Beating the Talent Crunch: Maybank’s best practices for career development

Find out how Maybank’s career development programmes made great retention strategies.

20 Jun 2023 Articles Performance management Recruitment Best practices Future of work

The Great Resignation has been the subject of much discussion, raising concern among employers. With individuals actively reassessing the place of work in their lives, it might be time to reframe the conversation instead as the Great Re-evaluation1.

To that, Maybank says: GO Ahead. Take Charge! This is the name of its platform that offers various initiatives to help employees be adaptable and agile in today’s dynamic work environment. As a bank that has won accolades for fair, responsible and progressive employment practices, Maybank is well aware that placing its people first is the key to surviving this mass exodus.

At a TAFEP webinar on ‘Shaping Fair and Inclusive Workplaces through Strategic Manpower Planning’, Maybank shared some of its best practices on career development and how these are essential to ensuring employee well-being and staff retention.

Here are three areas that the Bank has looked at to support career development in the organisation.

Finding Freedom and Flexibility

At Maybank, career development is done through a bottom-up rather than top-down approach. Employees are given the freedom and flexibility to take ownership of and chart their own career paths, which signals that their employer cares about their growth and trusts them.

For example, a flexible transfer and mobility policy allows employees to apply for another role in the organisation without the need to gain approval from their line managers first. This internal mobility also allows the bank to tap on a more diverse pool of talent from within.

But career pathing is not just about what employees look forward to doing – it also includes taking stock of where they are now. This is why an essential part of giving them more say over their own career paths involves the option to take time off from work to reassess their professional goals.

Called Flex Out, this initiative allows them to go on a one- to two-year extended career leave or sabbatical, giving them the time and space to reassess their careers – or simply recharge – before returning to their roles. By retaining talent through such schemes, Maybank becomes more efficient in its recruitment and training efforts.

Training to be Future-Ready

At Maybank, employees’ self-initiated career pathways are complemented by professional development and training opportunities that enable them to perform their new roles. In fact, every position in the organisation has a three-year learning roadmap, where modules – conducted online and in-person – ensure that employees acquire the new skills they require.

No employee is left behind either. In line with Singapore’s Smart Nation initiative and digitalisation drive, Maybank also offers a 10-week programme called “Future-Ready Certification”, targeted at employees aged 40 and above who want to pick up digital and data analytics skills. Such training equips workers better for their role, improving productivity and boosting morale.  

Managing Mental Health and Motivation

Maybank also understands that besides training and hard skills, there is a need to hone the mental resilience of staff as part of their holistic development. It is only when people feel engaged, motivated and energised that they can perform and progress at work.

So far, Maybank has rolled out a slew of mental wellness initiatives. These include a dedicated #WeCare helpline and Telegram support channel manned by the bank’s certified Mental Health First Aiders, which offer round-the-clock support to all employees, as well as para-counselling workshops that equip managers and HR staff with fundamental counselling skills.

Altogether, their initiatives have contributed to an employee engagement score of 83 per cent in 2021, according to an internal survey – well above the national average of 70 per cent. Employees reported feeling that they were given the necessary opportunities and resources to manage their own development effectively. 

At the end of the day, talent goes where opportunity is. An organisation that has a solid strategy in place to develop its employees shows it cares about them, and will be more likely to retain talent and beat the labour crunch.