Governance structure.


Governance and Process

We believe that by helping our customers enhance their financial well-being we can bring wider benefits to society. Key to our strategy has been defining the type of business we want to be and developing our brand around an organising thought – Every Day Matters. This embodies what we believe in and drives the business forward. As a services business, our people are essential to how we make every day matter for our customers”.

Elaine MacLean, Group HR Director

By putting customers at the heart of our business, helping them to protect themselves against unforeseen circumstances, save for retirement or invest money wisely, we are helping to create wider social and financial benefits for society, in all our chosen markets. This is our social purpose.

Our success relies on our employees understanding our social purpose and knowing what really matters for our customers when they make financial decisions and want raise the quality of their lives and society as a whole.

Priority people issues for 2012

In 2012 we set out a number of employee issues as key areas of focus for our UK business. The table below shows our progress so far.

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The issue

What we’re doing

Carrying out reviews to ensure that we have the most effective organisational design to deliver business results.

Two areas of our business were selected to be reviewed against the future needs of our strategy.

A project is underway focusing on the Risk operating model and ensuring effective and appropriate first, second and third lines of defence.

A programme is underway to benchmark our performance in change management to up-skill our change people and deliver more effective and robust tools and processes to ensure improved delivery of programmes and projects.

Adding to the strength and depth of the leadership group, including improved succession options for executive and leadership roles.

There are a number of things we have delivered to achieve this:

  • A talent review programme is in place for all managers
  • Individuals to be included in future leaders programme have been identified and the programme started successfully on October 12.
  • We have developed a high performance programme for managers with people manager responsibility
  • We now have a strategic leadership programme for senior functional leaders.

Taking action to improve the gender balance in management. In response to the recommendations of the Lord Davies report, we’ll deliver an increase in the number of senior roles held by women in 2012 as well as increasing ethnic diversity.

We have delivered a number of initiatives in this area, which are highlighted below.

  • In July 2012, we carried out an independent survey of a sample of our management population to find out the barriers to progression.
  • During 2012 talent reviews have taken place and as a result of the exercise more women than men have been identified and placed on a future leader programme.
  • Mentoring is taking place (for both men and women) with recognition that mentoring is likely to be tailored according to gender.
  • In 2012 we delivered unconscious bias learning to our senior leaders
  • Improved job-share opportunities as a result of revised policy and education.
  • A focus group made up of women to be established to help us understand barriers and how to improve progression of women.
  • A robust recruitment monitoring process for all senior hires to ensure that, where possible, women appear on the ‘long list’. Guidelines are to be developed for hiring managers.
  • Analysis of all external benchmarking and employee survey data to inform the wider diversity and inclusion segments and initiatives for 2013.
  • We will cascade ‘unconscious bias’ awareness throughout the organisations.

Completing implementation of people projects: grading, leadership academy, talent management, performance management, and behaviours.

A cross-divisional performance management review has identified a number of improvements to communications, which are being introduced ahead of the end of year performance review in Q1 2013.

A new group-wide performance management project, which will be sponsored by a member of the senior Leadership team, has been agreed as a priority for delivery in 2013 and 2014. This is expected to deliver a revised performance management philosophy and process and will develop the capability of our employees to understand and deliver higher quality performance reviews.

Reviewing attendance and wellness policies and practices to reduce the cost to the business and provide effective support for employees to help them recover and return to work.

After the launch of a health and wellbeing online programme piloted at two of our sites we have a number of plans for 2013. Some highlights include:

 

  • Training for managers in how to recognise stress (in themselves) We have run a health and wellbeing communications campaign and introduction of a network of ‘champions’
  • Develop the capability of line managers to have the right conversations with their people on health and wellbeing
  • Review current health providers and develop additional services
  • Consider new benefits as part of a coherent package of benefits to employees that are joined-up,
  • focus on prevention and support the process of returning to work
  • Provide processes that are clear and easy to understand for other employees and the business
  • Launch to all employees of the healthy living assessment tool, their colleagues and their team.

Employees are at the heart of decision-making

Our Resources Board reports into our Group Board and monitors key employee trends and governance policy. We have specialist committees, such as the health and safety committee and the equalities committee, which monitor and make progress on key people issues across the business.

Key HR processes that take place in a typical year, both in the UK and in our overseas subsidiaries are shown in the table.

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Process

Outputs

Timing

Annual performance reviews

Salary and bonus reviews explicitly linked to performance for all employees.

January-March

Annual talent reviews

Succession management reviews at group level.

Annually

Annual development reviews

Review and agreement on personal development plans.

July-September

Annual leadership capability review

Nominations Committee of Board.

Annually

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