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.

Enthusiastic employees make for enthusiastic clients. Therefore, the VP Bank People Strategy focuses on promoting the diverse talents of its employees. It is geared to four key priorities: with these priorities and the associated implementation measures in the context of culture and talent management, VP Bank creates the basis for extraordinary moments – for its employees and thus equally for its clients.

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.

A Pulse Survey was conducted in 2022. The response rate was 85 per cent. Using the feedback from the survey as a starting point, each team is currently developing a range of measures to be implemented at a later date, with a focus ­ on leadership, corporate values and cooperation. In terms of reviewing corporate values, a series of workshops has already been held to give employees the opportunity to provide their input. The Bank will provide more information about its redefined corporate values and roll them out in 2023.

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.

The development programmes for students and university graduates are an important part of talent development at VP Bank. With the career start programme for university graduates and the support model for students, VP Bank offers attractive career opportunities for young talent. 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 the end of 2022, VP Bank had 14 young apprentices (previous year: 15) in the sales programme and another 2 studying information technology. In the summer of 2022, 6 apprentices (previous year: 6) completed their final exams. In the graduates programmes, at the end of 2022, 1 student was enrolled in the work-study support model (previous year: 1), 5 graduates were enrolled in the career start programme (previous year: 6) and 2 were in the bachelors graduate programme (previous year: 1).

2022 was another year characterised by various changes and transformational events. The main focus was primarily on providing employees and managers with support in the new digital working world and in dealing with constant change. Against this background, there was a clear need for continuous further development, particularly with respect to the leadership culture and Group-wide collaboration.

With a view to providing managers with the best possible support, a leadership curriculum entitled “Agile Change Leadership” was held between September and November 2022. For the first time, all 204 managers throughout the Group met via video conference in teams that spanned hierarchies, locations and departments in order to exchange ideas and information about opportunities and experiences in connection with the various changes, as well as to pick ­ up useful tips for daily work. This training course for managers will be expanded in 2023, ensuring the continuous qualitative development of leadership at VP Bank.

In addition, VP Bank invests in the promotion of its talents. For instance, employees have 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 enrollees 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 highlight of the Talent Academy is the final concept presentation to the Executive Board and the Board of Directors of VP Bank. The aim is to integrate the concepts that have been developed into the operational business of VP Bank.

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 develop their knowledge in a targeted manner and on an ongoing basis. With the help of a personalised development plan, each employee’s development steps are defined and enhanced with suitable further training where necessary.

In the reporting year in Liechtenstein, 30 people (previous year: 27) completed a job-related course of studies with a recognised diploma, while another 29 people (previous year: 34) were participating in continuing education at ­ the end of 2022. The average amount spent on external continuing education was approximately CHF 10,000.

Management 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. In addition to individual objectives, the key requirements for all employees and individual employee groups were set Group-wide. This enables VP Bank to ensure 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 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 client­-specific conditions. By leading with objectives, line managers give their employees the confidence and freedom to shape their work, and recognise the necessary individual development measures.

The shortage of skilled professionals makes recruiting qualified employees a considerable challenge. In the reporting year, between 20 and 30 positions were advertised per month on average. Recruiting specialists in the areas of IT and compliance/tax is especially challenging. 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 2022. 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 a challenge for human resources. 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 2022 amounted to 13.4 per cent (previous year: 11.5 per cent). As was the case in previous years, this was unintended fluctuation, meaning the exits were initiated by the employees.

The high workloads associated with the pandemic, uncertainty, hiring freezes and the pressure to perform have increasingly led employees to rethink their goals in terms ­ of their careers and their lives. This trend grew still further due to the process of change which VP Bank is undergoing as a result of Strategy 2026. A particular increase in fluctuation was seen at the Singapore and Luxembourg locations in 2022, while the fluctuation rate in Liechtenstein fell significantly again.

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 Human Resources department are always ready and willing to help all employees and their line managers clarify any issues. 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 non­-work-related 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, offers designed to ­promote health, 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 location in order to discuss a variety of topics which concern VP Bank employees 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 Human Resources department’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 nine elected members, eight of whom are permanent members and ­ one is an alternate.

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 HR advises Group Executive Management, senior management and employees, provides suitable tools and handles a number of subjects. HR 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, wage setting, promotions and much more.

As of 31 December 2022, VP Bank Group employed 1,011 people. VP Bank Ltd in Liechtenstein saw its headcount increase by 19 employees, while VP Bank (Luxembourg) SA saw its headcount drop by 18 employees. The other locations only saw minimal changes. 

At the end of 2022, VP Bank Group had a total of 162 client advisors (full-time equivalents: 156). 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 8.2 years at the end of 2022 (previous year: 8.5 years).

As regards nationalities, Swiss employees continue to ­represent the largest group, at 37.8 per cent of the total (previous year: 36.8 per cent), followed by Liechtenstein nationals, with 18.7 per cent (previous year: 19.0 per cent). German employees continue to represent the third-largest group, with 13.6 per cent (previous year: 13.9 per cent).