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

105 sometimes enabled the Bank to offer higher compensation, but even then salary differentials with the private sector were more favourable to persons in the lower grades where the Bank had no difficulty with recruitment. As a member of the Social Partnership the Bank continually underscored the responsibility of the management and staff to commit to higher workplace efficiency. An important component of this commitment was the co-sponsorship of the group’s annual Week of Excellence. In its quest to identify sources of higher efficiency, the Bank conducted an organisational review in 2006 and a job evaluation exercise the following year. At the same time, the Bank invested heavily in several initiatives that were intended to maintain good working relations. Selection, recruitment and retention Since concerns about candidate selection were at the source of the industrial action in 1996, efforts were made to enhance the process, including the introduction of modern recruitment techniques and the signing of a Memorandum of Understanding (MOU) with the BWU in 2004. Although it was not legally binding, the MOU provided a framework that allowed both parties to work together to solve problems. The approach to staff appraisal was also altered on several occasions and a Performance-Based Pay System was introduced in 2012; it emphasised continuous assessment and feedback and sought to reward the contribution of both teamwork and individual effort. In the face of some challenges, this system was suspended after a short time in operation. The method by which staff was promoted got a major overhaul towards the end of the period. Streaming of professional and technical grades was extended during 2011. This policy allowed for seamless promotion when employees satisfied certain criteria. 65 By 2012, a grandfathering process was also underway, making employees without academic qualifications but with years of meritorious service and particular competencies eligible for promotion. Chapter 4: Maturity, Modernisation and Issues of Governance: 1987 and Beyond