China Bank’s strength and resilience through the years are largely because of our partners in success – China Bankers. We take good care of our employees, treating them fairly and equally, helping them reach their full potential, and building a good working environment to drive productivity and earn their loyalty.
We continuously strive to be among the best employers in the country, fostering a culture of integrity, accountability, collaboration, continuous development, and meritocracy to attract, motivate, and retain the best people to best serve our customers.
Our diverse workforce with their broad range of skills, experience, and background enables us to respond to challenges and opportunities and meet our customers’ needs in a fast-changing world. Women are well represented at all levels and we take appropriate steps to support future female leaders. Fair, transparent, and performance based compensation is accorded to all employees regardless of gender.
Our employee remuneration policy is anchored on the principle of fair, transparent, and performance based reward. We provide fair and competitive salary and benefits to China Bank Group employees commensurate with their experience, responsibilities, job grade/corporate rank and position title. For senior positions, we also benchmark against the executive compensation for the same positions in comparable organizations (similar size, organizational structure, business risk, and management complexity).
We also ensure gainful employment by providing our fulltime employees with fringe benefits (HMO, group insurance coverage, paid leaves, allowances, employee loans, car plan for officers, and retirement benefits). We also have different parental leave types – Solo Parent Leave, Paternity Leave and Maternity Leave.
We uphold employees’ freedom of association and collective bargaining rights in compliance with the Labor code. We recognize that labor unions provide a necessary complement to legislated employee benefits and protections. China Bank and China Bank Savings, Inc. both have a union. In 2022, China Bank and the China Banking Corporation Employees’ Association signed a new five-year collective bargaining agreement (CBA) for 2022 to 2027. Meanwhile, our thrift bank’s CBA, entered in 2019, will expire in 2024. In 2022, 49% of our total workforce was covered by CBA.
We advocate continuous learning and up-skilling to develop our employees to their full potential. In place are various training and development programs to drive our employees’ professional and personal growth and to help maximize individual and organizational capabilities. Both online and in-person, our employees have access to a wide range of leadership, marketing, personal development, technical, and other training programs and courses through the China Bank Academy, our e-learning platform named Learning EDGE, and our partnership with LinkedIn Learning. As needed, we also sponsor employees’ external training.
In 2022, we recorded a total of 292,734 training hours, which translated to 28.47 training hours per employee. Of the total training hours, 73% went to female, while 27% went to male employees. The total investment for training and education in 2022 amounted to Php 39.97 million, or Php 3,887 per employee.
Targeted professional development
We have flagship development programs to hone the skills and knowledge of our employees in different levels of our organization:
We also support employee development and advancement through continuous conversations and feedback, annual key result area setting and performance appraisal, and promotion. We ensure that our employees are aware of their specific deliverables and that their performance is objectively evaluated. In addition, to strengthen our current bench and future talent pipeline, we conduct periodic talent reviews and succession planning, guided by our Performance Management System and Succession Management Program, to identify potential successors for our senior leadership positions.
In 2022, a total of 1,797 employees were promoted, 20% higher than in 2021.
Our employees’ overall wellbeing is important to us. We provide a healthy and safe working environment at all our offices and branches in line with industry best practices and occupational safety and health (OSH) standards.
In compliance with RA 11058 (An Act Strengthening Compliance with Occupational Safety and Health Standards), we conduct periodic reviews of our OSH policies and procedures to ensure alignment with current regulations and industry standards and practices. Some of our existing OSH policies include:
In addition, we have emergency procedures and evacuation plans in case of disasters and calamities. We have a Corporate Safety and Health Committee, the overall governance body responsible for implementing the Bank’s OSH policies and programs, supported by our Emergency Response Team and Fire Brigade Team that act as internal first responders during emergency situations.
Ensuring Covid-19 protection
As part of adapting our workplace health and safety protocols to the current context and situation, we strongly encouraged our employees to be vaccinated, including getting the booster shot. We expanded our COVID-19 Vaccination Program to provide booster vaccination to eligible employees and their immediate family members. Aside from coordinating with the SM Group and various LGUs, we also tapped the Philippine Red Cross’ Bakuna Bus for easy access to COVID-19 vaccines.
As of December 31, 2022, 93% of our existing workforce has been fully vaccinated with primary series. Of the total population, 11% received 2 booster shots and 70% received 1 booster shot. A total of 530 employees received Covid vaccine shots through the Red Cross’ Bakuna Bus.
Promoting health and wellness
In 2022, we sustained our health and wellness programs aimed at preventing accidents, managing stress, and minimizing cases of work related ill health. These included: