• Startpage
• 2007 in brief
• This is Swedbank
• Letter from the Chair
• President's statement
• Vision and strategy
• Market shares Sweden
• Market shares Baltic region
• Five-year summary
• Business areas
• Employees
• Sustainable development
• The share and owners
• Board of Directors' report
• Board of Directors and Group Executive Management
• Corporate governance report
• Distribution of earnings
• Annual General Meeting

• Addresses
• Contacts
• Definitions

A common voice

Following the acquisition of TAS-Kommerzbank in Ukraine (the name of which has been changed to OJSC Swedbank), Swedbank now has more employees outside than inside Sweden. A rapid international expansion places new demands on the recruitment of managers and other employees.

Swedbank’s vision is to be the leading financial institution in the markets in which the group is active by providing customers with the best financial solutions and being a service leader. This makes it essential that group-wide HR work supports local managers in their day-to-day efforts to attract, recruit, develop and retain employees.

This work, which is coordinated at the group level, comprises:

• Leadership development
• Salaries and incentives
• Performance management
• Corporate culture
• Employee surveys

Popular employer

Swedbank remains one of the most popular employers in its home markets, which is an important factor if it is going to fill its long-term skill needs. In Estonia and Latvia, the group is recognized as the most popular employer in any industry. In Lithuania, the group ranks among the ten best among all companies, and in Sweden business students named Swedbank the fourth most popular employer in the country and number one in the financial sector.

VOICE: The whole bank speaks

To retain a strong position externally, it is important that current employees view the group as a good workplace. In 2007 the first group-wide employee survey, VOICE, was conducted. With the exception of Ukraine, it encompassed all subsidiaries and regions, totalling about 19,000 employees. The response rate was 82 percent, and the results as a whole were strong. Results indicated that motivation was high among employees and that they have great confidence in their own competence. In addition, the group’s goals were perceived as clear.

Important values

In an international group like Swedbank, a corporate culture built on shared values is an important success factor. The VOICE survey indicated that the employees need to learn more about and be inspired by Swedbank’s values. The efforts to implement the values in the group will therefore be intensified. The preparations for VOICE were in themselves an important part of building a common culture.

Leadership development

To ensure access to future leaders, the group takes a long-term approach to leadership development. This includes encouraging international mobility.

The group’s leadership criteria describe what qualities, knowledge and traits a leader in Swedbank should have, as based on the common values. A leader in Swedbank understands the bank’s business, takes initiative and cares about customers. Leaders develop the bank’s employees in the best interests of the group.

The group’s range of leadership development opportunities continued to be expanded during the year to broaden the base of future leaders and improve the skills of current managers.

For the second consecutive year, a group-wide leadership program was offered in 2007 to mid-level managers in Sweden, the Baltic countries and Russia.

Competence needs

Increased competition, complex services and products and rising sales require a continuous, structured approach to recruitment, development and modification of human resources.

Obtaining assistance from competent employees is the single most important factor in customer satisfaction, according to surveys conducted in 2007, including the Satisfied Customer Index. In its aim to be a service leader, Swedbank continuously provides employees with development opportunities, with an emphasis on customer interaction solutions. In 2007, employees received training in sales management techniques and customer interaction, among other activities.

The Swedish operations have few employees over the age of 60, but a large number in their fifties. Retaining these employees as long as possible and building their skills is crucial to operations. At the same time, new employees have to be recruited in younger age groups in growth regions and for various specialist functions.

In the Baltic states, strong economic growth, combined with a labour shortage, has resulted in intense competition for employees. Although Hansabank is a popular employer, recruitment and leadership development will be given higher priority. In 2007, the number of employees in Baltic Banking increased by 994.

The rapid expansion of the operations in Ukraine places greater focus on recruitment and competence development. Among other things, a career planning system has been developed and the incentive structure improved. The number of employees in Ukraine increased by 729 to 3,433 in 2007.

International mobility

New guidelines for internal mobility and international positions were adopted in 2006 to support Swedbank’s internationalization. In 2007, Swedbank decided to take a new approach to international mobility within the group to broaden the base for internal recruitment, increase the share of managers with international experience and as an element in building a common corporate culture.

Performance Management

The performance-based model used in Hansabank was pilot-tested by the Swedish operations in 2007 and will be further developed in 2008. The goal is to contribute to the more customer and profitability-oriented culture the group is trying to create. This requires a systematic approach with individual goals, coaching, performance evaluations and consequences.

Diversity and gender equality

Swedbank’s goal is to increase diversity in all groups and at all levels to better reflect our customers and meet their needs. In the Stockholm area, for example, advice is currently offered in 24 different languages, and the group’s recruitment process is designed to find the "right" applicants and not exclude important competence.

The group’s gender equality and diversity policy currently applies strictly to Swedish operations. In group companies and branches outside Sweden, the CEO or an appointee is responsible for establishing similar policies based on applicable rules in the country. In 2008, the aim is to create a group-wide policy.

The Folksam gender equality index for 2007 ranked Swedbank number six among all Swedish listed companies and number one among large companies with more than 10,000 employees.

Salaries and incentives

The revision conducted in the area of salaries and incentives in 2006 entailed a review and restructuring based on the new demands inherent in being an international group.

The revision involved updating the group’s incentive policy and the policy for remuneration for senior executives. They were previously based on a distinctly Swedish platform but are now based on the group’s organization rather than geography. During 2008, the development of a group-wide incentive program will be a priority.

A detailed description of the principles and processes for remuneration for senior executives is provided in Note 8.

Facts

Sustainable development

Graphs

Number of full-time positions in the Group

Education level of Group emplyees

Group employees by age and gender

Tables

Swedbank Group