Nordea in Poland: Nordic Spirit, Local Strength

Nordea is one of the largest financial groups in the Nordic countries, offering a wide range of banking and investment services. Nordea Poland, with branches in Łódź, the Tricity and Warsaw, acts as a key operational and technology centre, supporting Nordic business units and developing processes and technologies in the spirit of Nordic values.Tuomas sat down with Paweł Jemioł, Head of Operations, to discuss Nordea's continued growth in Poland, the unique hiring process that fosters international teams, cultural influences from Nordic values, and the significance of collaboration with local universities to nurture talent and innovation.

How is Nordea today in Poland, you have well above 5000 people here and are still growing?We have somewhere around 5600-5700 people and have grown steadily, though not according to any centralized Shared Service Plan, which is quite unique. When Nordea needs talent, we open a recruitment process centrally, meaning that we will hire the right person wherever they may be. This helps create truly international teams. We are happy to hire here, and it is very important for our people to see that perceived ceilings are being broken. Many people are not aware that we are part of the Nordic banking value chain. We have tens of leaders in Poland who are managing teams in Nordic countries. 

You have teams in three locations in Poland, are they somehow different to each other?

Łódź is the original place so to speak. We have roughly 3000 people there and the strong universities mean we hire lots of young talent to their first jobs, especially to positions available in Operations. Gdańsk and Gdynia are especially for tech hires, there is a strong education background and a large labor pool for that. There are also Nordic studies in Gdańsk, with roughly 60 people graduating every year. We have now slightly less than 2000 people in Tri-city in two locations. Warsaw is the place where local and international banks have their headquarters, meaning you can find people with strong banking experience there in positions like risk, compliance, banking cybersecurity and so on.

And in every city you probably have certain employer branding strategies?

We know and adapt to the local competition. Although we sometimes compete with Nordic companies, we are mostly competing with global giants in every city. We can offer a less competitive and more wellbeing-oriented workplace. In addition, we are part of one of the leading banks in Europe, which is attractive for hiring. In the banking sector, we have a good position thanks to our Nordic values, whereas the local Polish banking sector involves lots of politics and other issues, such as the ongoing Swiss franc cases. 

Do you feel that being a Nordic company still adds value when hiring?

Absolutely. Being a Nordic employer still adds around 10 extra points, although others are catching up of course. Finland has consistently ranked as one of the happiest countries in the world, according to various happiness and well-being indices such as the World Happiness Report. There are several elements brought from Finnish culture to Nordea: work-life balance, admiring nature and the environment as well as community and social connections. With Nordea, a major financial services group in the Nordic region, having its headquarters in Finland adds to the company’s attractiveness as a place to work.

Poland is probably still an attractive location to hire?

Naturally the salary gap still exists, especially in non-managerial positions, the ongoing development and investment in the Polish workforce, particularly in technology, suggest that the gap is gradually closing. As companies continue to recognise Poland’s potential as a talent hub, the attractiveness of the locations for hiring is likely to grow even further.

How was the labor market in 2024?

It was a more stable and comfortable year from my employer's perspective. Our employee turnover rate was below 4%, which was an all-time-low and a reason to be proud. Of course, there are also less opportunities in the market and so people are job-hopping less. We ask our people on a quarterly basis how they feel, and we can see good results. From my perspective, it is much better than other companies I have seen closely. 

Has anything changed in hiring, or in the importance of employee benefits?

Not really. Salary and the work are the main thing, with benefits as an extra, important seasoning on the top.

What are your favorite "Nordic inspired" values that you follow at Nordea?

Nordea has the least internal competition between teams and units I have ever seen anywhere, people can truly switch jobs inside the company without any issues. It is unique! Another thing I experienced this week in Norway, there was a merger of the local Danske unit to Nordea and the way the local office greeted 300 new employees with standing applause was really inspiring.

Are there any Nordic habits you have brought to the Polish offices?

Any celebration comes with cinnamon rolls. If we would have Polish “pączki”, we would probably hear a lot about how unhealthy they are :D 

Do you cooperate with many universities?

At Nordea, we believe in the power of education to transform lives and communities. Our branches in Poland have been actively involved in initiatives aimed at supporting structural education across the country, from Łódź to Tricity and Warsaw. For example, with the University of Łódź, we have also partnered with other external companies to launch postgraduate studies in "AML Analysis - Anti Money Laundering" at UŁ. This initiative aims to equip students with the necessary skills to excel in the field of anti-money laundering. Furthermore, Nordea actively participates in the Ideathon and “Młodzi w Łodzi” programmes, fostering innovation and providing students with platforms to showcase their ideas.  We also work with Gdańsk University of Technology, where our specialists have delivered guest lectures on various topics, such as "Transactions Monitoring and Sanctions." I was also involved in giving a lecture titled "Behind the Scenes of Business" which allowed me to return to the university in a new role. Gdańsk University of Technology has a financial crime major and we want to strengthen cooperation with the Nordic faculty.  In Warsaw, we supported the Brave Camp, a startup bootcamp initiated by the University of Warsaw. We provided mentors, workshops, gadgets, and financial support, while also raising awareness about Nordea among students.

If we go back a few years, Nordea Polska was once the 10th largest consumer bank, before it was sold to PKO. Do you still see or feel this heritage?

Quite recently was the 14th  anniversary of Nordea in Poland. Of course the growth started with consumer banking in 2001, but we still have people who have been in the company for over 20 years and they get nostalgic about the good old days. We are proud of long careers in the company. The history of the Nordea brand in Poland is quite interesting. Nordea Bank Polska S.A. was a bank based in Gdynia, operating from 2001 to 2014. On 31 October 2014, the bank was legally merged with PKO Bank Polski. But this wasn’t the end of the Nordea brand in Poland. Despite the sale, this Nordic group, with more than 200 years of tradition, still has a presence in Poland. In 2010, Nordea Bank Abp SA Branch in Poland was registered, which included an operations center based in Łódź, handling back-office processes for the bank's Scandinavian business units, and an IT department located in Tricity, where we opened our Gdańsk office in 2017, and then in 2018 also in Warsaw.

You work with people from many Nordic countries, have you Poles spotted some differences between Finns, Swedes and Danes?

Cultural differences in our bank enrich cooperation and foster collective success. Danes enjoy informal gatherings like communal breakfasts, while Poles prefer well-organized events. Swedes value cozy fika meetings, and Finns embrace silence during business discussions for reflection, contrasting with the Poles' eagerness to share ideas. Swedes focus on inclusivity and consensus, while Norwegians emphasize modesty and flat hierarchies. Scandinavians favor short-term strategies and prioritize work-life balance with shorter hours and longer holidays. Together, these diverse approaches build a strong, collaborative culture essential for achieving shared goals.

In work culture and outside of the office, how would you compare and contrast Finns and Poles?

In Poland, we work relatively longer, while in the Nordic countries, family life and contact with nature are a priority, which means that you usually do not answer phone calls or respond to emails after working hours. Most Finnish employees take longer holidays, which can be frustrating for those who are used to working all the time, but it shows that such a system also works effectively.

Any advice for Nordic business people who are considering establishing a BPO or IT team in Poland? What things should they pay special attention to?

Establishing a BPO or IT team in Poland can be a strategic move for Nordic businesses looking to leverage the country’s skilled workforce and competitive costs. It is very important to understand the market landscape and identify locations depending on what type of talent you are looking for. There are a lot of different aspects that need to be taken into consideration, like legal and regulatory compliance, technology and infrastructure, but also considering the cultural fit of potential hires and looking for candidates who align with the company values and understand the Nordic work culture.