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Our approach and progress

Standard Chartered has over 85,000 employees, representing 129 nationalities, in 71 markets. We are a truly diverse organisation combining global capability and broad cultural knowledge with deep local understanding. This enables us to provide superior service, tailored to the needs of our clients and customers.

In 2010, we launched our brand promise, Here for good. This captures who we are, what we stand for and what makes us different from our competitors. We are committed to educating our employees in order to bring our brand promise to life in everything we do. Through Here for good, we have renewed our focus on making our culture and values a continued source of competitive advantage.

In 2010, we made our performance management process more disciplined and transparent by moving from a paper process to an online system. More than 98 per cent of our employees documented and approved their personal performance objectives online.

We align our remuneration policy with regulatory requirements and best practice, while ensuring that our people are rewarded competitively for their achievements over the long term. In making performance and reward decisions, we consider not just ‘what’ our employees deliver, but ‘how’ they deliver it.

We aim to create a working environment that respects our employees as individuals and offers opportunities for them to develop, both personally and professionally. One of our priorities is to help people work effectively with one another across our different markets, for example on multi-cultural project teams or while working overseas.

We are committed to attracting the highest calibre people, providing opportunities for them to grow and do more of what they do best, rewarding great performance and providing a safe and secure workplace.

Each year, we ask every employee to complete an engagement survey – The Gallup Organisation’s Q12 Employee Engagement Survey – and in 2010 the results showed a considerable increase in engagement levels. The survey measures our progress in creating a great place to work where people are motivated to give their best. We believe that increased employee engagement leads to higher performance in our business.

Table 1: Our employee engagement

Q12-Grand-Mean

Aim To foster a culture of high employee engagement as we continue to grow and change.

Analysis During a year of increasing competition for talent, our employee engagement score, the Q12 Grand Mean, increased significantly to 4.21 on a scale of 1 to 5 where 5 is ‘strongly agree’ or the highest score. Additionally, our Q12 staff engagement ratio increased to 7.381.

Key achievements in 2010

Description Achievements
Reinforce our brand and culture Our Consumer Banking business launched a Customer Charter – a commitment to needs-based selling and service excellence. A series of one-day workshops was held with participation from 92 per cent of our Consumer Banking staff. The workshops aimed to help staff deliver effectively on our promises

In Wholesale Banking we carried out an extensive internal research project to understand how employees experience Standard Chartered as a workplace. We used the findings to develop case studies exploring and addressing dilemmas people face at work. These will be included in our staff induction and development programmes
Driving performance through increased employee engagement We achieved a significant increase in engagement across our business, moving us to 4.21 from 4.03 in 2009 on a five point scale:
-Consumer Banking experienced a significant increase in 2010, reaching 4.24 from 4.06 in 2009
-Hong Kong, Taiwan, Korea and Thailand achieved very high scores of 4.39 and above
Enhance individual performance We successfully introduced an online system for managing individual performance. More transparent than the previous paper based system, it has helped our employees to better understand their goals and objectives

In 2010, more than 98 per cent of staff objectives were approved online

The score for ‘clarity of expectations’ in our employee engagement survey increased to 4.48 from 4.33 in 2009
Strengthen our relationships with communities We provided 49,050 days of employee volunteering leave in our communities, up 315 per cent from 2009. Our people see volunteering as an important way of demonstrating our Here for good brand promise

By giving our employees paid leave for volunteering, we contributed around USD14.3 million (equivalent to the cost of leave taken) to communities
Strengthen our leadership capability We expanded our number of senior leaders by 40 per cent in 2008-2010. Internal promotions accounted for 64 per cent of the increase

Our Nomination Committee reviewed possible successors for our top executives on behalf of our Board. This process happens twice every year and is cascaded down through each senior management level

Our leadership effectiveness programme – which provides coaching and team support for leaders across our business – supported over 160 leaders and 30 senior teams. We also provided targeted coaching for newly hired senior leaders during their first 100 days with us

All senior new joiners participated in Fast Start, a three-day programme to help them adapt quickly to our way of working. The programme includes significant personal involvement from our executive directors

Key 2011 priorities:

  • Sustain momentum towards world-class employee engagement
  • Continue to build diverse talent pools and leadership capabilities, focusing on our key growth markets
  • Continue to shape our people strategy, working with key regulators and governments in our footprint and ensure exemplary compliance
  • Help our employees demonstrate our Here for good brand promise
  • Ensure that our performance and reward processes enable us to attract and retain key talent, while reinforcing our values
Annual Report and Accounts 2010