Human Resources

Landsbankinn wishes to be a desirable workplace where ambition, innovation and talent are highly prised. The Bank has implemented performance management methods to encourage strong corporate culture under which every single employee is responsible for achieving success.

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Landsbankinn's human resource policy reflects the Bank's emphasis on a good working environment, prioritising job satisfaction and active knowledge transfer. The Bank emphasises ensuring wage equality and equal career opportunities.

Landsbankinn's gender balance, some examples

Managing Directors
Branch Managers
Department Heads
Service Representatives and Tellers


Throughout the years, Landsbankinn has consistently worked to achieve gender equality and published independent analytical articles on the pay gap. Towards the end of 2016, Landsbankinn was awarded the Golden Seal of PwC's Equal Pay Audit for the second year in a row. Landsbankinn is the first Icelandic bank and the largest company to participate in and receive the golden seal of PwC's Equal Pay Audit.

The Bank places great importance on ensuring equal pay and equal job opportunities for both genders. PwC's Golden Seal is an important confirmation of the state of gender equality within the Bank and an encouragement to stay the course. The Bank's Equality Policy states that Landsbankinn is a workplace where men and women enjoy equal opportunities and rights in their jobs and to career advancement.

The Policy further states that Landsbankinn aims to attain a gender balance among employees, that no jobs shall be considered earmarked for either sex and that men and women shall receive equal pay for equally valuable work. Landsbankinn has a zero-tolerance policy towards bullying, discrimination, gender-based or sexual harassment.

Corporate culture

Concerted efforts are being made to strengthen the Bank's corporate culture whereby the customer is placed first, work builds on effective collaboration, progress is continuous and all employees are individually responsible for success. The performance management methods that were introduced in 2015 continue to guide efforts to further strengthen the Bank's corporate culture. In a nutshell, performance management means to concentrate on those factors that are key to success.

This method provides for setting clear goals for business units and employees, following up on the goals and assessing the impact that each unit's success has on the Bank's overarching goals. Great emphasis has been placed on involving all divisions and departments and success has not been long in coming.

Powerful and strong leaders are key to this future vision, both as active participants and as role models.

A clear definition of the role of leader is integral to improving corporate culture. Landsbankinn's executive model sets out the expectations the Bank has of its leaders. They must be possessed of personal strength that includes integrity, strong self-awareness and a positive attitude.
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Overall satisfaction*

The leaders are tasked with building a strong team by tending to employee job development, providing encouragement and ensuring effective collaboration. Each leader is responsible for his or her team members, sets clear goals, follows up on those goals and ensures professionalism in all matters. Landsbankinn's strategy and vision must be reviewed in an on-going manner to ensure continued progress. All activities should aim to advance the Bank in its role as a strong financial partner.

Performance interviews

Landsbankinn uses a performance evaluation system. Each employee attends an annual performance interview with his/her immediate superior and receives clear feedback on the previous year's work, both positive and negative aspects. The interview centres on setting goals for the coming year. According to workplace audits, employees are happy to attend these interviews and consider them effective.

Workplace audit and follow-up survey

Landsbankinn carries out a comprehensive workplace audit in Q1 of each year and follows up with a less extensive survey each fall. This survey, dubbed the "health check" is intended to follow up on the goals for improvement set in the wake of the workplace audit. Together, these two polls provide important indication of employee views on the workplace and their job satisfaction.

The results of the workplace audit and health check show that Landsbankinn's employees are satisfied with the Bank as a workplace, with facilities and that they form a strong, unified team. An executive assessment is carried out alongside the workplace audit and its results have been a credit to Landsbankinn.

Education and training

Landsbankinn views the professional expertise and competence of its employees as a prerequisite for success. An effective education policy, miscellaneous courses and encouragement for continued vocational training show that Landsbankinn leads by example in offering education and training opportunities to employees. Education and training within the Bank is certified for quality according to the European Quality Mark (EQM), awarded by the Icelandic Industrial Educational Centre.

In 2016, special emphasis was placed on offering courses that support the Bank's strategic projects. They included extensive leadership training and workshops on implementing changes and corporate social responsibility. For front-line employees, emphasis was placed on improving the quality of advisory service and strengthening customer relationships.

In 2016, around 200 educational events were held and they were attended by around 3500 participants. Each employee attended an average of 3 events on offer. A majority of the Bank's employees is active in continuing vocational training, as 81% of employees participated in training events in 2016, either in-house or externally. The average number of training hours per full-time equivalent position in 2016 was 12.2 hours.

2016 educational events by content
Employee participation in continuing education in 2016
Education in figures
3,500 Participants in educational events at Landsbankinn in 2016 numbered 3,500.
200 200 educational events were offered at Landsbankinn in 2016.
81% 81% of the Bank's employees participated in some work-related continuing education in 2016.
12.2 The average number of hours of instruction per full-time equivalent position was 12.2 hours.
3 Each Bank employee attended an average of 3 events on the education programme.