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 has also been nominated as one of 'Britain's Top Employers'. 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 independently recognised as being amongst the best companies to work for in the UK.
91% of employees participated in the 2014 employee survey. The overall employee engagement survey results represented a 2% increase compared to 2013 and again compared positively against the Financial Services benchmark.
Recognition and Reward programme
A robust reward and remuneration framework, ensuring market-related pay whilst enabling flexibility to recognise individual contribution.
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 2014, 58% of staff participated in the Share Save Scheme.
A flexible benefits scheme for Phoenix Group and Life employees is available, involving 24 options. 87% of staff participated in the 2014 scheme, selecting at least one option.
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 in 2014 amounted 509, with average spend per person amounting £790.
At Phoenix developing our leaders is at the very top of our development agenda. We successfully run management and leadership development programmes at every level from aspiring and new managers through to existing managers, senior managers and aspiring executives. A suite of 30 'High Impact Training' sessions are available, including our latest module on stress management.
Our human resources team continues to monitor employee metrics. 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.
As reported in our CR Annual Report for 2014:
|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)
The number of sick days per employee (FTE) per annum was 3.4 days, and average length of sickness absence was 2.9 days (Phoenix Group and Life)
|Percentage of employees sponsored on a Professional Qualification
In addition, for 2014 within Phoenix Group we can report:
- 43% of employees across the organisation are female, 57% male.
- From the 10 directors (including non-executive directors) two are female, eight are male.
- From the eight senior managers one is female and seven are male.
14.3% of employees are from a Black, Asian or Minority Ethnic ('BAME') background.
2% of employees are aged 18-24 years and 2% are over 60 years. 35% are in the age bracket 35-44 years.
Type of contracts
- 92% of employees are on permanent contracts. On average 0.5% of employees are permanent homeworkers, however many employees take advantage of the opportunity to work from home occasionally.
- 13% of employees work part-time.