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Long-serving staff often cite two key reasons for staying: the family-like culture and their trust in the people and leaders.
- With inputs by Priya Sunil.
In a sector renowned for its high-pressure environment, rapid digital transformation, and evolving workforce expectations, how does an organisation remain both competitive and employee-centric? Maybank Singapore is looking to answer this question by doubling down on work-life excellence, hybrid work, and progressive talent development policies.
From introducing sabbatical leave eligibility after just one year to embracing hybrid work as a long-term commitment, one of the key focus areas of the bank is adapting to shifting workforce expectations in today's world, as Arina Sofiah learns in an interview with Wong Keng Fye (pictured above), Head of Human Capital, Maybank Singapore.
These initiatives, combined with mentorship programmes and a disability employment drive, aim to foster a culture of growth and inclusivity in an industry known for its high pressure, he shares.
In this interview, Wong dives deep into the bank's approach to holistic workforce management, one that has both helped it achieve an employee engagement score of about 88%, and retain its top talent.
Q Considering that the banking sector has faced significant shifts in recent years, especially with rapid digital transformation and changing workforce expectations, how has Maybank’s HR strategy adapted to these changes?
As with any organisation, it’s important to ensure our employees remain relevant. With all the changes – whether in digital AI or the evolving business landscape – we need to focus on having the right employees with the right skills and competencies.
Equally, we must equip and upskill our existing employees to ensure their longevity within the organisation and keep their skillsets relevant.
At Maybank, we’ve always been strong in several key areas:
1. Work-life excellence
2. Being a progressive and fair organisation
3. Our family-oriented culture, which many employees have expressed as something they truly value.
While these are areas of strength we aim to maintain, we also recognise the importance of keeping pace with the times and the evolving needs and aspirations of our workforce.
One of the significant changes brought about by COVID-19 was the hybrid working arrangement, allowing employees to work from home. Recently, some companies have asked their teams to return fully to the office.
We remain strong proponents of work-life excellence and balanced work-life plans. We firmly believe in the effectiveness of mobile and hybrid work arrangements, which align with what our employees value. Many potential candidates also see the flexibility to work from home part of the week as a key attraction.
While it’s unclear whether the shift back to office fully will become a trend, but at Maybank, we believe hybrid work is here to stay for the long term.
Q More specific locally, with Singapore's changing labour regulations and the rising focus on local talent, what challenges and opportunities do you see for workforce management at Maybank?
First, we believe in building a strong Singaporean core. Even though we are a foreign bank, we see ourselves as very local and are deeply committed to nurturing this core.
When it comes to regulations on the recruitment of foreigners, it’s about striking the right balance. In some jobs where there are sufficient Singaporeans, this isn’t an issue. However, in other areas, we need time to develop the required talent in significant numbers. In such cases, we may have to supplement with foreign talent.
For instance, in tech, while universities and the industry are producing more graduates, the labour market remains tight. So, while we continue to import workers in certain areas, it’s crucial that we also focus on growing our local workforce and equipping them with in-demand skills.
Labour regulations, such as those promoting fairness in the workplace and progressive work arrangements, are emerging. These are positive and progressive steps. The Singapore government has taken a gradual approach, introducing guidelines over the years before moving towards legislation.
One notable development announced during the Singapore National Day Rally by Prime Minister Wong was the extension of maternity and paternity leave provisions. At Maybank, we’ve been ahead of the curve in this regard. Beyond the government-mandated four months of paid maternity leave, we offer an additional two months at half pay. Employees can also opt for a further six months of unpaid maternity leave, resulting in a total of four months' full pay, two months’ half pay, and six months’ unpaid leave.
Compared to what’s legislated, we believe our offering sets us apart. Additionally, during the COVID period, while receiving government job credits, we chose to give back S$2,000 to our lower-wage employees.
Yes, regulations exist, but it’s important not to stop at what’s mandated. We strive to go beyond compliance and take proactive steps that reflect our values.
Q Considering that banking is known for being an extremely high-pressure environment, how does Maybank balance these demands while maintaining a culture that supports employee wellbeing?
As far as policies are concerned, there's also the point that, as you mentioned, banking is a high pressure, stressful environment; but some people enjoy the stress and the challenges that the banking sector provides. That said, we take employee wellbeing seriously. One critical lesson from COVID-19 is the growing importance of mental wellbeing. Stress is manageable if the right support structures, supervision, and policies are in place.
To address this, we collaborate with the Health Promotion Board to host talks on mental wellbeing. For example, in December 2024, we hosted a mental wellbeing workshop led by an expert visiting Singapore.
We’ve also trained a group of employees as mental first aiders. They are equipped to recognise colleagues who might be going through stressful situations and can provide immediate support or connect them to further help.
Additionally, we offer counselling services through Raffles Counselling Services, with no questions asked. While employees can always approach supervisors or human capital leaders for support, we recognise that professional help may sometimes be necessary. This counselling service is available for as long as employees feel they need it, encouraging them to seek help without hesitation.
The above aside, we are also working to foster a culture where employees understand that seeking help is not a weakness.
"Our message is clear: it’s okay not to be okay. Just as you would treat a physical illness like the flu, emotional wellbeing requires attention and care."
At different stages of life, we all experience emotional challenges, and it’s essential to talk to someone. As an organisation, we are committed to understanding and supporting our employees during such times. We want them to know we not only recognise their need for help, but also provide the necessary resources and care to support them fully.
Q Apart from wellbeing initiatives and the work-life balance aspect, Maybank’s talent retention initiatives also involve mentorship and career mobility. Could you share more about this and how it supports employee growth and long-term retention?
We have a mentorship programme where members of our management team, executive committee, and senior leaders act as mentors to select individuals identified as having strong potential to progress further within the organisation.
This is in addition to the mentorship employees already receive within their functional areas from their supervisors and bosses. We expect all supervisors and bosses to act as mentors to their teams—that’s a given.
However, this programme extends beyond functional boundaries. It’s about cross-functional mentoring—pairing someone from a business area with a mentee from a non-business area. This goes beyond the usual practice of mentoring within one’s own department or domain.
Another key area of focus is employee mobility. At Maybank, our philosophy is: 'Go ahead, take charge'. While we can provide career pathways and learning roadmaps, employees are ultimately the ones who understand their aspirations best. We encourage them to have regular conversations—at least once or twice a year—with their supervisors to discuss their personal development plans, career goals, and ambitions.
This could involve growing within their current area or exploring opportunities in a completely different function.
Beyond that, we wanted to establish a policy that encourages employees to take charge of their own careers. This means empowering them to explore different opportunities—not just within their current roles but also by learning new skills and preparing themselves for future transitions. Our internal mobility policy facilitates this.
Under this policy, any employee with at least two years of tenure and satisfactory performance is eligible to move to another role if a suitable position becomes available. Whether or not their current supervisor agrees, the transition must take place within two months. By formalising this process, we’ve made it a natural part of our culture. Supervisors now understand that when someone moves, it’s not due to dissatisfaction but because the organisation actively supports career development and exposure to diverse experiences.
Many employees have taken advantage of this policy to explore different roles at various stages of their careers. For example, some may wish to step away from high-pressure sales roles as they reach a certain stage in life. We’ve had a branch manager transition into a role in human capital as a manager—a significant shift that demonstrates our philosophy of looking beyond direct job experience.
If we were to focus only on a candidate’s prior job-specific experience, mobility would be impossible. For instance, a branch manager might lack direct HR or compliance experience. However, by focusing on competencies, we see their transferable skills.
A branch manager brings leadership, people management, and customer relationship skills—competencies that are equally valuable in a human capital role.
This approach benefits both employees and the organisation. Employees gain diverse experiences, while the organisation benefits from fresh perspectives. For instance, a former branch manager in HR understands the challenges of frontline roles and can offer insights on how to better support and manage those employees.
In this way, our mobility and mentorship programmes not only empower employees but also strengthen the organisation. These initiatives help us retain talent by enabling growth, adaptability, and the sharing of valuable experiences across functions.
Q A key aspect of Maybank’s retention strategy is its Disability Employment Programme. Could you share more about what this programme entails and the outcomes you’ve observed?
I always say that if you don’t embrace diversity, you limit your employment pool. By excluding certain groups, you end up with a much smaller talent pool compared to an organisation that values diversity and creates opportunities for people with disabilities. To me, embracing diversity isn’t just the right thing to do—it also makes business sense by expanding the range of talent we can tap into.
At Maybank, we are committed to diversity, equity, and inclusion (DEI). We have policies in place that ensure fairness and non-discrimination, covering a wide range of factors, including race, gender, marital status, nationality, and disability. Inclusiveness isn’t just about being fair; it’s about leveraging the strength and perspectives diversity brings, which ultimately makes the organisation stronger and more innovative.
Our Disability Employment Programme is a core part of this commitment and aligns closely with our mission of “humanising financial services.” This mission isn’t just about improving services for customers—it also extends to our employees. As a bank that thrives in the community, we recognise the importance of giving back, whether through corporate social responsibility initiatives or by creating opportunities for disadvantaged groups, including those with disabilities.
For example, we supported a programme with a local Community Development Council to provide financial literacy training to students from low-income families. These students, whose household incomes meet specific criteria, were taught the importance of savings, deferred gratification, and differentiating between needs and wants. Beyond education, we also incentivised them with savings schemes, where they could earn nearly S$1,000 through a combination of part-time work and disciplined saving. This initiative aims to equip them with financial skills that can help them break the cycle of disadvantage and achieve better futures.
When it comes to employing people with disabilities, we’ve realised that meaningful inclusion often requires rethinking job design. For instance, we recently hired an employee with a visual impairment for a role in our call centre. While she has limited sight, she can hear perfectly and use assistive technology that converts text to speech. This allows her to handle tasks such as reading messages or emails and responding to customer calls. The process of hiring her not only pushed us to explore adaptive technologies but also challenged our preconceived notions about job design.
Creating opportunities for employees with disabilities isn’t just about physical adjustments like ramps or lifts—though these are essential basics. It’s also about redesigning roles to match their abilities and leveraging technology to enable them to thrive. For us, it’s about having an open mindset and being willing to adapt. We don’t expect someone with a disability to perform a role in the same way as someone without a disability. Instead, we focus on finding solutions that allow everyone to contribute meaningfully.
Ultimately, embracing diversity and inclusion strengthens our organisation and helps us create a workplace where all employees can grow and succeed. It’s about recognising the value of every individual and ensuring that opportunities are accessible to all.
Q What other key initiatives does Maybank has in place as part of your overall approach to employee retention?
I’ve covered a lot of areas—career opportunities, mentoring, being a fair and progressive employer, implementing mobile work arrangements, and more. However, as you pointed out earlier, employees' expectations and needs have evolved, particularly after COVID-19. One example of how we’ve adapted is the introduction of a more flexible and employee-centric sabbatical leave policy.
Traditionally, sabbatical leave was often associated with burnout or extended breaks for specific reasons. But we recognised a shift during and after the pandemic. COVID-19 was a challenging time, but it gave people an opportunity to rethink their priorities. Many began questioning their career choices—whether they truly wanted to stay in banking, handle sales, or manage customer calls. Others explored new passions, such as starting a café, becoming a baker, or travelling to pursue personal fulfilment.
To address this, we revamped our sabbatical leave policy to make it more appealing and versatile. Employees can now apply for sabbatical leave after just one year of service. During this period, they retain job security, as their role will still be available upon their return. Additionally, we continue to cover their medical expenses, easing any financial worries.
What makes this policy particularly unique is its flexibility. Employees can take the year off to pursue personal goals, start a new business, or even work for another company—as long as it’s not a competitor.
This approach ensures that individuals can explore their aspirations, such as starting an online business, travelling, or simply taking a break to recharge.
This policy has proven valuable for both the organisation and our employees. Some employees discover a passion outside of banking and choose not to return, which we fully respect. Others realise their love for banking and rejoin the organisation more motivated and committed than before. This approach helps us retain valuable talent who might otherwise leave permanently, while also providing employees with the freedom to experiment and grow.
Ultimately, this revamped sabbatical leave policy isn’t just about retaining talent—it’s about fostering a culture that values personal fulfilment and recognises that employees’ needs and aspirations evolve over time. It’s another step towards making our workplace more adaptable and supportive, for the benefit of both the organisation and our people.
Q How do you measure the ROI on these retention strategies?
We rely on several avenues to gauge the effectiveness of our employee retention strategies.
First, we conduct an employee engagement survey every two years, supplemented by a pulse survey in between. These surveys provide us with rich data points on engagement levels. Our engagement score consistently hovers around 88%, which is notably high, especially when compared to other high-performing organisations. These surveys help identify key engagement drivers—what employees value most—and areas where they feel improvements are needed.
Second, exit interviews are another critical source of feedback. Departing employees often provide candid insights into what they liked about working with us and areas where we fell short. This feedback is instrumental in shaping our policies and addressing gaps.
In addition, we use various engagement platforms such as town halls, skip-level dialogue sessions, roundtable discussions, and direct Q&A forums with senior management. For example, we have a platform, Maybank Idea Box (MI-Box), where employees can propose suggestions, as well as a chatbot for sharing feedback or asking questions. These channels offer real-time, actionable insights into employees' sentiments and expectations.
By combining these data sources, we continuously refine our policies and even introduce new ones to address emerging needs.
Q What role does leadership play in employee retention?
I strongly believe that people don’t leave organisations—they leave their supervisors. While senior management sets the tone and influences organisational culture, leadership extends far beyond the top levels.
Leadership is present at every level, from managers and team leads to individual contributors who act as informal leaders among their peers. These leaders create trust, provide assurance, and foster a supportive environment. It’s this everyday leadership that directly impacts employee satisfaction and retention.
In our organisation, long-serving staff often cite two key reasons for staying: the family-like culture and their trust in the people and leaders around them. Employees want to know that their leaders are reliable, fair, and committed to delivering on their promises.
Ultimately, leadership is not just about authority—it’s about building relationships, inspiring confidence, and creating a workplace where employees feel valued and supported. When leadership is strong across the board, retention naturally follows, regardless of other programmes or policies in place.
Q What key trends do you see shaping the banking industry in the next 3–5 years?
The banking sector is very competitive in such a small island where we have a small population, as we have so many local, regional, and international banks operating. And it’s also interesting that you look at a bank and it is a very customer-centric yet technologically driven.
Looking ahead, several key trends are poised to shape the industry:
1. The rise of generative AI: Generative AI is already reshaping banking operations, and its influence will only grow. Tasks that require minimal human interaction are increasingly being handled by AI, driving down costs but also making certain roles redundant. This creates an urgent need for workforce transformation. Upskilling and reskilling employees to work alongside AI will become a priority for banks to ensure their workforce remains relevant and productive.
2. Sustainability and environmental focus: Environmental and sustainability issues will remain at the forefront. Banks will be at the centre of it, playing a pivotal role in financing the transition to greener technologies, such as helping businesses move away from coal reliance. As sustainability becomes a critical factor for customers and regulators, banks will need to innovate and lead in sustainable lending practices to stay relevant.
3. Corporate social responsibility and community engagement: Today’s employees and customers increasingly expect organisations to act responsibly. Beyond profitability, banks will need to deepen their commitment to CSR and community initiatives. From disability inclusion to environmental stewardship, these efforts not only enhance corporate reputation but also attract talent and customers who value social and environmental responsibility.
By staying agile and addressing these trends, banks can retain talent and remain competitive while continuing to fulfil their role as essential drivers of economic and social progress.
Photo: Provided
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