As an employer, Finnfund acts responsibly and perseveringly, encouraging its personnel in continuous learning and professional development.
The Management Team makes decisions concerning personnel policy, while operative responsibility lies with the Director of Administration. Decisions about the remuneration and incentive systems and the salaries of the Management Team members are made by the Board of Directors.
Since 2012, management and leadership have been developed through management team self-assessments, carried out with the assistance of outside consultants. Using the results of this programme, the company has targeted continuous improvement in the work of the management team and the standard of leadership.
With the same aim, a comprehensive 360 Assessment of management and leadership was carried out at the end of 2014.
Every year, Finnfund carries out a cooperation procedure in order to prepare a personnel and training plan for the coming year. The company also engages in annual development and goal-setting discussions with all employees, identifying their training needs, following up on the achievement of the previous year’s goals and setting new goals for the coming year.
In addition, Personnel Development and Planning Days are held for the entire personnel with the aim of discussing current topics and promoting interaction between the company’s personnel and management.
At the end of 2014, the company employed 54 people. During the entire year, the average number of employees was 51. The entire personnel of the company is located in Finland in the centre of Helsinki.
During 2014, three permanent employees resigned and three employees were hired by Finnfund. Therefore, exit and entry turnover was approximately 6 per cent.
Based on the duration of employment in years, permanent employees fall into the following categories:
The average duration of employment is 10 years for permanent employees.
In terms of age structure, permanent employees fall into the following five-year age brackets:
The average age of employees is 45.
The company did not reduce the number of its employees or make any other adjustments in 2014.
In 2014, personnel expenses amounted to EUR 5.1 million, including pension expenses, other social security expenses and voluntary personnel expenses. The company paid wages and salaries totalling EUR 4.1 million in 2014.
At the end of 2014, the company employed 38 women, accounting for approximately 70.4 per cent of all employees, and 16 men, accounting for 29.6 per cent of all employees.
Four of the members of the company’s Board of Directors were women (57.1 per cent) and three were men (42.9 per cent).
Three members of the company’s internal Management Team were women (42.9 per cent) and four were men (57.1 per cent).
Finnfund has an equality plan that emphasises the equality and parity of employees. The fulfilment of the obligations set forth in the Act on Equality between Women and Men is a part of Finnfund’s personnel policy and operating culture, both of which are based on transparency, justice, equality and the protection of privacy.
Finnfund’s remuneration system consists of three parts: basic salary, fringe benefits and short-term incentives.
At Finnfund, payroll primarily consists of fixed monthly salaries based on the complexity of the duties and the employees’ competence and performance. All duties are classified into job grades every few years, and a pay comparison is conducted annually with an external consultant in order to assess the market level.
The company has an incentive system covering the entire personnel, with the exception of the Managing Director. Employees can receive an incentive bonus corresponding to, at most, one month’s salary if the annual targets are met. The incentive system is based partially on the achievement of company-level goals and partially on function-specific goals.
In addition, an individual employee can receive an incentive bonus of up to 1½ month’s salary for an exceptional, above-target achievement. Board of Directors decides on the incentive system and its main terms yearly.
In terms of cost effect, the incentives paid in 2014 amounted to approximately 7 per cent of the entire payroll.
The entire personnel of Finnfund participates in development discussions every year.
Development discussions are carried out in spring, by the end of February, using special forms developed for this purpose. The forms were updated in 2014 in connection with management and leadership development measures. The discussions focus on matters related to professional competence, quality in work, development and motivation, and consistency with Finnfund’s values. They also involve assessing the achievement of the personal goals set in the previous year and setting new personal goals for the coming year.
During the development discussions, all employees have the opportunity to provide feedback on the behaviour and management skills of their supervisor, either directly to the supervisor, to the Director of Administration or the Managing Director.
Finnfund perceives training as a means of implementing its personnel policy and achieving the set goals, and therefore the company has adopted a positive approach to training its employees and continuously developing their competence.
New employees are inducted into the organisation and their duties as they begin working at Finnfund (induction training). During employment, the company aims to maintain and develop the competence of its personnel by offering different types of supplementary and language training as well as training related to current affairs. Training plan and areas of focus at company and function level are reviewed annually as a part of the cooperation procedure and, more specifically, the preparation of the personnel and training plan. The training needs of individual employees are addressed by the employees and their supervisors in annual development discussions, while also agreeing on personal training plans, if necessary.
Finnfund always pays attention to its employees’ well-being and ability to cope at work as well as their job satisfaction. Job satisfaction and work atmosphere are evaluated from time to time, and the feedback is used in planning operational changes.
Finnfund carries out regularly an evaluation of the employees’ well-being with the health care service and retirement pension insurance providers. Evaluation was done in the autumn of 2013, and the results have been dealt with the employees in an event leaded by an occupational psychologist. Based on numerical review, the results are slightly above the reference material used, but there are also some clear areas for development. These areas are improved systematically, and progress is monitored at regular intervals by conducting a workplace well-being survey.
Employees also have an opportunity in development discussions to raise questions of occupational well-being and job satisfaction, and to provide anonymous feedback via the company’s intranet.
The Director of Administration, acting as a labour protection officer, is responsible for occupational health and safety management together with the rest of the company’s management. The labour protection committee convenes to deal with matters falling within its field of competence.
The labour protection organisation has assessed the risks of the workplace. It was concluded that the most significant safety risks were related to the safety of travel, the health risks associated with frequent travel and issues related to ergonomics. In the same context, measures were agreed in order to manage and prevent these risks.
The company updates its workplace risk assessments from time to time and aims to respond to changes in risk levels as well as possible new risks without delay.
Part of the personnel moved to new premises in the beginning of 2014 and the risk assessment, rescue plan and personnel has been reorganized during 2014. In 2014 the company arranged training in first aid and fire extinguishing, evacuation drills and a visit to the civil defence shelters of the premises.
Ergonomics is reviewed periodically when new employees join the company or changes are made to workstations. In 2014 there was ergonomics training and an ergonomic assessment of workstations for all staff. Every employee was offered an electrically adjustable desk so as to avoid the health problems of excessive sedentary work.
The employer is not aware of any accidents during working hours or otherwise related to work. In addition, there have been no deaths related to work.
Finnfund monitors the number of sickness absences, developments in the number of sickness absences and the identified reasons for sickness absences continuously in cooperation with the company providing occupational health care services. As a whole, the number of sickness absences is at a regular level and has not changed dramatically over the years.
Finnfund encourages its employees to look after their health and well-being by offering more comprehensive occupational health care services than required by law and by supporting its employees’ hobbies related to sports and culture.
The occupational health care services include the limited right to seek specialist medical care and dental care as well as reimbursement for prescription medicine expenses, among other things. Furthermore, people travelling frequently for work purposes have the opportunity to have regular health examinations in order to prevent travel-related health hazards.
In 2014 a systematic model of early support and intervention for work fitness was developed, adopted by the occupational health committee and explained to all employees.