Ambitious and evolving human resources

We emphasise building a desirable and attractive workplace for a broad age group with varied backgrounds and experience. Human resource metrics are included in the Bank’s performance measurements and we regularly monitor, measure and review our efforts to ensure that the workplace reflects modern requirements and demands. We adopted new goals and, in 2024, focused on monitoring job satisfaction and employees’ experience of belonging to a team. We are happy to report that all goals related to human resources were achieved during the year. 

Job development and education

As before, varied education has been on offer for employees and customers - the learning culture is part of the Bank’s operation. Special emphasis has been placed on instruction and training, as well as communication alongside the continued development of the workplace and corporate culture at Reykjastræti 6, the Bank’s headquarters.  

Competition for talented employees is tough and various research confirms the importance of education and job development to gain a competitive edge and gain eligible employees. The Bank’s education program is developed based on thorough needs analysis and strong collaboration with departments such as Compliance, Legal Services, Operational Risk and the business solutions units of various divisions. This ensures the provision of essential training that supports the knowledge, skills and ongoing education of employees in a financial institution.  

Effective education plan and schedule

The increasing pace of change in today’s dynamic work environment calls for new competencies and adaptive approaches. Tailored training programs have been developed to meet the needs of specific target groups within the Bank, including extensive management training and the launch of career development and mentorship programs. All employees should be able to find something suitable in the education schedule, where registration is optional. The offering covers a wide range, from specialised, job-related skills to personal development and everything in between. The format of the training was equally diverse, including short lectures, workshops, courses and online modules.  

Targeted marketing of training programs, with specific actions to enhance visibility, understanding and interest in learning within the Bank, was a defining feature of the 2024 education initiatives. This marketing effort, combined with changes to the education structure, the implementation of a new learning management system and the new facilities at Reykjastræti, collectively contributed to the successful strengthening of the corporate learning culture and the expansion of learning options during the year. 

Participation in education 

Employees were certainly active in training during the year, with 94% of staff participating in some optional education event. Each employee attended on average 5 education or training events during the year.

The participation rate has increased considerably between years, from 63% in 2023. The education program was much more diverse than the previous year.

We are focused on ensuring that everyone enjoys equal education opportunities. Participation rates in optional education by gender is also equal, or 94%.

The participation rate reflects education and electronic instruction that is not mandatory yet on the Bank’s education programme. These figures do not include education outside of the Bank’s programme.

Satisfaction and success in the workplace

In an ever-changing environment, it is essential to develop strategies in human resource management. In recent years, numerous initiatives have been undertaken to improve the work environment, making it easier for teams to collaborate across departments and thereby positively influencing employee experiences and performance. We also place great emphasis on fostering connection and collaboration among employees, as we firmly believe that a strong and supportive social life positively impacts our work and helps us solve challenges together. The Bank has an active social program, with many employee-led groups complementing organized social activities and events. Employee participation in social activities is high and team spirit is strong, with surveys showing that 90% of employees feel they are part of a team.  

We regularly conduct analyses of employees’ workplace experiences, job satisfaction and perceptions of management and senior leadership. Employee participation in these surveys is consistently high, ranging from 80-90%, and the results are used to drive continuous improvements and development.   

Job satisfaction and other aspects of the work environment are measured in four annual surveys with different focus areas. This year's survey results have been good and overall satisfaction and dedication has increased. One measurement of employee satisfaction is whether employees would recommend the workplace as a fantastic place to work and 88% of employees agreed strongly or somewhat with the assertion. If further analysis is considered necessary, it is carried out through interviews with groups or shorter additional surveys.

Flexible and modern work environment

We emphasise mutual flexibility, ensuring that personal and professional needs align while providing the best possible facilities and working conditions. At the Bank’s headquarters at Reykjastræti 6, which we moved in to in the spring of 2023, a task-based work environment was introduced, allowing employees to choose the workstation that best suits their tasks at any given time. This choice also includes remote work locations when the nature of the tasks permits. The experience of this arrangement has been positive. Survey results indicate that employees highly value this flexibility, with 87% agreeing strongly or somewhat that the workspace makes it easier to collaborate with colleagues.

Health-promoting workplace 

The Bank has a long-standing tradition of participating in various health promotion initiatives. Public health initiatives, such as “Hjólað í vinnuna” and “Lífshlaupið”, have provided many employees with a platform to make physical activity and eco-friendly transportation part of their lifestyle. Participation in these initiatives has been excellent, and the Bank has received recognition for its strong involvement over the years. Additionally, the Bank offers opportunities for on-site fitness, healthy and diverse lunch options at the staff cafeteria and workspaces designed to promote health. Employees also have access to sports subsidies and transportation allowances, which encourage the use of environmentally friendly transportation methods. The Bank provides annual health assessments as well as easy access to medical and psychological services. We consider these initiatives an essential part of supporting the mental and physical well-being of employees, contributing to success both at work and in life.

Diversity and equality

Equality has long been emphasised at the Bank and work is based on a clear equal rights policy and plan. At Landsbankinn, all individuals are given equal opportunities for job development and are given their worth. Discrimination based on gender, race, sexual orientation, religion or nationality is never tolerated. The Bank has attained equal pay certification since early 2019. Landsbankinn aims to close the wage gap as nearly as possible at 0%, taking care that it never exceeds 2.5%. The wage gap was measured four times in 2024 and was 1.6% at both the beginning and end 2024, with women garnering the lower wage.  

A work group of volunteers was formed in 2024 and asked to review the equal rights policy, as well as equality in a broader sense at the Bank. The group submitted proposals for a new equality and diversity policy that will form the bases for review of the Bank’s equal rights policy.  

We have a clear response plan for bullying, gender-based discrimination, sexual harassment and violence (EKKO). All employees receive regular education on the subject and workshops are held for managers. Regular information sharing and mandatory education has raised awareness on the subject at all levels and professional handling of issues has been ensured. Employees can speak to an independent external party if sensitive matters arise. We measure the frequency of incidents, experience and notifications as part of the annual workplace audit.