"Our main buzzword and core value internally is change," says Nicholas Bianco, Lidion Bank’s Head of Human Resources. “Everything we’re doing is about change.” Born as a small bank catering to the UK agricultural sector before experiencing an acquisition and rebrand, Lidion Bank is indeed a bank in transformation. Referred to internally as “an ‘old startup’ due to its original 2012 license”, the company has undergone a transformation into an online corporate bank targeting European companies. This evolution has been driven by significant investment in IT and banking infrastructure with the mission of establishing itself as a digital-first bank that combines the agility of fintech innovators with the stability of a traditional bank”. After years of steady growth and increasing market demand, the company is now establishing the foundation for its cycle of expansion and innovation.
Mr Bianco’s department is deeply involved in laying these foundations, working to positively redefine the employee experience. Understanding the dynamics and challenges of attracting, engaging and keeping talent in a transient job market is crucial to this endeavour. The Bank’s implementation of its employee benefits scheme is evidence of its alignment with today’s employee expectations and reflects its inclusive approach to nurturing employee satisfaction. Based on flexibility as its guiding principle, Lidion Bank’s benefits package provides personnel with an annual budget that can be used for a range of purposes: approved hobbies, gym memberships, healthy meal services, holiday expenses, life/medical/vehicle Insurance, pension plans, parking, veterinary expenses, and wellness programmes.
Sharing the rationale behind the benefits package, Mr Bianco explains, “many corporate benefits schemes typically offer a small number of standard perks, usually revolving around parking and some form of insurance. However, while these employers bear the associated parking and insurance company costs, the reality is that these benefits aren’t necessarily accessed across the board by their employees.”
Lidion Bank, therefore, consciously decided to move away from a one-size-fits-all model towards a more personalised, employee-centric philosophy. “Why assume that all employees have the same needs and preferences and consequently limit them to the same few benefits? We feel it makes more sense to give individuals the autonomy to choose what matters most to them. Our workforce comprises people of different ages and circumstances and this can be a factor in how they decide to take advantage of our benefits scheme. Older employees or those with families, for instance, may prioritise security and planning, using their allowance to help with an insurance policy. Meanwhile, younger individuals may prioritise aspirational goods and services, spending the entirety of their allowance on a premium smartphone or holiday.”
Another catalyst to this strategic move is the impact of certain industries on the local market. “It’s no secret that the arrival of gaming companies here years ago created shockwaves for the island’s established industries in terms of employee attraction and engagement,” Mr Bianco says. Fun-based, rapport-building working conditions - including pool tables, breakout spaces and regular parties/social events - were not a feature of Malta’s traditional employment environment. In the face of competition from an industry that has had a defining influence on Malta’s employment landscape, “many local businesses are still struggling to adapt to modern workplace trends. However, businesses really need to change their mindset and offer more intuitive options. We’re no longer in the era where pizza, one Friday a month, is enough,” he candidly elaborates.
The job market has changed dramatically from the days of a job for life; perceptions and attitudes among certain generations regarding choice of employer and interview conduct are a large part of this change, Mr Bianco continues. In an employee market where job-hopping is the norm, an attractive benefits package can go some way to increasing employee retention. Although not immune to the slings and arrows of staff turnover, Mr Bianco reveals that “Lidion Bank experiences a significantly lower rate than Malta’s average.”
Apart from the benefits scheme, the company has adapted to shifting workplace mentality in other ways. Recognising the importance of transparency, communication and fairness in building employee trust and loyalty, the Bank carries out continuous employee feedback through surveys, probation meetings and informal check-ins throughout the year. Additionally, its operating style favours a culture that facilitates access to management. It all contributes towards strengthening Lidion Bank’s authenticity - an internally held employer branding value.
Beyond pay cheques and perks, the company maintains a proactive stance concerning workforce wellbeing. “It’s all about creating an environment where employees feel valued, supported and balanced,” the HR head affirms. “We encourage employees to discuss their concerns - mental, emotional or physical - with management or HR and ensure there is a dedicated channel for confidential, sensitive matters. If they need further assistance, we facilitate access to professional support services, including mental health consultations and wellness resources.”
Attention to employee wellbeing extends to Lidion Bank’s remote working arrangements. Just as the company is undertaking the road less travelled with its benefits package, it also has an interesting take on flexible working. “We intentionally didn’t create a system mandating the number of days one can work from home,” Mr Bianco reveals. Instead, the company operates a more flexible system that allows for life’s inevitabilities and recognises that set days a week may not always be practical. “We run an individual request basis (within feasible parameters) shaped around people's’personal circumstances. That said, as a young bank, it’s important that we establish a positive workplace culture and cohesive community where employees meet regularly, forge working relationships and feel a sense of belonging. Connecting and collaborating is achievable if people are predominantly physically present at the office.”
Professional development is also high on Lidion Bank’s list of priorities. All employees receive complimentary access to Udemy Business to explore its vast range of professional courses. Supporting continuous learning, Lidion also allocates two hours per month during working hours for employees to upskill and helps them pursue formal academic and professional qualifications. Experiential learning and industry engagement is also encouraged and employees regularly attend conferences and industry events to stay updated on trends and best practices and access networking opportunities.
Mr Bianco is pragmatic about the journey ahead. Notwithstanding its energies in the area of employee satisfaction, the Human Resources department is mindful that the “approach to salary and benefits needs to remain competitive yet sustainable”. Gaining a strong foothold in the corporate banking sector will require a balance between many high priority elements, of which employee retention is just one. “We’re making a conscious effort to be the opposite of bureaucratic legacy banks - by doing what we say we’ll do for our customers and providing genuinely robust, focused service. Ultimately, we are continuing to gear ourselves towards offering better, more enhanced services to the broader European market.”
