Both Sides of The Coin: The Story of The Central Bank of Barbados 1972-2017

104 Staff movements, compensation and performance One human resource challenge that confronted the Bank from around the mid-1990s was the departure of several senior and/or experienced members of staff. A few, who had become very marketable after years of service at the Bank, went into other employment, but the vast majority retired. Seventy-seven persons from all levels, each with at least 20 years’ service, left the Bank’s permanent employ between 1994 and 2016. 63 On average there were about three departures a year, with seven, eight and nine occurring in 2000, 2004 and 2016, respectively. 64 The Bank was fortunate to have been able to fill many of the vacant management positions from among its own mid-level officers. However, at times there was difficulty finding personnel in the Bank to fill some senior technical posts, particularly in the Research, Bank Supervision and MIS Departments. The Research Department was affected by promotions and secondments during the first half of the 1990s; moreover, the younger employees were more prone than their older colleagues to pursue other opportunities. This made it difficult for the department to maintain the capacity in sectoral monitoring which had existed a decade earlier. In the Bank Supervision and MIS Departments the problem was to find individuals possessing the skills required to perform the new tasks that were now demanded. As a result, many of the positions created in these departments were filled from outside the Bank. The recruitment drive and the effort to retain technical staff were hampered by the relatively more attractive salaries paid in the private sector. Salaries paid by the Bank, like those in the rest of the public sector, were cut by eight per cent between 1991 and 1993. Even after the salary cuts were restored, salary increases were moderated by the restraint on incomes which resulted from agreements within the context of the Social Partnership. This body - comprising government, the labour movement and the private sector - promoted increased productivity and efficiency towards a more competitive economy, particularly during the economic downturn of 2008 - 2016. Regrading exercises (in 1998, for example)