Managing change
There is a significant amount of change occurring across Friends Provident as we implement a new strategy for the company. One consequence is that regrettably there will be in the region of 600 fewer people employed by Friends Provident over the next two years. We are aiming to redeploy where possible and/or manage the reduction through natural turnover. Compulsory redundancies however are, sadly, inevitable.
When undertaking such difficult and sensitive initiatives, we engage voluntarily with the union, Unite, at the earliest possible opportunity ensuring that they understand the reasons for the changes and the process that we will follow. We also brief all staff face to face, and supplement this with regular intranet communications, team briefings and more formal staff surveys.
Recognising that this is a difficult time for those people affected, and that some employees may have worked either most or their entire career for Friends Provident, we provide outplacement support for those leaving to equip them with the skills and techniques to help plan their career and to find alternative employment.
How our employees view us
Friends Provident continues to seek employees’ views and opinions through annual employee surveys. The survey is completed online and managed independently by ORC International, an external research company. It forms a key part of our process for understanding the views of our employees and of identifying the areas where we need to improve. The number of employees completing the survey has remained consistently high, with 90% of employees responding in 2007, up from 86% in 2006 and still ahead of the average for such surveys (61%). We are pleased to report a positive 4-year trend for employee engagement as measured by our annual staff survey, which despite a 1% point fall this year to 75% (2006: 76%), remains high, well above industry average. Our 2007 survey also found that:
- 92% of employees are committed to helping Friends Provident achieve its business goals
- 98% of employees are willing to put in extra effort when needed to get the job done
- 82% of employees believe their manager listens to their views and suggestions