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People remain the most important asset in MAS' constant aim to achieve
its mission of being a central bank of excellence. The Human Resource
Department (HRD) focuses on people development in its efforts to develop
a dynamic and robust organisation. It constantly reviews and refines its
processes to retain the spirit of its key guiding principles and policies. This
year, HRD implemented the HRIS that integrates HR systems and processes
and provides expanded online services for staff on HR matters.
As at 31 March 2001, MAS' staff strength was 823, comprising 455 senior officers,
41 trainee officers and 327 support staff.
A total of 119 professional staff were recruited during the year. Of these, 78
were mid-career officers and 41 were fresh graduates. The varied backgrounds
of mid-career officers will add further dimensions to policy decision-making in
the organisation and improve the quality of our work. Talented fresh graduates
recruited from both local and overseas universities will strengthen MAS' human
resources in the long term.
Thirteen MAS undergraduate scholarships were awarded to outstanding GCE 'A-level'
students during the year. Twelve of these were for overseas studies.
Last year, we established our training philosophy and framework. This year,
we focused on fully implementing the general development training roadmap,
and introducing more customised skills-based courses to help MAS adapt its
training needs to the changing internal and external environment.
Core courses for junior officers ranged from nurturing their personal creativity
to equipping them with knowledge and skills in accounting, business
writing and economic policy. The Middle Management Programme and People
Development Programme aimed at encouraging strategic thinking and
developing managerial skills. Specialised programmes such as Strategic Negotiation
Skills and Media Skills were also held to meet specific needs.
In total, 486 staff members attended 43 general development training
programmes; 437 staff members were sent for local training and 169
attended overseas courses. Overall, MAS invested an average of 13.85 days
or 90 hours per staff on structured training for FY2000/2001. For the current
financial year, we invested more than $2.7 million on training, representing
3.6% of payroll. Training expenditure per employee averaged $3,300.
Both structured training and informal learning are encouraged. Brown
Bag Lunches organised by different departments, for example, enable
staff members to share knowledge and exchange experiences with other
colleagues in MAS.
The part-time educational sponsorship scheme provides financial assistance
and study leave to staff members who enrol in part-time examinable
courses relevant to their work in MAS. Since its inception in December 1999,
the response has been overwhelming. This year, 84 applications have been
approved under the scheme. MAS continued to award postgraduate
scholarships to selected officers for studies at local and foreign universities.
Three serving officers are currently attending postgraduate programmes at
prestigious universities in the US and United Kingdom on MAS' postgraduate
scholarships. Another three postgraduate scholarships have been awarded for the
next academic year.
Opportunities for wider job exposure through overseas postings increased as
the roles of our New York and London offices were expanded. Currently, MAS
has ten officers in these overseas offices posted for two-year terms each.
To further MAS' objective of partnering the international and local financial
communities MAS actively engages in external attachments to local and
overseas financial institutions. This year, the number of external attachments
increased. Two senior MAS staff members are currently seconded to the IMF in
Washington D.C. and the BIS in Basel, Switzerland. A number of staff went on
attachments to various private and public organisations locally and overseas.
MAS' salary policy is to award remuneration packages that are competitive with the
financial sector. This ensures that MAS is able to attract, motivate and retain
quality staff.
To ensure MAS' pay remains competitive, MAS conducts annual salary reviews
and participates regularly in financial sector salary surveys conducted by
professional consultancy firms. MAS uses these survey results to peg staff
remuneration to that of the financial sector in Singapore.
Staff are appraised yearly during the annual appraisal exercise. Salary
increases and performance bonuses awarded take into account their ability
and contributions. Staff who performed well continued to receive high variable bonuses.
Sixty-two dedicated and loyal employees received long service awards. Of these,
1 had served the MAS for 40 years, 7 for 30 years, 14 for 25 years, 6 for 20 years,
22 for 15 years, and 12 for 10 years.
A series of social and recreational activities were organised by the MAS
Recreation Club throughout the year. Activities held to foster teamwork and
interaction included the Annual Dinner and Dance, National Day Celebrations
and Family Day.
MAS believes that healthy staff make a healthy organisation. The new MAS
Wellness Centre was officially opened in August 2000 to encourage staff to adopt
healthy lifestyles. The centre hosts a well-equipped gymnasium, aerobics studio,
karaoke room and spa facilities such as the steam and sauna rooms. The
recreation club also organised regular sports activities and games to cater to the
different interests of our staff.
The MAS Child Development Centre continued to provide quality childcare
and education to pre-school children. The Centre caters mainly to children of
MAS' staff. As at 31 March 2001, a total of 82 children were being cared for by
10 teachers.
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