It is an ambitious set of aspirations for any faith-inspired institution, let alone a bank with its inevitable engagement with the world of finance, trading, deal-making and intense market pressures. An additional comment at the end of this article, in response to a question by a reader, gives considerable insight into the working culture that is expected to prevail in the new organisation:
We will ensure the pay range from top to bottom is transparent, is felt fair by those involved and is managed by those who set the highest pay rate. Also, we believe payment by results is dehumanising, encourages greed and challenges good ethics. So, not only will we not pay bonuses, we will not provide company cars, pension contributions, health or other insurance (except as required by law), or any other benefits beyond a basic salary. We believe the Testimony to Equality means paying people more money in place of benefits and then leaving them free to decide, with impartial advice as needed, which benefits they prefer to purchase.
The project draws on Quaker principles in setting out its aspirations for a new way of doing banking. A report published in November 2013 gives further insight into the bank’s proposed relationship with its employees, who would experience a culture offering:
- Healthy work-life balance, led from the top;
- An internal communications structure centred on stewardship;
- Opportunities for growth based on attitude and not aptitude;
- Fair pay, good working conditions, and the sense of being a nice place to work;
- Being given the time to speak personally with people on all levels;
- Personal, in this context, means local and simple;
- Pride in the quality of their service;
- Handholding and cooperation;
- A ratio of highest to lowest pay (7:1 for social cohesion HBS)[18]