How are we doing?
One way we measure employee engagement is through our annual staff survey. Employee engagement helps drive business performance and so increases value for our policyholders and shareholders. Phoenix Group and Phoenix Life won the 2011 Strategic Communications Management (Melcrum) Award for Excellence in Employee Engagement.
Phoenix Group has also been chosen as one of 'Britain's Top Employers' in 2012 and 2013. This certification is awarded only to organisations that meet the highest standards in Human Resources policy benchmarking. The companies awarded with this certification have all been independepently recognised as being amongst the best companies to work for in the UK.
96% of employees participated in the 2012 employee survey, which achieved an overall employee engagement index ('EEI') of 73% (2011: 74%). 39 questions were asked, and when ranked against either the Financial Services or Private Sector benchmarks, the Group achieved 32 questions which were either equal to or above benchmark.
Recognition and Reward programme
A robust reward and remuneration framework, ensuring market-related pay whilst enabling flexibility to recognise individual contribution.
A recognition scheme within Phoenix Group and Life actively encourages and recognises performance that is above and beyond an individual's remit, or considers the manner in which they conducted a piece of work worthy of a recognition.
We believe it is important that our employees have the opportunity to align their interests, through share ownership, with those of our shareholders. An employee Share Save Scheme and Share Incentive Plan are available to staff. At the end of 2012, 53% of staff participated in the Share Save Scheme, and 22% of eligible staff participated in the Share Incentive Plan.
A flexible benefits scheme for Phoenix Group and Life employees is available, involving 24 options. In 2012, 80% of staff opted for at least one benefit. Ignis has a similar scheme in operation. Staff can select benefits which suit their lifestyle and personal circumstances.
The Group recognises the importance of continued staff development and manages a variety of external and in-house training programmes, ranging from induction, through to coaching and leadership skills. The total number of external staff training days amounted 2,266, with total spend on external training as £0.7m.
Our human resources team continues to monitor employee metrics related to turnover, sickness and training. This enables analysis of year-on-year people trends and performance against comparable companies. Voluntary staff turnover and absence rates compare very favourably with industry benchmarks.
|Annual employee turnover
(Turnover of employees choosing to leave voluntarily)
|Annual new starter turnover
(Number of employees leaving voluntarily within 12 months of starting)
|Percentage days lost through sickness
(Total days lost as a result of absences in the population)
|Percentage of employees sponsored on a Professional Qualification
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