An All-Round Age-Inclusive Workplace
Find out how Maybank Singapore, a Tripartite Standards adopter and HCPartner, ensures that its older workers are well-taken care of.
Maybank is among Asia's leading banking groups and is South East Asia's fourth largest bank by assets. The Maybank Group has an international network of 2,400 branches in 20 countries and offers an extensive range of products and services, including consumer and corporate banking, investment banking, stock broking, insurance and asset management.
Financial and Insurance Activities
Managers, executives and non-executives; financial, corporate and administrative personnel
Maybank's belief in providing fair and equal employment opportunities for all by hiring based on merit has led to its recruitment of more than 50 Professionals, Managers and Executives (PMEs) above the age of 45 over the last three years. Today, close to half of the organisation's employees are above the age of 40, with one in 10 beyond the conventional retirement age, and these numbers are growing. As a first mover in age-friendly workplace initiatives and an organisation that has always worked towards staying true to its philosophy of "Humanising Financial Services", Maybank recognises the growing need to implement age-friendly initiatives to create a happier and more comfortable workplace for its all-age workforce.
Featured Age Management Programmes
Some key programmes that Maybank has put in place to cater its growing pool of older workers are:
- Fair Employment Practices
- Re-employment Practices
- Job Redesign
- Flexible Work Arrangements
- Fair Performance Management
- Employee Well-being Programmes
- Training & Development Initiatives
Maybank has established various strategies that include implementing age-friendly initiatives in the workplace, as well as rehiring employees who have previously retired.
Creating an Age-Friendly Environment
Some Maybank initiatives specially designed to benefit older workers are:
- Redesigning workspaces with a high percentage of older workers for enhanced comfort and convenience (e.g. large computer monitors, reconfigured workstations, motorised ladders) to help older workers overcome possible age-related issues that may impede their work;
- Implementing a medical benefits system where medical points that enable employees to claim health and wellness-related items increase with each employee's age, as it understands that health issues and the need for medical attention tend to grow with age; and
- Enabling older workers to share their expertise and wisdom by engaging them to mentor and coach younger employees.
Nurturing a Multi-generational Workforce
Maybank's foresight has also led to it implementing age-inclusive strategies to manage a multi-generational and nurture a future-ready workforce. The Bank organises programmes and courses for managers and employees, such as:
- Better Manage Staff Across Generations by equipping managers with the necessary supervisory and coaching skills;
- Transformational LifeWork Seminar at the Centre for Seniors, designed to encourage employees above the age of 50 to proactively plan and manage their work-life transitions; and
- SkillsFuture for Digital Workplace to help employees gain an edge in the digital future by equipping them with future-ready capabilities in technologies such as mobile applications and cybersecurity. Such learning and development opportunities are open to all employees regardless of age. In fact, Maybank strongly encourages employees over the age of 40 to attend this course.
Going the Distance in Re-employment
In Singapore, employers are required to offer re-employment to employees who turn 62, up to the age of 67. Maybank has gone beyond its promise to help its people who wish to continue working by extending the re-employment policy beyond the age of 67 as well as connecting with ex-employees who have retired. Its initiatives include:
- Keeping in contact with retired staff and offering them short-term or part-time employment whenever opportunities arise; and
- Allowing re-employed retired unionists to continue to hold key positions in the Executive Committee.
Maybank, since its early years as advocate of progressive employment practices, has successfully built its reputation as an Employer of Choice. Today, its approach of "equal opportunities for all" has opened a wider pool of talents for the Bank. Its initiative to tap the vast knowledge of its older workers has become a conduit for the invaluable transfer of skills to the next generation. At the same time, the Bank's commitment to retaining relationships with its retired staff has given it an additional resource pool of knowledgeable employees who require minimal training to embark on new assignments and projects. Additionally, the Bank's efforts in age-friendly initiatives have contributed to its high employee retention rates.
“Our employee turnover is consistently below that of the industry and national statistics. We have also reaped benefits such as enhanced staff engagement, higher productivity, better employee engagement and ultimately, better customer satisfaction,” says Mr Wong Keng Fye, Head of Human Capital at Maybank Singapore.