1.5 Hybrid working and revised employee benefits provide flexibility for Bank of Finland staff

After the COVID-19 restrictions were lifted, the Bank of Finland switched to a flexible combination of remote and on-site working. The Bank of Finland also took steps to enhance diversity and equal treatment during 2022 by becoming a signatory to the equality, diversity and inclusion charter of the European System of Central Banks (ESCB), and by taking part in Helsinki Pride 2022. In addition, the results of the Bank of Finland’s 2022 management survey exceeded the national average.

At the Bank of Finland, we have 375 staff working in the areas of monetary policy, research, financial markets, banking operations and cash supply.

In addition to these core activities, the Bank also has strong in-house expertise in areas such as IT, personnel and financial administration, communications, financial literacy and language services.

The average age of the Bank’s staff is 46.1 years. Of the total number of staff, 46% are women and 54% are men. The Bank of Finland provides a pleasant working environment and the Bank’s staff are committed to their work. The average length of employment at the Bank is 15.5 years.

Combination of remote and on-site working became the new normal

The Bank of Finland’s staff were still working mostly from home as a result of the COVID-19 pandemic until 6 March 2022.

The Bank then lifted its pandemic-related restrictions and during spring 2022 it began piloting a system in which staff could combine remote and on-site working. The staff tried out various combinations of working at home and in the office, as well as ways of enhancing the sense of community.

A new policy on remote working was then introduced in August, whereby the staff can, as a rule, work remotely for a maximum of 60% of their work time. Agreement on the specific practices for remote and on-site working is for each team to agree separately.

Remote working has thus become a permanent option at the Bank of Finland. Flexible practices for working at home support the reconciling of work and private life, the development of a workplace culture based on trust, the ability of staff to cope with their work and the promotion of wellbeing at work.

On-site working supports a sense of community

On-site working strengthens the sense of community and working together, and enhances wellbeing at work. Working on the premises with immediate colleagues and others is an integral part of the job for Bank of Finland employees.

The sense of community is bolstered not only by on-site working but through team discussions, jointly agreed practices and attendance at various occasions and events.

Revised employee benefits support new ways of working

In response to the changes in the way we work, the Bank of Finland also revised its main employee benefits. The new employee benefits help foster the wellbeing of staff and support the recruitment of skilled employees and the retention of existing staff at the Bank. The new benefits were introduced at the start of 2023.

The lunch benefit was extended to cover working from home, which helps to ensure that staff take a lunch break and eat healthily when working remotely. Staff on site can continue to enjoy high-quality meals at their staff restaurant.

The commuter-ticket benefit supports travel to and from work and the use of environmentally friendly transport options. Employees can now choose to spend their tax-exempt employee benefit not only on sports, culture and massage services but also commuter tickets.

The employer-subsidised bicycle benefit is a new benefit that supports not only commuting and environmentally friendly travel choices but also staff wellbeing. An employee can acquire a bicycle through lease financing and include the tax-exempt leasing rate in their monthly salary.

The dental care benefit which supports staff wellbeing is being revised to feature a higher maximum annual reimbursement total and by enlarging the network of dental care services to include nine new locations.

Diversity and equal treatment are key values at the Bank of Finland

Diversity, equality and non-discrimination are important values at the Bank of Finland. The Bank of Finland’s experts work together as equals and value each other’s expertise, viewpoints and individual backgrounds.

The Bank constantly strives to ensure diversity and non-discrimination. During 2022, the Bank of Finland became a signatory to the equality, diversity and inclusion charter of the European System of Central Banks (ESCB).

The Bank also arranged staff events supporting equality, piloted anonymous recruitment and took part in the Helsinki Pride event for the first time.

Results of management survey exceeded national average

The Bank of Finland carries out a management survey each year. The results of the 2022 survey gave the Bank an index score of 75.2. The national average for the year was 73.1.

The survey responses indicated that the Bank of Finland’s line managers trust their staff and support professional development, and staff are aware of what is expected of them in their work.

The management survey is also used to monitor implementation of the Bank’s management vision. Under the management vision, the aim of management at the Bank is to support achievement of the strategic objectives, inspire and motivate staff to perform well, and support constructive cooperation. Management at the Bank is also based on the view that change can be successfully brought about and that we are all able to improve ourselves.