We continue to focus on building an environment that helps support and further develop our most important asset, our people. We recognise that investing in our people is vitally important to produce high performing teams that can deliver outstanding outcomes for our clients and shareholder.
We believe creating a diverse, inclusive culture fosters the delivery of these outstanding outcomes and we continue to progress and launch new initiatives to develop our people.
In addition, we have a highly successful and constructive relationship with Savills. Savills provides the majority of employees who work in our shopping centres. There are currently 197 Savills employees working in our shopping centres.
1 Total QICGRE employees excluding external consultants
2 Maximum term employees on time-bound contracts
3 Project Workforce employees contracted to deliver a specific contract
4 Approximate only of External Consultants based in QICGRE corporate offices.
The data contained in this section has been compiled from employment records.
QIC’s working group for diversity and inclusion, which has representation from across the business, met several times through FY20. This group helps shape QIC’s diversity and inclusion focus initiatives, provides feedback to the Board and Executive, and ensures that QIC’s pursuit of a truly diverse and inclusive workforce is embraced and sustained.
The committee’s focus areas, targets and performance are as follows:
|Inclusion||At least 80% of our people think the culture in their team is positive and inclusive, measured annually||83%|
|Flexibility||At least 80% of our people have formal or informal flexibility in their work routine, measured annually||
During COVID-19, 100% of our people worked remotely and we anticipate that into the future post-pandemic, there will be a much greater uptake of formal or informal flexible working arrangements.
|Reconciliation||Implementation of our Reconciliation Action Plan||Reflect RAP launched|
|Gender balance||Gender balance across QIC to be +/- 5%||
|Gender balance in the senior leadership of QIC to be +/- 10%||
|Board gender balance of 50/50 composition by 2020||
|Gender pay equity||Within +/- 2% average compa ratio, measured annually||0.34%|
Following the launch in August 2019, this year has seen a strong start for our LGBT+ network and committee, QPride. Our QPride network brings together our colleagues who are allies of, or who identify as, members of the LGBT+ (lesbian, gay, bisexual, transgender and all other diversities) community.
QPride aims to:
Throughout the year we have:
We have been amazed and humbled by the enthusiasm and support of our colleagues, peers and other organisations, and are very excited to continue the work we are doing to promote Diversity & Inclusion at QIC.
Balance is QIC’s network designed to achieve balance in gender representation and in the lives of our employees through education and fostering an inclusive culture for women. The network was formed with the aim of achieving gender equality by building a future leadership pipeline of female leaders through the creation of strong external networks which encourage personal and professional growth.
While QIC has made great progress on achieving gender equality, with 41% of our senior employees identifying as female, we recognise that there is ongoing work to do in continuing to empower women, encouraging young women into the funds management industry and changing the misconceptions of the ability and capability of women in the workforce.
Throughout 2020 this network delivered a quarterly speaker series showcasing the calibre of talent from within QIC, and provided women at QIC with motivation, education and connection.
The Inclusive Leadership Program continues to be rolled out across QIC with additional sessions planned for the remainder of 2020 and into 2021.
To date we have had over 200 colleagues complete the program with learning outcomes that include:
The Inclusive Leadership Program has created the learning environment that generates awareness and focus on everyday behaviours that ensure true inclusion for QIC.
QIC's HR & Remuneration Committee considers matters relating to human resource management policies and practices, including staff remuneration, diversity and inclusion, performance management, workplace health and safety, organisational structure and design and succession planning at the senior executive level and for other business-critical roles.
QIC has implemented a Workplace Health and Safety (WHS) Policy, demonstrating strong safety leadership from Senior Management and setting high level WHS expectations of everyone in QIC, including employees, contractors and visitors. The purpose of the Policy is to provide a written statement of QIC’s commitment to WHS. The Policy underpins the supporting procedures and processes that are contained with the WHS Management System, helping to build a strong safety culture.
QIC's WHS Management System has been updated in accordance with AS/NZS ISO 45001 Occupational health and safety management systems – Requirements with guidance for use, which is the International Benchmark Standard for WHS Management Systems.
A performance-based reward framework links staff performance payments to both investment outcomes and individual contribution to defined key performance indicators, measured through a formal annual performance management program (PMP).
The HR & Remuneration Committee conducts an annual review of corporate and individual performance, taking into account industry comparisons and independent advice, which is provided to the Board and advises the shareholding Ministers. An Employment and Industrial Relations Plan is also approved annually by our shareholding Ministers as part of the Statement of Corporate Intent development process.
In early 2020 GRE established a Senior Leadership Group (SLG) of 55 senior leaders from across our diverse team to drive the implementation of key organisational objectives in alignment with the refreshed GRE strategy. These senior leaders play a crucial role in modelling and driving our high-performance culture so it is essential that they are aligned and have collective responsibility for GRE's performance. The SLG attended its first offsite in February 2020 and the two key areas of focus were:
As part of GRE’s commitment to the ongoing development of our people and their learning, in mid-2020 we launched the QICGRE Academy.
Utilising the online learning platform myTrailhead as part of GRE’s Salesforce project implementation, the QICGRE Academy provides short learning units on various aspects of the GRE business.
The QICGRE Academy will help fill the knowledge gap between what is provided to new GRE and Savills employees through induction processes and on-the-job training, and will be the foundation of a wider learning platform for the business. Over time, we will continue to expand the content in the QICGRE Academy, diving deeper into the various aspects which make up QICGRE, our systems and our processes, to expand the knowledge library available to employees.
QIC’s training and development programs capitalise on common training needs across the broader business, as well as tailored opportunities for investment professionals. Sessions are provided in-house, online and externally, with referred and best practice providers. These programs continue to expand as the needs of the business evolve and some include:
QIC also provides every employee with access to LinkedIn Learning as an employee benefit to advocate continuous, self-paced learning. LinkedIn Learning provides content across an expansive array of development areas from bite-sized learning through to more fulsome development programs. QIC promoted LinkedIn Learning with our “learning in the palm of your hands” campaign and a 15-day LinkedIn Learning Challenge. QIC’s commitment to the ongoing professional development of our people has been greatly enabled through this launch.
A breakdown of training undertaken by GRE staff in 2020 is provided in the table below:
|Total hours of training undertaken||2,340 hours|
|Total number of QIC GRE employees||418 employees|
|Total number of QIC GRE employees who completed training||302 employees|
|Percentage of employees who completed training||72.25%|
QIC continues to build a culture that is oriented on trust and delivery of outcomes and encourages all employees to determine the flexibility requirements that are unique to them. QIC offers formalised access to flexible working arrangements for all staff to support them in balancing their work and home lives, with options including working from home, paid parental leave, caring for elderly relatives, variable working hours, and salary sacrificing for extra annual leave.
During COVID-19, 100% of our people worked remotely and we anticipate that into the future post-pandemic, there will be a much greater uptake of formal flexible working arrangements. During this period, 92% of QICGRE employees agreed they had the right tools and resources to perform their role effectively from home and 98% felt their teams did a good job at connecting and communicating with each other.
In addition, over 85% of QICGRE employees reported that they felt supported and empowered to balance their work and caring responsibilities while working from home. To ensure employees had support to manage the challenges of remote working arrangements and parenting and caring responsibilities during COVID-19, QIC provided a range of tailored resources to employees and their families including externally facilitated webinars and a dedicated Support for Families intranet page with articles, links and a tailored QIC Carer’s Guide.
In addition, as part of QIC’s focus on flexibility, diversity and inclusion, our staff can switch out a public holiday for a day of cultural significance.
QIC is proud to offer a Leave Standard which ensures we have a leading approach to care for our employees. Updates to QIC’s Leave Standard made last year, particularly the extension to eligibility for primary carer’s parental leave to more strongly encourage co-parenting in the early years of a child’s life/adoption, have had a positive impact on staff up-take of flexible working options across both Australia and in the US. In the FY20 year, 9% of QIC’s workforce accessed paid parental leave (primary and non-primary) and there was a significant increase in the number of male employees accessing the primary carer’s parental leave.
Throughout 2019 and 2020, QIC has amplified its commitment to employee health and wellbeing across key elements including physical health, mental health and financial health. We have invested in a variety of dedicated resources and tools available for our people to engage with, and the combination of these, has culminated in the recent launch of QLife; our online health and wellbeing studio. It is a central repository for all health and wellbeing resources, tools and readings available for all QIC employees. The content is dynamic and continually updated making QLife a key anchor to the Employee Value Proposition of QIC.
In addition to QLife, QIC also launched a financial wellbeing resource for employees titled Map my Plan, this resource allows employees to scenario-plan different elements of their financial wellbeing so that they can actively manage it. Both QLife and Map my Plan have had a very strong employee uptake to date and we look to further this uptake in the year ahead.
QIC recognises that employees may require additional support to help them manage personal and work pressures at various times and to assist with this, QIC offers an Employee Assistance Program (EAP) which provides confidential short-term personal counselling to all employees and their immediate family members.
QIC employs an outplacement services provider to help facilitate career transitioning and employability following instances of contract termination or redundancies.
QIC’s Emerging Leaders Program offers personal and professional development to its emerging talent. QIC has seen a very positive shift in leadership performance as a direct result of this investment. In addition, we have seen emerging talent step into levels of higher accountability and complexity.
QIC has around 300 young professionals across the QIC offices globally, representing approximately 32% of our workforce.
The QIC YP Committee champions programs that deliver on three strategic pillars: Network Building, Professional Development and Community.
During COVID-19, the Committee have focused on creating a support network and maintaining a sense of community amongst the YPs who are working from home for an extended period of time, delivered through:
In June 2020 the YP Committee completed a strategic review of the Community and the Committee itself. Following this, the Committee has established a charter and refreshed the overarching YP Strategy. This incorporates feedback from QIC YPs around leadership and development opportunities, as well as an international expansion strategy for the community.
QICGRE understands that people are at the core of our success and this is why as an organisation we are strongly committed to working together to provide a physically and psychologically safe environment for everyone who works for or comes into contact with our business.
We have further bolstered our Workplace Health & Safety (WHS) capability in this space through the appointment of safety specialists that are embedded in operational and corporate functions. This enhanced specialist capability is aimed at providing a balanced approach to the management of WHS across the QIC portfolio.
In 2019, QIC developed a revised WHS Management system which aligns with the new international standard AS/NZS ISO 45001 Occupational health and safety management systems. This new system has been developed through extensive consultation across the business and with specialist support from external consultants who specialise in Work Health & Safety.
In 2019, QIC undertook several portfolio initiatives at QICGRE properties, with key projects including:
Key WHS focus areas for QIC moving forward will include: