10th February, 2012
After months of creating the required awareness among staff, Enterprise Bank Limited (EBL) has started the implementation of the performance compensation system, which entails the inclusion of a variable pay.
The system known in the industry as Performance Induced Pay (PIP) was late last year approved for execution by the bank’s board.
A statement by the bank’s Corporate Communications Department said that since it came into effect, the new model has made it possible for hardworking and outstanding staff to earn even more pay at the end of every month, while those with abysmal input receive only their guaranteed pay.
Designed to create a level playing field for all staff, the performance compensation system is managed, using what the bank tagged Performance Management Strategy (PMS) framework, which involves the utilisation of different measurement indices applicable to both the sales and support segments of the business.
It would be recalled that sometime in September when the Enterprise Bank’s MD/CEO, Ahmed Kuru, addressed the workers, he promised to chart a new path for the new bank. He also defined high level strategy that will enable the management actualise the vision.
According to Kuru, the emphasis of the bank’s new vision, mission and core values remains value creation and a motivated workforce.
For that reason, he added that the focus at all times must be on delivering quality service to the various stakeholders, which means that both market-facing and service support staff must work assiduously as a team to lift high all the bank’s performance indices.