BoV success: ideas for efficiency

Bank Of Valletta chairman Joseph F.X. Zahra presented the Annual Awards for the BoV Staff Suggestion Scheme for the financial year ended September 30, 2002. The winner for Best Suggestion of the year was Richard Dimech, manager of BoV's Marsa branch; the award for Best Performing Branch was won by the Balluta branch.

Mr Dimech's suggestion was judged to be the best suggestion of the year in terms of innovation, cost efficiency, process-related benefits and quality. Balluta branch won the collective award in recognition of the unit's effort. It scored the highest percentage of awarded suggestions during the year.

The Staff Suggestion Scheme is managed and co-ordinated throughout the whole year by the bank's Management Services Department.

"Bank of Valletta has always believed that employee involvement is a powerful and productive tool within each and every organisation. Evidence of this is the acceptance and implementation of suggestions that improve quality and working processes and reduce costs. All members of the staff, irrespective of grade and category, are encouraged to submit their ideas towards the achievement of this goal," Mr Zahra said.

"With this principle in mind, BoV, through its Management Services Department has launched various activities and 'sub-schemes' to promote staff suggestions. These initiatives are having positive results and positive trends were registered during the past financial year. In fact, 1,290 suggestions were received, of which 205, or over 15 per cent, have been accepted," Mr Zahra announced.

He then presented the award to Mr Dimech, who submitted the winning suggestion, which proposed a change in the processing and filing of standing order applications and amendments which streamline procedures and eliminate manual intervention and duplication of work.

The suggestion was evaluated by Electronic Banking Services Unit at the bank's Operations Centre and later referred to the Profits Working Group for feasibility. It was positively received and its implementation is now scheduled for early this year.

Patrick Garroni received the award on behalf of the Balluta branch as the Best Performing Unit for the same period under review. Balluta branch recorded the highest number of awarded suggestions. Proposals submitted covered a variety of topics, with 25.5 per cent of the total suggestions submitted by this branch being accepted for implementation.

The award for the best suggestion of the year consists of a trip to a destination in Europe, including flight and accommodation; the Balluta branch has been awarded a Lm400 cash prize.