Hayk Stepanyan: Being one of the best employers in Armenia, investments in education and the next generation of leaders

In an interview with AmCham's Business Magazine, Byblos Bank Armenia CEO Hayk Stepanyan discusses the Bank's reputation as one of the best employers in the Armenian market, its focus on encouraging leadership, its efforts to attract top talent, and more.

The banking sector often faces challenges in attracting top talent due to its perceived rigidity. How is Byblos Bank Armenia positioning itself as an employer of choice, particularly among young professionals seeking dynamic and fulfilling careers?

We have to admit that career desires and preferences among the younger generation are changing dramatically. In terms of talent attraction, the major challenge for the banking industry is the IT sector, both locally and globally. However, banks are and will remain attractive due to three factors: we adapt our employment practices and environment to market trends, we still offer stable and well-paid jobs with significant challenges, and finally there will always be young professionals who are inherently attracted to finance and banking.

I can proudly say that Byblos Bank Armenia is one of the best employers in the Armenian market. Our value system, employment practices, supportive work environment, and ongoing commitment to employee development help us attract and retain the best talent.

How does Byblos Bank Armenia cultivate a strong leadership pipeline? What leadership qualities and competencies are essential for success in today's rapidly evolving banking landscape?

Building a long leadership pipeline and having strong succession lines is a key element of our HR management. When meeting our new young team-members, I usually say that for junior staff we aim to recruit and nurture the future CEOs of our company. Actually, leadership qualities are crucial today, and it is important to focus not only on leadership linked to a position but also on personal leadership skills that are critical for success in any role and field. Especially in today’s agile environment, where expertise can be acquired quickly and where people switch fields quite easily, the importance of behavioral skills continues to grow. As an employer, we constantly pay attention to personal leadership through trainings, internal cultural influences. However, this remains challenging in our society, where usually more attention is paid to technical knowledge, with leadership typically linked to positions and management, rather than to personal leadership.

Can you share any success stories or notable achievements that resulted from the Bank’s investment in employee development?

We have many such examples at Byblos Bank Armenia: Mail Officers reaching the ranks of Branch Managers, Tellers coming to lead entire departments, Credit Administration Officers becoming Chief Risk Officers or Credit Officers rising to CEO position. I strongly believe that all these and many other personal achievements are powered by the cultural and educational investments that Byblos Bank Armenia continuously makes as an employer.

The banking industry is undergoing rapid digital transformation. How is Byblos Bank Armenia upskilling its workforce to meet the demands of this new era?

Digital transformation is a key theme in banking not just in Armenia but all over the world, and it represents a huge challenge for us. The primary challenge is the transformation of ourselves, the way we think, the way we internally operate, the way we look at customer needs, etc. We balance our approach by recruiting new talent from the IT sector while simultaneously upskilling existing staff through trainings in digital awareness and literacy, global trends and movements.

Given Byblos Bank Armenia's role in the Armenian banking sector, how do you collaborate with educational institutions to develop the talent pipeline for the industry? Byblos Bank Armenia's sponsorship of the CaseKey Business Case Competition as well as the scholarships to YSU students demonstrates a commitment to nurturing young talent.

We believe that investment in education is the main and the most efficient way to contribute to the prosperity of Armenia and its communities. Obviously, the Bank’s values, the Bank’s approach to business and our business practices are viable only within educated and striving communities and families. For many years now, we have been investing in different educational projects, supporting students and trying to create opportunities for new generations. Participation in educational projects has actually helped us identify great young talents as well.

What would be your advice to our AmCham community?

The AmCham community includes the best businesses and the greatest business minds and personalities in Armenia. I would like to humbly encourage all of us to create a strong coalition for investing in education. I believe together we can develop significant educational projects that will have colossal impact on our country and economy.

Source: AmCham Business Magazine