Our compensation framework is designed to attract, motivate and retain the qualified talent we need to succeed globally, and to create a tangible link between performance and pay. We aim to provide compensation that is competitive in local labour markets to ensure that our employees focus on delivering outstanding results while supporting appropriate and controlled risk-taking.
Swiss Re has a gender-neutral approach to determining pay for all our roles at all levels, and we regularly monitor this together with market practices and address concerns to ensure we continue to treat employees fairly. Progress has been made through detailed gender pay analysis, establishing a gender pay equity group as well as undertaking targeted Group investments and participating in external gender equality and pay certifications and reporting.
Monetary and non-monetary recognition to acknowledge individual employees for extraordinary efforts and behaviours takes place throughout the organisation via several recognition schemes. Employees also have access to attractive benefit programmes. The comprehensive offering of reward components contributes to a performance culture where employees are motivated, protected and engaged to make the world more resilient and focus on client needs.
Our performance management approach supports our aim for a high-performance culture in which our individual and team goals, as well as our behaviour, are aligned with our firm’s purpose and business strategy. We continue to improve our approach to performance and introduced a new, more continuous and ratings-free performance management approach in 2020. This new approach focuses on frequent feedback conversations to foster individual growth, real-time improvement and faster, smarter adaptation to business needs. We are also experimenting with new reward concepts in agile teams.
Own The Way You Work™
Swiss Re recognises that different people have different needs and preferences when it comes to their working patterns. We are committed to accommodating informal and formal flexible work arrangements in line with business requirements. Our Own The Way You Work™ Programme motivates and engages high-performance teams by allowing employees decide how, when and where to carry out their tasks while considering client and team needs, and in compliance with the applicable laws, rules and regulations of their particular region.
Own The Way You Work™ enabled a smooth transition to working from home during the COVID-induced pandemic measures: In the April 2020 edition of our Employee Engagement Survey, 92% of respondents agreed that the programme enabled them to adjust and remain productive during the pandemic.
Swiss Re is committed to supporting the wellbeing of our employees. We encourage everyone to be open about their health – both physical and mental – and work hard to overcome the stigma surrounding mental health issues. We understand that in order to make the world more resilient, our employees need to be resilient first. We provide support on many levels and aim to drive the topic even further going forward. We significantly expanded activities around mental health in 2020.
Key activities included:
- Started as a local grassroots initiative in the UK, Pathways, Swiss Re’s mental health network, went global in 2020. Global executive sponsors are leading this initiative.
- Employees in all locations can volunteer to become Mental Health Champions. We now have a global network of 160 Mental Health Champions who raise awareness of mental health challenges among employees, challenge mental health stigma and provide peer support to colleagues.
- We offer mental health first aid training. Employees learn to identify risk factors and warning signs for mental health and addiction concerns, how to help someone in both crisis and non-crisis situations, and where to turn for help. We have trained over 100 people to date and are committed to training 5% of our employees (ie 750) in the longer term.
- We offer independent and confidential advice and counselling to those facing difficult circumstances through external Employee Assistance Providers, in every location, free of charge.
- We offer peer group discussions (mental health talks), mindfulness sessions and coaching to all employees, across the globe.
- Swiss Re is a signatory to “Time to change”, a pledge to end mental health discrimination. It is based in the UK but we have signed the pledge in line with our global ambition.
Being a parent at Swiss Re
At Swiss Re, we understand that having children and raising them is a source of great joy and that new priorities shape day-to-day routines. We want to help our employees balance their career and family responsibilities, allowing them to always put their families first. To this effect, we offer a range of programmes and support services.
Our COyou2 Programme, launched in 2007, has continued to offer our employees subsidies for a range of climate-friendly technology investments through which they can reduce their private carbon footprints. The programme was terminated at the end of 2020, and a follow-up programme will be rolled out in 2021.
You can read more about our COyou2 Programme under “Engaging our employees on climate change”.