Motivation and Remuneration Motivation and Remuneration
VTB Group is working actively to improve its personnel remuneration system and working conditions. This not only helps us attract and retain the most effective employees but also improves their performance.
The incentive system in the Group's companies aims to ensure a competitive remuneration level and provide comprehensive social support for employees.
Remuneration of labour
The VTB Group cares about its employees and offers them competitive salaries. Each year, Group companies carry out surveys on the salaries of their peers in order to make timely adjustments to remuneration levels, if necessary.
One significant development in 2020 was the introduction of cross-functional teams, which include experts from business, information technology, and other support and monitoring departments, creating and developing products and services to meet complex customer needs. An appropriate annual bonus system was developed for such teams, where each employee's compensation is simultaneously dependent on the team's fulfillment of business objectives and an individual performance evaluation determined jointly by his/her functional and administrative managers.
Social benefits
The group has a well-developed system of social benefits. The details of the social package offered vary depending on the size of the business and the specific nature of each of the Group's companies.
In 2020, VTB Bank allocated about RUB 2.9 billion for social programmes, including RUB 1.6 billion (55%) for VHI. All of the Bank's employees, including those on maternity leave, participate in the programme.
VTB’s social benefits for employees
- VHI Programme;
- Management of pregnancy and labour;
- Accident insurance.
- Payment in addition to maternity benefit;
- One-off payments for family emergencies;
- Paid compassionate leave.
- Corporate pension programme;
- Financial aid in the event of exceptional circumstances;
- Payment in addition to the statutory amount of temporary disability benefits.
- Partial reimbursement of tuition fees under job-related higher-education programmes;
- Retirement and jubilee benefits;
- Compensation of expenses in connection with moving to a new place of work;
- Corporate discounts and special offers from VTB partners.
Employee evaluation
Personnel appraisal is an integral part of VTB's HR management system, which is not only an important stage in the effective professional development of employees but also helps ensure objectivity in employee promotions.
The performance management procedure is a key instrument used by VTB Bank to assess employee performance. In 2020, this procedure includes an employee performance evaluation based on the results of 2019.
Also in 2020, we developed an employee evaluation system for cross-functional teams as part of the 600 Days programme. The evaluation of team participants' performance was based on two parameters: personal contribution to achieving the team's goals and compliance with the Bank's values.
In order to create a corporate culture that emphasises leadership and performance, VTB Bank regularly carries out activities to assess and develop the competencies of managers and their teams. In 2020, the number of assessment activities carried out increased by 2.5 times compared with the previous year. The results of the assessment helped participants take a more deliberate approach to further developing and improving their personal effectiveness.
A total of almost 1.3 thousand employees, from specialists to senior management, including 800 participants in the selection for the succession pool of the united regional network took part in the assessment of personal qualities in 2020. Approximately 1.7 thousand people were assessed for their IT competencies in 18 roles and specialisations.