Aegon is continuously adapting to our evolving operating environment. It is important we guide and support our employees through the resulting changes to our business.
The communication of our new vision and strategy at the end of 2020 clearly articulated the need for transformation and the demands that this would put on our workforce as we work to improve our performance and create greater value for our customers and shareholders. Since then, our employees have been engaged in defining a rigorous and granular operational improvement plan comprising more than 1,200 initiatives across Aegon.
Helping our people develop themselves
People development plays a central role in shaping a more inclusive culture at Aegon. In 2022, Aegon AM extended its Inclusive Leadership training program, with 150 senior leaders from across the business taking part in specialized development, while education on inclusion and diversity was made mandatory for all existing employees as well as new joiners. The company also launched a program to educate people on the differences between national cultures, to enhance collaboration between international colleagues.
Transamerica invested in developing employee resource groups ), in keeping with the approach taken in Aegon’s other core markets. More generally, as our workforce and communities become more diverse, at Aegon we are taking steps to create a more inclusive and supportive environment for our employees.
In 2022, Aegon the Netherlands expanded its employee leave policies. All employees in the Netherlands are now entitled to the various types of care leave set forth in the Dutch “Work and Care Act” (WAZO). Furthermore, they are allowed to exchange up to two Dutch national holidays per year for holidays befitting their specific religious or cultural background, such as Eid al-Fitr, Chinese New Year, or Passover.
During the year, Aegon AM also introduced gender-neutral parental leave for its UK-based employees. In the United States, we underlined our commitment to fostering racial equality in our local communities by donating to relevant causes via the Transamerica Foundation, as well as by making a public statement in support of racial equity. Transamerica also scored a perfect 100 on the Corporate Equality Index (CEI) rating, earning a “Best Place to Work for LGBTQ Equality” designation for the sixth year in a row.
Our Future Ways of Working model
Maintaining an engaged and aligned workforce remained a top priority in 2022, as our organization continues to change shape due to our transformation program, as well as the ongoing transition to hybrid working. Over 2022, our employee engagement increased by two points to 70%. This is driven by significant improvements in areas previously identified as drivers for engagement, one of which is leadership. Employees increasingly experience that leaders have a vision for the company and see leaders role-modeling the vision. As a result the outcome for “Leadership” increased by four points against the previous year to 61%.
For more information, see our 2022 Integrated Annual Report
Our Human Resources Strategy
In order to support the Aegon Strategy and local business objectives, the Aegon Group Human Resources Strategy contains the following remuneration-related goals:
- Attract, retain, motivate, and reward a highly qualified and diverse workforce;
- Align the interests of executives, managers, and all other employees with the business strategy and risk tolerance, the values, and the long-term interests of Aegon;
- Provide a well-balanced and performance-related compensation package to all employees, taking into account shareholder and other stakeholder interests, relevant regulations, corporate responsibilities, and Aegon’s purpose, values, and behaviors.
For more information, see our 2022 Integrated Annual Report
Our workforce values volunteering initiatives
At the same time, through donations and volunteering, we aim to drive engagement between employees and their local communities and promote our purpose and ESG approach to all stakeholders. Aegon employees recorded 16,911 volunteer hours in 2022 (equivalent to EUR 1.2 million, based on volunteers’ average salaries),
For more information, see page 31 of our 2022 Integrated Annual Report