Individual commitment
1) A management style that empowers people, based on individual follow-up and development
The Group's human resources policy is based on a management style that empowers people, in line with AXA's five core values: professionalism, innovation, pragmatism, team spirit and integrity. In practice, this means ensuring that employees clearly understand what the top priorities are, and defining individual objectives with them during annual performance appraisals. AXA's employees are given the opportunity to acquire new skills, or develop existing ones, paving the way for their personal development.
The behavior of management teams also represents a decisive factor when it comes to performance. Their leadership is essential in terms of shaping the attitudes and behaviors of staff. They therefore lead by setting the example, developing a performance- and client-focused culture, empowering people and encouraging collaboration between teams. In 2006, managers began individually and formally committing to uphold the Group Compliance and Ethics Guide, which incorporates the Global Compact principles and a certain number of management benchmarks.
2) Individual appraisal, training and mobility
The annual performance appraisal represents a key moment which enables employees and managers to define skills development plans. It also represents a formalized moment to review the employee's engagement and performance.
The level of investment on training for both sales and administration teams has been rising significantly : see "Performance" section for related data.
In a permanently evolving organization, success depends on the ability to cultivate a culture that embraces the idea of adaptation and that is based on the dual notions of training and mobility. AXA employees rely on their managers to enable them to acquire and build on the core competencies they need to achieve their objectives and evolve professionally. Thanks to the Group's global scale and reach, it can offer employees opportunities for international careers.
AXA University
Back in 1986, the Group set up a corporate university with a view to promoting AXA's project, values and management principles through programs for managers in all of the Group's companies around the world. Over the next 10 years, AXA University focused primarily on potential executives. With the Group's size increasing considerably, it was decided to ramp up AXA University's mission to cover all managers. A first major program was launched in 1995 to develop knowledge of the Group and managerial skills. A specific site was opened at Château Cantenac-Brown in the Bordeaux region, followed by another in 1998. AXA University, which is part of the Group HR department, now has programs focusing on the Group's key challenges as well as its management practices and values. AXA University is also developing specific programs tailored to each professional family.
3) Compensation and benefits
3.1) Employee compensation
The Group's compensation policy aims to offer a package with fixed remuneration, variable remuneration, profit-sharing and benefits, all under a fair performance-based system. On average over 2007, 18% of the total compensation was variable ; 59% of employees benefitted of a variable remuneration.
Through the Shareplan program, the Group encourages its employees to become AXA shareholders and, in so doing, become more engaged. More than 50% of the employees are shareholders. In 2007, 39% of the employees participated in Shareplan and 5.23% of AXA's total equity capital was owned by its staff. In addition, 4% of the employees benefit from stock options in 2007.
Rules governing compensation are designed to ensure that pay levels are both competitive with market rates and tailored to various individual criteria. The latter take into account not only individual skills and performance, but also the team contribution. In all cases, performance is assessed based on the extent to which objectives have been met during annual appraisal meetings.
Three core guidelines have been defined for determining compensation: external competitiveness, performance focus and internal equity. In addition, individual companies take local factors such as regulations, competitor pay levels and prevailing industry practices into consideration when determining fixed pay levels.
Group-wide targets are set in order to align fixed pay with the industry median, while ensuring that in the event of exceptional performance levels, the overall total, i.e. the fixed component plus the variable component, puts compensation packages in the third quartile for the sector in each local market.
3.2) Benefits
The majority of the staff enjoys a comprehensive supplementary benefits package. In all cases, the local minimum requirements are respected and generally exceeded by Group companies. Moreover, Group HR offers advisory services in this area.
3.3) Executive compensation
Specific rules are used to determine executive pay, which is now managed at Group rather than local level. In assessing the performance of senior managers, qualitative criteria such as adherence to corporate values are also taken into account.
Shareplan and « AXA Miles »
As a result of a series of employee stock ownership plans, AXA's employees currently own around 5.23% of the company's share capital. Nearly 44,000 employees (representing 39% of the relevant workforce) have subscribed to Shareplan 2007, for a total amount of €552m, which goes to show that they are confident in the future of their corporation.
With AXA Miles, it was the first time that a company of our size awarded bonus shares to every single one of its employees throughout the world, thus making each employee a shareholder of AXA. Nearly 112,000 employees benefited from the first tranche of 50 shares distributed last July.
4) Work time management
The length of the workweek varies on a local basis. Work scheduling is determined at company level in compliance with local regulations in force, negotiated agreements, market practice and other relevant factors. For the AXA Group as a whole, the rate of absenteeism among non-sales staff was basically unchanged in 2006. See "Performance" section for HR data.
5) Distribution channel expertise and management
Agents and sales associates of AXA products are also provided with training, in line with the specific requirements of local distribution channels. You will be able to find more information in the Clients and Distributors section.
6) Health and safety
Health and safety conditions at all of AXA's sites are compliant with local regulations. As a financial services company, the Group's health and safety risks are relatively minimal, as illustrated by our indicators in this field. Figures on health and safety aspects can be found in the Group HR data table.
Nevertheless, each local company carries out specific initiatives in line with the priorities set under its human resources policy. Furthermore, at Group level, AXA is coordinating efforts to monitor risks of pandemics such as SARS within its Business Continuity Management framework.
Health at AXA France
In France, each site has an occupational health and safety committee (CHSCT) made up of staff representatives, which meets regularly to review the status of current issues, surveys to be undertaken and workplace health and safety measures to be adopted. In addition, specialists from AXA France have been working with Véritas to develop health and safety scorecards. These scorecards are designed to help AXA site managers in France maintain high health and safety standards. At the end of 2004, AXA became the first company in France to receive BVQI (Bureau Véritas Qualité Internationale) certification for its efforts to prevent the spread of legionella. Lastly, AXA France has organized a campaign to raise staff awareness of the importance of prevention in the fight against major illnesses, such as certain types of cancer, diabetes and cardiovascular problems.
Health in Singapore
AXA Insurance has been awarded the H.E.A.L.T.H prize for Helping Employees Achieve Life-Time Health in Singapore. This award is given to businesses that actively promote a healthy lifestyle within their companies through workplace health promotion programs. Patrick Font picked up the bronze award on behalf of AXA Insurance Singapore, one of 349 businesses rewarded during the sixth national workplace health promotion conference. The next awards will be given out in 2008, with AXA already hoping to improve and possibly win gold or silver.