Baku, Fineko/abc.az. Azerbaijani company FESCO has summarized results of project “Overview of Wages 2009/ Banking Sector of Azerbaijan”.

The Company says that the participating banks were presented the final report which covered market information about wages and compensations for this sector.

FESCO’s director Ilyas Efendi believes a growth tendency of private sector of the national economy dictates the necessity for consolidating all tools of management, including human resources management occupies the integral part.

“In world practice overview of wages is one of the most important sources of information on changes occurring at the labor market. Knowledge of the situation allow managers to follow more flexible staff policy aimed at keeping necessary specialists in a way of additional motivating and stimulation, and developing professional skills of personnel,” Efendi said.

According to FESCO, in an average 80% of banks holds regular reconsideration of wages, of them half index salaries based on inflation ratio.

The overwhelming majority [banks] while reconsidering not only the individual results of employees, but also the change of medium market salaries.

According to FESCO overview 2009, medical insurance, mobile communications with average monthly limit of 40 manats and privileges for loan under rate of 17 percent is the mostly spread privileges for employees of Azerbaijanis banks.

“This is the first such case for country’s banking sector. High interest to it by banks proves its demand at the market. As a whole, the report will allow heads of banks and their human resources departments to justify staff and wage policy to keep most valuable specialists and strengthen loyalty of employees and knock down sometimes groundlessly overstated wage expectations of job-seekers,” he said.

The FESCO research was conducted with support of UniBank, Pasha Bank, Rabitabank, AFB Bank, Parabank.

A project of such kind has been carried out for the first for separately taken banking sector. For its realization FESCO also drew foreign specialists. In the course of presentation FESCO organized a forum at which banks’ reps expressed interest in participation of such projects in the future. It was decided to conduct next overview of salaries and compensations for banking sector in second half of 2010.

FESCO renders range of services covering human resources. Among them: consulting of staff departments, staff evaluation, staff selection, development of professional skills of employees.

01.02.2010 14:51