Stakeholder Outcomes
A Talented, Inclusive And Sustainable Workforce
At Bank of Ceylon, our employees form the foundation of our success-dynamic, diverse, and deeply committed to shaping the nation's financial future. Just as the hexagon symbolises strength, balance, and connectivity, our workforce thrives on six key pillars: expertise, innovation, service excellence, collaboration, diversity, and leadership.
With a presence across the nation and beyond, our team represents a rich blend of experience, talent, and perspectives, driving progress through customer-centric solutions and unwavering dedication. Empowered by continuous learning and a culture of inclusivity, our employees are architects of impact, fuelling economic growth and financial empowerment across communities.
Together, we are more than a workforce; we are the human hexagon - a structure of strength, adaptability and purpose.
CONTEXT FOR 2024
Strategic Pillar
BUILDING A HIGH-PERFORMING TEAM
Our single overarching strategic pillar in 2024 was to build a high-performing team by nurturing talent, driving inclusivity, enhancing productivity, and embedding sustainability into every aspect of our human capital strategy. This approach ensures we remain resilient, innovative, and future-ready.
Priority Areas
- ● Nurturing diversity and inclusion
- ● Strengthening HR governance and policies
- ● Enhancing productivity and career development
- ● Promoting employee welfare and well-being
- ● Driving digitalisation and sustainability
NURTURING DIVERSITY AND INCLUSION
At BOC, diversity and inclusion are integral to our operational ethos and strategic objectives. These principles are not merely policies but the cornerstone of our organisational culture. By fostering a workplace that values the unique perspectives and contributions of every individual, BOC enhances its internal cohesion, while driving innovation and adaptability in an increasingly dynamic global environment. A diverse workforce is essential for achieving sustainable growth and addressing complex challenges through creativity and collaboration.
| Province | Permanent | Outsourced | Contract | Total | ||||
|---|---|---|---|---|---|---|---|---|
| M | F | M | F | M | F | M | F | |
| Western | 1,326 | 2,144 | 378 | 16 | 4 | - | 1,708 | 2,160 |
| Central | 281 | 472 | 162 | 7 | - | - | 443 | 479 |
| Southern | 238 | 503 | 154 | - | - | - | 392 | 503 |
| North-Western | 250 | 432 | 142 | 3 | - | - | 392 | 435 |
| Sabaragamuwa | 218 | 341 | 131 | - | - | - | 349 | 341 |
| North Central | 290 | 276 | 122 | - | - | - | 412 | 276 |
| Northern | 241 | 281 | 155 | - | - | - | 396 | 281 |
| Eastern | 269 | 189 | 145 | - | - | - | 414 | 189 |
| Uva | 212 | 251 | 137 | - | - | - | 349 | 251 |
| Total | 3,325 | 4,889 | 1,526 | 26 | 4 | - | 4,855 | 4,915 |
* The Bank does not employ part time employees.
| Category / Age | Corporate Management | Executive Management | Chief Manager | Senior Manager | Officer | Staff Assistant | Office Assistant | Total | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| M | F | M | F | M | F | M | F | M | F | M | F | M | F | No. | % | |
| Above 50 years | 7 | 4 | 13 | 17 | 18 | 19 | 14 | 23 | 102 | 150 | 113 | 49 | 70 | 7 | 606 | 7 |
| 30-50 years | 6 | - | 20 | 15 | 44 | 54 | 75 | 118 | 1,399 | 2,466 | 918 | 1,391 | 207 | 4 | 6,717 | 82 |
| Below 30 years | - | - | - | - | - | - | - | - | 28 | 55 | 291 | 517 | - | - | 891 | 11 |
| Total | 13 | 4 | 33 | 32 | 62 | 73 | 89 | 141 | 1,529 | 2,671 | 1,322 | 1,957 | 277 | 11 | 8,214 | 100 |
Commitment to Equal Opportunity
The Bank's comprehensive policies including the Gender Policy, Grievance Handling Policy and Disciplinary Code are designed to create a fair, unbiased, and respectful work environment. These frameworks provide employees with clear channels for reporting concerns, ensuring transparency and accountability. This year, targeted initiatives enhanced the implementation of these policies across all branches, fostering a workplace culture grounded in equity.
The Bank has policies regarding the hiring of differently-abled individuals and 14 such employees are in the Bank's team. While no new hires were made in this category,
specific measures including improved workplace accessibility and dedicated career development resources have been implemented to enhance diversity and inclusion.
No incidents of discrimination or corrective actions were reported during the year.
Diversity of Governing Bodies and Employees
The Gender Policy outlines a framework designed to guarantee equal access for both women and men to all resources and opportunities at the Bank.
This policy and its associated procedures apply to all employees, regardless of their role, classification, or workplace location, and cover the following areas:
Inclusive Recruitment Practices
The Bank is guided by principles of meritocracy, transparency, and fairness. All vacancies are widely advertised, and our unbiased evaluation processes ensure equal access to employment opportunities for all candidates. This approach has been pivotal in maintaining a workforce that mirrors the diverse communities we serve.
Parental Leave and Equal Pay
Our parental leave policy ensures a seamless return to work for employees, with 100% retention of those who utilised parental leave. Male employees are entitled to three days of paid paternity leave, encouraging shared family responsibilities.
The 1:1 pay ratio between men and women demonstrates the Bank's commitment to equality as it is consistently applied across all levels of the organisation, ensuring fairness in compensation practices.
| Province | M | F | Total | % |
|---|---|---|---|---|
| Western | 7 | 18 | 25 | 33 |
| Eastern | 4 | 8 | 12 | 16 |
| North Central | 7 | 4 | 11 | 15 |
| Northern | 3 | 5 | 8 | 11 |
| Southern | - | 6 | 6 | 8 |
| Uva | 5 | 1 | 6 | 8 |
| North-Western | - | 4 | 4 | 5 |
| Central | 1 | 2 | 3 | 4 |
| Sabaragamuwa | - | - | - | - |
| Total | 27 | 48 | 75 | 100 |
| Category | Age Group | M | F | Total | % |
|---|---|---|---|---|---|
| Head of Security | >50 | 1 | - | 1 | 1 |
| Translator | 30-50 | - | 1 | 1 | 1 |
| Management Trainee | 30-50 | 3 | 4 | 7 | 10 |
| Trainee Staff Assistant | <30 | 23 | 43 | 66 | 88 |
| Total | 27 | 48 | 75 | 100 |
Broader Impact
By prioritising diversity and inclusion, the Bank has not only strengthened its internal culture but also positioned itself as a socially responsible corporate leader. These efforts align with global best practices and underscore our dedication to building a more inclusive future for all.
At BOC, diversity and inclusion are integral to our identity and operations. By fostering a workplace where everyone feels valued and empowered, we enhance organisational strength, innovation, and resilience. A workforce that represents varied backgrounds, genders, and abilities is key to achieving sustainable growth.
BOC remains committed to ethical labour practices, ensuring that no child labour or forced labour was involved in its operations throughout 2024.
STRENGTHENING HR GOVERNANCE AND POLICIES
Effective governance remains a cornerstone of the Bank's human capital strategy. Regular reviews and updates of policies ensure alignment with global best practices, regulatory requirements, and employee expectations.
HR Policy Updates
In 2024, the Bank introduced and revised several HR policies to address evolving workforce needs:
New Policies: Mentoring and Employee Retention
Revised Policies: Reward and Recognition, Transfer, Human Resource, KMP Remuneration, Training and Development, Employee Communication, and Exit Interviews.
Collective Agreement and Freedom of Association
The Collective Agreement for 2024–2026, signed in 2024, guarantees fair wages, comprehensive benefits, and an improved work-life balance. These provisions align BOC with broader goals of enhancing productivity, employee satisfaction, and long-term organisational stability.
Collective agreements covering all permanent employees specify the notice period as well as measures for negotiation and consultation. A notice period of six months is given to ensure employees are apprised of any significant major operational or organisational changes.
| Training Hours by Gender | |||
|---|---|---|---|
| M | F | T | |
| Training hours | 87,500 | 114,615 | 202,115 |
Grievance Mechanisms and Whistleblowing
The upgraded Whistleblowing Policy ensures anonymity and confidentiality through encrypted digital reporting channels and third-party oversight.
In 2024, 100% of reported grievances were resolved within 14 days, fostering trust and accountability across the organisation.
ENHANCING PRODUCTIVITY AND CAREER DEVELOPMENT
In a dynamic banking landscape, the Bank equips employees with skills to meet future challenges, fostering a culture of innovation and continuous learning. We promote a culture where talent thrives, offering continuous learning, career development and opportunities to lead.
Training and Development
During the year, the Bank focused on developing the technical competencies of the staff with training and development programmes across a wide spectrum.
Performance Management
A Performance Management System based on KPI's and competencies has been implemented which assesses employees' progress on a bi-annual basis. This automated process ensures that a fair and unbiased assessment of employees is performed.
Mentorship and Career Growth
The Bank's Mentoring Policy paired senior leaders with high-potential employees, fostering knowledge transfer and career progression. Tailored career development plans were offered to each employee, supported by bi-annual performance evaluations.
Succession Planning
The Bank utilises data-driven, technology-enhanced strategies to implement succession planning for managerial positions and above, with a strong focus on leadership development and career progression. This process involves identifying key roles and preparing qualified candidates to take on greater responsibilities and senior positions.Leadership development programmes, including executive and management training are carefully coordinated, drawing on the expertise of external organisations and resources to ensure effective development and implementation.
During the year, 714 staff members were promoted after comprehensive evaluation and interview process in order to ensure the right person is rewarded and selected to prosper along with the Bank's future endeavours.
PROMOTING EMPLOYEE WELFARE AND WELL-BEING
The Bank adopts a holistic approach to employee well-being, encompassing physical health, mental resilience, financial security, and work-life balance. The Bank is committed to offering a comprehensive value proposition to its employees, which goes beyond just remuneration and rewards. This approach is designed to create a supportive and rewarding work environment that nurtures employee well-being, growth, and job satisfaction. Key components of this value proposition include:
Health and Well-Being
Mental Health Support: The Bank expanded access to mental health services for employees contributing to improved emotional resilience.
Wellness programmes: Through comprehensive healthcare benefits, wellness programmes, stress management initiatives and a focus on work-life integration, we empower our employees to lead fulfilling lives both inside and outside the workplace.
Competitive Remuneration and Merit-Based Rewards
The Bank offers competitive remuneration packages that reflect industry standards, ensuring that employees are fairly compensated for their contributions. Merit-based rewards are central to the compensation strategy, recognising individual and team achievements through performance-linked bonuses and salary increments. Actions taken include annual compensation reviews to align salaries with market trends, the implementation of performance-based bonuses, and KPI based allowance across all employee levels to ensure fairness and recognition of high performers.
BOC ensures fair employment practices by prioritising local hiring and providing equal opportunities while adhering to minimum wage regulations throughout 2024.
Consistent Engagement and Employee Motivation
Employee engagement and motivation are prioritised to foster a productive and committed workforce. The Bank actively engages with employees through regular surveys, feedback channels and leadership programmes which enhance employee morale fostering camaraderie amongst the team.
The Bank remains committed to fostering teamwork, inclusivity and excellence across its workforce through a variety of employee engagement initiatives. These initiatives underscore BOC's unwavering commitment to nurturing a culture of excellence, motivating employees, and driving continuous improvement across its operations.
BOC's Sports Club actively promotes employee engagement by organising Inter-Province Indoor Games Competitions and the Provincial Sports Meet, bringing together all staff members. These events strengthen camaraderie and teamwork while promoting a healthy work-life balance.
Recognising dedication and loyalty, BOC celebrates employees who have completed 25 years of service through a special Recognition Ceremony, honouring their invaluable contributions to the Bank's success.
The Bank embraces diversity by fostering religious harmony through various activities organised by religious associations of the Bank. These initiatives cultivate inclusivity and unity among employees of different faiths and religions.
Concessionary and Complimentary Benefits
The Bank provides a range of concessionary and complimentary benefits which go beyond traditional compensation, offering financial support and wellness-focused initiatives.
Safe and Dynamic Work Environment
Ensuring a safe and dynamic work environment is critical to the Bank's operations, fostering both physical and psychological well-being for its employees. The Bank has implemented stringent safety protocols and flexible work arrangements to create a secure and engaging workplace. Actions taken include conducting regular workplace audits, enforcing health and safety standards, expanding wellness initiatives, offering mental health support programmes, and introducing a hybrid work model that provides employees with flexibility and autonomy in their roles.
Post-Employment Benefits
The Bank is committed to securing employees’ financial future with comprehensive post-employment benefits that support their well-being after retirement. These benefits are designed to provide long-term financial security and peace of mind. Actions taken include offering pension plans, post-retirement medical benefits, health insurance, and providing financial planning support for employees nearing retirement, ensuring they are well-prepared for life after their tenure at the Bank.
Employee Resignations and Attrition
Managing employee turnover is a key part of maintaining a positive organisational culture, with a focus on understanding the reasons for resignations and improving retention. The Bank conducts exit interviews and surveys to gather feedback and enhance its workplace practices. Actions taken include conducting exit interviews to capture insights on the employee experience, offering offboarding support with career counselling and providing assistance with resume building and future employment opportunities to ensure a smooth transition for departing employees.
Employee Turnover by Gender
| Resigned | Retired | Total | |||
|---|---|---|---|---|---|
| M | F | M | F | M | F |
| 80 | 146 | 38 | 41 | 118 | 187 |
| 35% | 65% | 48% | 52% | 39% | 61% |
Employee Turnover by Region
| Province | Resigned | Retired | Total | % | |||
|---|---|---|---|---|---|---|---|
| M | F | M | F | M | F | ||
| Western | 49 | 73 | 22 | 25 | 71 | 98 | 53 |
| North-Western | 4 | 16 | 3 | 1 | 7 | 17 | 8 |
| Central | 4 | 13 | 4 | 2 | 8 | 15 | 8 |
| Northern | 5 | 15 | - | 3 | 5 | 18 | 8 |
| North Central | 6 | 6 | 4 | 2 | 10 | 8 | 6 |
| Eastern | 4 | 9 | 3 | 1 | 7 | 10 | 6 |
| Southern | 6 | 9 | - | 2 | 6 | 11 | 6 |
| Sabaragamuwa | - | 4 | 1 | 4 | 1 | 8 | 3 |
| Uva | 2 | 1 | 1 | 1 | 3 | 2 | 2 |
| Total | 80 | 146 | 38 | 41 | 118 | 187 | 100 |
DRIVING DIGITALISATION AND SUSTAINABILITY
The Bank integrates digitalisation and sustainability to create a future-ready workforce and operational framework. These efforts are aligned with our broader vision of innovation, efficiency, and environmental stewardship.
By embracing automation and fintech innovations, we strive to create an environment where technology enhances human potential rather than replacing it. This synergy between people and progress ensures that, the Bank remains resilient, agile, and ahead of the curve delivering the future banking today.
Digital Transformation
Greater commitment to digital transformation was demonstrated through the implementation of advanced technologies and digital workflows across the organisation.
Sustainability Practices
The Bank continues to integrate sustainability into its operations and culture by;
Impact of Digital Initiatives
Through the integration of data analytics, the Bank improved operational accuracy and customer satisfaction. To develop and build a future ready team, the Bank provided local and overseas training opportunities to develop information technology competencies to deliver a superior service and innovative banking solutions.
WAY FORWARD
As the Bank continues to redefine the banking landscape, human capital will be a key area of focus as follows: