| Change management is an important part of realising DBS' vision. Apart from building a distinctive brand, service, products and processes, we know we need to attract, retain and motivate people to be the best at all levels and in every function, and to motivate our people to operate one integrated platform for offering financial services throughout the region.
A Change Leadership Workshop held in September 1999 involved management staff in discussions of the survey results, identifying challenges to achieving our goals and recommending ways of overcoming them. In the months that followed, business units held interactive meetings and dialogue sessions with employees to help align their thinking with our strategic vision.
The results stimulated a number of management initiatives, including the establishment of a new change communication group. Working closely with a network of business unit communications leaders, this group is driving an effort to share corporate information more broadly, monitor change processes and manage a variety of internal communications channels designed to educate and inform staff of progress on change issues. In addition, Change Management Action Plans were developed within individual business and support groups to accelerate initiatives and drive them deeper within the organisation.
A new Personal Performance Management Programme will be implemented in 2000 to increase fairness and transparency in employee evaluations and performance ranking. Replacing appraisal systems, this programme involves employees in setting individual targets and rewards them according to established metrics. Apart from technical knowledge, ranking is based on leadership qualities, job commitment, communications and problem-solving skills.
DBS compensation programmes in the future will be significantly more performance driven, with Key Performance Indicators (KPIs) established for departments as well as individuals. Work continues on re-vamping management and staff compensation, with the goal of better balancing short-and-long-term compensation and incentive pay to better align employee behaviour with shareholder expectations.
Plans are in place to augment existing training efforts by expanding industry-specific professional education in an aggressive effort to create a new generation of bank executives prepared to deal effectively with the new financial landscape in Asia as it responds to global forces.