Page 107 - Bank-Muamalat_Annual-Report-2023

ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT

1. STRENGTHENING OUR WORKFORCE M11 Employment

Why is this Important? Employee Welfare and Engagement
Attracting and retaining top-tier talent is essential for • Employee Welfare Initiatives: We have established
maintaining our competitive edge and achieving long- programmes that support both the physical and
term business success. A skilled and motivated workforce mental well-being of our employees. These include
drives innovation, productivity, and overall organisational wellness programmes, mental health resources and
performance. Moreover, reducing turnover rates is critical opportunities for career development.
for maintaining continuity, minimising recruitment costs, • Sustainability Engagement Score (SES): Our
and preserving institutional knowledge. Ensuring employee commitment to sustainability is reflected in our
welfare and engagement is fundamental to building a positive high Sustainability Engagement Score of 88%.
and inclusive workplace culture, which in turn enhances job This score indicates strong employee engagement
satisfaction and productivity. in our sustainability initiatives, demonstrating their
commitment to our organisational goals.
What is Our Approach?
• Employee Engagement Survey (EES): Introduced in
Our approach centers around strengthening our hiring, 2023, the EES provides valuable insights into employee
recruitment, and retention methods to attract and retain the feedback. By understanding their perspectives, we
best talent in the industry. We are committed to reducing can make informed decisions to enhance their work
turnover rates by creating a supportive and engaging work experience and address any concerns promptly.
environment. This involves implementing comprehensive
employee welfare initiatives that address physical and Collective Agreement and Benefits
mental health, work-life balance, and career growth
opportunities. Additionally, we actively seek employee • Enhanced Collective Agreement: We have worked
feedback to continually improve our workplace practices and closely with Unions to create an attractive package
policies. that includes competitive salaries, comprehensive
benefits, and opportunities for professional growth.
What Did We Do? This agreement is designed to retain skilled employees
and position us as an employer of choice in the
Strengthening Recruitment and Retention industry.
• Enhanced Hiring Practices: We have refined our • New Programmes and Benefits: We have implemented
recruitment strategies to attract top-tier talent, several new programmes aimed at cultivating a skilled
focusing on diversity and inclusivity. Our hiring and proficient workforce. These include training and
processes are designed to identify candidates who not development opportunities, mentorship programmes,
only possess the necessary skills but also align with our and initiatives that promote a healthy work-life
organisational values. balance.
• Retention Strategies: To reduce turnover rates, we Our efforts to strengthen hiring, recruitment, and retention
have introduced several initiatives aimed at improving methods have yielded positive results. The reduction in
employee satisfaction and engagement. These efforts turnover rates and the high SES are indicative of our success
have resulted in a decrease in turnover from 14.01% in in creating a supportive and engaging work environment.
2022 to 12.91% in 2023. By continually investing in employee welfare and
engagement, we are well-positioned to attract and retain
top-tier talent, ensuring the sustained growth and success
of our organisation.

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