HR Corner Preferred employer goes the extra mile by Rachel Sproston Ingenious reward scheme sets the standard in financial protection industry At the helm of every large corporation is a think tank of experts proactively seeking ways to recruit and retain the most talented people in the business. Monetary reward is no longer the sole motivator for the modern workforce. Shu Khoo, regional general manager of human resources, AXA Asia Life is acutely aware of the pyschological nature of staff retention strategies. Ms Khoo notes that AXA has stretched beyond financial support with its benefits packages. "Monetary benefits alone can always be bettered by a rival company who may offer 10 or 20 per cent more to bring staff on board. Our approach is therefore holistic and the idea of "benefits" within AXA is always explained in a wide context — in essence, benefits means our interest in developing our people," Ms Khoo says. AXA's staff benefits are benchmarked in each sector of the market to ensure they remain the most comprehensive and competitive in the industry. Each market has specific motivational features and local markets differ as employees have contrasting priorities depending on where they are based. "We ensure our employee benefits are competitive and that the value proposition which we extend to our staff is stimulating, motivating and conducive to high staff retention," Ms Khoo adds. Light years One revolutionary staff motivational initiative is the AXA Miles programme, launched as the result of a period of intensive brainstorming where AXA's chairman, Henri de Castries, consulted staff worldwide, requesting suggestions for ways to encourage recruitment, retain talent, improve customer service levels and instill a sense of belonging to the company. "The AXA Miles programme is a unique employee benefits programme which has been rolled out globally across the AXA group of 110,000 employees," notes Ms Khoo. The goal of the programme is to make every employee an AXA shareholder, ultimately supporting overall progression towards realising the company's "Ambition 2012". Employees are awarded 50 free AXA miles on an equal basis, irrespective of their current position. By contravening typical hierarchical corporate allocation procedures, AXA aims to illustrate the relative value of every employee and underline the essence of the scheme which is to reach the year 2012 having become the preferred company in the industry for customers, shareholders and employees. "All our employees are engaged and moving forward with us as a team" Benefits are not linked to individual performance as the AXA Miles initiative is in place to reward overall corporate progress rather than individual achievement. Ms Khoo elaborates, "The sales teams are not included in the programme as a comprehensive rewards scheme already exists for sales personnel. Part-time staff, employees on sick, maternity or paternity leave and members who choose to take early retirement are all eligible for inclusion in the AXA Miles scheme." AXA employees in Asia Life (Hong Kong, China, India, Singapore, Malaysia, Indonesia, The Philippines and Thailand) received 50 AXA Miles last month. These miles will be converted to AXA shares at a later date provided the employee remains employed with AXA for the next four years. After the four-year period, the AXA Miles will become real equities tradable on the stock market as regular shares. Double rewards A second tranche of 50 AXA Miles will be offered to staff in 2009 in addition to the 50 miles already received if two criteria are met. Firstly, AXA must achieve underlying earnings per share of 2.41 euros in 2008. Secondly, the AXA customer satisfaction index must reach 82 or above. Ms Khoo explains that customer satisfaction is a fundamental tenet of Ambition 2012, adding, "The index is the result of externally-managed feedback surveys conducted every six months across various markets, which ascertain current levels of customer satisfaction with AXA's products, services and value. Ambition 2012 is all about customer centricity so satisfaction is fundamentally important." The competition for talent remains stiff across the entire industry so AXA is constantly devising ways to instill a sense of family and inclusion into AXA, with the aim of encouraging staff to consider the purpose of their everyday work, the future of their career and their overall professional and personal growth. "International opportunities abound for AXA staff because we operate in more than 50 countries," says Ms Khoo. Employees and managers are educated to carefully analyse their time in AXA in a holistic way, leveraging global possibilities and the supportive network in the office. "Ambition 2012 is a challenging journey where all our employees are engaged and moving forward with us as a team. The scheme started in 2005 and we have already seen the results of its early success. In celebration of this advancement we are offering our first tranche of AXA Miles to thank our employees. This breeds a sense of pride and common purpose in our workforce, which will ultimately support the rest of our journey together towards 2012," Ms Khoo concludes. Salient points * Staff benefits benchmarked to ensure breadth and competitiveness * Global incentive programme supports overall progression towards company improvement * Staff encouraged to reflect on professional and personal growth Taken from Career Times 21 March 2008, p. A16 Your comments are welcome at [email protected]