What World Bank does: As part of a global support system, the World Bank provides financial backing to impoverished countries to help them grow structurally, handle emergencies, and improve living standards.
Mission: The World Bank aims to reduce acute poverty levels and promote good living standards among the world’s population.
Size and Presence: The World Bank currently employs around 3,100 staff members in its Washington D.C. office.
Best Known For: The World Bank is a popular global financial supporter and its role in lending money and providing financial advice to impoverished nations to help improve living standards is well documented.
The good bits: The World Bank’s credibility in providing the most effective services lies in its committed workforce backed by supportive management. They seem to harness the benefits of diversity and inclusion impressively.
The not-so-good bits: The working atmosphere at the World Bank could be quite competitive as everyone looks to harness the global presence and access to resources the bank provides.
Before the end of the 2nd World War in 1944, world leaders had begun plans on how to ensure economic normalcy after the war. This led to a summit by 44 nations to help develop a structure for global economic support and redevelopment.
In the latter days of the summit, the creation of the World Bank was discussed. The World Bank was developed to help nations recover from economic deficits as a result of the war. In the early years of its creation, the World Bank consistently changed the dynamic of its operation to suit development as they occur. Its first loan was to France and then to other European countries. In 1947, the focus of the World Bank shifted to structural development for nations. The World Bank began offering support to the American continent through Chile.
From 1968 - 1981, the financial assistance the World Bank provided increased 12 times. This assistance was focused on sectors like sanitation, environment, and water.
A new idea of the World Bank institution came of age in the mid-2000s. They focused their support on the MDGs and SDGs in a bid to make a more targeted approach to the solutions they deliver.
Following the recent Covid-19 pandemic, the World Bank has become a dependent facilitator for efficient financial proofing for nations. Since its inception, the World Bank has garnered global acceptance in 183 countries and with offices in around 130 locations.
As a global institution, the World Bank’s culture is essential to how they function with aligned ideas. It is among what makes them tick and tilt in the right direction.
The culturally diverse work environment the World Bank provides relies on four principles. These principles are those of; impact, integrity, respect, teamwork, and innovation.
Through working with these principles, they develop a culture of sustainable excellence. They also leverage the best knowledge and cutting-edge technology to provide financial services that are flexible and agile.
At the World Bank, employees never rely on the status quo. They foster curiosity among each other with everyone working with passion to be better every day.
While the vibe at the World Bank is competitive and fast-paced, it gives employees a chance to evolve at a great pace and find their path as they grow.
As a global brand, the World Bank attracts a plethora of talents each one offering a unique set of traits.
Graduate and intern applicants begin the entire application process by creating an application account. After creating an application profile, graduates and interns can proceed to submit a tailored resume.
The next step after resume submission involves placing candidates into categories. Applicants are categorized into a long list - those being considered and a short list - of potential candidates.
Changes in application status can be viewed on the application profile created by graduates. Applicants with the shortlist and interview tags are more likely to be interviewed for roles.
Young graduates and interns are not recipients of any tags but are updated about their application status.
As a corporate example of global diversity, the World Bank recruits applicants from all around the world. Along with hiring diversely talented applicants, they claim to provide several tailored programs to see graduates and interns grow.
Their Junior Professional Associate program helps entry-level graduates improve their skills professionally. This program exposes graduates to real-life situations and guides them to apply their skills working with industry leaders.
Bank and Legal internship programs offer several opportunities for students in various programs to explore the daily operations of the bank.
At the World Bank, graduates and interns access a wide array of programs to help their careers take off. These programs beyond improving the skills of graduates or interns afford them opportunities to collaborate with the best professionals.
Employees at the World Bank earn an average salary of around $123,816 per year while interns earn an average of around $47,022 annually.
Chief among the World Bank's strategies to guarantee global financial protection is its universal access to social protection. This protection service offers coverage through; support for working-class parents, social assistance through cash transfers, pension coverage for the old, public work programs, and financial security programs.
Following the surge of the COVID-19 virus, the Social Protection program has been crucial in helping families thrive. The social protection programs support around one billion individuals daily with spending reaching $12.5 billion. It has also played a crucial role in helping the UN achieve Sustainable Development Goals.
The World Bank is certainly not a stranger to controversies with critics citing that the financial assistance they proffer has hurt countries even more.
Political analysts have stated that the Bank has been used as a political tool by the United States. They claim that the low-interest, long-term loans have plunged developing countries under political pressure from the US.