitive advantage that a bank can have are its employees. That is why VP Bank places great importance on an open exchange of information and ideas, fair remuneration and flexible working models, as well as on promoting the strengths of its employees through continuous development opportunities.

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 toward a continued successful future. VP Bank therefore conducts regular surveys in order to measure employee satisfaction. The goal of the Group-wide survey is to determine areas for improvement and maintain existing strengths. 

In the past, satisfaction and commitment were surveyed at the company every two years. Going forward, an effort will be made to adopt a more agile method for surveying employees.

VP Bank is committed to providing professional training 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 dual work/education 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”, masters­-level students can combine theory and practice and gain ­valuable experience over a 12­-to-18­month period. In the “career start” programme, bachelors and masters graduates have the opportunity to further their knowledge in 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.

Through the graduates programmes and apprenticeship training, VP Bank develops future talent in a targeted manner and thus its corresponding growth from within. At end-2021, VP Bank had 15 young apprentices (previous year: 15) in the sales programme and another 3 studying information technology. In the summer of 2021, six apprentices (previous year: six) successfully completed their final exams. In the graduates programmes at end­2021, one student was enrolled in the work­-study support model, six graduates Group­wide were in the career start programme and one person was in the bachelors graduate programme. In addition to the support model and the career start programme, the Bank created the visiting analyst programme for university graduates. At end-2021, VP Bank employed six visiting analysts.

The year 2021 was marked to a significant extent by the impact of the coronavirus. The main focus was primarily on providing employees and managers with support in the new digital world. This changed situation calls for continuous further development, particularly with respect to the leadership culture and in the form of Group-wide collaboration. 

With a view to providing managers with the best possible support, the leadership curriculum took place between September and November 2021. For the first time, all managers throughout the Group met via videoconference in teams that spanned hierarchies, locations and departments in order to exchange ideas and information about opportunities and experiences in connection with the relevant change topics, as well as to collect useful input for daily work. Introduction of the leadership principles (Leading @ VP Bank) made a restart possible on a shared basis. This training course for managers will also be ­conducted in 2022, ensuring the continuous qualitative development of leadership at VP Bank. 

In addition, VP Bank invests in the targeted further development of its talents. For instance, since 2021 employees have had the chance to be nominated for the VP Bank Talent Academy based on a calibration process that takes place once a year. The academy offers enrolees the opportunity to hone their personal strengths by means of various modules, to expand their network and to take part in a hackathon, thereby enhancing their action and method skills. The first class of 20 employees will complete the academy in the spring of 2022. The second class will enter the academy immediately thereafter in 2022.

In addition to leadership, social and method skills, VP Bank continually invests in the professional development of client advisors. In addition to development measures specific to them, they take part in a certification process in accordance with the Swiss Association for Quality (SAQ) standard. To keep this certificate up to date, client advisors complete target training courses on permanent quality assurance and professionalisation of advisory skills in connection with a recertification procedure.

In addition, employees take part in external training courses in order to constantly develop their knowledge and skills. Last year in Liechtenstein, 27 people (previous year: 26) completed a job-­related course of studies with a recognised diploma, while another 34 people (previous year: 38) were participating in continuing education at end-­2021.

Managing by objectives is part of VP Bank Group’s management approach. Each year a recurring process ensures that the objectives set by the Bank for the following year are iterated systematically throughout all levels of the organi­sation. At the individual level, corresponding objectives and primary tasks are set for individual employees. The employees’ activities are thereby systematically oriented, and the achievement of the Bank’s objectives is coordinated with those of the individuals. At the start of 2021, the key objectives for all employees and individual employee groups were set Bank-wide for the first time. This ensures that, for example, strategic objectives or compliance requirements are grounded at the Bank in a homogeneous manner.

In addition to periodic location discussions, an interim evaluation is made during the summer months, at which time it is examined whether the achievement of the ­objectives and the completion of the principal tasks are on course and whether any measures need to be initiated. At the end of the reporting period, the manager assesses and recognises the performance of the employees when determining performance-­oriented 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 client­-specific 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.

Last year, between 20 and 30 positions were advertised per month on average. In particular, specialists in the IT and compliance/tax areas were highly sought after. The Bank has been hiring an increasing number of candidates from outside its immediate vicinity, particularly from Zurich, and this trend continued to grow in 2021. Electronic applicant management has helped to make the management of vacancies more efficient and to speed up the 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 exiting 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 fluctuation rate for 2021 amounted to 11.5 per cent (previous year: 6 per cent). As was the case in previous years, this was unintended fluctuation, i.e. the exits were initiated by the employees. The main reason was the increased fluctuation in IT as a result of, among other things, the announced outsourcing of the IT infrastructure area to Swisscom. During the challenging phase of the outsourcing project that was started in late 2020, a project team consisting of representatives from line management and the HR department worked together closely to support and advise the affected employees.

Job functions that appear meaningful and satisfying as well as a good work environment are extremely important 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 overcoming difficult work and non­work­related 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 compensation 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 obligations are guaranteed by Treuhand-Personalstiftung for employees in Liechtenstein and by AXA Winterthur for employees at VP Bank (Switzerland) Ltd. At the Luxembourg location, employees are affiliated with the Lalux insurance company pension scheme. 

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 mobility area and much more.

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 the Executive Board. Whenever general employment conditions are amended or staff reductions are planned, the Executive Board must inform the ANV and give it a chance to participate, although decision-making powers remain with the Executive Board. The ANV serves as a contact point for all employees at the Liechtenstein site 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 Chairman 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 11 elected members, 8 of whom are permanent members and 3 are alternates.

The Works Council represents employee interests and intervenes to protect and improve working conditions, defend employment situations and jobs as well as protect employees’ social security benefits. The employer must inform the Works Council on business operations and the development of the company as well as on 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.

The Human Resources (HR) department has its own staff at the Liechtenstein, Zurich, Luxembourg and Singapore ­locations. Group HR manages international 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, exits, wage setting, promotions and much more. Employee development is yet another key component of human resources work. VP Bank invests continuously in the technical training of its employees and managers and in 2021 again implemented various internal leadership training programmes.

As of 31 December 2021, VP Bank Group employed 1,012 people. VP Wealth Management (Hong Kong) Ltd saw its headcount increase by 8 people to 16 employees. The changes at the other locations were minimal.

At end­-2021, VP Bank Group had a total of 174 client advisors (full-time equivalents: 168.4).

At VP Bank, client advisors are defined as those employees 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)

The average length of service at VP Bank Group fell slightly to 8.5 years at year­-end 2021 (previous year: 8.9 years). ­Particularly as a result of the sharp increase in the number of employees at VP Wealth Management (Hong Kong) Ltd, the average length of service at that location fell to 6 years (previous year: 11.1 years).

As regards nationalities, Swiss employees continue to ­represent the largest group at 36.8 per cent of the total (previous year: 37.3 per cent), followed by Liechtenstein nationals with 19 per cent (previous year: 20.5 per cent). German employees continue to represent the third-largest group, with 13.9 per cent (previous: 14.2 per cent).