Issued 20 June 2011
Last updated 12 June 2024
Policy
The long-term success of Norges Bank Investment Management (NBIM) depends on its capacity to recruit, retain and develop employees to meet the fund's objectives. Human resource management activities shall underpin the organisation’s core values, with the aim of fostering a workplace environment that embraces diversity, promotes equality and ensures inclusion for all employees.
The human resources framework is based on the principles of a collaborative work environment, systematic recruitment and selection, tailor-made training and development, and an efficient compensation system that support the achievement of our strategic goals.
The framework shall be flexible and dynamic. As NBIM works on a global basis, the implementation of the framework shall be carried out using sound judgement and shall comply with local laws and regulations where applicable.
Recruitment and selection
- NBIM shall strive to continuously enhance its professional and academic standing as an employer.
- All recruitment shall contribute to strengthening NBIM’s reputation as an attractive workplace and everyone involved should contribute to ensuring a good candidate experience.
- Recruitment processes must be open and transparent, with the aim to recruit the best qualified candidates.
- Recruitment activities shall help promote diversity, equality and inclusion and prevent discrimination.
Human resource management
- NBIM shall ensure a high-quality work environment that safeguards the health and well-being of its employees. Harassment or discrimination of employees will not be tolerated..
- We aim to be an organisation that values and respects diversity and fosters inclusion.
- Recognising that a cooperative environment and a relationship based on trust and respect are crucial factors for the organisation's success, employee feedback shall be collected regularly, using evaluation tools, internal surveys or other suitable methods.
- Development of our human resource activities shall be based on insights from advanced human resource analytics, while respecting all applicable rules relating to privacy and handling of personal data.
- All phases of the employee journey, from hiring to offboarding, shall adhere to professional standards and NBIMs dedication to employee welfare, to make sure that our staff are and continue to be good representatives of the organisation.
- NBIM shall actively support effective collaboration with and involvement from the employees’ trade union and safety representatives and safeguard the provisions relating to this in the collective agreements and relevant Health and Safety legislation in every office.
Training and development
- The training and development framework shall aim to enhance the organisation's human capital in order to align with and achieve strategic objectives and global work force planning.
- We shall aim to develop a multi-skilled workforce of experts and managers who are able to operate flexibly and can respond rapidly to changes in the business, organisational needs or skill requirements.
- Measurement of performance shall be achieved through an appraisal system where the individual performance is tied to the organisation's targets and key competencies through relevant and defined criteria.
Compensation system
- The compensation system shall give the employees the incentive to behave in a manner which achieves NBIM's objectives and protects the interests of the funds. The compensation system shall be aligned and consistent with relevant risk management processes and systems.
- Compensation shall be closely tied to an individual’s performance, competency and responsibilities as well as the performance of the fund. As far as possible, compensation shall be aligned with market practice to ensure that NBIM is able to recruit and retain the best professionals. Norges Bank Investment Management shall offer competitive compensation but shall not in general be the market leader.
- The compensation system shall consider qualitative and quantitative criteria where this is applicable. The established criteria shall be objective, measurable, assessed on a regular basis and shall be related to performance achieved over time.