BRAC Bank hikes salaries of junior grade employees up to 50%

BRAC Bank has recently increased the salaries of junior grade employees by up to 50 per cent effective from

January 1.

This new competitive compensation package is expected to further motivate the bank’s existing coworkers and also enable the Bank to attract more talent from the market, said a press release.

With 7,500 full-time employees, BRAC Bank is one of the largest employers in the Bangladesh banking sector.

The bank has significant growth plans over the next few years and is planning to recruit more than 1,800 new manpower in 2022 alone to expand its foothold across the country.

The bank has also taken an initiative to convert different outsourced teams to full-time employee. 100 outsourced staffers were absorbed earlier this month into full-time employee positions on the basis of their performance and longstanding contribution, said the release, adding that more such conversions are expected in the remainder of the year.

BRAC Bank Managing Director and CEO Selim RF Hussain said, “BRAC Bank has achieved strong growth in the last few years and today, leads the local banking industry in many metrics. This success is entirely due to our talented and committed co-workers, who are the true drivers behind our success.

“As a values-based organization, the Bank always prioritizes people benefits and welfare activities. This new salary structure is aligned with our strategy to make the Bank an employer of choice for the youth of our country,” he added.

Aside from direct compensation benefits, BRAC Bank provides different sorts of benefits to its coworkers, including life and medical insurance, subsidised staff loans, day care, medical centre, commuting service, sports, gym and canteen facilities.

BRAC Bank Limited, traded as ‘BRACBANK’ on Dhaka Stock Exchange, has been one of the fastest-growing banks since its inception in 2001 with a particular focus on the SME segment.

With 187 branches, 374 ATMs, 461 SME unit offices, 700 agent banking outlets and a diverse workforce of more than 8,000 people, BRAC Bank also serves customers across the corporate and retail segments.

The bank has generated particularly strong financial performance over the past five years and now leads the industry in most of the financial metrics.

With more than 1.1 million customers the bank has already proved to be the largest collateral-free SME financier in just 20 years of its operation in Bangladesh and continues to serve as a benchmark for governance, transparency and compliance in the banking sector.