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 '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 2016 employee survey. The overall employee engagement survey results achieved 81%, which compares positively against the Financial Services Benchmark, and was a 3% increase on previous year's results.
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.
A flexible benefits scheme for Phoenix Group and Life employees is available, involving 24 options.
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. Over 1,000 learning requests were supported by the Group in 2016, which included professional qualifications, coaching, team building and Continuing Professional Development.
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 2016, data below is included for Phoenix Group's Corporate Office and Phoenix Life:
|Annual employee turnover
(Turnover of employees choosing to leave voluntarily)
|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 2016 within Phoenix Group's Corporate Office and Phoenix Life we can report:
15.2% of employees are from a Black, Asian or Minority Ethnic ('BAME') background.
1.9% of employees are aged 18-24 years and 0.1% are over 65 years. 37.5% are in the age bracket 35-44 years.
Type of contracts
- 93.7% of employees are on permanent contracts.
- 6.3% of employees work part-time.