Maybank is Malaysia’s largest financial services group, providing an array of financial products and services supported by shared corporate functions across its global network of 18 countries. As traditional linear career trajectories are increasingly being replaced by more dynamic ones, Maybank has established a number of initiatives to help its employees explore new career opportunities Tweet This! that meet their personal and professional needs.
This case study is based on the 2019 Sustainability Report by Maybank published on the Global Reporting Initiative Sustainability Disclosure Database that can be found at this link. Through all case studies we aim to demonstrate what CSR/ ESG/ sustainability reporting done responsibly means. Essentially, it means: a) identifying a company’s most important impacts on the environment, economy and society, and b) measuring, managing and changing.
Maybank seeks to support stable and fulfilling careers for each and every one of its employees so as to foster a thriving workplace, enabling Maybankers to define their own career trajectories. In order to promote work-life integration among employees Maybank took action to:
- launch the GO Ahead. Take Charge! initiative
- implement the Urban Farming programme
- introduce Crowdtivation
- implement Executive Committee-led culture reinforcing initiatives
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With this case study you will see:
- Which are the most important impacts (material issues) Maybank has identified;
- How Maybank proceeded with stakeholder engagement, and
- What actions were taken by Maybank to promote work-life integration among employees
What are the material issues the company has identified?
In its 2019 Sustainability Report Maybank identified a range of material issues, such as good governance, cyber security, sustainable business growth, product and service innovation. Among these, promoting work-life integration among employees stands out as a key material issue for Maybank.
Stakeholder engagement in accordance with the GRI Standards
The Global Reporting Initiative (GRI) defines the Principle of Stakeholder Inclusiveness when identifying material issues (or a company’s most important impacts) as follows:
Stakeholders must be consulted in the process of identifying a company’s most important impacts and their reasonable expectations and interests must be taken into account. This is an important cornerstone for CSR / sustainability reporting done responsibly.
Key stakeholder groups Maybank engages with:
|Stakeholder Group||Method of engagement|
|· Conferences and non-deal roadshows
· Quarterly conference calls and biannual analyst briefings on financial performance
· Thematic investor day briefings
· One-on-one and group investor meetings with Group President and CEO (GPCEO), Group Chief Financial Officer or Head of Group Investor Relations
· Dissemination of information and disclosure of materials on Maybank’s website
· AGM and EGM
· Annual and Sustainability Reports
|· Digital touchpoints (e.g. Maybank2u and Maybank Trade mobile apps, Maybank2u and Maybank2e websites and Etiqa online portals)
· Physical branches and self-service terminals
· Customer Service Centres
· Sales representatives: Relationship Managers, Personal Financial Advisors and Client Coverage Teams
· Maybank social media platforms
· Customer satisfaction surveys
|· Reporting and periodic updates to regulators
· Active participation in and contribution to industry and regulatory working groups, forums and consultation papers
|· Employee dialogue sessions with Group EXCO and Conversation Series with C-Suite
· Employee engagement programmes and initiatives
· Regular electronic and printed communication (e.g. email and newsletters)
· Employee engagement and feedback surveys/platforms (e.g. Employee Engagement Survey, electronic “Ask Senior Management”, Group Human Capital Contact Centre)
|· Partnerships and employee volunteerism in strategic community initiatives
· Websites and social media platforms
How stakeholder engagement was made to identify material issues
To identify and prioritise material topics Maybank distributed survey forms to both internal and external stakeholder groups.
In its 2019 Sustainability Report Maybank reports that it took the following actions for promoting work-life integration among employees:
- Launching the GO Ahead. Take Charge! initiative
- GO Ahead. Take Charge! (GATC) is an initiative designed by Maybank to address the changing workplace environment by allowing and empowering employees to be adaptive and agile while offering them opportunities to create sustainable livelihoods. Through the four pillars available, namely Reskill & Redeploy, Flex In, Flex Out and Entrepreneur, employees can opt for job rotations, inter-sector transfers, enrol for FR programmes and sign up for flexible work arrangements or Urban Farming Courses. Employees are also allowed to take a break from their career to become an entrepreneur, or to engage in other employment or business activities, as long as the interests of Maybank Group are not compromised.
- Implementing the Urban Farming programme
- Located at the Maybank Academy learning hub, Maybank’s Urban Farming Programme was established to nurture a sustainable mindset and entrepreneurial skills within its employees. Comprising innovative Urban Farm and Urban Farming Courses, the programme aims to help employees adopt a greener lifestyle that is easy on the pocket and the environment. It also offers opportunities for those with business acumen to turn urban farming into a commercially viable venture for sustainable livelihoods under the GATC platform.
- Introducing Crowdtivation
- In 2019 Maybank launched Crowdtivation, an internal people-centric marketplace that breaks down barriers by crowdsourcing skills amongst employees, connecting and matching demand and supply beyond the usual conventional structures. Created for flexibility, freedom and personal fulfilment, Crowdtivation allows employees to learn new skills, experiment with projects and uncover new solutions for daily business needs via discussions facilitated through the platform. It is also a platform for employees to create and be part of internal gigs, while continuing to be economically empowered.
- Implementing Executive Committee-led culture reinforcing initiatives
- Through various impactful engagement interventions, Maybank’s leaders spend significant time with employees to keep the climate upbeat to enable, energise and engage employees, whilst making sure everyone has the same values system – the Maybank T.I.G.E.R. (teamwork, integrity, growth, excellence & efficiency, relationship building) values. These include, among others, Maybank Group Townhalls and Sectorial Townhalls, Leaders Teaching Leaders sessions, C-Suite Conversations sessions as well as the EXCO Mentoring Programme. Through these engagements, ongoing candid dialogue is fostered and trust in leaders as well as power distance are continuously watched.
Which GRI Standards and corresponding Sustainable Development Goals (SDGs) have been addressed?
The GRI Standard addressed in this case is: Disclosure 404-2 Programs for upgrading employee skills and transition assistance programs
Disclosure 404-2 Programs for upgrading employee skills and transition assistance programs corresponds to:
- Sustainable Development Goal (SDG) 8: Decent Work and Economic Growth
- Targets: 8.2, 8.5
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1) This case study is based on published information by Maybank, located at the link below. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the report’s meaning. If you would like to quote these written sources from the original, please revert to the original on the Global Reporting Initiative’s Sustainability Disclosure Database at the link:
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