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2018 Financial and Social Report

Effective HR management is an important part of the strategy of Bank Millennium Group. The Group monitors both individual personnel cost items as well as the headcount, for some years now following a policy of stable employment costs and headcount. Staff churn is monitored and reported on an ongoing basis, with people leaving the Bank being interviewed – exit interviews. The employment level and effectiveness of use of resources are verified against appropriate market benchmarks.

Employment in the Group (in full FTEs)
31.12.2018 31.12.2017 Change (y/y)
Bank Millennium 5 785 5 492 293
    – including managerial functions 138 141 -3
Subsidiaries 347 338 9
Total Bank Millennium Group 6 132 5 830 302

Employment in Bank Millennium Group as of end of 2018 was 6 132 FTEs, which means an increase as compared with end of 2017 by 302 FTEs (i.e. 5,2%). The Group’s biggest employer is Bank Millennium, with an end of 2018 headcount of 5 805, which corresponds to 5,785 FTEs. Subsidiaries in Bank Millennium Group as of end of the year were employing the total of 347 persons-FTEs, with three companies among them having the biggest importance Millennium Leasing, Millennium Dom Maklerski and Millennium TFI.

Employment in the Bank (in full FTEs)
31.12.2018 31.12.2017 Change (y/y)
Branches and Direct Sales 3 759 3 678 81
Head Office 2 026 1 814 212
Total Bank Millennium 5 785 5 492 293

The structure of employment of Bank Millennium shows a definite majority of people employed directly in sales of banking products and services, above all in 361 outlets of the Bank located all over Poland.

Bank increased employment in the area of digital technologies as well as in the areas of customer service and sales. Increase of employment in support units come from the fact of taking over Credit Union SKOK Piast in Tychy on a basis of KNf decisions.

Employment in the Bank (in FTEs)
31.12.2018 31.12.2017 Change (y/y)
Direct Banking 542 504 38
Digital Technologies 473 401 72
Retail and Corporate Banking 3 217 3 174 43
Support Units 1 553 1 413 140
    Including Credit Union SKOK Piast 143
Total Bank Millennium 5 785 5 492 293

Bank Millennium Group remuneration policy aims to ensure adequacy of remuneration of employees given their current tasks, competencies and scope of responsibility. In particular much attention is attached to proper shaping of base salaries. Remuneration levels are verified with consideration of periodic evaluation of work results as well as possible evolution of the level of skills engaged in performance of tasks of the organisation. Moreover salary information presented in financial market remuneration surveys is also analysed.

The total level of personnel costs in Bank Millennium Group in 2018 and in the previous year was as follows:

Personnel costs (in PLN million)
2018 2017 Change (%)
Bank Millennium 592.2 552.3 7.2%
Subsidiaries 45.9 44.2 3.8%
Total Bank Millennium Group 638.1 596.5 7.0%