Bank of Cyprus to double personnel every year by 2010

Currently, Bank of Cyprus has 130 employees and plans to hire a further 70 people by the end of the year to open four new branches.
"We have difficulties in recruiting specialists, just like any other bank, maybe even more, because we are a small bank. We are strict in choosing employees and we know that, once we have suceeded in convincing a candidate to come, we are making a long term employment," Bunea said.

Salaries paid by Bank of Cyprus are "slightly" above market average, according to Bunea. Furthermore, employees receive bonuses every six months, depending on their performance. "Financial motivation looses impact in a very short amount of time. Variable payment is reviving that motivation and maintains it for a certain period of time," Bunea added.

Currently, the company's HR department is focused on integration programs and on leadership development, through training programs. The training budget is worth some €1,500 per employee and all training programs are externalized. Bonuses for employees include meal tickets, private medical care services, bonuses and banking loans with preferential interest rates.