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| Employees |
Being an intellectual capital
business in the financial services sector, our
employees are of utmost importance to the success
of our group.
The environment in which we operate is highly
technical and regulated and it is imperative that
we ensure that recruitment and retention of top
calibre employees in the industry is a priority.
Our employees are what differentiate us from the
rest of the industry – they are enthusiastic,
well trained and innovative.
Mpho Nkeli heads Human Resources in South Africa
and Tim Baggott heads Human Resources in the United
Kingdom, being our two principal areas of operation.
Within each business, there is a head of human
resources who guides the human resources strategy.
The group is committed to being an “Employer
of Choice” within each of our core businesses
– recruitment, development and retention
of resources is key. Business leaders must approve
policies and all policies and procedures for employees
are available electronically.
Various programmes have been put in place in South
Africa which support the human resources strategy,
for example, the newly launched TOPP programme
– a learnership and mentorship programme
for matriculants to encourage, initially, more
black chartered accountants into the financial
services industry in South Africa. If successful,
this programme will be extended to actuarial and
insurance risk management students. In addition
we have embarked on a graduate recruitment programme,
supported by the funding of a number of higher
education faculties, giving Alexander Forbes access
to the best students. The Alexander Forbes Community
Trust supports over 70 students studying towards
actuarial, risk management and general finance
degrees.
Employment equity targets have been set for the
South African businesses. While consideration
is applied to ensuring that numerical employment
equity goals are reached, the company is an equal
opportunity employer and employees are encouraged
to embrace diversity. Workshops have been conducted
for all staff addressing issues of diversity,
including race, gender, disability, religion,
and others. Employees are required to go through
an induction programme where an overview of the
company’s values, ethics, policies and procedures
is communicated.
Fairness in the workplace is key and policies
and procedures are in place to recognise the need
to protect each employee from unfair disciplinary
action. The procedure also assists in the efficient
operation of the business and encourages satisfactory
conduct and performance from its employees. Employees
have access to a grievance procedure ensuring
that grievances are considered and resolved at
the earliest possible stage. |
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| Employment equity
data 2006 |
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Climate surveys are undertaken
in different business units and the information
is used to improve working conditions for employees.
The group reports to the authorities in respect
of the Financial Sector Charter, Employment Equity
Act, Skills Development and the Financial Advisory
and Intermediary Services Act (FAIS). In addition
IT systems have been set up to report to divisional
management on a monthly basis and an enhanced
system is being developed to meet ongoing business
and legislative requirements in respect of human
resources development and black economic empowerment.
The Skills Development strategy encourages a culture
of self-development and learning, leading to employee
retention and optimal performance. Courses, both
internal and external, are focused on technical
training. Behavioural training continues to receive
attention. An average of 1,5% of payroll is spent
on training. This is in addition to the 1% of
payroll levy paid to the Insurance Sector Education
and Training Authority (“INSETA”).
Communication with employees is of paramount importance
to ensure that they are fully empowered. In terms
of human resources issues, the group has transformation
forums, training forums, management forums, women
empowerment forums. A two-way communication channel
is encouraged by senior management and regular
newsletters are distributed.
Employees in South Africa have access to an Employee
Assistance Programme. The programme offers a 24-hour
personal support service and assists employees
and their families in aspects of their lives ranging
from mental health to financial well being. This
includes an HIV/Aids programme paid for by the
employer.
Remuneration is vital in the recruitment, performance
and retention of the group’s major asset
– its people. Employees are remunerated
in line with their individual performance and
the scarcity of their skills. Remuneration is
competitive and within the median and upper-quartile
of the sector, dependent on the individual. Long-term
incentive schemes are available for key individuals
to ensure ongoing superior performance and retention.
A Remuneration Committee, consisting of non-executive
directors, meets at least four times per year.
The committee has the delegated authority of the
Alexander Forbes Limited board. The committee
determines, agrees and develops the company’s
general policy on executive and senior management
remuneration; determines specific remuneration
packages for executive directors of the company,
including but not limited to basic salary, benefits
in kind, any annual bonuses, performance-based
incentives, share incentives, retirement and other
benefits; and determines the criteria necessary
to measure the performance of executive directors
in discharging their functions and responsibilities.
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