5
5
Financial SERVICEs
CHAPTER 5 | financial services
340 Going places
368 Legal & General Group Plc
342 Abu Dhabi Commercial Bank
372 Mazars
346 Arch Capital Group Ltd.
374 Onex Corporation
350 AXA
378 Standard Chartered Bank
354 AXIS Capital
380 TD Bank Group
358 BlackRock
384 Validus Holdings, Ltd.
362 CQS
388 XL Group plc
364 IGM Financial Inc.
392 Zurich Insurance Group
338 / 339
‘ In addition to being able to move up the career ladder at speed, financial services employees can move around the world with relative ease’
Along with the potential for rapid professional progress, many financial services jobs provide graduates with a high degree of international career mobility
Unperturbed by the economic rollercoaster ride of recent times, the
But it’s not just those at the top of the tree who enjoy this
financial services industry is alive and well and attracting top graduate
degree of mobility – multinational working is a feature within the
talent. As careers specialist Monster explains: ‘Despite upturns,
financial services sector at all levels. Investment banks, hedge funds
downturns, booms and busts, the finance sector continues to be one
and private equity firms, in particular, offer excellent opportunities
of the most sought-after destinations for newly qualified graduates.’
for overseas employment.
One rather obvious reason for the industry’s continued popularity could be the generous remuneration packages it offers – graduate
Positive prospects
starting salaries in banking, for instance, are among the highest in the
So, choosing to work in finance could turn out to be the passport to
UK. But that’s by no means the sole attraction. The financial services
an international career, but is it a secure choice? After a rather stormy
sector is a dynamic, fast-paced workplace where decisions are made
few years, what is the forecast for the industry? According to the
quickly and things happen fast – traits that often appeal to driven,
graduate careers website Prospects, the outlook is bright: ‘Despite job
proactive graduates. And thanks to comparatively low levels of
cuts in the banking sector during the recession, the future looks positive
bureaucracy and an emphasis on talent rather than seniority, career
for the professional services, with finance and accountancy leading
progression can be equally rapid.
the recovery.’
Transferable skills
CHAPTER 5 | financial services
Going places
And thanks to new levels of regulation, the industry should be more stable. On 1 April, 2013, the Prudential Regulation Authority (PRA) became responsible for the regulation and supervision of banks,
financial services employees can move around the world with relative
building societies, credit unions, insurers and major investment firms,
ease, too, making a job in the sector a great choice for graduates who
overseeing, in total, around 1,700 British financial firms.
want to work overseas. The requisite expertise and skills are, on the
‘The PRA’s role is to promote the safety and soundness of these
whole, highly transferable, and the lack of red tape means that, in
firms and, specifically for insurers, to contribute to the securing of an
general, it’s easy to move from one country to another. In fact, many
appropriate degree of protection for policyholders,’ says a Bank of
companies actively encourage it.
England spokesperson. ‘A stable financial system is one in which
A case in point? The Governor of the Bank of England, Mark
firms continue to provide critical financial services – a precondition
Carney. The so-called ‘George Clooney of finance’ attended Harvard
for a healthy and successful economy.’
and Oxford University before embarking on a 13-year stint as a
Prior to taking on his current job, Mark Carney observed that
global investment banker, during which he worked in London, Tokyo,
‘the financial crisis and ensuing global recession demonstrated the
New York and Toronto. Roles at the Bank of Canada and Canada’s
fundamental interconnectedness of the global economy. I want
Department of Finance followed and he was appointed Governor
[to see] what we can do to build the right kind of globalisation.’
of the Bank of Canada in 2008. After ten successful years at the
With international careers an increasingly likely prospect for the next
Department of Finance, he took charge at the Bank of England in
generation of financial services professionals, it’s a major challenge to
July 2013, becoming the first non-British citizen to do so.
which many will be able to apply their own globetrotting perspective.
340 / 341
In addition to being able to move up the career ladder at speed,
CHAPTER 5 | financial services
Commercial Class The Abu Dhabi Commercial Bank, one of the UAE’s largest, aims to maximise profits for its shareholders and contribute to building a sustainable economy www.adcb.com
2012. It has also won the 2012 Freddie
credit cards to fixed deposits, loans and
published a long-term plan for its economy.
Award for ‘Best Loyalty Credit Card’ in the
investment products. Points can then be
Entitled The Abu Dhabi Economic Vision
Middle East, Asia and Oceania region, and
redeemed for a variety of attractive rewards,
2030, it identified two key priority areas
was ranked number seven in ‘The World’s
including shopping vouchers or flight tickets
for the economic development of the city:
Safest Banks 2011 in the Middle East’ by
and upgrades.
building a sustainable economy and taking
Global Finance.
The bank also added to its network
a balanced approach to social and regional
ADCB’s strategy for supporting the
of ATMs and expanded the functionality
economic development so as to bring
Abu Dhabi government’s sustainability plan
of its internet and mobile banking, allowing
maximum benefits to all. The plan prompted
involved first identifying what it saw as its
customers to bank from almost anywhere.
one of Abu Dhabi’s largest commercial banks
four main stakeholder groups: customers,
It expanded its Shari’ah-compliant products
to begin its own sustainability drive, and in
employees, shareholders and the country.
and services and introduced dedicated
2011 the Abu Dhabi Commercial Bank (ADCB)
‘All stakeholders have one common goal
SME advisors in its branches. As a result,
published its first sustainability report.
– to preserve the economic and natural
the bank has seen an increase of nearly
environment for future generations,’ states
100,000 individual and corporate customers
Ali Darwish, Executive Vice President and
since 2009, and a doubling of customers
A full-service commercial bank, ADCB
Head of Human Resources. ‘The extent to
using online and mobile banking. More than
was formed in 1985 and now employs
which we move towards this goal will form
3,700 SMEs have received financing in the
more than 3,000 people representing
the basis of how we monitor our progress.’
same period.
55 nationalities. Together, they offer a
The bank has identified building a
wide range of products and services
lifelong partnership with its customers as
Learning and development
for some 480,000 retail customers and
key to its long-term success. Responding
One of the highlights of ADCB’s employee-
approximately 38,000 corporate and small
to feedback gathered from its customers,
focused initiatives – which include a
to medium-sized enterprise (SME) clients
ADCB has therefore introduced a raft of
dedicated HR help desk, competitive
in 50 branches. It is the third-largest bank
new initiatives. One of the highlights is a
benefits and annual employee engagement
in the United Arab Emirates (UAE) and the
‘free banking’ programme, which allows
surveys – has been an increase in the scope
second-largest in Abu Dhabi by assets.
customers access to a wide range of
and reach of its training and development
It’s also an award-winning bank, having
products and services at no charge. The most
programmes. Overseen by the company’s
been named ‘Best Retail Bank in the UAE’
comprehensive rewards programme in the
Ambition University, the training is
five years in a row by the Asian Banker, a
UAE, ‘TouchPoints’, was launched at the same
designed to add value to the business,
major consultancy, and ‘Best Retail Bank in
time. The programme rewards customers
and consequently to shareholders and
the Gulf Region’ and ‘Best Commercial Bank’
for almost every ADCB product or service
customers. ‘The Ambition University has
at the Banker Middle East Industry Awards
they ‘touch’, from savings, mortgages and
been built by involving all levels and parts
Major player
342 / 343
In 2010, the government of Abu Dhabi
‘The training is designed to add value to the business, and consequently to shareholders and customers’
of the business. It links all its activities to both the short- and long-term goals of the organisation and each business area,’ explains Ali. ‘Our aim is for the Ambition University to be world-class. We have developed a model that is custom-designed for our needs and those of our business. This is not a generic, off-theshelf solution. Neither is it a short-term, tactical solution. We are building something substantial for the future that is as much a business initiative to grow and build market share and profitability as any other part of our corporate strategy.’ A key learning proposition offered to attract global graduate talent is the bank’s graduate management programme. Designed to support development beyond the formal training period, this offers participants a potential career map and development opportunities to ensure a successful transition into management roles. Irrespective of the business stream to which the fast-track management trainees have been assigned, this multifaceted programme provides a rich and practical business experience via sequential and strategic job rotations. It also offers access to technical skills training and the opportunity to gain professional qualifications within all the respective fields. The programme is structured around three core elements – My ADCB, My Business and My World – which are the foundation for the participants’ future success. These core elements are supported throughout
CHAPTER 5 | financial services
the programme via interventions that involve a mix of formal and informal learning solutions. The underlying learning principle for the core elements is periodic assessments and feedback. These assessments (both formal and informal) serve as checkpoints and stepping stones from one phase of the programme to the next.
Sustainability The bank is also keen to promote sustainability, something it believes will create better social and economic development for all. Maintaining the economic environment for future generations is obviously key to this, but preserving the natural environment is of equal importance to the company. Thus, environmental awareness and responsibility has been weaved into the bank’s working philosophy, with a focused reduction in critical areas such as usage of water, electricity and paper. ADCB aims to become the most valuable bank in the UAE by continuously measuring the performance of its sustainability strategy. ‘ADCB’s success hinges on the ability to meet and exceed our stakeholders’ expectations,’ says Ali. ‘Our commitment to sustainability aligns our economic, environmental and social responsibilities with those of our stakeholders, maintain growth and contribute to the foundation of a sustainable UAE.’
344 / 345
and supports their ambitions to create a better future,
Insuring the future Bermuda’s Arch Capital Group provides insurance and reinsurance services to corporations, firms and financial institutions, and provides a great working environment www.archcapgroup.bm
Founded in 2001, the Bermuda-based company Arch Capital Group Ltd. has subsidiaries in the United States, Bermuda, Europe, Canada, South Africa and Australia. Its subsidiaries deal in what it calls ‘specialty’ insurance and reinsurance. ‘We call it “specialty” because our underwriters have specific knowledge or experiences that are used to enhance their underwriting decisions,’ explains Don Watson, Executive Vice President of Financial Services of Arch Capital Services Inc (Arch's primary service company).
Complex risks ‘One thing that Arch Capital is particularly well known for is reinsurance for catastrophe risk – hurricanes, cyclones and earthquakes,’ says Don. ‘Essentially, we provide insurance to other insurers to help them to spread their risk.’ Other lines include executive insurance for directors and officers – where corporate boards and corporate officers can be insured against adverse court decisions, including mergers and acquisitions – and property insurance. ‘For example we might insure an energy company’s oil extraction facilities, pipelines or refineries,’ Don explains. ‘Although these assets are what we call
CHAPTER 5 | financial services
highly protected risk, they’re very complex
broad insurance education,’ explains Carl.
risks that we underwrite for losses. So for
‘Trainees on the programme are required to
a company that has a drilling platform out
pursue specific property casualty underwriting
in the North Sea, we’re insuring against the
programmes leading to professional
liability from a spill, an explosion or even
designations within their individual product
loss of life.’
line discipline, all of which have some very
'Our focus on underwriting specialty
formal components. For people who are not
insurance lines makes Arch a talent-intensive
within the training programme, we’re very
organisation. Arch has just 1,400 employees
strong on continuing education. We provide
worldwide. From executive assurance to
incentives for people pursuing advanced
marine underwriting, commercial casualty
degrees and professional designations that
to commercial property lines, each discipline
directly relate to their job function.’
requires specialist knowledge. ‘You can’t easily
An understanding of the fundamental
take an underwriter from one discipline
concepts and techniques for modelling
and bring him to another without extensive
and managing risk is absolutely critical to
training,’ Don says.
the business. As Don explains: ‘Insurance
‘Because of who we are, talented
companies benefit from studying large
people gravitate to us,’ says Carl Sullo,
databases of numbers to discover
Senior Vice President of Human Resources,
patterns that better predict losses and
Arch Insurance Group (Arch’s US insurance
loss expectations.’ To this end, Arch has
arm). ‘The biggest problem we experience
instituted a range of programmes designed
is choosing between very talented, well-
to attract, develop and retain high-quality
qualified candidates.’
actuarial talent, whose natural mathematical
Formal training
and statistical awareness makes them well suited to the profession. In order to achieve their designation,
underwriting field undertake a formal
actuaries need to pass a series of exams,
two-year training programme. ‘In that time
usually taking between three and five
they’re expected to learn and study their
years to complete. ‘Arch actively supports
discipline, and at the same time get a very
employees who pursue an actuarial career
346 / 347
Once on board, new employees in the
with a policy that includes payment for tuition
executives reflect the profits of the organisation over
fees and materials and allows study time for exams.
as many as ten years,’ Don says. ‘What this means is
Base compensation adjustment and awards for
that, to the extent that our shareholders do well, our
successful completion of exams are also components
executives do well. If our shareholders don’t do well,
of the support that Arch provides,’ Carl says.
our executives won’t do well either. It’s an important
A global business
part of who we are as a company.’
Global mobility is another important feature of Arch’s
Peer recognition
employment environment. ‘Insurance is a global business.
While many organisations offer awards based on peer
You may think you’re insuring a company based in London,
recognition, the Arch ‘Achieve Award’ comes with
but the risk can be in Thailand,’ Don says. ‘So we find it
some significant benefits. Nominated by their peers
very useful to hire people globally, and to have people
in their employee group, 20 to 30 individuals are
rotate through our global operations.’
selected each year to be recognised from hundreds
To give trainees that global experience, Arch provides
of recommendations. Rewarded with the equivalent
a number of opportunities to experience work in centres
of $10,000 in stock, award winners also enjoy a
around the world. ‘We’ll also bring employees to the USA
celebratory dinner with their senior managers.
from the Canadian company for a period of six months
Arch also provides an educational assistance
to a year to experience the US market,’ Carl says. ‘And it’s
programme to current employees. ‘These might
not just in underwriting, it’s in all the different disciplines
be people who didn’t get their degree – perhaps
as well. We’re very bullish about making sure that people
because they couldn’t go to college or were unable
get as wide an experience as they can.’
to complete their studies,’ Carl says.
Recognising that the company’s high standards make
Arch is looking for exceptional graduates who have
its employees very attractive to competitors, Arch ensures
majored in business or economics with strong analytical
that its underwriters and actuaries are well rewarded when
ability. And for candidates who are interested in actuarial
compared to the rest of the industry. Arch also aligns
studies, a background in applied maths is advantageous.
executive compensation with the long-term performance
‘We’re a talent-intensive organisation,’ Don says. ‘We need
of the company. ‘The bonuses that are paid to senior
people with talent, energy and drive.’
CHAPTER 5 | financial services
‘for the arch “achieve award” 20 to 30 individuals are selected each year to be recognised from hundreds of recommendations’
348 / 349
A global leader in financial protection, AXA offers a winning combination of role diversity, great careers and the chance to contribute to the wider good
CHAPTER 5 | financial services
long-term benefits
www.axa.co.uk
Having weathered the financial storm well, global insurance giant
or sales, and different business lines, including insurance, healthcare
AXA continues to hire recruits across all business areas to handle
and wealth, as well as distribution channels, such as direct to
the financial needs of its 102 million customers worldwide. In 2012,
customer, corporate partners and brokers,’ she explains. ‘It is too
the UK arm of the French company was voted one of the Best Big
narrow to think of AXA as just an insurer when it comes to looking
Companies to Work For in a Sunday Times survey. Much of the credit
at prospective jobs.’ Some of her responsibilities as Business Adviser
for this must go to AXA UK’s excellent graduate programmes, which
included writing and analysing board reports, identifying and
allow graduates who have gained at least a 2:1 in any degree
mitigating risks to business delivery, writing speeches and press
discipline to make a real difference.
releases, market analysis and project management.
Future Leaders
Aside from the Future Leaders Programme, there are other specialist programmes for graduates in actuarial, accountancy and
The company’s Future Leaders Graduate Programme offers graduates
investments. All offer the chance to understand the workings of a
the chance to experience different business areas in which they
particular field and to explore a variety of other business areas, too.
are guided, challenged and stretched to develop their capabilities.
Graduates can receive support to take professional qualifications and
The programme lasts two years and involves frontline experience
gain access to AXA’s virtual learning centre, set up in conjunction with
with customers and the chance to manage projects and people.
the Ashridge Business School in Hertfordshire. ‘If you prove you have
‘We look at the skills and experience that the graduates possess,
the ability, the development and opportunities within the AXA Group
and the development they need, and then discuss what’s right
are enormous,’ John enthuses.
for their career and for AXA,’ says John Burgess, Head of Talent,
Global network
each individual’s needs.’
AXA UK has around 10,000 employees, while the whole group
Over the next three years, AXA UK is expecting to recruit 20–30
includes some 160,000. In 2013, AXA UK joined other AXA entities
graduates annually. Caroline Tyler joined as a Future Leader graduate
from around the world on a new social intranet platform, which
in 2007 from the University of Exeter. During her time on the
gives every employee the opportunity to share and collaborate
programme, she worked in wealth management sales, corporate
globally on a daily basis. AXA also prides itself on its international
pensions and as a Process Improvement Programme Coordinator.
mobility programme; from permanent roles in Hong Kong to
Her first ‘proper job’ after the programme was Business Adviser to
secondments at the head office in Paris, its global network
the UK Group CEO. She then became a Delivery Manager in one
provides plenty of possibilities to work abroad.
of AXA’s IT departments and is now managing strategic planning
In 2012, AXA launched a global graduate programme for risk
in the group marketing team in London.
management. Graduates applied from all over the world, including
‘The graduate programme lets you experience working
the University of Cambridge, and continue to add value in placements
departments, such as finance, customer service, marketing, HR, IT,
across various countries to this day.
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Leadership and Development. ‘The programme is then tailored to
‘If you prove you have the ability, the opportunities within the AXA Group are enormous’
Once these placements are finished, there is great scope to take on different roles within AXA and to access further training and support resources. These include bespoke in-house courses and workshops covering everything from personal impact to externally accredited management programmes. As part of its talent-management strategy, the company places great emphasis on identifying, growing and developing talented individuals who can be appointed to senior roles. ‘We take time to assess and develop our talent at all levels of the organisation,’ explains John. ‘Globally, we have AXA Université for technical, talent and leadership development. In the UK, we run a series of externally benchmarked talent development programmes for those who have the potential to become our future senior leaders. However, as well as guiding our employees, we also encourage them to be proactive and take responsibility for their own career development.’ Always looking to push new boundaries, AXA is also particularly keen to exploit new forms of technology and attract people with specific technology skills. ‘We are not just about recruiting traditional insurance capabilities, we also keep abreast of where the market is going and are recruiting expertise in digital transformation,’ says John.
More than an insurer AXA is also big on corporate social responsibility. It runs a scheme called Hearts in Action on a global basis, which provides volunteer and charity fundraising opportunities for employees. The scheme is designed to build links between the business, its people and local
CHAPTER 5 | financial services
communities. ‘It allows employees to get involved with activities, from painting a fence to teaching schoolchildren about savings and finance,’ says John. Each June, AXA holds a global Corporate Responsibility (CR) Week, providing engaging activities to raise awareness of CR and motivate employees to take part in local programmes. ‘As an insurer, our business is to protect people over the long term,’ explains Henri de Castries, Chairman and CEO of AXA. ‘We therefore have a responsibility to leverage our skills to help build a stronger and safer society.’ Among the company’s other initiatives is the AXA Research Fund, which finances innovative postgraduate research and cutting-edge projects within the fields of environmental, life and socioeconomic risks. Convinced that researching today will help better protect tomorrow, the AXA Research Fund has so far committed €99 million in support of 367 research projects across 27 countries. Looking to the future, AXA will continue to expand its product base and its employee development opportunities, as well as its corporate social responsibility awards along the way and, as its slogan has it, redefining standards.
352 / 353
programme, no doubt picking up more
assured prospects Bermuda-based AXIS Capital is a leading provider of specialty insurance and reinsurance, and an attractive career choice for internationally minded graduates www.axiscapital.com
Since its inception more than a decade ago, AXIS Capital has grown
AXIS’s commitment to mobility is evident in its corporate
from a few dozen employees in a handful of locations into a global
culture, which encourages learning and education as part
leader, with offices on five continents covering risks in over 150
of a career path that can include working in various offices
countries. Today, AXIS is recognised for its broad range of specialised
across the company. A variety of training schemes reflect the
risk-transfer products and services, supported by substantial capacity
company’s outstanding level of support for staff members,
and unquestionable financial strength.
including interns and graduates.
AXIS was formed at the end of 2001, shortly after the September
One such scheme is the excellent graduate programme
11 terrorist attacks, events that led to great upheaval in the insurance
for aspiring underwriters, which AXIS runs in the USA.
industry. AXIS was initially capitalised with $1.7 billion and went public
Over a period of 18–24 months, trainees are expected
in July 2003. Fast forward to today and AXIS has shareholders’ equity
to develop the required skills through a combination
of $5.6 billion, total capitalisation of around $6.6 billion and total
of independent study and on-the-job training. Observing
assets of $19.8 billion.
and working with underwriters, actuaries and claims
The company continues to place great emphasis on nurturing
representatives, graduates receive invaluable insight
an ethical, entrepreneurial and disciplined culture. This, in turn,
into the organisation and how it functions. The course
promotes outstanding client service, intelligent risk-taking and the
also features external classes to enable participants to
achievement of superior risk-adjusted returns for shareholders.
achieve qualifications such as CPCU (Chartered Property
Diverse product range
CHAPTER 5 | financial services
‘AXIS’s graduate scheme helped me carve out a meaningful role within the organisation’
Casualty Underwriter). ‘Despite being rotated around to gain an understanding of the various sides of the business, each trainee is hired for
for property, casualty, marine, energy, aviation, terrorism, professional
a specific department,’ explains one of AXIS’s senior HR
lines, political risk, credit risk and other exposures across the globe.
executives. ‘So, they know right from the start where exactly
It also offers property and casualty reinsurance to insurance
they will assume a full underwriting role if they complete the
companies on a worldwide basis for catastrophe, and accident
scheme successfully.’
and health insurance and reinsurance coverage for employers,
The programme was launched in 2011, and so far
affinity groups, financial institutions and other customers.
seven graduates have completed it and taken up positions
The company’s diverse product range and worldwide operations
within the group. Through the course, attendees advance
enables staff to move between countries and continents, and take
from being a trainee with a limited knowledge of insurance
up jobs in locations such as London, Zurich, Singapore, Canada,
to becoming a proficient underwriter, building a book of
Australia, its European headquarters in Ireland and, naturally, the
business. Participants extol the AXIS graduate scheme for
USA and Bermuda.
providing a fantastic mix of hands-on training and self-study.
354 / 355
AXIS offers a wide array of products, including customised coverage
‘It enabled me to develop a broad knowledge of the insurance
delivered in conjunction with major US
industry along with the specialised expertise required to
business school Wharton School, part of
persevere in the world of AXIS’s E&S Property,’ says a recent
the University of Pennsylvania.
graduate. ‘It helped me to grow as an underwriter and carve
‘AXIS has run this programme twice,
out a meaningful role within the AXIS organisation.’
with a total of nearly 70 executives taking
Internships and training
part,’ says the senior HR executive. ‘We also offer skills training for individuals based
In Europe, on the other hand, new graduates at AXIS are
on any needs we’ve identified, such as
mostly placed on internships where they shadow underwriters,
negotiation or presentation skills, business
acting as their assistants before becoming underwriters
writing or language classes.’
themselves over time. In addition, the company runs several
In addition, AXIS sponsors employees
internship programmes for students at its offices around
who want to pursue work-related graduate
the world.
or undergraduate degrees, or professional
In Ireland, for example, students from the University of
qualifications such as CPCU or ACII (Advanced
Limerick have completed summer internships at the Dublin
Diploma in Insurance). With around 25
office since 2008. Meanwhile, at its base in Bermuda, an
actuaries, the company also runs an actuarial
AXIS scholarship programme enables Bermudians to get
development programme, paying for the
excellent training locally rather than having to travel to
exams and providing time off to study.
Europe or North America.
‘Through a combination of individuals
‘The students in Bermuda complete a paid internship
being responsible for their own personal
with us over the summer and, uniquely, we then guarantee
development and senior staff providing a
that we will hire them on a full-time basis when they graduate,’
supportive and encouraging environment, our
explains the senior HR executive. ‘It is very important to us
staff are able to pursue great opportunities,’
to make this commitment to the community.’
says the senior HR executive.
Beyond the training of graduates and school-leavers,
It’s a blend that, along with an
AXIS also places great emphasis on creating clear long-term
unusually balanced business mix and a
career paths for its employees and on enabling them to develop
broad range of insurance and reinsurance
their skills. It therefore offers a series of training programmes
products, makes AXIS truly stand out in
for staff members, including a leadership programme that is
the insurance industry.
CHAPTER 5 | financial services
356 / 357
Great career assets BlackRock, the world’s leading asset manager, runs a superb graduate scheme that harnesses every graduate’s potential, developing their expertise and advancing their career www.blackrockoncampus.com
CHAPTER 5 | financial services
With assets under management of more than $3.7 trillion, and in
which companies to back that will make money for our clients
excess of $1 trillion in the EMEA (Europe, the Middle East and Africa)
in the future. It is fascinating and a real privilege.’
region alone, BlackRock is, by any standards, a major global player.
BlackRock’s clients include more than 7,000 individuals,
It’s a figure that exceeds the GDP of most countries, including the
governments and no fewer than 86 Fortune 100 companies.
likes of Germany, Russia and Brazil. But while BlackRock is a financial
In fact, such is its expertise that the firm was called on by central
giant on the world stage, the asset management firm is eager to
banks and government agencies in Greece and Ireland in the
stress that it’s the company’s approach to doing business, its clients
midst of the debt crisis, and by the US government to help it
and its own people that really makes it stand out.
manage billions in toxic assets from collapsed Wall Street firms.
The term ‘asset management’ is one that is often misconstrued and bracketed in with such sectors as investment banking. But, as
Breadth of opportunity
Felicity Brindle, EMEA Campus Recruitment Manager, points out,
In terms of job opportunities within the company, however, the
when it comes to introducing new talent to BlackRock, there is a
options do not begin and end with investments and risk analysis
significant distinction to be made between the two. ‘The first thing
– far from it. BlackRock encompasses a range of divisions, including
we establish with students is that we invest on behalf of clients with
Advisory and Client Support; Analytics and Risk; Client Businesses;
their own assets,’ she explains. ‘We don’t invest our own assets or
Corporate; Investments; and Technology. Each of which offers
trade on our own balance sheet, which is really important. Our clients
employees a breadth of roles, ranging from client solutions to
don’t want us to make instant decisions, but expect us to spend time
software engineer.
thinking of solutions. It is a long-term dynamic, and that sense of
‘As a multinational, BlackRock offers plenty of opportunities,
client focus pervades everything we do.’
and we’ve always had a cultural predisposition to cultivate our
Long-term client relationships
own talent,’ says Charles. ‘Clients value stability, and we offer careers with long-term potential because our client timelines run over an extended period.’
rigorous risk management, and BlackRock prides itself on its
Recruitment differs from division to division, and in addition
attention to detail, innovative analytical tools and international
to the usual milk round, BlackRock hosts topical talks and lectures
information network. Indeed, with some 100 investment teams
on campuses, works with student societies and delivers formal
in 27 countries, the company’s roots reach far and wide.
presentations. The three-hour case study ‘BlackRock Uncovered‘,
‘What’s really interesting is the impact of world events on the
for instance, offers students an introductory insight into the
work we do,’ says Charles Prideaux, Managing Director. ‘There are
company’s inner workings, describing what the firm is about
emails coming to our computers every hour from across the globe
and then delving into the roles within each division.
about the latest legislation, presidential decision or disaster, and
‘We adopt a number of innovative approaches,’ Felicity says.
how it affects finance. Against that backdrop, we have to decide
‘A large percentage of the students that we‘ve been recruiting
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Building responsible and enduring client relationships calls for
have come from a scientific background,
Graduate programme
so we held an event called “Science Into
Once accepted onto the firm’s 27-month graduate programme,
BlackRock”. We hosted a graduate and senior
all new recruits travel to New York for two weeks of global
management panel at London‘s Science
graduate orientation. ‘Everyone starts from the same level playing
Museum, which answered students’ questions
field,’ says Felicity. ‘Week one is all about getting to know the
to help them understand where they might
company and includes welcomes from all the senior leaders.
fit in at BlackRock.’
The company was started in 1988 by eight people, five of whom
For first-year students interested in
are still at the firm.’
learning more about the firm, Spring Week
In week two, graduates are introduced to the fundamentals
– launched in 2013 – includes an induction,
of investing. This is then followed by up to three weeks of further
soft-skills training and work shadowing,
divisional training, depending on which division a graduate is in.
as well as a set project, which participants
After this first introductory quarter, graduates begin two
present back to the group at the end of
years of on-the-job learning, exposure to clients, divisional training
the week. It also serves as a fast track to
and professional development. In addition to class-wide soft-skill
BlackRock’s summer internship programme.
training in such areas as influencing and presentation skills, they
The summer internship spans ten
also complete any necessary qualifications, such as the Investment
weeks and is designed for students in their
Management Certificate. It’s an ongoing process that combines
penultimate year of study, providing them
support, responsibility and an expectation to achieve strategic
with a challenging and supportive experience.
quarterly objectives.
Following a three-day orientation, which
An international organisation that offers graduates the
includes overviews of the firm and soft-skills
chance to excel in a wide range of careers, BlackRock has a
training, interns follow a busy schedule of
distinctive and highly successful approach that reaps rewards for
senior management talks, team challenges,
the company, its employees and its clients alike. ‘We celebrate
mentoring and networking. It is also the
teamwork at BlackRock, as well as the contribution of the
primary pipeline into BlackRock’s impressive
individual,’ says Charles. ‘We’re passionate about diversity, because
graduate programme.
diversity of thought results in better outcomes for our clients.’
CHAPTER 5 | financial services
‘As a multinational, BlackRock offers plenty of opportunities and is predisposed to cultivating its own talent’
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A Dynamic Performance Asset-management specialist CQS is looking for top-class graduates to join its global team of more than 250 professionals www.cqs.ch
With trading offices in London, New York and Hong Kong, and presence in the Channel Islands, Cayman Islands, Luxembourg, Geneva and Sydney, CQS is a global, multistrategy, asset-management company. Be it for convertible securities, corporate credit, assetbacked securities, distressed securities, loans, equity and multi-strategy products, CQS is one of Europe’s market leaders. The company has received numerous industry awards and nominations from EuroHedge, Hedge Funds Review, Derivatives Week, Euromoney, CreditFlux, HFM Week and Institutional Investor among others. Human Resources Manager Liz MacKinnon explains: ‘At CQS we have a global approach to conducting business, and we seek to attract people worldwide who share a common aim to excel in everything. Our industry thrives on innovation and performance, so a collegial and creative mindset is fundamental to success. We are passionate about what we do.’
Investors in innovation Founded in 1999 by Michael Hintze, Chief Executive and Senior Investment Officer, CQS believes that its success is built on a disciplined investment process and teamwork. This means detailed research, an experienced and proven investment team, and a collaborative investment process – all supported by a robust operational and risk- management platform. The company’s development is a testament to the solid foundations of this belief. From its inception 14 years ago, CQS today boasts a global team of more than 250 professionals from various countries, with qualifications in subjects from mathematics to zoology.
CHAPTER 5 | financial services
‘ The close interaction between teams in CQS, and the opportunity to work with exceptional people, has been invaluable’
Consequently, cultural collaboration
Christopher Moss, a graduate from
is as important as cutting-edge investment
the 2011 programme, says: ‘Having
management, as Relationship Manager
undertaken the summer internship, I was
Selmin Sevket underlines: ‘CQS is a great
delighted to join CQS’s graduate programme
place to work because of the opportunities
in 2011. It has allowed me to develop a real
and support given to everyone who works
understanding of the hedge fund industry
here. The diversity of people makes it a fun
and, more specifically, of how CQS operates.
and interesting place to be.’
‘The close interaction between teams
Cambridge connection
in CQS, and the opportunity to work with exceptional people, has been invaluable.
CQS attends graduate fairs at the University
I’d highly recommend the programme to
of Cambridge. Many of its senior professionals
anyone who wants to work in a challenging
have ties with the university, which often invites
but rewarding environment.’
its staff to give lectures at Cambridge colleges.
Candidate qualities
introduce a graduate scheme, CQS offers an
CQS looks for graduates who have a
exciting rotational programme. This provides
strong understanding of the investment
exposure to business leaders and hands-on
business and who can demonstrate practical
learning, with a focus on ‘growing your own
experience. The firm’s preferred candidates
talent’. It also gives a fascinating insight
know how to research the financial markets
into the alternative asset-management
and investment industry to identify key
industry, with access to excellent learning
developments, issues and challenges, and
and development opportunities. A range
are able to communicate ideas clearly and
of interesting jobs and varying career paths
effectively. And while academic qualifications
are widely available, with the support to help
are respected, leadership, teamwork, and
staff achieve both personal and professional
problem-solving and analytical abilities are
development objectives.
deemed just as important.
362 / 363
As one of the first hedge funds to
fostering good finances IGM Financial Inc. is a Canadian financial services provider that understands the need to nurture positive relationships, as well as a healthy fiscal future www.igmfinancial.com
With $125 billion in assets under management, IGM Financial Inc. is one of Canada’s premier financial services providers. Part of the Power Financial Corporation group, IGM Financial offers advice and services through its three subsidiaries – Investors Group Inc., Mackenzie Investments and Investment Planning Counsel – each of which operates as a distinct entity in the financial services market.
Personal approach Across its constituent parts, IGM Financial is committed to helping Canadians achieve their financial aspirations and secure their futures. The company takes a personal approach when it comes to delivering its numerous services, and personal relationships, built on trust, are at the very heart of the enterprise. The Investors Group branch of the business encompasses more than 4,500 consultants, who work across Canada to help secure the financial futures of around one million clients. With its headquarters in Winnipeg and regional offices located around the country, Investors Group pioneered the concept of financial planning in Canada more than 85 years ago, and in 1987 became the first asset manager to offer socially responsible investing through its Investors Summa SRI Fund. Today, social, environmental and governance considerations are incorporated into all of its investment mandates. The cornerstone of Investors Group’s service is The Plan, which offers a comprehensive, bespoke approach to individuals’ financial planning needs. Indeed, the enduring relationships that are forged between consultant and client thanks to this approach – many of which span generations – form the foundations of the firm. ‘We take pride in how we help our many clients come closer to achieving their life’s goals through our diligence and financial expertise,’ says Investors Group President and CEO Murray Taylor. ‘I’m proud to be part of Investors Group and a champion of our commitment to providing comprehensive financial planning to our clients.’
CHAPTER 5 | financial services
Investors Group financial advisers come from all walks of life. This network of advisers ranges from young graduates entering the financial services industry to seasoned professionals. Working in their own community, each consultant brings a range of skills and personal connections to their practice, supported by industry-leading training, mentorship and support programmes. Recognised by the industry as the premier trainer of financial planning professionals in Canada, the Investors Group Institute plays a major role in providing this. The company’s training facilities target not only the technical competences expected of financial planners and advisers, but also all the other skills that are essential to the running of a successful and compliant business, such as communications, marketing and client relations. Investors Group employees work in a wide range of roles, from investment management and advanced financial-planning support to client-facing positions in the community. To ensure that it is delivering the opportunities and support that are most important to this array of individuals, the company surveys its employees and advisers frequently.
Community focus It’s a considerate approach that permeates through much of what the firm does. In 2011, for instance, Investors Group became the first for-profit corporate recipient of a humanitarian award from the Red Cross, and in 2012 the company donated more than $6.7 million to charitable causes, benefiting over 1,700 organisations. ‘Our employees are dedicated to the communities in which they live and work,’ Murray says. ‘They give of their time and money in such varied and significant ways, proving that we are people who care.’ for Economic Education’s Money and Youth. Published with the support of Investors Group, this comprehensive workbook was
364 / 365
Further evidence comes in the shape of the Canadian Foundation
designed to improve the financial literacy of young Canadians.
multiple departments, with the end results presented to Mackenzie
Distributed to schools across the country, it supports IGM Financial’s
Investments’ Executive Committee. The company’s Mackenzie
commitment to financial education for everyone.
University, meanwhile, provides independent financial advisers with
Investment management
industry-leading online learning and ongoing education credits.
The other pillar of IGM Financial, Mackenzie Investments, was
Employee volunteering
founded in 1967 with just one investor, and today is recognised
One of the most important ways in which Mackenzie Investments
as one of Canada’s leading investment management firms.
contributes to the broader community is through its programme of
The company distributes its products and services to more than
employee volunteering and charitable giving. Each of the company’s
one million investors via multiple distribution channels that
employees gets an annual paid day to volunteer for the charity of
are focused on the provision of financial advice. Awarded Fund
their choice, as well as a $500 grant for the charity in exchange
Manager of the Year at the Canadian Investment Awards three
for 40 hours of community service. In addition, the Mackenzie
times since 2002, Mackenzie Investments received nine prestigious
Investments Charitable Foundation supports charities that benefit
Lipper Fund Awards in 2012 alone.
children, youth and young adults – particularly those who are
‘Mackenzie Investments has a culture that brings the best of
underprivileged, challenged, sick or at risk.
our abilities to our clients and the markets they serve every day,’ says
Part of the company’s financial services, the Mackenzie
President and CEO Jeffrey Carney. ‘People work here because they
Charitable Giving Fund was established to help Canadians manage
want to be part of something bigger, to be able to deliver on a
their ongoing charitable giving and leave their own community
consistent basis outstanding long-term performance for our clients.’
legacy. And to promote the volunteering spirit among the country’s
Mackenzie Investments offers a range of career opportunities,
youth, Mackenzie Investments has created an award for Canada’s
from portfolio management and trading to marketing and client
Top Teen Philanthropist. The 2012 award winner, Firrhaana Sayanvala
servicing. Professional development is high on the company’s
of Cambridge, Ontario, was commended for her dedication to the
agenda, and to this end it has launched a Career Conversation
Cambridge Self-Help Food Bank – a charity that provides food and
Guide and inaugurated a career fair that allows employees to
support for people in need.
discuss their professional paths while learning more about the
Committed to responsible management, good governance and
business’s operations.
a long-term view of business decision-making, IGM Financial is one of
Mackenzie Investments’ comprehensive management
Canada’s leading financial services providers. And although Investors
development training programme includes executive coaching
Group and Mackenzie Investments occupy distinct positions in the
and a series of workshops that run over six months. It also provides
financial services landscape, both companies – and IGM Financial
candidates with the chance to participate in a large-scale business
as a whole – are defined by the relationships they foster: between
project that applies what they’ve learned on the programme across
business and employees, and the clients they serve.
CHAPTER 5 | financial services
‘We take pride in how we help our many clients come closer to achieving their life’s goals through our diligence and financial expertise’
366 / 367
On the money One of the UK’s leading financial services companies, Legal & General Group Plc offers employees the chance to address real social needs in a direct and positive way www.legalandgeneral.com
CHAPTER 5 | financial services
On 19 September, 1836, six members of the legal profession met in a
not only to our customers, but to our employees as well, because
coffee shop at Lincoln’s Inn Fields in the heart of London’s legal district.
they know that every day they are making a difference.’ Making a
Their get-together had a particular social purpose in mind: to conceive
difference on a daily basis is one of the reasons behind the high
of a business that would make financial security something that
employee engagement scores and employee retention at Legal
everybody could achieve.
& General. ‘Highlights of our annual employee survey show that
They began by offering life assurance through their new company,
78 per cent of our employees agree that Legal & General makes a
the Legal and General Life Assurance Society. More than 175 years
positive difference to people’s lives,’ explains Julia Clayworth, Head
later, the founding principle at Legal & General, as the company is now
of Employee Engagement and Communications. ‘People feel very
known, remains the same. But customers now have access to a whole
connected to their customers’ lives, and this is taking into account
host of products across insurance, savings and investments.
that over half of our workforce don’t have direct contact with the
Serving social needs
paying customer. That’s a pretty positive step because it shows that they understand how they fit in. “Every Day Matters” relates to
Today, the company employs around 8,000 people worldwide,
absolutely everyone, whether you’re managing spreadsheets in
7,400 of whom are based in the UK at the main offices in London,
finance or on the phone to a customer.’
Kingswood, Birmingham, Cardiff, Hove and Ipswich. ‘Our products
Focus on communication
Richard King, Head of Media Relations. ‘We are there in what can be
Communication is given priority at the company. In addition to
critical or difficult moments in a person’s life. If a person buys a house,
the internal surveys, employees can air their views during daily ten-
they also buy contents and buildings insurance. They pay a certain
minute ‘catch-up’ meetings where the day’s business is discussed.
amount for that insurance and, if they get burgled, they receive much
The company also has a considered approach to health and wellbeing,
more than that amount in cover.
with policies encompassing flexible working options, exercise clubs,
‘We’re also there to help people make financial plans for the
diet information, and education on health and wellbeing issues.
long term, so if someone wants to begin saving for the future or find
‘Work–life balance is key,’ says Julia, ‘and it’s important to us. It’s a
pension solutions, we can offer high-quality products.’ The key role
simplistic concept but if you’re happy and healthy it’s good for you,
played by Legal & General’s products and services lies behind its
good for the company and good for our customers.’
organising thought: ‘Every Day Matters’.
Legal & General also looks to play an active role in society by,
‘We make a promise that every day we will help make financial
for instance, raising money for local charities, ‘This really resonates
security easier to achieve,’ explains Richard. ‘And every day we will
with the people in those locations because the beneficiaries are local,’
stand behind our products. “Every Day Matters” is fundamental
says Julia. One of the key social focus areas for the company is in
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serve a social need, so our business has a real social purpose,’ explains
‘we have a responsibility to play an active role in the communities that we’re part of and to share our resources’
housing. ‘Housing is a key need in the UK,’
business. Macmillan trains our employees to
says Richard. ‘As a company we interact with
help us understand what’s going through
the housing sector on a daily basis, either
the mind of someone who has been recently
through the insurance products that we sell,
bereaved, and our call centre then handles
or the valuation services we provide or as
the conversation better.’ In a similar vein,
a point of access to mortgages. This is why
employees recently spent some time with the
we have made a direct investment into a
Royal National Lifeboat Institution learning
homebuilding company in order to inject
about how to prevent flooding and how
some life into a sector at a time when the
best to provide insurance for these types
economy is struggling.’
of events. The firm has also run hugely
Charity partnerships
successful sessions for around 5,800 pupils in 18 schools, helping them understand some
Legal & General also has a long-term
of the basics of financial education, making
partnership with the homeless charity
decisions and living with the consequences.
Shelter, funding frontline activity and various volunteer initiatives that employees
Social purpose
can get involved in. With Shelter’s input,
Legal & General is responsible for investing
the company has also developed a home
upwards of £433 billion worldwide on behalf
contents insurance product for social
of investors, policyholders and shareholders,
housing providers, after discovering that
but its core purpose remains the same.
access to contents insurance was an
‘Our purpose is to make financial security
issue for many social housing residents.
easier to achieve, and we need to make sure
But the benefits of such partnerships
we can do this through high-quality products,’
go two ways. ‘Our motives are not purely
says Julia. ‘But we also have a responsibility
philanthropic,’ says Julia. ‘By building such
to engage in a broader debate, to play an
a relationship with a charity or similar
active role in the communities that we’re
organisation, we can share knowledge,
part of and to share our resources, people
which gives us a longer-term relationship.
and skills. This will ultimately benefit all
For instance, we work with the cancer
society, and it’s this tireless focus on social
charity Macmillan in relation to our annuity
purpose that is our differentiating point.’
CHAPTER 5 | financial services
370 / 371
CLEAR VISION Emphasising transparency and sustainability, international accountancy company Mazars offers its staff unparalleled opportunities for career progression www.graduates.mazars.co.uk
When Phil Verity returned to Mazars in 1995, it was with a fresh
33 stock exchanges,’ says Phil. ‘You see those types of clients
sense of what it was that he wanted to achieve in his career.
with the Big Four, but you don’t really see them with any other
Having joined the accountancy firm as a graduate nine years earlier
international firm other than Mazars.
and qualified, Phil left for one of the ‘Big Four’ giants of the
‘We see ourselves as a challenger to the Big Four,’ he continues.
industry. However, he didn’t stay away for long. ‘I recognised that
‘One of our founding concepts was to introduce more choice to the
just doing business in itself is not enough,’ he explains. ‘I wanted
market – we’re relatively young, highly ambitious and ruthless on
to make a difference, and do it in a way that is based on principles,
quality, but founded on principles and focused on building a business
not just profit.’
for the long term.’
Since then, Phil has climbed the ranks from graduate recruit to UK Senior Partner and International Board Member. ‘Mazars is a
A democratic approach
meritocracy,’ he says. ‘If you want to make your contribution count,
And Mazars does more than pay lip service to its values – they
then you’ll receive plenty of support – if we can excite our team
run to the very core of the company’s structure and strategy.
with what we’re trying to achieve together then every person on
‘We’re a partnership where everyone has the opportunity to
that team will maximise their enjoyment and fulfilment.’
make a difference,’ says Phil. ‘We have annual international partner
Remarkable growth
meetings, which is quite unique, and we vote on decisions, so it’s very democratic.’ And as a stickler for transparency and good
Having begun life in France in the 1940s, Mazars established itself
governance, the firm also publishes a full annual report and audited
as a single, integrated international firm in 1995. ‘In that sense,
accounts. Additionally, employee development is key to the
we’re a young firm,’ says Phil. Mazars has since expanded to cover
company’s sustainable international outlook. ‘We back people
over 70 countries and generates a turnover of more than €1 billion.
and are patient in giving them time to make a difference,’ says
‘In less than 20 years, that’s exceptional,’ he adds.
Phil. ‘We think internationally as a group and look to move our
The firm specialises in audit, tax, financial advisory, consulting
people around and give them opportunities for short- and long-
and outsourcing services across a range of markets. And since it
term secondments to help them in their career progression.’
became an international firm, Mazars’ philosophy has been to serve
The firm is equally eager to expand its own horizons. At present
international business to the best of its ability. ‘Our thinking is long
the UK arm of Mazars employs some 1,250 people and generates
term,’ says Phil. ‘We’re always looking to invest for the future, and
£120 million in income. However, as Phil explains, ‘in four years’
we decided to structure the company as a horizontal partnership,
time we want to be as near to £200 million and 2,000 people in
as opposed to a series of national firms – one firm across more than
the business as we can. We’re experiencing high levels of growth
70 countries, not a collection of separate partnerships.’
and are extremely ambitious to move up the ladder’.
It’s a reward-winning ethos. Mazars has an incredibly rich
As Phil himself exemplifies, Mazars is a global business
client base, from private individuals to many of the world’s top
where challenge, opportunity and teamwork are all part of
listed organisations. ‘We act for 500 listed companies globally on
a winning formula.
CHAPTER 5 | financial services
‘ mazars covers over 70 countries and generates a turnover of more than €1 billion’
372 / 373
a great asset for careers Canada-based Onex Corporation is a global leader in private equity that offers a world of opportunity to new recruits who fit the bill www.onex.com
North American private equity firm Onex Corporation has
And with some $15 billion of assets currently under
a hugely impressive track record of acquiring, building
management, a significant cash balance and no parent-
and transforming business divisions of companies such
company debt, Onex can pursue opportunities quickly.
as Boeing, Kodak, General Motors and IBM. However, the company is equally proud of its strong culture of staff
100 per cent staff retention
development – one that enables employees to progress
However, none of this success would be possible
from junior positions to management roles.
without the experience, hard work and dedication
Adding value
of Onex’s 100 parent-company employees. And they clearly relish their roles, as the company’s near
Headquartered in Toronto, Canada, with offices in New
100 per cent retention rate illustrates. In fact,
York and London, Onex Corporation was founded in 1984
Onex has only ever brought in two external senior
as a private limited partnership, but turned public in 1987.
employees throughout its entire history.
Since then it has built an enviable reputation for getting
Onex has a very thorough recruitment process to
the global businesses it acquires into shape and adding
help ensure that new employees fit in with the firm’s
millions, if not billions, to their value.
culture. Not only does the company’s management
One such business is Celestica, a division of IBM
track the leading lights at many of the world’s top
that Onex acquired in 1996. At the time, the single-
universities – potential employees are also required
site microelectronics manufacturer had revenues of
to have spent at least two or three years at one of the
$800 million and worked almost exclusively for IBM.
pre-eminent investment banks, such as Morgan Stanley
‘Hewlett Packard wasn’t going to put a new product
or Goldman Sachs, before they are even considered
launch into an IBM factory, whereas we felt that if we
for a role. And candidates are required to attend
owned it we could attract other customers, which turned
several rounds of interviews.
out to be the case,’ explains Gerry Schwartz, Chairman
Once on board, however, the benefits are clear.
and CEO of Onex. ‘IBM represented about 80 per cent
Onex offers attractive remuneration packages along
of Celestica’s volume when we bought it; now it’s just
with an incredible variety of experiences for its
13 per cent. We have around 100 different customers –
employees. New recruits are put through their paces
all the big names in electronics, such as Cisco and Oracle
across a range of sectors, moving from one team to the
– and the company has revenues of $6.5 billion.’
next and getting first-hand experience of transforming
Onex has built more than 70 businesses and
major businesses across an array of industries.
completed around 400 acquisitions with a total value of
‘It usually takes about nine years to go from being
around $49 billion and achieving an impressive 28 per
a new recruit to having a shot at managing director,’
cent compound annual return for 29 years running.
says Gerry. ‘Our employees learn and develop at a junior
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374 / 375
level by working in a team, undertaking
couldn’t deliver to Boeing on time, they couldn’t make aeroplanes,
important, basic-level research and due
so they had a big decision to make.’
diligence work, which they deliver to a
Ultimately, Onex was successful in its bid because it has
senior individual. They receive guidance
bought more mission-critical businesses from large multinationals
about their work, what to follow up on
than any other private equity firm in the world. In the first year
and how to understand things better, until
with Spirit AeroSystems, Onex managed to take $600 million out
eventually they become leaders themselves.’
of the business's cost structure, sharing $300 million with Boeing.
First-hand experience
Delivering success
Onex also sends some of its most promising
With the acquisition of such high-profile businesses comes the
young talent to work for a year in a line-
pressure to deliver success. ‘Our young people tend to work four
operating role at one of the subsidiaries it
or five nights a week, and there’s a lot of urgency about what they
has acquired. This enables them to witness
do,’ says Gerry. ‘They also travel frequently because the businesses
first-hand the amount of work involved in
we buy operate around the world.’
implementing the company’s changes.
In addition to expecting the highest standards from its
The process of acquiring a company can
employees, Onex is scrupulous when it comes to business ethics
take anything from two months to a year and
and sustainability. The firm has a strict business code of conduct
calls for in-depth evaluations of the business,
and comprehensive environmental policies, and all of its financial
markets and management structure around
control systems are transparent and disciplined. ‘In 26 years as a
the world. Once a business has been bought,
public company we’ve never had to restate a financial statement,’
its full transformation can then take years,
says Gerry. ‘Most of our companies have an internal audit review
depending on the size of the company and
system, and members of our finance department sit in on every
the scale of changes required.
audit committee meeting of every subsidiary.’
‘When we bought Boeing’s airframe-
The majority of companies that Onex has acquired are North
manufacturing business, now called
American firms with global operations. However, since it set up its
Spirit AeroSystems, it took 15 months of
London office and bought German technology giant KraussMaffei
negotiations with Boeing because they were
in 2012, the company has looked to expand its interests across
selling us a business that was a mission-
Europe, especially in the UK and Germany.
critical supplier for them,’ explains Gerry.
Onex’s success is impressive but, as Gerry explains, it is founded
‘We were tasked with making 50 to 100
on a very straightforward principle: ‘We like what we do, and
per cent of the value of the entire fuselage
we like the people we do it with,’ he says. ‘We’ve enjoyed a huge
of every Boeing commercial aircraft. If we
amount of growth and hope to continue expanding into the future.’
CHAPTER 5 | financial services
‘It usually takes about nine years to go from being a new recruit to having a shot at managing director’
376 / 377
setting the standard At the forefront of a constantly evolving industry, Standard Chartered Bank provides outstanding graduates with fantastic career opportunities www.standardchartered.com
Standard Chartered Bank has operated in many of the world’s most
bank. Fast-paced and demanding, the two-year rotational scheme
dynamic markets for more than 150 years, and recently it has, if
offers insights into different business areas and is designed to develop
anything, enhanced its already excellent reputation. Headquartered
talented managers. It teaches trainees how to think and communicate
in London, the leading international banking group earns more
effectively, and how to display cultural awareness and sensitivity
than 90 per cent of its profits in the fast-developing economies
– essential elements of a global banking business. Graduates are
of Asia, Africa and the Middle East.
entrusted with a high level of responsibility from day one, and are
This regional focus, along with a firm commitment to
expected to meet the excellent standards of the training they receive.
developing its relationships with clients, has driven the group’s
‘Graduates are the future lifeblood of Standard Chartered and
tremendous growth. In just over five years, the number of Standard
a key element of our talent development, so we’re only looking for
Chartered’s employees has more than doubled to around 87,000,
the best,’ says Hayley. ‘The starting point for trainees from around the
while 1,700 offices in more than 70 countries are testimony to the
world is the International Induction Programme, held in Malaysia’s
company’s global appeal.
capital, Kuala Lumpur, where they gain an overview of the business
Graduate opportunities
from guest presenters and case studies. Over the course of the programme, trainees work in international teams and collaborate
As a sustainable business with long-term ambitions, the group
across borders, driving change and making a difference. The finance
provides exciting and challenging international career opportunities
industry is constantly evolving, as markets fluctuate and new products
for graduates. Trusted worldwide for upholding high standards of
and technologies emerge, and our graduates are expected to lead,
corporate governance, social responsibility, environmental protection
inspire and connect with our customers.’
and employee diversity, Standard Chartered offers a diverse range of
CHAPTER 5 | financial services
‘Graduates are the future lifeblood of Standard Chartered and a key element of our talent development’
Great leaders
Islamic and private banking.
The group’s IGP also offers opportunities to share best practice, learn
‘We try to be a force for good by helping millions of individuals
a foreign language through e-learning modules and work on live
and thousands of companies achieve their goals,’ explains Hayley
projects, while being mentored by senior managers. This helps to
Cooper, Talent Acquisition Manager – Global Graduate Recruitment.
provide graduates with the skills and knowledge needed to become
‘We enable businesses to expand and create jobs, and by catering to
successful bankers and great leaders.
the world’s most exciting growth markets we shape an industry that is
Whether it’s developing new products, addressing society’s
evolving at an epic pace. Graduates play a huge part in that, and our
ever-changing needs or leading a branch network, Standard Chartered
graduate schemes provide them with the platform to create change,
offers exceptional career opportunities for the brightest talents.
challenge the way things are done and define the future of the bank.’
Combined with its global perspective and engaging, inclusive work
Standard Chartered’s International Graduate Programme (IGP) is
environment, Standard Chartered is an international banking group
the perfect environment for ambitious, high-performing self-starters
that provides the ideal platform for high achievers to grow and help
who are keen to experience the dynamism of a leading international
the bank deliver on its brand promise to be ‘Here for good’.
378 / 379
services, such as consumer, wholesale, small and medium enterprise,
principled approach With a global operation, Canada’s TD Bank Group provides an inclusive and thriving workplace, while caring for communities and the environment www.td.com
CHAPTER 5 | financial services
More and more people today want their employer to combine great
include, support and interact with employees at every level,’ explains
opportunities for career development with an ethical approach to doing
Sue. ‘As a result, we’ve frequently been named as a top employer.’
business. With its strong focus on diversity and community, industry-
The Great Place to Work Institute listed TD among ‘Canada’s
leading measures to save the environment and extraordinary growth
50 Best Workplaces’ for the seventh year running in 2012, and the
levels, TD Bank Group is the perfect example of such a company.
following year named TD Securities UK in London as one of the
Tremendous growth
‘30 Best Workplaces’ for the second time in three years. AON Hewitt Associates named the bank one of the ‘50 Best Employers in Canada’ in 2012, and that same year, TD was named as one of ‘Canada’s
banking group offers a full range of financial products and services to
Top Employers for Young People’. The International Gay and Lesbian
around 22 million customers worldwide. Its four key business lines are
Chamber of Commerce also listed the company as one of the ‘Most
Canadian Personal and Commercial Banking, Wealth and Insurance,
LGBT Friendly Corporations in the World’ for the third year in a row,
Wholesale Banking, and US Personal and Commercial Banking. In all, TD
and Canadian newspaper The Globe and Mail considered TD one of
is widely recognised as a leader in customer service, which has enabled
the ‘Best Employers for New Canadians’. In addition, TD was named
tremendous growth at a time when many banking institutions have
among the ‘Top 50 Companies for Diversity’ by DiversityInc.
struggled. ‘In 2006, we had around 47,000 employees, and today we
These accolades reflect the fact that TD attracts, hires and
have more than 85,000 at almost 2,500 offices around the globe,’
develops a diverse group of individuals. The company has implemented
explains Sue Cummings, Executive Vice President, Human Resources.
a very structured approach to diversity, with six categories of focus:
In Britain, TD has a presence through TD Direct Investing, one
Canada’s Aboriginal People; Serving Diverse Communities; Lesbian,
of the UK’s leading execution-only online investment providers with
Gay, Bisexual and Transgender; People with Disabilities; Visible
more than 200,000 clients and around 700 employees in London,
Minorities; and Women in Leadership.
Leeds and Manchester. The business has won many accolades,
‘Our inclusive culture enables all TD employees to learn, grow
including ‘Best Direct Share Dealing Provider’ at the Your Money
and add value to the organisation in a way that supports their own
Awards 2012 and ‘Best Execution Only Equities Provider’ at The City
individual goals along with our business objectives,’ Sue explains.
of London Wealth Management Awards 2012. Its trading app topped
‘Having a diverse and inclusive workforce helps us to be more
the related category at the Financial Times and Investors Chronicle
powerful, flexible and sustainable because it gives us access to
Investment Awards in both 2011 and 2012.
the broadest creative thinking available.’
Top employer
Open-minded attitude
TD’s focus on outstanding customer service is mirrored by its desire to
The bank’s open-minded approach is also evident in the fact
provide an inclusive environment and fantastic opportunities for career
that its employees frequently move between the group’s various
development. ‘One of our guiding principles is to be an extraordinary
businesses in order to further their careers. ‘Our recent CEO succession
place to work, and this is reflected in the way we develop, reward,
announcement is a great example of this approach,’ says Sue.
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Chartered in 1855 and headquartered in Toronto, the retail-focused
‘Our inclusive culture enables all TD employees to learn, grow and add value to the organisation’
CHAPTER 5 | financial services
‘We were able to provide new experiences
the first North America-based bank to go
for our leadership team and deepen their
carbon-neutral. The group also places great
development by moving them between
emphasis on saving the world’s forests, leading
businesses and across geographies.’
it to set up the TD Forests programme, which
In general, TD has become a byword for
aims to significantly reduce paper usage.
great flexibility. Many employees benefit from fluid working hours or can work remotely.
Leaders of tomorrow
This enables them to balance their work
These initiatives – as well as the business’s
responsibilities with those they may have
tremendous recent growth and a performance-
at home or in the community. In fact, the
based culture with a clear link between pay,
company places great importance on making
performance and development – make TD
a positive contribution to the wider community a very attractive employer. TD has a clearly defined Leadership Profile that outlines key
‘We have a very strong presence in our
behaviours success, such as making an impact,
communities, working to increase financial
transparency and respecting different views.
literacy and give people better access to
For those who are fresh out of university, the
education,’ Sue explains. ‘We actively look
bank runs a number of associate programmes.
to create opportunities for young people
These involve placements in different areas of
and to improve access to affordable housing
the business, enabling recent graduates to build
in the US. For our employees around the
up in-depth experience in the financial services
world, we offer various types of volunteering
industry over a period of 18 to 24 months.
opportunities so they can make a difference
‘These programmes are a great way
in their local community.’
for us to develop TD’s leaders of tomorrow
In addition, TD is deeply committed to
because they provide fantastic opportunities
helping the environment. In 1990, it founded
to learn about different sectors of the business
the TD Friends of the Environment Foundation,
and the group’s culture and leadership values,’
a national charity that has so far funded more
says Sue. ‘We don’t just focus on providing
than 21,000 projects and programmes to date
a legendary customer experience but also a
across Canada. In 2010, the company further
legendary employee experience, and those
underlined its credentials as an environmental
who join us will find that TD really is an
leader in the finance industry when it became
extraordinary place to work.’
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and encourages its employees to do the same.
A policy of progress From its headquarters in Bermuda, insurer and reinsurer Validus Group has become a truly global company that recognises its employees as its principal asset www.validusholdings.com
‘We feel that to be a successful company, you need to be self-critical while at the same time celebrating your successes,’ says Jerome Dill, Executive Vice President of Validus Services. ‘There is always room to do better.’ It’s an attitude that extends to all aspects of the Validus Group, from going above and beyond client expectations to ensuring that staff have access to robust learning and development programmes. Founded in December 2005, the Bermuda-based provider of insurance, reinsurance and insurance-linked securities management services comprises three primary segments: Validus Reinsurance, Talbot Underwriting and AlphaCat Managers. The group established its global reach when reinsurer Validus Re purchased the established Lloyd’s underwriting firm Talbot in 2007, which coincided with it becoming listed as Validus Holdings on the New York Stock Exchange. Since then, the group has continued to grow, acquiring several reinsurers, including IPC, Flagstone and Longhorn. Its capitalisation has expanded from an initial $1 billion to around $4 billion today. ‘And the push for expansion isn’t over yet,’ says Jerome. ‘We aim to make the most of opportunities as and when they arise, because we’re in the business of providing the best-possible service to our clients and the best return for our shareholders.’
Global transformation Validus Holdings is now undergoing a significant transformation from a conglomerate of independent subsidiaries to a truly global business. ‘Chairman and CEO Edward J. Noonan has recently focused on transitioning from having international offices to being a truly international company,’ Jerome says. ‘That’s because we see our future as one that is fully integrated. We don’t think of
CHAPTER 5 | financial services
ourselves as a Bermuda company and a UK company and a Singaporean company – we’re now a company that spans the globe. And for customers this means we’re able to provide our services wherever they are.’ From its offices in the USA, the UK, Bermuda, Canada, Germany, Chile, Singapore and Dubai, Validus Holdings offers a wide range of insurance and reinsurance lines. These cover such diverse areas as marine, terrorism, onshore energy and aviation, as well as speciality lines such as property, construction, contingency, accident and health, and financial institutions. One of the ways in which Validus ensures its competitive edge is through its dedicated risk-analytics research facility based in Waterloo, Canada. Validus Research employs specialists with advanced degrees in mathematics, statistics, civil engineering, seismology, meteorology and software engineering to model and assess risks using the firm’s proprietary risk-analytical applications. Even more important to the company’s efforts to establish itself as a leader in the insurance industry is the recruitment of exceptional individuals.
Student programme ‘We think it’s important for us to deal with recruitment in the context of our mission, so we work together to attract, retain and develop high-calibre employees,’ Jerome explains. ‘We believe in taking on the brightest and the best, and that begins with an extensive student programme.’ A successful 12-month programme for graduates has been participants to gain real-world experience while being shadowed by an experienced mentor. Up to four graduates are recruited to the
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in place for the past five years at Talbot Underwriting, which enables
programme each year, and so far the retention rate of graduates
graduates entering the profession. In turn,
upon completion of the programme has been 100 per cent.
the level of professional competition has
Since 2007, Validus’s Bermuda operation has offered a student
increased, leading to higher standards
development programme that grew out of the business’s association
across the board.
with the Bermuda Foundation for Insurance Studies and the
‘We stress the significance of professional
Association of Bermuda International Companies. Encouraging a
qualifications and, when students join us, they
comprehensive approach to student development, the programme
benefit from an extremely rich environment of
combines financial support for education with the provision of
individuals on whom they can rely and draw
practical experience.
upon,’ Jerome says. ‘We actively encourage
In 2013, Validus partnered with Knowledge Quest to extend
our employees to pursue professional
its scholarship offering by creating the annual $15,000 Validus
qualifications through awards of special
Knowledge Quest Scholarship, whose winners are given priority
bonuses and the provision of practical
in summer employment placements with the company. The same
support, including time to participate in
year, Validus also expected to host up to 12 students across a
courses and for exam preparation.’
wide variety of departments including underwriting, analytics,
Validus is the official Bermuda testing
actuarial, operations, IT, finance, claims, compliance and HR.
site for the American Institute for Chartered
In the past, Validus offices in Canada, the USA and Singapore
Property Casualty Underwriters and the
have also hosted students.
Institute of Chartered Accountants, and Talbot
Professional development
Underwriting has achieved chartered status for the Chartered Insurance Institute in
The group has established a training and development policy
London. Winner of the Bermuda Insurance
that encourages personal development through formal education,
Institute’s annual Young Industry Leader
ensuring that its employees can achieve the highest standards.
of the Year Award three times in its short,
‘We believe in supporting our employees by being both approachable
seven-year history, Validus has proved its
and responsive,’ Jerome says. ‘Learning and development are key,
commitment to developing employees of the
so we think that if we focus on the skills and knowledge of our
highest calibre. ‘It’s been a real roller-coaster
employees, we will build a successful organisation.’
ride since our formation,’ Jerome says, ‘but
Changes to the insurance industry have meant an increase in the
we don’t rest on our laurels. We are always
range of, and number of, exams that practitioners can be expected to
looking at ways to become a better company,
take. This has resulted from a heightened focus on ongoing learning
and we believe that if we proceed in that way,
and development in the industry, along with a rise in the number of
our potential is absolutely extraordinary.’
CHAPTER 5 | financial services
‘development is key, so if we focus on the skills and knowledge of our employees, we will build a successful organisation’
386 / 387
CHAPTER 5 | financial services
A rewarding route XL Group is a global insurance and reinsurance company that is changing the industry’s image around the world www.xlgroup.com
home or life, for example. We are at the
to finance and human resources, we look for
terribly good job at selling itself as a first
other end of the spectrum, looking at large,
the most talented people to make XL Group
choice for a rewarding career,’ says Eileen
expensive, very complex projects that are
run as efficiently and creatively as possible.’
Whelley, Global Head of Human Resources
more challenging, interesting and difficult
at XL Group plc, a global insurance and
to underwrite. We’re highly involved in
New talent
reinsurance company. ‘Often, people head
everything from catastrophic events to fine
According to Eileen, talent has never been
down a career path in another field, such as
arts, aerospace, property and construction.
so important: ‘Insurance has always been
finance or law, but somehow get involved
People working in our company immediately
a talent-driven industry,’ she says. ‘But the
with the insurance industry, where they
walk into a very diverse set of experiences.’
changing needs of clients, the disruption of
find ways to apply that knowledge.
Much of XL’s business centres on
traditional sectors and the application of
‘Our sector is just as challenging as
catastrophe risk – hurricanes, tornadoes and
science, data and technology to traditional
other, more traditional, graduate career
other weather-related events. ‘Although these
methodologies mean that it’s talented
options, if not more so, and colleagues find
are events we’ve covered since the birth of
colleagues that really make the difference.’
the rewards as meaningful and the work–life
XL, they are becoming more frequent, more
One of the most effective ways by which
balance often better,’ she adds. As such,
unpredictable, more severe and so more
XL attracts new talent is through its graduate
Eileen believes that a job in insurance,
complex all the time,’ says Elliott. ‘We also
programmes. Historically, the insurance
especially the complex insurance that XL
cover complicated risks such as satellite
industry has operated a type of apprenticeship
Group specialises in, is worth pursuing from
launches, massive construction projects
scheme, whereby senior underwriters mentor
the outset of a potential recruit’s career.
and marine transport.’
new entrants on the technical side of the
The company has a presence in more
business. XL has always followed this
than 20 countries, but London is one of
approach, but formalised the process
XL Group provides property, casualty
its most influential hubs. There, XL covers
with its creation of a graduate programme
(non-life) insurance and speciality products
property, casualty and global programmes,
within its London operations in 2010.
to industrial, commercial and professional
focusing on speciality product areas including
This graduate programme provides
firms. The company also provides reinsurance
fine art, aviation, equine, cargo, offshore
on-the-job training, cross-functional exposure,
and risk coverage for insurance companies
energy and more.
leadership development and external market
throughout the world. ‘In this way, XL impacts
‘Insurance, particularly the kind of
education. Since its inception, XL has seen
nearly every other business sector on a global
complex risk we underwrite, is wholly
a 100 per cent retention rate of participants.
basis,’ says Elliott Bundy, XL’s Vice President
dependent on talent,’ says Elliott. ‘A wide
The company’s speciality business is
of Strategic Communications and Public
variety of talent goes into making a large
also taking its graduate programme one
Affairs. ‘Often you encounter insurance to
operation like ours succeed. In every
step further, and is now developing courses
help deal with personal risks – automobile,
function, from actuaries and underwriters
designed to give a deeper understanding of
Global impact
388 / 389
‘The insurance industry hasn’t done a
‘Insurance, particularly the kind of complex risk we underwrite, is wholly dependent on talent’
the business to employees with high potential. A series of
provide,’ says Eileen. ‘We support colleague
modules is being created that will highlight the different
involvement in a variety of local charity and
parts of the London market operations. Students will be
community efforts. We set aside one day every
introduced to world-leading experts, take part in practical,
year when the entire company staff contributes
experiential learning exercises and get involved with
to their local community, charity or project of
solving real-life business problems.
their choice.’
One beneficiary of the company’s dynamic graduate
During 2013’s ‘Global Day of Giving’, XL
programme is Gina Collington, who joined the scheme
colleagues took part in more than 165 projects
in 2011 as an analyst. She was quickly identified as
in over 50 locations around the world, addressing
someone who could help with a strategic review project
issues such as education, homelessness, senior
that was being executed across all of XL Group’s
care and environmental concerns. XL has been
businesses. Gina worked on the reviews of fine art and
recognised for its work in the community and in
equine operations, and her findings were incorporated
December 2012 was given the Double I Award
into recommendations given to the XL leadership team
by the Insurance Industry Charitable Foundation.
and its board of directors. She is now helping to shape
Sustainability is also a significant part of
the graduate programmes for future participants.
XL’s remit. ‘The prospect of extreme climate
Jonathan Ibbott, a graduate of Cambridge
change and its potentially devastating economic
University’s Trinity College, joined XL mid-career when
and social consequences are a key concern at
the Lloyd’s syndicate he was at was acquired by the
XL,’ says Elliott. ‘Sustainability of operations is
group. He progressed through a number of positions
taken very seriously.’
in speciality areas including strategic planning, product
Indeed, XL has been recognised by
management and operations. Today he acts in a number
Newsweek magazine in its ‘Green rankings
of global roles as the Chief Operating Officer of XL
Business Report 2010–2011’, which placed
Specialty, as board member of XL London Market and
the group 11th in the banks and insurance
as a Managing Director of XL Group. Jonathan’s day
industry section.
can span the globe from New York to New Delhi via
XL Group’s commitment to recruiting top
London or Singapore.
talent, its involvement with a global array of
Community involvement
industries and its dedication to sustainability and community involvement all make a career
‘Our interaction with the clients and communities in
with the company well worth seeking out,
which we work doesn’t end with the insurance we
rather than simply happening upon.
CHAPTER 5 | financial services
390 / 391
A wealth of opportunities Zurich Insurance Group is a global insurance company committed to its customers, employees and shareholders, and the communities in which they live and work www.zurich.com
CHAPTER 5 | financial services
Whatever the role, wherever they are located, all employees at Zurich
products and services. Each employee is responsible for treating
Insurance Group are part of one community. Founded in Switzerland in
every single customer with genuine care. The diversity among Zurich’s
1872, the group is united by its shared mission, values and commitment
employees reflects that of its stakeholders. Employees benefit from
to its stakeholders: its customers, employees, shareholders and the
working in an environment where they can learn from each other
communities in which it operates. Zurich is a Fortune 500 company and
and gain insight through a variety of perspectives. Its culture is built
a leading multi-line insurance provider with around 60,000 employees
on integrity, customer centricity, excellence, sustainable value creation
and a global network that operates in more than 170 countries. A sense
and teamwork.
of purpose regarding its core business has contributed to Zurich’s
‘These values, our Zurich Basics, underpin our Zurich Commitment,’
strength, helping it to build for a sustainable future.
says Tom White, Group Head of Human Resources. ‘This is our pledge
‘We are resilient and well positioned to succeed in a challenging
to be there for customers when they most need support; to value
environment,’ says Martin Senn, Chief Executive Officer (pictured
employees and their passion and integrity; to deliver a fair, reliable and
above). ‘We focus on insurance and have a clear strategy that has
sustainable return for shareholders; and to give back to communities
proved its worth through testing times. We understand that we must
through our talent, time and resources, as well as the contribution
work continually to maintain the trust of our stakeholders in order
Zurich makes to society through its core business.’
to achieve our business objectives.’
Global reach, personal touch
Putting others first Zurich encourages its people to make a positive difference in the world and their communities. To do this, it seeks out and rewards those who
customers, employees, shareholders and its contribution to
put others first, who believe in themselves and the power of their
communities. Its mission is to help customers understand and protect
contributions, who desire change and work for improvement, and who
themselves from risk. It delivers a wide range of insurance solutions
are not content with second-best. It encourages employees to live by
for individuals, small and mid-sized companies, and multinational
solid personal beliefs and make these work with Zurich’s values – those
corporations. It understands the diverse markets in which it operates
who use their initiative, take responsibility and care for their customers,
and the fact that every situation is unique. Zurich’s ability to attract,
colleagues and community, while being committed to their own
retain and develop the best people, and empower them to adapt to
personal career development.
the needs of individuals are qualities that set it apart.
Zurich’s people set the company apart. Acknowledging this, the
Zurich encourages employees to share ideas, reaching beyond
group’s leadership listens to and acts on employee feedback through
their own country or region to develop and deliver outstanding
tools such as a Global Employee Engagement Survey and online
392 / 393
Zurich aims to be the best global insurer as measured by its
collaboration platforms, promoting a culture that gives
Corporate responsibility (CR) is an integral part of how
everyone a chance to express their opinions. Zurich lets
Zurich does business. Sustainable value creation plays a
employees drive their own careers. It provides a variety of
central role. In the scope of its CR activities, Zurich pays
opportunities such as individual development plans, job
special attention to areas related to its core competencies
competence evaluation tools, career path maps, global
of insurance and risk management. This allows it to use its
e-learning, leadership development and technical training.
experience and knowledge to enhance its contribution to
Going the extra mile
CHAPTER 5 | financial services
‘we are resilient and have a clear strategy that has proved its worth through testing times’
society. Responsible investment and flood resilience are two main areas of focus. Zurich has established the Zurich Global Flood Resilience Program and formed alliances with
with its stakeholders to deliver what matters, when it
the International Federation of Red Cross and Red Crescent
matters. Its employees take great pride in the many
Societies (IFRC) to contribute insurance and risk expertise,
awards Zurich has received, including Risk Management
as well as investment capital. Zurich employees with
Solution of the Year at the 2013 Global Risk Awards in
relevant skills can, if they desire, contribute working days
London, and consistent success in the UK’s ‘best company
to provide critical support to this alliance.
to work for’ rankings.
Zurich also plays an important role as a thought
Zurich’s commitment to diversity and inclusion helps
leader on topics related to its competencies. These include
ensure that the best and brightest want to work for Zurich.
how risks are interconnected in today’s complex global
Its culture provides lifelong learning and development
landscape, catastrophe and disaster management, and the
opportunities so that employees can reach their full
wider benefits of insurance for the economy and society.
potential. Global people practices enable a consistent
In 2013, Zurich received several awards for the Zurich Risk
employee experience across the company. This approach
Room (ZRR) – an innovative tool that enables customers to
promotes a sense of unity, while providing international
analyse and compare risks, and explore the scenarios that
career opportunities across a variety of areas of expertise,
are important to their business. The ZRR is used across the
for example in risk engineering, marketing, claims, human
globe at events such as the World Economic Forum and
resources, finance, underwriting, IT or investment
by such bodies as the Risk and Insurance Management
management. Mobility plays an important role in achieving
Society (RIMS) and the Federation of European Risk
Zurich’s mission; employees can work on short- and
Management Associations (FERMA).
long-term assignments, gaining in-depth knowledge that
Zurich understands what matters for customers,
is supported by international rotations, giving them the
shareholders, employees and communities. Building on
experience that comes from working in different countries
its position of strength and stability, the company is well
with different cultures.
positioned for a dynamic future.
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Zurich works on an ongoing basis to enhance relationships