As EFG Hermes transforms from MENA’s leading investment bank to a uniquely positioned financial services corporation across frontier emerging markets, it has become more important to recruit top talent from newly-entered markets and seamlessly on-board new employees to create and unlock value for all of our stakeholders. We are proud to employ more than 4,450 highly talented individuals across numerous business lines throughout our footprint, all of whom have a unique role to play in driving the Firm’s growth and strengthening our position in all of our markets.
Our dedicated and skilled Human Resources team – which boasts 7 SHRM Certified HR Professionals – continues to evolve its programs, processes and policies to support the Firm’s business expansion. The HR team has outdone itself in its push for innovation this year. Its major accomplishments include completely revamping the firm’s approach to performance appraisals, digitizing on-boarding efforts, and launching The Academy by EFG Hermes.
2018 In Review
Talent Acquisition and onboarding remained a major focus in 2018 as the HR Department worked tirelessly to hire 175 new employees from the Firm’s newly-entered markets to staff the teams in our new offices and business lines. We continued to build the capacity of our offices in Pakistan and Kenya while simultaneously preparing for the launch of EFG Hermes Nigeria. Hiring for our consumer financing solution valU and EFG Hermes Factoring proved to be an exciting challenge that ultimately strengthened the team’s knowledge of employment trends in two new industries.
In 2018, EFG Hermes remained on track in its integration of the Firm’s microfinance arm Tanmeyah Micro-enterprise Lending following its acquisition. This year’s milestones included reorganizing and streamlining payroll practices and processes, organizing employee databases and the corresponding organizational charts as well as collaborating with Tanmeyah’s HR team to develop an employee-level framework and core competency model that will facilitate the ultimate goal of developing synergies between the HR practices of both organizations and ensure Tanmeyah’s employees are fully connected to the larger EFG Hermes organisation.
Another major goal this year was upgrading the HR technology platforms to maximize operational efficiency and enhance our reporting capabilities. We are in the final stages of rolling out our new HR management information system, which will free up the team’s time for more value-added projects.
Catering to an Increasingly Diverse Workforce
As EFG Hermes continued to expand into new geographies and industries, to ensure effective operations across four continents., it was crucial for the HR team to gain an understanding of not only the laws and regulations of new markets, but also the different cultures in which we now operate, with all their unwritten rules.
We work with the local teams to understand the workings of the market, the cultural norms, and regulations, and ensure that these are reflected in our localized policies and procedures, rather than rigidly imposing a set of theoretical rules and practices that alienate the new team. In this vein, the HR team has made a remarkable effort to review and enhance policies and procedures to reflect both the unique aspects of different geographies and the core tenets of EFG Hermes’ identity.
As the Firm expands its teams across new and existing lines of business, team-building has become essential to increase cross-border collaboration within divisions. Over the course of 2018, HR’s Learning & Development team worked with several teams to conceptualize and deliver large scale team building initiatives that brought together employees from numerous geographies in a fun and entertaining setting. These events encouraged teamwork and enhanced employee morale and we plan to work with more divisions this year to contribute to a more collaborative working environment across the firm.
Developing Top Talent
Our HR Department is responsible for ensuring that we remain a competitive employer in all of our markets. A key way we do this is through our flagship employee development platform, The Academy by EFG Hermes, launched in 2018. This platform features multiple modules designed to address the requirements of employees at every level of the Firm and drive their career growth. The Academy works with internationally renowned learning providers to deliver the different modules of The Academy.
In 2018, 81 people participated in the first 5 programs of The Academy, from the Pre-Foundation level all the way to Emerging Leaders I. This first group of participants, across the 5 programmes will complete the requirements over a period of 18 to 24 months. Initial feedback has been positive, and the team has found it to be particularly helpful in identifying talented individuals whose leadership potential may not have been apparent. The ability to identify out-of-the-box thinkers and leaders with unique perspectives is in high demand as the Firm seeks new ways to leverage the diversity of its workforce.
HR’s Talent Management team has also completely revamped the firm’s approach to annual appraisals to After conducting wide-ranging, interdepartmental discussions assessing our previous approach, the team developed a new format that centers the performance discussion on strengths and areas of development, rather than highlighting weaknesses. Feedback has been extremely positive and we have plans for further fine tuning the approach for the coming year.
Outlook for 2019
As the firm continues to grow, we realize the importance of delivering on various HR commitments at a faster pace, and have, accordingly, made agility one of our main area of focus for 2019. We will work on adapting our processes, where needed and where possible, to enable us to deliver in a more agile and flexible manner, to better support the business’s needs.
Further digitization of HR will also be a key target in 2019, to effectively support an employee base spread over a wide global footprint. the employee portal will see a revamp, as will EFG Hermes Connect- the employee app; we plan on delivering more employee services via the app, which we hope will make things easier for our employees who are constantly on the road, and for those who are in the various locations. We will also explore new ways to use digital tools to facilitate remote orientation., and regular interaction for employees in locations without on the ground HR support.
Professional development will be a major focus this year. 2019 will see the roll out of our DNA- Development Needs Assessment; a new approach to learning and development that puts employees in the driver’s seat and gives them the opportunity to shape their growth within the firm, thus creating their own DNA. We will continue to roll out The Academy, with returning classes completing additional modules in their programs as well as new programs being launched, all in partnership with world class learning partners.
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