Concerned about the well-being of its staff members, Banque Raiffeisen is rethinking working hours and introduces “Quality Time”

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As first and only cooperative bank in Luxembourg, Banque Raiffeisen has traditional values inherent in its cooperative and local model. Among the Bank’s priorities is to listen to and be close to its private and professional clients, while also ensuring the well-being of all its staff members. In this respect, the Bank is once again innovating, by introducing “Quality Time” on 1 January 2023.

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24/10/2022 |

    Yves Biewer, Chairman of the Management Board

Putting people first

For Banque Raiffeisen, the human element has always been and will continue to remain at the heart of its concerns. Be it in relation to its private and business clients, with which the bank nurtures long-term relationships and promotes a personalised and local service, or with regard to its staff members, by being a responsible employer launching numerous initiatives to promote the satisfaction and well-being of its staff.

In a post-Covid context and with the general shortage of talent, but also in the context of current discussions on part-time work and shorter working weeks in some European countries, Banque Raiffeisen intends to rethink its way of working and dares to adopt an innovative approach based on flexible working hours and a better work-life integration.

A 100% innovative “Quality Time” scheme

In concrete terms, this new approach consists of the introduction of a scheme known as “Quality Time”, which is unique in Luxembourg. By developing this new scheme, Banque Raiffeisen is once again positioning itself as a dynamic and pioneering company.

Thanks to “Quality Time”, each staff member will have eight hours of free time every month, which are calculated on a pro-rata basis according to their working hours. These eight hours will, of course, be in addition to the official leave and rest days and have no impact on staff members’ remuneration and fringe benefits. In addition, each staff member can enjoy greater flexibility regarding the organisation of their daily working hours, in the way that best suits their personal situation.

It should also be stressed that this new flexibility in working hours does not mean less work but implies an ever more flexible organisation for the greater benefit of staff members and has no impact on the quality of service or the strong and lasting relationships established with clients.

An innovative approach focusing on well-being at work

Laurent Derkum, Director of Human Resources and Communication, explains that “We wanted to adopt an innovative approach which focuses on well-being at work and which also allows Raiffeisen to stand out as an employer. Within the context of a tense job market and the difficulties in recruiting the right profiles, I think it was necessary to review our way of working in order to adapt it to the requirements of new generations. Banque Raiffeisen wants to set an example as an open-minded bank which is eager to innovate, not only to attract talent, but also to encourage the loyalty of all its staff members.”

Seeking positive results

The new “Quality Time” scheme will apply provided that the Bank’s objectives and ambitions are maintained, such as client availability, internal/external service quality and good service organisation. It will also be based on a well-supervised implementation at both individual and organisational level, on efficiency gains and on an overall positive approach.

For Yves Biewer, Chairman of the Bank’s Management Board, “Quality Time” has many objectives. Through a better work-life integration, we want to increase the motivation of our staff members and improve their general well-being. I am convinced that a more flexible work organisation will have a positive impact on efficiency and can boost productivity within the teams. Banks are major employers and therefore have a vested interest in leading the way in reinventing the working environment.”

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