Islamic financial institutions operate in different countries with each country having its own unique laws, cultures and values that influence an employee’s expectations of that country in general and Islamic financial institutions in particular. However, when it comes to attracting and retaining top talent, Islamic banks need to understand what their needs and expectations are.
EMPLOYEE NEEDS
For a while, the worldwide assumption on employee needs and expectations have revolved around financial benefits, with many others overlooked. Though an employee’s needs or expectations are increasingly becoming hard to generalize as each individual in a culturally diverse society might have different factors influencing a particular need or expectation. The table below highlights some of employee needs:
| Work life balance | Diverse rewards programmes | Advancement opportunities |
| Social-centric culture | Creativity and innovative culture | Health Benefits- Competitive health insurance covers |
| Embracing new technology | Useful and timely communication | Professional development |
| Environmental conservation | Job security and work place safety | Flexible hours |
| Attractive office/Convenient location | No harassment or intimidation | Challenging and meaningful work |
| Competitive pay | Opportunity to own, i.e. have share in ownership | Financial wellness programmes |
| Working for Impact | Fun work environment | Inspirations |
THE CHALLENGES
Both employee needs and human needs pose a challenge to Islamic banks. Below is an attempt to explore some of these challenges.
Embracing new technology: Workplaces are increasingly becoming technologically driven. Employees are exposed to technological developments such as customer relationship management systems, human resource management systems, procurement systems, credit processing systems, disasters and recovery management systems, cyber security systems, queue management systems among others are likely to face workplace shock operating in an environment that lacks some of these systems. Therefore, Islamic banks are required to keep pace with the latest technological developments in workplaces.
Opportunity to own: Part of increasing employee participation, employee retention, and employee compensation is providing employees with options to own shares of the company they work for. Certain developed and developing countries are increasingly embracing Employee Share Ownership Plans (ESOPs) for not only the top management team but all employees. Therefore, as Islamic banks embrace partnerships with its external customers through profit and loss-sharing arrangement, it is paramount that internal customers, i.e. employees, are given the opportunity to participate in the share ownership of the Islamic banks.
Financial wellness programmes: Financial education is increasingly becoming a necessity for Islamic banks’ customers and employees alike. Some studies have established a link between weak financial management and employee stress, absenteeism, poor performance and job dissatisfaction. As a result, corporates have started to offer financial education to their employees to learn about saving, investing, retirement planning, and estate planning among others. Islamic banks have to streamline their non-monetary benefits by giving opportunity to employees to become financially literate.
Excitement and creativity: Having fun is part of human necessities, provided it is within the dictates of Shari’a. Making the work place productive and exciting is a tall order to balance but an essential requirement. On the other hand, people have internal capacity to be creative provided that they are given enabling environment to flourish. Developing creative minds at work places is becoming an increasing feature of learning organisations. Islamic banks are facing challenges to provide excitement and creative environment to their employees.
Love and relationship: Office romance has become a challenge that requires unconventional methods to deal with before it becomes a serious reputational risk to contain. Whereas some Islamic banks might have different work areas for males and females or limit male-female interactions, this does not completely stop people from developing connectivity through social media. While illicit relationship is morally condemned, however, Islamic banks should be open to recognising the genuine need of employees to establish families. Unfortunately, some Islamic banks have lost some talents due to enforcement of policies that prohibit a husband and a wife from working in a similar organisation. While the risk is understandable, exposing employees to choose between forming a family and work requires serious evaluation of possible solutions.
