Corporate Responsibility

Ensuring Fair and Inclusive Compensation and Benefits

Rules governing compensation are designed to ensure that pay levels are both competitive with market rates and tailored to various individual criteria, which 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. As in any company, reward and recognition at AXA are key drivers to foster employee engagement and to a fulfilling and successful career. Reward and recognition at AXA are balanced between tangible and intangible elements. Reward is more than just pay and benefits, and it covers a large part of the work experience with the Company.

Compensation policy

A "Total Reward Strategy" has been defined which aims at: 1) attracting and retaining talents from the market, by offering competitive packages; 2) ensuring internal equity by remunerating based on the role and its requirements with no discrimination on irrelevant factors, 3) promoting fairness by differentiating performers through a pay for performance approach to reflect achievements and impacts; 4) aligning with our sustainability strategy; 5) ensuring sustainability of costs and a sound risk management by aligning compensation to objectives and performance. This is key to remain one of the most inspiring companies to work for and become the "Preferred Company" also for our customers and shareholders.

Further details concerning the Compensation Policy and individual compensation of the AXA Management Committee members is provided in Part 3 Section 2 of the Annual Report.

Benefits

AXA’s benefits form a significant part of the overall Employee Value Proposition.

AXA's objective is to provide to all AXA employees a competitive and comprehensive supplementary benefits package.

AXA’s benefits can either supplement coverages provided by the national systems or be the primary source of benefits in some countries. AXA's approach is therefore country-driven since benefit plans can vary significantly between countries.

AXA promotes flexible schemes which allow employees to choose the set of benefits they perceive as high value. AXA’s Sustainability strategy is also reflected by providing access to responsible investment solutions.

In addition to local benefits, AXA launched global policies for all AXA employees across the world.

We Care

'We Care' is a comprehensive care-program to support all employees across life stages and in the moments that matter.

All AXA entities worldwide will implement ‘We Care’ by the end of 2024 in compliance with local practices and legislation. Some AXA entities may offer benefits above this minimum depending on local context.   

‘We Care’ is built on the following four pillars:

1. For parenthood
Alongside the existing 16 weeks fully paid leave for primary parents, ‘We Care’ program will also see the length of fully paid co-parent leave double from 4 to 8 weeks.  
Additionally, fully paid leave and flexible working arrangements will be offered to support employees undertaking fertility treatment (5 days for employees receiving and recovering from in-vitro fertilization (IVF) and 2 days for spouses and partners), or in the case of pregnancy loss (5 days fully paid leave for pregnant employees impacted or 16 weeks in the case of a ‘still birth’ and 2 days for spouses and partners). 

2. For employees impacted by domestic or sexual violence  
AXA stands against domestic, intra-familial and sexual violence and ensures to offer support to any employee who may be impacted, offering a dedicated contact person in each entity, psychological support, specialist support services and flexible working arrangements. AXA will also provide 5 days fully paid leave for those affected by such circumstances. 

3. For caregivers  
AXA is implementing a global policy to offer its people more time and space to care for family members who need it. AXA will provide up to 5 days fully paid leave per year for any employee who is caring for an immediate family member who needs eldercare or care due to a serious health condition and/or disability. 

4. For health and well-being
AXA launched a global health and well-being program named “Healthy You” to improve employees’ health and well-being with the objective of fully deploying it in all entities around the world by the end of 2023.

To promote prevention, the “Healthy You” Program provides a complete in-person medical check-up every four years for all employees aged 40 and above and a digital medical check-up for all employees every two years.

Every employee also benefits from an annual flu vaccination campaign and annual “Health Days” organized to foster awareness and better prevent health-related risks.

For a better access to care, AXA provides employees with access to an Employee Assistance Programs (EAPs), with 24-hour mental health and psychological support as well as medical teleconsultation services bringing doctors closer to patients. Employees have also access to digital services focusing on prevention and raising awareness on topics related to health and well-being.

To further support employees affected by critical illness, AXA offers a second medical opinion service to ensure employees receive the best treatment. In the event of cancer, AXA provides financial support with a minimum coverage of 75% of medical expenses as well as a psychological assistance service. Employees will also find cancer-related information they need in one single place: from benefits and services to their entitlements in their country.

The Healthy You program will now expand to include by the end of 2024 a supportive working environment for employees experiencing menstrual health conditions, menopause, or andropause. 

AXA launches an innovative global program for the health and wellbeing of its employees.

AXA strengthens its Health & Wellbeing Program for employees.

SharePlan

AXA is offering to its employees across circa 40 countries, the opportunity to become shareholders and participate to strategic decisions of the AXA Group through an special annual employee share capital increase operation - Shareplan - demonstrating the Group’s commitment to increasing engagement and ownership since 1993!  The Shareplan allows employees to participate to AXA’s share capital increase by purchasing AXA shares at a discounted rate through a personal investment. In 2023, more than 23,000 employees subscribed to the Shareplan for a total investment amount of circa €348 million, bringing the % of capital ownership detained by employees and agents to 4.34% and the corresponding voting rights to 6.16% as of December 31, 2023.

To engage employees on AXA’s purpose and maintain its leadership position in sustainability, AXA keeps building Environmental, Social, and Governance (ESG) criteria into its total rewards offer. The Group has reinforced the ESG print within its culture and values through short-term and long-term incentives:

• the Global Leadership Network (GLN – top 250 executives) are assessed on qualitative climate and diversity objectives, which are included in their annual target letters;
• a quantitative climate objective is included in the AXA Group performance grid, impacting around 2,000 employees’ variable remuneration payout;
• long-term incentives include ESG criteria (climate and diversity objectives in performance shares plan, AXA ranking in the S&P Corporate Sustainability Assessment – former Dow Jones Sustainability Index - in both performance shares and restricted shares plans), covering a population of around 6,000 employees every year.

AXA’s ambition is also to increase the weight of sustainability criteria in profit sharing agreements to 30% (prevalent in certain European countries, impacting over 20,000 employees every year), in line with AXA Group’s strategic plan and sustainability strategy. At AXA we believe that employees are to be empowered to personally take inclusive and tangible action too for a stronger collective and individual success.