Authors: Nikolaos Kyriakos, Evangelos Manouvelos

Title: Recruitment, Performance Management and Payment Schemes: Implementing cutting – edge HR practices from commerce, services and high – technology sectors in the Greek banking sector. An evaluation from the banking sector employees.

Abstract

Can recruitment, training and employee evaluation, but also pay schemes of financial institutions, be enriched with innovative practices already implemented with great success in some of the world’s largest companies of commerce, services and high technology (Google, Cadbury, SAS, Nissan, Twitter, LinkedIn, Boston Consulting Group, Ford, Shell, Marks & Spencer)?

This paper aims to examine HR practices that even though at first sight create doubts about their functionality, yet the results of the companies implementing them, point to the opposite direction. In particular, a number of innovative HR practices, such as the following, will be examined, along with the evaluation from the banking sector employees:

• “Why should I stay?” retention interviews.Recruitment of talented staff, even though no vacancies exist.
• Foundation of a “one – year” Banking Academy.
• Employees’ rotation in different positions and roles every two years.
• No job titles and hierarchy diminishment.
• Staff weighing in on the challenges, problems and successes of the Bank.
• Frequent updates of senior management to all staff.
• Working in colorful offices.
• Working in groups of 2 – 3 employees.
• Discussion of workers’ "new ideas".
• Continuous training of supervisors in leadership issues.
• Training of daily stress reduction techniques.
• Staff grading scales with specific quotas.
• 360˚ Staff evaluation.
• Mentoring for each employee.
• Middle and Senior Management vacancies staffed by Bank employees and not by new entries from other companies.
• Variable compensation schemes.
• Established salary levels and ranges over concealed individual contracts.
• Eldercare for employee parents.