HR Principles at Norges Bank
Approved by the Executive Board 20 December 2022
1 Authorisation and background
Norges Bank’s overarching HR objective is to attract, develop and retain highly skilled employees and managers. All HR activities must be based on the Bank’s values and underpin the Bank’s tasks and strategies.
The purpose of the HR principles is to ensure a consistent framework for the Bank’s HR activities and overall common practices across the Bank’s operational areas where this is appropriate.
The HR principles apply to all operational areas in Norges Bank and serve as a framework for the Bank’s conduct of HR activities. Strategy and measures may vary between the operational areas. The requirements applying to, and the Bank’s expectations of employees are mainly described in the “Ethical principles for employees in Norges Bank”.
4 Roles and responsibilities
The Governor and the CEO of Norges Bank Investment Management draw up the strategy and framework for HR activities within their areas of responsibility and set the supplementary rules within the framework of these HR principles.
5.1 Norges Bank’s values
Norges Bank’s HR policy is to be based on the Bank’s values: team spirit, integrity, innovation and excellence, and HR work should actively promote these values among the Bank’s employees.
5.2 Working environment
Norges Bank aims to foster a positive and inclusive working environment that promotes the health and welfare of employees and is characterised by a spirit of collaboration and relationships based on trust and respect. The Bank’s working environment should promote equality and diversity and provide equal opportunities for all. The Bank’s HR work should contribute to preventing discrimination, harassment and bullying.
Norges Bank’s managers should take responsibility for their employees in line with the prevailing HR framework and contribute to ensuring a positive and inclusive working environment. The Bank should facilitate career development paths for managers with clear expectations regarding managers’ role. Managers will be given access to resources and tools that are necessary to perform management tasks in accordance with the Bank’s values and expectations.
Norges Bank will work in a systematic and targeted manner to be an attractive and preferred employer and thus attract the best candidates. Recruitment activities shall help promote diversity, equality and inclusion and prevent discrimination at the Bank. Recruitment processes must be open and transparent, with the aim to recruit the best qualified candidates.
Norges Bank’s aim is to ensure that employees enjoy their jobs, feel challenged and have the relevant competence to meet future challenges. Clear expectations shall be set for individual employees, and effort and performance will be assessed and rewarded. Norges Bank shall facilitate career development paths that place importance on employee potential and promote employee engagement and a sense of belonging. The Bank believes in lifelong learning and aims to facilitate continuous professional development for its employees in line with the Bank’s needs. At the same time employees are responsible for their own development. Succession planning together with competence development plans will be implemented for key personnel and managers at relevant levels.
5.6 Salary and benefits
The objective of Norges Bank’s reward policy is to attract, develop and retain competent employees and to actively promote and reward good performance. Salaries are to be set equally where employees are assessed according to the same criteria. The salary level will be competitive, but not market-leading. The Bank will provide pension and insurance schemes and other relevant employee benefits that are broadly in line with market practice.
Norges Bank must actively support effective collaboration with and involvement from with the employees’ trade union representatives and safeguard the provisions relating to this in the basic agreements and the Working Environment Act. Cooperation between the Bank’s management, employees and their representatives must be based on dialogue, trust and mutual respect. The Bank shall have appropriate and well-functioning arenas and fora for co-determination and cooperation.
5.8 Efficiency and compliance
In its HR work, Norges Bank must comply with relevant laws and regulations in the jurisdictions where the Bank operates. The Bank will have effective processes, employ technology to simplify and automate where possible, and use data-driven analyses to ensure good decision-making.
6 Entry into force
These principles enter into force immediately.