Chief Executive Officer Yusli Mohamed Yusoff said the offer of the VSS is a beneficial approach for staff and Bursa Malaysia.
“This a voluntary arrangement between Bursa Malaysia and its staff to come to common ground in meeting the objectives of both parties.
“Since the commencement of the transformation process of the exchange via its demutualisation in 2002, staff of Bursa Malaysia has requested for the offer of VSS.
“For them, VSS gives the option to pursue future career and entrepreneurial plans outside of the organisation. VSS also gives our staff the option whether to continue with the organisation which operates in a new environment with expanded commercial objectives in reducing cost and enhancing operational efficiency.
“For the organisation, VSS gives the option for Bursa Malaysia to benchmark cost and efficiency vis-à-vis other exchanges in terms of revenue generated per staff and net profit generated per staff.
At the moment, Bursa Malaysia has the largest number of staff count in comparison to demutualised exchanges in Singapore, Hong Kong and Australia,” he said.
The offer of VSS by Bursa Malaysia to its staff has taken into account due process in consonance with the law, regulations and best practice in respect of similar industry efforts.
Additionally, as part of its demutualisation process, the VSS by Bursa Malaysia has the benefit of a comprehensive study conducted by an independent human resource consultant - to include comparisons of VSS offered by mid-size and large local and international firms in Malaysia, including multi-nationals.
Yusli added based on studies on rightsizing manpower requirements by independent consultants, manpower surplus in Bursa Malaysia has clearly been identified.
“Very simply, before consolidation of exchanges and demutualisation, we were operating as independent businesses.
“With consolidation and demutualisation, functions of the former independent businesses were duplicated within Bursa Malaysia, some became redundant. This is where the excess in manpower comes from.
“As such, it is urgent and critical for the competitiveness and efficiency of Bursa Malaysia going forward, to streamline functions and operate with a leaner manpower structure without compromising on talent and performance,” he said.
To facilitate implementation and to ensure concerns of staff on the VSS are appropriately addressed, Bursa Malaysia will undertake the VSS Program for staff which include:
- Briefings and Q&As with all staff
- FAQs on VSS on its Intranet
- VSS Enquiry Service for staff via e-mail, phone or face to face provided by the Human Resource team.
- Outplacement Service Workshops for succesful applicants of VSS The VSS by Bursa Malaysia is expected to be completed by 30 June 2004.
