Term paper

on
Compensation Management System in Banking
Industry of Bangladesh:
A Study on The City Bank Limited

Submitted to
Mr. M Nazmul Amin, Ph.D
Professor,
Course Instructor
H603: Compensation Management
MBA Program,
IBA, DU

Submitted by
G M Fuad Hasan, Batch- 62D, Roll- 63
Shuvo Debnath, Batch 55D, Roll 42,

Date: June 15, 2021

 Letter of Transmittal

15 June, 2021
Professor Mr. M. Nazmul Amin, Ph.D.
Course Teacher (H603: Compensation Management)
MBA Program,
IBA, DU

Subject: Submission of term paper on “Compensation Management System in Banking Industry

of Bangladesh: A Study on The City Bank Limited”

Dear Sir,
It is our greatest pleasure to work on this report on “Compensation Management System in
Banking Industry of Bangladesh: A Study on The City Bank Limited” as per the requirement of
Compensation Management course.

We expect this report would fulfill the requirements of our course under your kind supervision.
We have put our best efforts to make this report a successful one. It was obviously a great source
of learning for us throughout the course with your instructions. We hope you accept our timely
submission.

Thank you for your guidance and suggestions in preparing the report.

Sincerely yours,

G M Fuad Hasan, Batch- 62D, Roll- 63

Shuvo Debnath, Batch- 55D, Roll 42
Table of Contents
Executive Summary ...................................................................................................................................... 1
1.0 Introduction ....................................................................................................................................... 2
2.0 Objectives of the Study ..................................................................................................................... 2
3.0 Company Overview .......................................................................................................................... 2
3.1 Brief on The City Bank Ltd. ......................................................................................................... 2
3.2 Vision of The City Bank ............................................................................................................... 2
3.3 Mission of The City Bank ............................................................................................................. 3
3.4 Awards and Recognitions of The City Bank................................................................................. 3
3.5 Products of The City Bank ............................................................................................................ 3
3.6 Services of The City Bank ............................................................................................................ 3
3.7 Organogram of The City Bank...................................................................................................... 4
3.8 Overview of the Human Resource Division of The City Bank..................................................... 5
4.0 Methodology ..................................................................................................................................... 5
5.0 Discussion and Findings ................................................................................................................... 6
5.1 The Concept of Compensation System and Its Types .................................................................. 6
5.2 Determining Compensation through Job Evaluation .................................................................... 7
5.2.1 Definition of Job Evaluation ................................................................................................. 7
5.2.2 Methods of Job Evaluation ................................................................................................... 7
5.2.3 Factor Comparison Method .................................................................................................. 7
5.2.4 Point Rating Method ............................................................................................................. 8
5.2.5 Ranking Method.................................................................................................................... 8
5.2.6 Classification Method ........................................................................................................... 9
5.3 Job Evaluation Method Followed by The City Bank .................................................................. 10
5.4 Market Competitiveness vs. Internal Consistency: Which one CBL Adopts?............................ 11
6.0 Comparative Compensation System in the Banking Industry of Bangladesh ................................ 11
6.1 Direct Compensation .................................................................................................................. 11
6.1.1 Salary .................................................................................................................................. 11
6.1.2 Incentive Pay ....................................................................................................................... 13
6.2 Indirect Compensation ................................................................................................................ 14
6.2.1 Gratuity ............................................................................................................................... 14
6.2.2 Employee Support / Welfare Fund...................................................................................... 14
6.2.3 Financial Aid for Bankers during Covid-19 pandemic ....................................................... 15
6.3 Pay for Time Not Worked ........................................................................................................... 15

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 6.3.1 Annual / Earned Leave ........................................................................................................ 15
6.3.2 Sick Leave ........................................................................................................................... 15
6.3.3 Casual Leave ....................................................................................................................... 16
6.4 Non-financial Benefits ................................................................................................................ 16
6.4.1 Leave without Pay............................................................................................................... 16
6.4.2 Maternity Leave .................................................................................................................. 16
6.4.3 Study Leave ........................................................................................................................ 16
6.4.4 Promotion ............................................................................................................................ 16
6.4.5 Award for Long-term Services with Bank .......................................................................... 17
6.4.6 Emergency Response Team ................................................................................................ 17
7.0 Issues and Problems with Compensation Management .................................................................. 17
7.1 Below industry average Salaries of CBL employees .................................................................. 17
7.2 Disparity between highest and lowest pay scale ......................................................................... 18
7.3 Pay Cuts during the Pandemic .................................................................................................... 19
7.4 Job Dissatisfaction of The City Bank Employees ....................................................................... 20
7.5 Gender Inequality........................................................................................................................ 21
8.0 Conclusion ...................................................................................................................................... 21
9.0 Recommendations ........................................................................................................................... 22
9.1 Implement Salary Revision ......................................................................................................... 22
9.2 Make All Salary Scales Transparent ........................................................................................... 22
9.3 Limit the Pay Cuts to Only Tier 1 Officials ................................................................................ 22
9.4 Ensure Safe Work Environment for Female Employees ............................................................ 22
10.0 Implementation Plans...................................................................................................................... 23
10.1 For Salary Revision..................................................................................................................... 23
10.2 For Salary Scale Transparency ................................................................................................... 23
10.3 For Withdrawal of Pay Cuts........................................................................................................ 23
10.3 For Safe Workplace .................................................................................................................... 23
11.0 References ....................................................................................................................................... 24

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 LIST OF FIGURES
1 Organogram of The City Bank………………………………………………… 4
2 Organogram of Human Resource Division of The City Bank………………… 5
3 Compensation System and Its Types………………………………………….. 6
4 Monthly Salary of Managing Directors / CEOs of Private Banks in Bangladesh
(2019)…………………………………………………………………………… 19

LIST OF TABLES
1 Compensable factors and relevant examples………............................................ 7
2 Factor comparison method for the wage determination of VP, PO and 8
TO………………………………………………………………..........................
3 Ranking Method………………………………………………………………... 9
4 Classes and Grades Combined under Classification
Method…………………………………………………………………………. 9
5 Tiers and Job Positions at The City Bank………................................................ 10
6 Comparative Salary Structure between seven private commercial banks in
Bangladesh……………………………………………………………………… 12

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 Executive Summary

Compensation management is an integral part of human resource management. The study

presents compensation system and practices in the Banking industry in Bangladesh. The City
Bank Limited (CBL) has been selected as the flagship organization to showcase the current
compensation practices and structures. Interviews were conducted with a CBL professional as
well as three other representatives from another three banks, namely Eastern Bank Limited
(EBL), AB Bank Limited (ABBL) and BRAC Bank. A comparison between the salary structure
of these seven banks has been presented in the report. The report presents salary formulation
strategies and job evaluation methods followed by the City Bank. The compensation and benefit
schemes of CBL are also compared to the aforementioned banks. The report finds that CBL
adopted internal consistency strategy in spite of market competitiveness strategy and both
classification method and factor comparison method in determining the compensation system
and structure. The report also discusses the major issues and challenges facing CBL in terms of
compensation and benefits. The report finds that below industry average salary scale, disparity
between highest and lowest pay scale, pay cuts during the pandemic, job dissatisfaction among
employees and gender inequality are some of the recent issues facing The City Bank.
Appropriate recommendations have been provided with relevant implementation plans at the end
of the report.
1.0 Introduction
Bangladesh economy is vastly influenced and contributed by the country’s banking industry by
becoming one of the biggest employment sectors for the population. The banking industry in
Bangladesh is facing tremendous issues and challenges which have grown bigger during the
ongoing pandemic. Compensation management has been always a challenging issue in banking
sector. Below industry average salary structure, disparity between highest and lowest pay scale,
pay cuts during the pandemic, job dissatisfaction among bankers and gender inequality are some
of the issues that The City Bank and several other banks are currently dealing with.

2.0 Objectives of the Study

The study aims to achieve the following objectives:
1. To elaborate on the problems and issues faced by the banking industry in Bangladesh;
2. To justify the most important strategy between market competitiveness and internal
consistency for the competitive advantage of The City Bank;
3. To stress upon approaches adopted by different banks in Bangladesh in building a
flexible workforce;
4. To assess the challenges facing The City Bank and the banking industry in Bangladesh;

3.0 Company Overview

3.1 Brief on The City Bank Ltd.

Having established in 1983, The City Bank is considered as the oldest private commercial bank
in Bangladesh. The City Bank currently has 132 branches throughout the country and a total of
395 automatic teller machines (ATMs) and cash deposit machines (CDMs). The bank also
provides services to over 1.7 million customers and employs over 4,356 employees of which 17
percent are female (The City Bank, 2020; The Business Standard, 2021a). Aziz Al Kaiser
informed that, Profit After Tax of the bank in 2020 increased by taka 154 crore or 62.3% from
2019 and stood at taka 401 crore. As a result, ROE increased to 14.8% in 2020 from 9.9% in
2019 (The Business Standard, 2021c).

3.2 Vision of The City Bank

The City Bank aspires to become the financial supermarket that possesses both captivating
corporate culture as well as offers pleasant experience to its customers.

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3.3 Mission of The City Bank

The City Bank strives to achieve the following mission statements (The City Bank, 2021d):
1. Offer products and services that are differenced and cover wide segments and which also
satisfy needs of every customer segment;
2. Provide employees with an environment where they can grow and excel as leaders and
also call the entity by “Employer of Choice;”
3. Challenge status quo of the industry practices and platforms in order to improve
efficiency and ensure effectiveness in terms of processes;
4. Continuously promote innovation in processes and platforms and also integrate
automation to provide excellent services to the customers;
5. Adopt good governance practices, work for community welfare and adhere to local and
international compliance standards;

3.4 Awards and Recognitions of The City Bank

The year 2021 has been remarkable in the history of The City Bank in terms of awards. The bank
was awarded as the Best Bank in Bangladesh by Finance Asia, Best CSR Bank as well as Best
Digital Bank in Bangladesh by Asiamoney Best Bank Awards 2021 (The City Bank, 2021c).

3.5 Products of The City Bank

The City Bank offers various deposit and credit products. Deposit products include current and
savings account with different facilities and targeting different customers segments whereas
credit products include debit card American Express credit card and visa premium credit card.
They are mainly focusing on SME and women entrepreneurship and created the Alo program.

3.6 Services of The City Bank

The City Bank offers its online services through a smartphone-based app called CityTouch.
Having provided the internet banking solution, number of the app users has grown to over 0.1
million (Brain Station 23, 2021). The The City Bank has also introduced WhatsApp banking
(The Business Standard, 2021b). The bank currently allows using two airport lounges in
Bangladesh using its credit cards. On 3rd November 2020, the bank opened City Bank American
Express Lounge at the Shahjalal International Airport, Dhaka (The Business Standard, 2021d).

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3.7 Organogram of The City Bank

The City Bank has a total of 50 divisions under six umbrellas (see Figure 1 on the following
page).
Figure 1: Organogram of The City Bank

Source: The City Bank (2020)

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3.8 Overview of the Human Resource Division of The City Bank

Human Resource Division (HRD) of The City Bank operates under direct supervision of the
Managing Director, who is also the Chief Executive Officer, as depicted in the Figure 1.
Therefore, Human Resource Division is one most important division out of the bank’s 50
divisions. The HR Division has tremendous responsibility as it has to oversee 4,365 employees
throughout the country. There are 33 professionals in the HR division working to ensure efficient
and smooth HR operations. The division has three main wings, namely Human Resource
Recruitment and MIS, HR Operations, and Organizational Development and HR Strategy (see
Figure 2). Each of these wings have respective windows which are monitored separately being
grouped into respective wings.
Figure 2: Organogram of Human Resource Division of The City Bank

Source: Hossain (2020)

4.0 Methodology
The study adopts only qualitative study based on both primary data and secondary data. Primary
data is collected through interviewing four professionals at different positions from The City
Bank, Eastern Bank, AB Bank and BRAC Bank. A questionnaire was distributed to the
respondents separately. Interviews were conducted to collect first-hand data from the
interviewees who have work at least as a Senior Officer and have access to Compensation or
Payroll department of Human Resources Division at respective bank. On the other hand,
secondary data was also collected to provide supportive insights from academic literatures and
establish comparison within the banking industry.

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5.0 Discussion and Findings
5.1 The Concept of Compensation System and Its Types

Compensation system in an organization is usually comprised of financial and non-financial

compensation out of which financial compensation is categorized into direct compensation and
indirect compensation. Among them, indirect financial compensation and non-financial
compensation are together known as employee benefits (Manurung, 2017).
Direct compensation can be of two types, namely base pay and merit pay. Base pay itself can
also be of two types, namely salary and wage. Salary refers to the payment paid to an employee
in financial currency as a compensation for his work only and which does not accumulate any
other variable payment or benefits. On the other hand, wage refers to payment for time worked,
such as overtime and hazardous or risky area involvement (Suleiman et al., 2018). Direct
compensation also includes incentive; pay such as bonus, incentive, profit sharing and any other
direct financial reward for achievements (see Figure 3). Indirect compensation is comprised of
income protection programs (life insurance, medical insurance, family insurance, pension and
gratuity), pay for time not worked (sick leave, annual leave, holiday and vacation), non-financial
benefits (work-life balance, on the job training and career development opportunities) and
services (office transport, low-cost or free meals and recreational facilities).
Figure 3: Compensation System and Its Types

Source: Chauhan (2017)

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5.2 Determining Compensation through Job Evaluation

5.2.1 Definition of Job Evaluation

Job evaluation refers to a procedure which is systematic and through which value of a job is
measured relative to other jobs. Job evaluation is then used to construct a pay structure of
different job positions required in an organization. The main motive of job evaluation is to
establish a pay system which is fair for and acceptable to both employee and management
(Kahya, 2018).

5.2.2 Methods of Job Evaluation

There are two major types of methods of job evaluation, namely analytical and non-analytical.
The analytical methods include two types of methods: (i) Factor Comparison and (ii) Point
Factor. The non-analytical methods are also of two types: (i) Ranking and (ii) Classification
(Safdar, 2013).

5.2.3 Factor Comparison Method

Factor comparison method usually takes into account four compensable factors, namely skills,
responsibilities, efforts and working conditions. Example of each of the compensable factors is
as follows:

Table 1: Compensable factors and relevant examples

Compensable Example / Components

Factors
Skills Knowledge, expertise, experience, education, fluency in foreign
language, communication skill, planning, organizing, leadership,
teamwork, interpersonal competency, intercultural competency, event
management, project management, facilitating etc.
Responsibilities Human resource management, group management, policy making,
data entry, supervision, monitoring, research, reporting, asset
management, inventory management, vehicle management etc.
Efforts Mental efforts, physical efforts, emotional efforts
Working Conditions Unsafe workplace, risky environment, hazardous environment etc.

Source: Kahya (2018)

In case of factor comparison method, evaluation of a job position is done based on these four
factors. Accordingly, in this method, the pay structure of a job also depends on the depth or
difficulty level of the four factors. For example, if the wage of a job needs to be determined, the
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 pay scale in terms of each of the four factors needs to be considered as well. All the four factors
can then be summed up and a relative pay structure is constructed (Masanja, 2019). The
following table (Table 2) can be presented as an example for the relative salary of Vice President
(VP), Principal Officer (PO) and Trainee Officer (TO).

Table 2: Factor comparison method for the wage determination of VP, PO and TO
Job position Monthly Payment rate Payment rate Payment rate for Pay rate for
salary for skill only for effort only responsibility working
(BDT) (BDT) (BDT) only (BDT) conditions (BDT)
Vice President 1,00,000 30,000 20,000 40,000 10,000
Principal Officer 55,000 20,000 10,000 20,000 5,000
Trainee Officer 30,000 5,000 10,000 5,000 10,000
Source:

5.2.4 Point Rating Method

Point rating method is the most popular method of job evaluation and pay structure formulation
(Safdar, 2013). Point rating method is used to estimate the relative value of a job position. The
higher point a job has, the higher value it has within the organization. Lower point therefore
indicates lower valued job.
In the point rating method as well, the four factors are considered. However, the method allows
considering weights based on the requirement or depth level which shall be of total 100 percent.
There may also be degrees ranging from 1 to 5 where 5 denotes least required or least important
whereas 1 denotes highest importance of the factor itself.

5.2.5 Ranking Method

Ranking method is a general way of assessing the relative worth of a job from the ranking of
other jobs within the organization. Referring to the right column of Table 43, the compensation
of jobs increases with the ascending order of the jobs.

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 Table 3: Ranking Method

No. Jobs Before Ranking Jobs After Ranking

1 Management Trainee Officer / Officer Vice President
2 Junior Officer Assistant Vice President
3 Senior Officer Executive Officer
4 Vice President Principal Officer
5 Executive Officer Senior Officer
6 Assistant Vice President Management Trainee Officer / Officer
7 Assistant Vice President Junior Officer
Source: Author’s own illustration

5.2.6 Classification Method

Under this method, jobs are classified and grouped according to a predetermined wage grades.
For example, if the classes are based on skills and grades are based on positions, they can be
combined as follows:
Table 4: Classes and Grades Combined under Classification Method

Source: Author’s own illustration

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5.3 Job Evaluation Method Followed by The City Bank

The City Bank (CBL) has 20 job positions from the lowest to highest order in the organizational
hierarchy which is classified in three tiers, namely Tier 1 (Top level), Tier 2 (Mid-level) and
Tier-3 (Entry level). Therefore, CBL follows classification method for structuring the job
positions within the organization.
Table 5: Tiers and Job Positions at The City Bank
Class / Tier Designation Acronym
Managing Director MD
Deputy Managing Director DMD
Senior Executive Vice SEVP
President
Executive Vice President EVP
Tier 1 Senior Vice President SVP
Vice President VP
First Vice President FVP
Assistant Vice President AVP
First Assistant Vice President FAVP
Tier 2 Senior Executive Officer SEO
Executive Officer EO
Senior Officer SO
Management Trainee Officer MTO
Junior Officer JO
Tier 3 Assistant Officer AO
Banking Officer BO
Trainee Officer TO

Source: Interview with CBL representative

The City Bank also follows factor comparison method in determining the salary. Therefore, CBL
considers the payment for each compensable factor (skill, effort, responsibility, working
conditions) for a particular job. CBL first determined a base salary for the lowest position and
then constructed the salary scale of the above positions in the ascending order.

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5.4 Market Competitiveness vs. Internal Consistency: Which one CBL Adopts?

An organization adopts market competitiveness strategy when it prefers to pay higher

compensation to its employees than what the market or other companies in the industry pay. On
the other hand, an organization adopts internal consistency strategy when it prefers to lower cost
and maintain cost control across the organization and its operations (Obloj, 2013).
The City Bank adopted internal consistency strategy since the bank wanted to control costs,
avoid financial losses and maintain operational profits. That is why the salary structure of CBL
employees is not market competitive and often lower than the industry average which can be
noticed in Table 6. Moreover, CBL management last year decided to endorse pay cuts applicable
to all levels of employees by 10 percent with the expectation of covering operating profits. The
cost cutting policy of CBL also provides indication of their internal consistency strategy rather
than market competitiveness. More have been discussed about the pay cut policy in later section.
On the other hand, Easter Bank Limited (EBL) and BRAC Bank Limited (BBL) adopted market
competitiveness strategy which made their salary structure equal or above the market average.

6.0 Comparative Compensation System in the Banking Industry of

Bangladesh
6.1 Direct Compensation

6.1.1 Salary

The monthly pay structure is a combination of base pay, house rent, medical allowance and
conveyance allowance. Basic is 60 percent of the salary while house rent constitutes of 20
percent of the gross salary. Medical allowance accounts for 10 percent and conveyance
allowance accounts for the remaining 10 percent of the gross salary. The interviewee opined that
City Bank’s salary is quite somewhat the industry average in terms of first-line and mid-level
pay scale. Table 6 provides a comparison of the salary structure with six other banks.
Individual salary structure at AB Bank (ABBL) is constituted of basic pay, house rent allowance,
medical allowance, conveyance allowance, utility allowance, entertainment allowance, leave fair
concession and personal pay. Referring to the Table 6, the bank pays below industry average.

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The comparison of The City Bank pay structure with three other banks in Table 6 has been
constructed based on the interview with different officials of the four banks. We can notice that
CBL salary structure lag behind other banks and remain below the high salary paying banks,
especially in terms of Tier 1 and Tier 2.

Table 6: Comparative Salary Structure between seven private commercial banks in Bangladesh
Designation The City Bank Eastern Bank AB Bank BRAC Bank
(in BDT) (in BDT) (in BDT) (in BDT)
Managing Director 15,80,000 20,52,000 Unknown 15,65,000
Deputy Managing Director 8,00,000 Unknown - Unknown
Senior Executive Vice President 6,00,000 5,00,000 3,50,000 Unknown
Executive Vice President 3,30,000 4,50,000 2,50,000 4,00,000
Senior Vice President 3,00,000 3,85,000 1,55,000 3,30,000
Vice President 2,50,000 3,00,000 1,35,000 2,80,000
First Vice President 1,85,000 2,00,000 1,15,000 2,00,000
Assistant Vice President 1,35,000 1,50,000 1,00,000 1,30,000
Senior Assistant Vice President - - 80,000 -
First Assistant Vice President 85,000 - - -
Junior Assistant Vice President - 1,00,000 - 95,000
Senior Executive Officer 60,000 90,000 60,000 75,000
Executive Officer 50,000 70,000 60,000 65,000
Principal Officer - 65,000 42,000 60,000
Senior Officer 40,000 50,000 - 45,000
Management Trainee Officer / 36,000 40,000 35,000 35,000
Officer
Junior Officer 35,000 30,000 - 30,000
Assistant Officer 34,000 25,000 - 25,000
Banking Officer 32,000 - -
Trainee Officer / 30,000 20,000 25,000 20,000
Trainee Assistant Officer

Note: (-) indicates that there is no such job position in the respective bank’s organizational hierarchy.

Source: Interview responses provided by the four interviewees

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6.1.2 Incentive Pay

6.1.2.1 Festival Bonus

The interviewee from The City Bank mentioned that CBL employees are entitled to festival
bonus for two times a year, during Eid-ul-Fitr and Eid-ul-Azha. Non-Muslims receive festival
bonus once during their respective festive occasion such as, Durga Puja, Buddha Purnima or
Christmas Day. The amount of the festival bonus is 50 percent of the basic (30 percent of the
gross salary) at CBL.
Eastern Bank (EBL) also provides festival bonus to all its employees twice every year. However,
the bonus amount varies for the regular employees and contractual employees. Regular
employees of EBL are entitled to bonus amount of 1 month’s basic whereas
contractual/probational employees are entitled to bonus amount of 50 percent of a month’s basic.
However, drivers and support staffs receive monthly consolidated wage.
AB Bank (ABBL) and BRAC Bank also follow similar bonus structure to EBL for their regular
and contractual employees and other office staffs. However, at both these banks festival bonuses
are paid to non-confirmed or probationary employees on pro-rata basis (based on the difference
between their joining date and the festival bonus disbursement date).

6.1.2.2 Profit Sharing Bonus

Profit-sharing bonus is paid once a year to CBL employees as per discretion of the bank’s Board
of Directors only. Profit bonus is usually 6-11 percent of annual profit which is disbursed
throughout the organization. The profit bonus is then grouped based on head office or branch.
Profit sharing amount is usually higher for top-level employees followed by mid-level
employees. 50 percent of the bonus is paid on the basis of basic salary of each employee whereas
the remaining 50 percent is determined form the performance appraisal result obtained by the
employee.

6.1.2.3 Performance-based Remuneration based on Performance Management

At The City Bank, employees are entitled to performance-based remuneration which is paid
based on the level of performance rating achieved by an employee. The personal performance
rating is comprised of two indictors, namely the performance objectives of an employee and the
behavior displayed by an employee compared to the organization’s values. There are five clubs
considered at the bank for performance-based remuneration; Club 1 to Club 5 where Club 1
denote the highest rating and Club 5 denotes the lowest rating. The employees who demonstrate
high performance objectives and behavioral indicators earn points of Club 1 and receive high
remuneration. The performance-based remuneration to employees of each club is paid in terms
of bonuses, annual increment and so on (The City Bank, 2020).

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6.1.2.4 Annual Increment

Annual increment of salary at CBL depends on satisfactory performance of an employee in the

performance appraisal process which constitutes the Annual Confidential Report (ACR). If the
report is satisfactory, the employee is rewarded with an annual increment of unfixed rate as per
management’s discretion. An employee with outstanding ACR records may be rewarded with
more than one increment in a single year. However, if the performance is not satisfactory, the
employee is sent on a special assignment and monitored more closely for development. After
returning from the assignment, if the performance and ACR are satisfactory, annual increment is
provided. However, further failure may put the employee in termination.
BRAC Bank pays high compensation to the employees who meet deadline or completing works
within shortest ‘turnaround time’ (TAT). However, AB Bank prefers increasing compensation of
employees through gradual increment of salaries annually (Eva & Hossain, 2018).

6.1.2.5 Travel Allowance and Daily Allowance

The City Bank provides travel and daily allowance to its employees, if they are sent by the bank
on an assignment, training, workshop, bill collection, cheque collection and customer
reconciliation. The employee has to provide expenses from his own fund first which can be
claimed later with valid transport tickets and by following bill claiming procedure. The HR
Division then verifies the claims and disburses directly to or adjusts the expenditure with the
employee.

6.2 Indirect Compensation

6.2.1 Gratuity

The City Bank provides excellent gratuity facility for its employees who (i) die before retirement
from CBL, (ii) retire from their services either compulsorily or voluntarily, and (iii) go for early
retirement. However, gratuity is not applicable for those who (i) are dismissed from CBL, and
(ii) left CBL without the permission of the bank’s management.

6.2.2 Employee Support / Welfare Fund

CBL has recently launched a unique employee benefit for its employees which is the Employee
Support Fund. The fund supports employees who have suffered from severe accidental incidents
such as being incarcerated, suffering from cancer, etc. The fund is created by deducting a
minimal amount of 100 BDT for junior level positions, 200-300 BDT for mid-level positions and
400 BDT for higher level positions from the employee monthly salary. The fund is then invested
in bonds and in other investments which is as regulated by the Bangladesh Bank. Employee
participation in this fund is voluntary.

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6.2.3 Financial Aid for Bankers during Covid-19 pandemic

Bangladesh Bank has issued a circular (BRPD Circular Letter No. 24) on 19th April, 2021
regarding financial compensation to the affected families of bankers who die from Covid-19
virus infection (Hafiz, 2021). The circular states three layers of compensation for the affected
banker’s families. According the first layer, BDT 5 million will be disbursed to the families, if
the demised banker is a First-Class Officer, Senior Officer, Management Trainee Officer,
Probationary Officer or equivalent or those who are ranked higher than these grades. According
to the second layer, the families will receive BDT 3.7 million, if the demised banker is a Trainee
Assistant Officer or equivalent or in a grade lower than the Layer 1. According to the third layer,
if the banker who die is a Staffs and Sub-Staffs, their families are entitled to receive BDT 2.5
million. Though the circular has been issued recently, it will be effective and applicable for any
dead cases since 29th March 2020 and onwards until further notice. According to these circular,
all the banks in Bangladesh are instructed to abide by the directives (Bangladesh Bank, 2021).

6.3 Pay for Time Not Worked

6.3.1 Annual / Earned Leave

CBL employees can enjoy annual leave of 24 days per year. However, they are not entitled to
make encashment of the annual leave every year. Rather, the encashment can only be made for a
maximum annual leave of 90 days when the employee decides to leave or retire from CBL. The
bank employees are entitled to avail the annual leave only after one year of completion of service
with the bank.
Unlike CBL, ABBL follows the Bangladesh Labour Act (BLA) which requires every industrial
and commercial establishment to provide annual leave equivalent to 18 working days in a
calendar year. Under this system, an employee is entitled to receive basic salary or wage of 18
working days, if he has not enjoyed any annual leave for a single day. If the employee starts
enjoying annual leave, the wage will be deducted based on the number of days (leave) spent
(Ahmad, 2020).
At AB Bank as well, employees can enjoy 18 days of annual leave which is also called earned
leave. BRAC Bank, however, allows availing annual leave equivalent to 24 working days for its
employees.

6.3.2 Sick Leave

The City Bank allows its employees to take 15 days of sick leave a year whereas the BLA
requirement is 14 days per year. Sick leave at AB Bank is followed as per BLA requirement
which is maximum 14 days per year.

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6.3.3 Casual Leave

Employees of The City Bank can apply for 10 days casual leave similar to ABBL. However, an
employee can only avail 2 days of casual leave each month. On the other hand, BRAC Bank
allows employees to take 14 days of casual leave.

6.4 Non-financial Benefits

6.4.1 Leave without Pay

There is a special leave facility at The City Bank which allows 180 days of special leave a year.
However, it requires an application with valid reasons and approval from the management. Such
leave or any leave without pay with no permission or invalid reason may make an employee face
warning or termination.
However, there are 60 days of leave without pay annually at BRAC Bank.

6.4.2 Maternity Leave

Maternity leave at CBL is allowed for 6 months which is 2 months more than the BLA provision
of 4 months. A female employee a CBL can avail the maternity leave for 2 times during her
whole service life with the bank.
At BRAC Bank, female employees are entitled to a maternity leave of 4 months.

6.4.3 Study Leave

CBL employees can apply for a maximum of 2 years study leave without pay, had they
completed service period of 3 years of more at the bank. BRAC Bank also allows its young
employees to take study leave without pay, if the employee has already worked for 3 years or
more with the bank.

6.4.4 Promotion

Promotional opportunity at The City Bank is given only once a year after each 30th of June. The
main criterion for promotion at CBL requires an employee to provide continuous service of at
least 2 years with the same bank. The eligibility also depends on satisfactory performance until
30th of June and result of the performance appraisal. Examination of regular promotion of third
tier employees (Trainee Officer to Senior Officer) is conducted by the top management whereas
for the position of above Senior Officer is conducted by the Board of Directors.

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6.4.5 Award for Long-term Services with Bank

The City Bank encourages long-term services with the organization. The long-term commitment
of employees comes with a reward which is a crest given to each employee after completion of
each five year, from the management. Naturally, job switching is a normal phenomenon is the
banking sector of Bangladesh. However, CBL motivates its long-term employees through the
recognition programs.

6.4.6 Emergency Response Team

The interviewee from The City Bank stated that the bank has formed a Quick Response Team to
reach emergency services and fight Coronavirus who are available 24 hours/7 days on mobile.
The emergency response team provides quick medical services and other required emergency
supports during the time of emergency (The City Bank, 2020). There are 43 members in the
Quick Response Team who are either Regional Head or Cluster Manager throughout the country.
Their contact numbers with name and designation are available online.

7.0 Issues and Problems with Compensation Management

Islam and Hossain (2015) revealed that compensation management is one of the challenges of
human resource management in the commercial banking sector of Bangladesh which accounts.
Several issues and problems can be derived from the interview responses and secondary sources.

7.1 Below industry average Salaries of CBL employees

Banks in Bangladesh usually promotes or advertises a job vacancy with the term competitive
salaries which refer to salaries paid are above or equal to industry average. Chowdhury, Bhuiyan
and Kabir (2015) acknowledged the organizational sentiment that better payment of employees
refers to competitive organization. During profitable period, competitive advantage may indicate
that the organization is beating the market since its employees are paid with high salaries and
benefits. However, during recession or crisis period, competitive compensation may become a
burden for the organization to meet optimum operating expenditure. When the organization
decides to fix salaries below industry average, the employees may get dissatisfied.
The interviewee expressed that CBL normally pays its employees below industry average
salaries which keeps lowering the confidence of the employees. This is one of the factors that
employees of first line to mid positions speaks about every day and even have been urging the
management to review the salary scales for the last couple of years.

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The interviewee also mentioned that the pay scale of The City Bank has not been reviewed in the
past couple of years. That is why, the City Bank employees remain behind the industry average.
The argument is supported by the study Sarker and Jilani (2015). According to the authors,
salary and pay scale should be regularly reviewed to stay competitive and make bankers and
bank staffs satisfied. Employee benefits should be increased, if financial compensation cannot be
raised due to unforeseen situation.

7.2 Disparity between highest and lowest pay scale

Banks in Bangladesh usually have high disparity between the highest and lowest pay scale.
Sultana and Modak (2010) revealed that there is a disparity of 21.1:1 between the highest salary
and lowest salary of Uttara Bank Limited (UBL), Islamic Bank Bangladesh Limited (IBL) and
Pubali Bank Limited (PBL) which indicates that if the lowest salary is considered BDT 1 for
lowest ranked grades, the highest salary is on average 21.1 times or BDT 21.1 for highest ranked
grades.
The high disparity between highest and lowest pay structures can also be realized form Figure 1.
As per Bangladesh Bank regulation, salaries of bank’s CEO shall be determined considering
earning capacity and volume of the business, financial condition of the bank and the CEO’s age
and qualifications (Rahman, 2016).
As the top personnel of the organization, Managing Director of The City Bank is paid the highest
salary compared to the bank’s pay structure at BDT 1.580 million per month (Alo, 2020). Prior
to the Covid-19 outbreak, the salary of the Managing Director of The City Bank was regarded as
the top sixth salary among the Managing Directors of private banks in the country (see Figure 4).
It is argued by U.S. compensation analysts of the United States that company CEOs shall be paid
highly competitive salary since they compete as the best candidates in the global market.
According to the Managing Director of The City Bank, MDs and CEOs of banks need to be paid
with high remunerations since they remain overwhelmed with numerous responsibilities (Alo,
2020).

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Figure 4: Monthly Salary of Managing Directors / CEOs of Private Banks in Bangladesh (2019)

Source: Alo (2020)

7.3 Pay Cuts during the Pandemic

Bangladesh Association of Bank (BAB) issued a letter recommending banks to endorse pay cuts
as high as 15 percent for 1 year beginning from June, 2020 until June, 2021 (Hasan, 2020). On
the contrary, Bangladesh Bank asked all the bank management not to endorse any pay cut as well
as ignore the notice form BAB (Parvez, 2020). Having followed the recommendation of
Bangladesh Bank, several banks decided not to opt for pay cuts. BRAC Bank (BBL), Mutual
Trust Bank (MTB), Prime Bank, Bank Asia, Dutch Bangla Bank (DBBL), United Commercial
Bank (UCB) and South Bangla Agriculture and Commerce (SBAC) Bank announced not to
follow the recommendation of BAB amidst the pandemic (The Financial Express, 2021).
However, The City Bank management decided to implement 16 percent pay cut upon its
employees since the bank has been facing a reduction in the income by BDT 390 crore in the
first two quarters of 2020 (Hossain, 2020b). The 16 percent pay cuts include 10 percent cuts on
salaries and 6 percent cuts on other facilities (Harmacchi, 2020). The decision took effect from
1st June, 2020 and will be continued until 31st December, 2021. The pay cut has been applicable
to all the employees whose salary is above BDT 30,000 (Hossain, 2020b). Therefore, the
employees with low salary scale did not get directly affected by the strategic decision. Since the
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decision was effective for all the senior level employees, the Managing Director of the bank also
experienced pay cuts by 10 percent since it took effect (Alo, 2020). More importantly, since the
pay cut still remains effective, the deducted salaries for the past one year were not yet adjusted,
stated by the interviewee. The City Bank also decided to not pay any performance bonus for the
year 2021.
Similar strategy was undertaken by AB Bank. The AB Bank management endorsed the pay cut
of 3 to 5 percent even before the recommendation from BAB was issued (Harmacchi, 2020). The
3 percent pay cut was applicable to Principal Officers and 5 percent pay cut for Senior Principal
Officers and those above up to the Managing Director of the bank. However, AB Bank kept it
effective for only two months (Hossain, 2020b).

7.4 Job Dissatisfaction of The City Bank Employees

Talukder, Hossain and Hossain (2014) studied on five private commercial banks, namely Dhaka
Bank (DBL), Jamuna Bank (JBL) and Prime Bank Limited, United Commercial Bank (UCBL)
and Al-Arafah Bank (AABL) and found that employees have been satisfied with their salaries
and benefits in these banks with mean score of 4.4 out of 5. The authors further reinstated those
employees of private banking sector tend to be more satisfied with compensation policies and
structures than those of public banking sector in Bangladesh.
However, the recent pay cuts by few banks have changed the high satisfaction scenario among
the bankers. Especially, the implementation of pay cuts applicable for all level of employees with
salaries over BDT 30,000 has caused tremendous dissatisfaction among employees (Hossain,
2020b). In 2019 and 2020, the number of employees was 4,493 and 4,356 respectively (The City
Bank, 2020 & 2019). Therefore, since the effect of the decision to cut payment by 10%, at least
137 employees have left the bank or have been sacked.
The interviewee of The City Bank responded stating that the pay cut could be a good rationale
had the bank faced any financial losses. However, that is not the case. The bank incurred an
operating profit of BDT 8.4 billion in 2019 and BDT 3.08 billion during the period January-
September in 2020. All the employees of the bank put effort with heart and soul and at the end,
had to face the ultimate consequences which cannot be tolerated in long term. The interviewee
added, every employee has their families who rely on them for survival. The pay cuts would not
solve anything, rather only make the low salary-paid employees’ families fall in more trouble
and incur more personal debt. The interviewee expressed that the employees are completely
disappointed and are now looking for either moving to other banks or hoping for better days to
come ahead.
According to Harmacchi (2020), pay cuts by EXIM Bank, The City Bank and AB Bank
management have put their employees into anger. Therefore, the dissatisfaction does not only

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remain in The City Bank, but is also applicable to other banks who have endorsed similar
strategies.

7.5 Gender Inequality

Begum (2018) pointed out that gender inequality still persists in the banking sector of
Bangladesh. Female bankers often face barrier in terms of promotion, regularization and
recruitment in the Bangladeshi banks. Sometimes women employees are sexually harassed by
colleagues or supervisors. The author remarked that banking institutions regard the matter of
gender equality only for corporate social responsibility or to showcase their support for female
gender. Banks should have ensured safety and equality in opportunity for all women employees
in all branches.
Having nearly 20 percent of staffs of The City Bank is women, the bank promotes women
empowerment and gender equality (Financial Alliance for Women, 2021). However, in 2019,
one the Assistant Vice Presidents of The City Bank filed a case in Gulshan Police Station for
sexual harassment by three male employees who were top officials of the bank. The file was
named “continuous and repeated sexual misconduct.” The original incident has occurred in
January, 2019 when the then and current Managing Director and other two officials were
convicted to have attempting to rape and insult her. The victim did not get justice from the bank
management. Rather, her salary was withheld right after she complained to bank management
and she was immediately terminated with various guilts (Awaz the Voice, 2021). However, until
now the lawsuit is ongoing and the victim did not yet get the justice she expects from the court.

8.0 Conclusion
The study finds that The City Bank has adopted internal consistency strategy instead of market
competitiveness strategy and strives to implement cost control by controlling operating costs.
The recent and ongoing pay cut decision by CBL, being only one of the two banks that took such
decision, has grown dissatisfaction among the employees especially those who are paid above
BDT 40,000. For more than five years, the salaries of CBL employees were not revised and
industry average were not maintained. It is high time, CBL focuses on its human resources and
make the compensation policy as well as working environment favorable to employees of all
levels, ages and genders.

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9.0 Recommendations
In light of the above discussion and findings, the following recommendations are prescribed:

9.1 Implement Salary Revision

Since the pay scale of CBL is below industry average and often not competitive, it shall be
revised to provide a fair salary scale to the employees and also attract talented candidates who
have quality and experience required by the bank to help achieve its goals.

9.2 Make All Salary Scales Transparent

It has been found in a research by a software firm, PayScale that when salaries are transparent, it
leads to alleviate discrepancy in wages in terms of gender (Miller, 2020). Moreover, when
salaries are transparent, negotiation power decreases and any suspicion on peers’ salaries
increases. Transparent salary structure also motivates employees to work better to climb up for a
higher position. However, the salaries of banks in Bangladesh including CBL are often
confidential. Confidentiality needs to be minimized.

9.3 Limit the Pay Cuts to Only Tier 1 Officials

Since CBL management has already decided to endorse a pay cut by 10 percent, a best
recommendation shall balance the managerial decision and satisfaction level of the bankers. The
salaries of Tier 2 and Tier 3 employees are quite below the industry average which makes
employees under these tiers incur more spending on families and personal loans. The pay cut
shall only be applicable to the Tier 1 (Senior Vice President to Managing Director) employees so
that the negative effect on income level can be justified as per the market condition during
Covid-19. The management may also consider the recommendation of Bangladesh Bank not to
even endorse any pay cut, if the operating profits can be maintained rationally.

9.4 Ensure Safe Work Environment for Female Employees

Safe working environment is equally important as job security. If female employees cannot work
in a safe environment, it may create more incidents and consequently, the goodwill of the bank
may deteriorate further. Due to the recent incident and more and more media coverage, the
reputation of CBL has already started to face the impact. The management shall carefully review
the matters and ensure all types of safety and discrimination (which is also a type of employee
benefits for ladies) across all its branches and head office.

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10.0 Implementation Plans
In order to implement the aforementioned recommendations, the following implementation plans
shall be taken into consideration:

10.1 For Salary Revision

1. Conduct market surveys

2. Compare other banks’ salary structure with CBL salary structure
3. Consult with the City Bank Karmachari Parishad (Trade Union) of The City Bank;
4. Make an agreement for the revised scale;

10.2 For Salary Scale Transparency

1. Place the agenda of salary scale transparency to the Board meeting;

2. Reconcile any objection form the Board;
3. If approved, take necessary action to publish the pay scale (at least range of pay grades)
in the annual report of CBL;

10.3 For Withdrawal of Pay Cuts

1. Consider rewarding first-line and mid-level employees;

2. Review the current cost control mechanism;
3. Engage Accounts and HR department to forecast the operating profits considering the
implementation of pay cut withdrawal for Tier 2 and Tier 3;
4. Also consider early withdrawal of the pay cut decision for all the employees before
December 2021;

10.3 For Safe Workplace

1. Educate and organize workshop on gender equality and workplace safety;

2. Investigate any incident regarding gender indiscrimination and harassment;
3. Take immediate actions and ensure punishment passed by Board of Directors so that such
incidents do not happen in future;

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