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Prince Bank: Employee development as a top priority 17 January 2022

Mr. Rady Lim, Head HR Services at Prince Bank, talks about how the bank is wholly dedicated to employee development and cultivating an environment that puts people first. 

What types of people are you hiring and what do you look for in new hires? In terms of both skills and mindset? 

Although Prince Bank is a new player in the market, we have set clear priorities and a focus on hiring people who have a strong background with experience in banking or the larger financial services industry. Our employees must have interest and passion that aligns with the bank’s vision to be ”The financial institution of choice in Cambodia” and commit to go beyond the needs of our customer. With that, the bank has set high standards of work quality and expects fast speed of service delivery from its employees. In 2020, Prince Bank reviewed its core competencies and developed training models to be delivered to all employees in 2021, with the expectation of reaching a customer satisfaction rate of above 80% overall.  

At Prince Bank, we hire and retain people who meet these standards: 

• Maintains a positive attitude, demonstrating enthusiasm at work

• Dares to speak up and take proactive action

• Cooperates and is a team player, supports others to accomplish a team goal 

• Takes ownership, gets the work done without extensive oversight or direction, and manages their time well, which makes them more productive and capable of completing projects in a timely manner.

• Adaptable, with the capacity to adapt quickly and be the change agent who is willing to take on new challenges or learn new skills and accept bigger responsibilities

What challenges have you encountered in retraining those in your workforce who are not digital natives?

The most important challenge for us is to open their mind and adapt quickly to the rapid and constant change in today’s world – i.e., the changes in the way we operate businesses, perform our work, and learn. Therefore, we start by building agility and a growth mindset in our employees, where they learn to embrace challenges, desire continuous learning, adapt quickly to changes, and are flexible to customer demands.

We also actively build and promote a culture of learning in which our employees are motivated to drive their own learning and keep improving to stay relevant and resilient. To foster this learning culture, in late 2019 we put in place a learning management system (LMS) with strong technical support from our internal IT team. We also keep enhancing and leveraging our LMS and continue developing more learning resources tailored to their development needs as well as the business objectives.

How do you compete with and be more like the big tech companies when it comes to recruitment, training, and workforce?

Driven by our strategic aspiration to be the best digital bank in Cambodia, the bank has also been investing in our people management and development processes through various platforms including web systems and our mobile application.

Under recruitment, both external candidates and internal candidates can view vacancies and apply through our seamless recruitment portal. To attract candidates, we keep enhancing our process from hiring to onboarding to be simpler and clearer via our electronic platforms, including Telegram, Linkedin, Facebook, and our HR system. Moreover, we are going to roll out the online employment test very soon.

At Prince Bank, all employees can access and learn by themselves anytime, anywhere through a browser as well as our HR Pocket mobile app. Since the start of the pandemic, we have managed to switch from face-to-face training to completely online training and learning for our employees.

Our HR System also allows us to manage thousands of employee profiles, payroll, performance objective setting and appraisals, employee exit processes, and more. Our employees can use multiple e-forms to assist them in day-to-day administrative processes so as to increase productivity and efficiency.

Back in early 2020, the bank innovatively designed a reporting mechanism for all employees to submit their daily health self-assessment via the digital platform (both web & mobile) so that line managers and HR are aware of who is unwell, their symptoms, and give advice to employees for medical checks or go for a Covid-19 test.

As part of the HR digitalization journey, we are looking forward to simplifying and automating more HR processes, including performance objective setting and evaluation bringing more features to our HR Pocket app, and enhance the UX/UI to create a great employee experience in Prince Bank.

In addition to bringing talents to the bank, we also devote our efforts to nurturing a culture that puts people first and fosters employee engagement, collaborative relationships, and continual learning. For instance, we are going to launch a leadership development program across the entire bank starting in 2021. 

Our leadership development program has been branded as “Leadership Excellence and Performance (LEAP)” targeted at all employees. Its aim is to equip our employees with the right leadership mindsets and skills to enable them to achieve high personal and team effectiveness as well as to support the bank’s aspirations.

Finally, we are strongly committed to promoting from within. To keep engagement and retention high, we actively remind managers that employee development is their key priority. We survey employees annually to assess their job satisfaction and engagement. We want our employees to succeed and provide daily opportunities for learning. At Prince Bank, every day is a school day where employees can continually grow and advance their careers.

Recruiting has typically been a very personal, human-based process. How has technology, such as AI, changed the process and ensure continued recruiting success? Have you identified other areas of human resources where AI could improve the processes?

As we have mentioned, we are aiming to be the best digital bank in Cambodia. We have been enhancing our HR processes to match technological evolutions. In the near future, we will digitalize even more in our HR process from hiring (short listing candidates for selection, inductions, and orientation all will be online), to when they are working for the bank, employees will enjoy receiving information or reviewing HR analytic reports online, set their performance targets, and receive evaluation ratings online as well. As for the AI trend, we will invest more to develop our HR team to be more technology and AI-oriented, so they can be capable and proficient in managing innovative HR projects and digital processes effectively. 

How do you see HR in banking evolving over the next 10 years?

As digital technology is aggressively developing, becoming increasingly sophisticated and advanced, this industry will transform significantly over the next decade. With this, Prince Bank sees HR playing a crucial role in partnering with the business to co-drive the business transformation. This includes attracting and developing the best talent, nurturing the right culture, and building the right capabilities and mindsets needed for growth and success of the business. Developing digital capabilities will be a top priority on the list. Also, HR will continue to use digital technology to streamline HR processes to move from processing paper to making sure individuals feel valued in the organization.

To know more about Prince Bank, download your free copy of 'Prince Bank: shaking up the Cambodian banking scene'

Keywords

Workforce management

Geography

Cambodia

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