|MAS strength lies in its people. Guided by its shared values of Integrity, Enter-prise, Commitment and Teamwork, MAS staff are committed to the common vision of building MAS into a central bank of excellence. MAS places great emphasis in developing a vibrant and conducive work environment that motivates each and every employee to make a meaningful contribution to the organisation.
MAS recruits high calibre staff to ensure that it has the necessary capabilities to achieve its mission and objectives. As at 31 March 2002, MAS staff strength totalled 870, of which 62.0% are professional staff and 38.0% support staff.
During the year, MAS recruited a total of 87 professional staff, comprising 55 mid-career officers and 32 fresh graduates. MAS selects officers with diverse experiences and background who can contribute to the quality and breadth of the organisations work.
With increasing competition for talent, MAS adopts a proactive stance in augmenting its future talent pool through the MAS Undergraduate Scholarship programme. During the year, we awarded 12 MAS Undergraduate Scholarships. These 12 undergraduate scholars will join the existing group of 33 scholars to study at top overseas and local universities.
MAS believes that a performance-based compensation system challenges and motivates people to give their best. During the year, MAS fine-tuned its performance management system to arrive at a more holistic assessment of individual officers, in terms of their performance and demonstrated capability. The assessment criteria were broadened to encompass non-technical skills and attributes such as teamwork, leadership, innovation and integrity. Managers are also encouraged to give regular and constructive feedback to their staff and coach them to achieve better performance.
MAS pegged-to-market pay structure came under test this year as the financial sector underwent a series of retrenchments and pay adjustments, resulting from mergers and acquisitions, and the global economic downturn. MAS responded accordingly while ensuring that its total compensation package remains competitive vis-à-vis the financial sector.
In a move to create a more open organisation, MAS introduced a flatter designation structure for senior officers during the year. The fewer designation levels de-emphasises hierarchy within the organisation and fosters a more open and flexible working relationship.
MAS views training as a life-long and continuous process. MAS has designed core training programs for different levels of officers. The content of these programs is subject to regular review to ensure the courses remain relevant in a changing environment.
MAS investment on training and personnel development for the financial year amounted to about $5.1 million, more than half of which took the form of undergraduate and postgraduate scholarship awards. Staff training expenditure was about $2 million, representing about 2.6% of payroll. On average, each staff received 11 days training during the year.
During the year, MAS granted 5 Post-graduate Scholarships Awards and 1 Professional Development Award to senior officers to pursue postgraduate programmes at local and foreign universities. In addition, under the part-time Educational Sponsorship Scheme, MAS granted financial assistance and study leave to 104 staff who enrolled in part-time courses.
External attachment programs aim to provide external exposure and learning for MAS officers. During the year, staff were attached to the Financial Services Authority in the United Kingdom, the Bank of England, and local financial institutions.
In recognition of their contributions and dedication to the organisation, 78 employees were presented with service appreciation awards. Of these, 1 had served MAS for 35 years, 10 for 30 years, 11 for 25 years, 7 for 20 years, 10 for 15 years, 12 for 10 years and 27 for 5 years.
MAS recognises the significance of work-life balance. The MAS Recreation Club (MASRC) plays an important role in forging greater interaction and esprit de corp within the MAS Family. Several social and sporting events were organised by MASRC during the year. To promote a healthy lifestyle among staff, the MASRC also organised activities such as lunchtime exercise classes on aerobics, pilates, yoga and boxercise. MAS staff also demonstrated their social responsibility in lending strong support to a charity fund-raising campaign and blood donation drive organised by the MASRC.
The MAS Child Development Centre, catering mainly to children of MAS staff, was outsourced to Kinderland Educare Services from 1 March 2002 to ensure continued professional care and edu-cation of its staffs pre-school children.