As an employer, Finnfund acts responsibly and with a long-term view, 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.
Management and supervisory work have been continuously developed and assessed since 2012. As the organisation grows and the number of personnel increase, the company implements regular personnel surveys on the quality of supervisory work and management, for example. The company aims to react appropriately and quickly to any feedback from the personnel. An organisational reform was implemented in the autumn of 2016. After this reform, at the beginning of 2017, a 270/360 assessment for the entire personnel, including feedback discussions, was arranged.
Every year, Finnfund carries out a cooperation procedure in order to prepare a personnel plan and training goals 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, a Personnel Development and Planning Day is held once or twice a year for the entire personnel with the aim of discussing current topics and promoting interaction between the company’s personnel and management.
The company’s Board of Directors annually assesses a plan on the deputies and successors of key employees.
At the end of 2016, the company employed 64 people. Over the entire year, the average number of employees was 60. The entire personnel of the company are located in Helsinki, Finland.
During 2016, five permanent employees resigned and 15 permanent employees were hired by Finnfund. Therefore, exit turnover was 7.8 per cent and entry turnover 23.4 per cent.
The following shows permanent employees grouped according to years of service in the company:
The average duration of employment is nine years for permanent employees.
In terms of age structure, permanent employsees fall into the following five-year age brackets:
The average age of employees is 44.
The company did not reduce the number of its employees or make any other adjustments in 2016. The number of employees increased over the course of the year.
In 2016, personnel expenses amounted to EUR 6.0 million, including pension expenses, other social security expenses and voluntary personnel expenses. The company paid wages and salaries totalling EUR 4.8 million in 2016.
At the end of 2016, the company employed 43 women (40 at the end of 2015), accounting for approximately 67.2 (70.2) per cent of all employees, and 21 (17) men, accounting for approximately 32.8 (29.8) percent of all employees.
Six (four) or 75 (57.1) per cent of the members of the company’s Board of Directors were women, and two (three), accounting for approximately 25 (42.9) percent, were men.
Two (three) members or 40 (37.5) per cent of the company’s internal Management Team were women and three (five) or 60 (62.5) percent were men.
In 2016, Finnfund implemented an equality survey covering all the employees. A new equality plan for the company was prepared based on the survey results.
Key goals of the equality plan are promotion of equality, identification and elimination of structures that generate and maintain inequality, achieving equal terms of employment, employment conditions, placement in positions and training/career development opportunities for women and men of different ages, as well as maintaining equality in terms of wages.
Compliance with the plan will be monitored with regular personnel surveys.
Finnfund’s remuneration system consists of three parts: basic salary, fringe benefits and short-term incentives.
At Finnfund, wages primarily consist of fixed monthly salaries that are 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 uses 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. In 2016, the incentive system was based partly on the achievement of company-level goals and partly on function-specific goals.
In addition, an individual employee can receive an incentive bonus of up to 1.5 months’ salary for exceptional, above-target performance. The Board of Directors makes decisions on the incentive system and its key criteria on an annual basis.
The 2016 accounts include a provision for the cost impact of incentive bonuses that corresponds to around 5.1 per cent of the payroll expenses.
The entire personnel of Finnfund participates in development and goal-setting discussions every year.
These development discussions are carried out in spring 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, work quality, development and motivation, and compliance 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 superiors, either directly to the superior or 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 the company has therefore 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. The training plan is reviewed annually as a part of the cooperation procedure and the preparation of the personnel and training plan. The training needs of individual employees are addressed by the employees and their supervisors in the annual development discussions, while also agreeing on personal training plans, if necessary.
Finnfund always pays attention to its employees’ wellbeing 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 regular employee wellbeing and satisfaction surveys, in cooperation with an external expert whenever necessary. Since 2015, the opportunity to provide feedback has been increased by regularly asking employees for their responses to rapid questionnaires and other such methods. The company has a systematic approach to work in this area. The development is continuously monitored, and the company tries to respond quickly to any deviations.
Furthermore, the employees have an opportunity in development discussions to raise questions about occupational wellbeing and job satisfaction, and to provide anonymous feedback via the company’s intranet.
The ICT Manager, acting as a labour protection officer, is responsible for occupational health and safety management together with the Director of Administration and the rest of the company’s management. The labour protection committee convenes to deal with matters falling under its field of competence.
The labour protection organisation has assessed the risks of the workplace. It concluded that the most significant safety risks were related to the safety of travel, health risks associated with frequent travel and ergonomic issues. Agreements in order to manage and prevent these risks were made at the same time.
The company updates its workplace risk assessments from time to time, and aims to respond without delay to changes in risk levels as well as any new risks.
Ergonomics is reviewed periodically when new employees join the company or when changes are made to workstations. Each employee is offered an electrically adjustable desk so as to avoid the health problems caused by excessive sedentary work.
The employer has not been informed of any accidents during working hours or otherwise related to work; nor have there been any deaths related to work.
Finnfund monitors the number of sickness leaves, developments in the number of sickness leaves and the identified reasons for sickness leaves continuously in cooperation with the company providing occupational healthcare services. As a whole, the number of sickness leaves is at a normal level and has not changed dramatically over the years.
Finnfund encourages its employees to look after their health and wellbeing 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 healthcare services include a limited right to seek specialist medical care and dental care as well as reimbursement of prescription medicine expenses, among other things. Furthermore, people travelling frequently for work have the opportunity to have regular health examinations in order to prevent travel-related health hazards.
The company has a work fitness model for early support and intervention and a programme for preventing and treating substance abuse.