People Strategy in Action

Transcription

1 People Strategy in Action

2 Welcome to Our People Strategy 2 The Bausch + Lomb People Strategy

3 The Bausch + Lomb People Strategy 3

4 Introduction Transforming our company through our people Our transformation has three integrated elements: People, Products, and Processes. And it s our people who create the products and drive the processes at the center of the Bausch + Lomb customer experience. When our people perform at their peak, we produce the highest-quality products and engage with our customers in more meaningful, lasting ways. We help people see better to live better. When our people perform at their peak, it isn t by accident. It s the result of sustained efforts on their part, together with an environment that encourages high performance and where excellence becomes a way of life. 4 The Bausch + Lomb People Strategy

5 The Bausch + Lomb People Strategy 5

6 Introduction An actionable, measurable roadmap Bausch + Lomb s People Strategy is a critical component in The Bausch + Lomb Way of driving high performance. It is at the center of how we will get where we are going as a company. Our People Strategy is our company s roadmap for attracting, developing, and retaining our most valuable asset our people. The strategy sets out specific, actionable steps that are in place, or in development, to support employees worldwide in becoming the best at what they do. It describes the expectations we have of our people at Bausch + Lomb, and the ways in which our high-performance culture will help them succeed. 6 The Bausch + Lomb People Strategy

7 We have three objectives for our People Strategy: 1. To develop high-performing individuals and teams, the core assets of a high-performing company; 2. To drive employee energy and engagement, particularly by creating a workplace that is inspired and inspiring, diverse and dynamic, innovative and fulfilling; and 3. To align this energized and engaged workforce with our basic strategy and other elements of The Bausch + Lomb Way to deliver business results. To accomplish each of these objectives, we will continually measure the success of our People Strategy, making adjustments and improvements as they are needed along the way. The strategy is designed to grow and evolve along with the needs of our company and our people. Bausch + Lomb s global Human Resources team works with senior management to develop the framework and drive the evolution of the strategy. However, every colleague at every level owns it and plays a key role in its success. We will continually measure progress against the People Strategy s objectives using a variety of means, including Employee Willingness to Recommend and a dashboard of key performance indicators. The Bausch + Lomb People Strategy 7

8 The people strategy and its elements Our People Strategy is organized around four elements. The first is the way a colleague is chosen for his or her role at Bausch + Lomb (Select). The second is the tools that an individual is given to grow, such as new skills and expanded opportunities (Develop). The third element focuses on the ways individuals are motivated and engaged to perform at the highest level possible (Energize). The final element defines how an individual s contributions to our company are recognized and rewarded (Value). 8 The Bausch + Lomb People Strategy

9 The Bausch + Lomb People Strategy select energize High Performance and Business Results develop value The Bausch + Lomb People Strategy 9

10 select energize High Performance and Business Results develop value How we identify and hire talent Our high-performance culture particularly our Success Mandates and our High-Performance Behaviors relies on the strength of our people. As a result, identifying, attracting, and acquiring the very best talent is central to the success of our company. The way we seek out that talent is the first element of our People Strategy: Select. Selecting the best people begins with discovering, developing, and promoting talented people within our company. Only in those situations where we find that we do not have the necessary resources internally do we then seek out top talent from the outside. 10 The Bausch + Lomb People Strategy

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12 select energize High Performance and Business Results develop value Selecting talented people We know from experience that top, untapped talent already exists within our company, and that giving our people the chance to grow professionally is one of the wisest business decisions we can make. In fact, providing opportunities for our people to move up, or just as importantly, across functions, business units or regions, enhances employee performance and improves business results. At the same time, creating a culture in which talented people are recognized and promoted internally improves our ability to attract the very best from the outside. 12 The Bausch + Lomb People Strategy

13 Some of the actions we are taking in this area include: Employing a global approach to hiring the best talent by maximizing our capabilities and building on our existing resources. This begins with ensuring that we have a complete picture of the talent that already exists within our company. It also means expecting that all new hires meet or exceed performance expectations in the first 12 months of their employment with the company. Implementing consistent global orientation for all employees, across geographies and business units, to ensure alignment and understanding of our company s history, businesses, customers, products, culture, and expectations. We will supplement our global approach with necessary local orientations. Instituting functional competency models to help ensure that our people have the knowledge and skills required to successfully carry out their jobs. In many cases, we will establish these competency models across business units and regions, so that we continue to work as one Bausch + Lomb, achieving excellence in a consistent and effective manner. The Bausch + Lomb People Strategy 13

14 select energize High Performance and Business Results develop value How we support and promote our people At Bausch + Lomb, we strive to make the most of our colleagues talents. From a front line operator to a scientist, from a front line sales rep to a senior manager, development and growth of our people is key to our long-term success. The Develop element of our People Strategy sets out the ways we will enable our people both to increase their contributions within Bausch + Lomb and become stronger professionals in their own right. It also encourages each and every employee to take accountability for their development by bringing awareness to resources and opportunities for individual growth. 14 The Bausch + Lomb People Strategy

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16 select develop energize High Performance and Business Results value Developing our people There are three primary ways we help our people grow professionally: First, by ensuring that managers at every level of our company make employee development a top priority, and have the functional capabilities and tools to recognize and maximize talent within their teams. This means ensuring that our managers are always on the lookout for talent within their teams, and that they consistently work to help their employees access existing growth opportunities. It also means investing time in key development processes, such as individual development plans, to ensure employees are getting the right opportunities at the right time. Second, by giving employees at every level of our company the education and training opportunities they need in order to learn new skills and expand existing ones. These may be directly related to their current work, or they may be a new set of skills aimed at preparing an employee to shift roles within the company. Third, by providing our people opportunities for varied developmental assignments that help them grow professionally. These include professional rotations, temporary assignments in other functional areas or geographic locations, and similar opportunities to expand one s skill set beyond an existing area of expertise. 16 The Bausch + Lomb People Strategy

17 Some of the actions we are taking in this area include: Instituting a talent management process in all business units, functions, and regions, so that our people are ready to take on new and challenging responsibilities as soon as they become available. Talent management includes identifying critical roles and key talent; assessing strengths, opportunity areas, and potential; and ensuring that employees maintain a current profile of their past experiences and skill sets, so that we may identify and leverage our internal talent. Continuing to develop and improve front line manager competency by equipping these managers with the skills to better engage and motivate their workforce. Expanding the learning and development resources within Bausch + Lomb University to provide training for all employees, regardless of their current role, level or region. These offerings will include role-based needs as well as general education, such as our Eye Science training, arming each and every employee with a clear understanding of our customers top concern their eyes. In addition, we will deliver experiential learning through programs such as WorkSmart and other project-based assignments. Establishing a mentoring program, benefiting both the mentor and the mentee through sharing of knowledge and developing new skills. With increased awareness of talented people throughout the organization, we will continue to build bench strength for succession and accelerate development across the company. The Bausch + Lomb People Strategy 17

18 select energize High Performance and Business Results develop value How we enhance and engage our people The best way to optimize our investment in great people is to enable them to reach their peak performance. That s what the Energize element of our People Strategy is all about. An energized workforce is one that is innovative and creative, challenged and engaged. In an energized workforce, colleagues are accountable for results and enjoy the independence to work hard to get meaningful things done. In short, an energized workforce sees real value in its work. Every workplace has its challenges, of course, and every colleague will experience occasional difficulties and uncertainties, whatever their role and wherever they work. What sets apart energized colleagues is that they relish their opportunities and bring a winning attitude to solve the problems they encounter. They like what they do, and are proud of where they do it. 18 The Bausch + Lomb People Strategy

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20 select energize High Performance and Business Results develop value Energizing our people At Bausch + Lomb, we position our people for success by building a high-performance and innovative corporate culture. Our culture is defined by The Bausch + Lomb Way, encouraging our people to think and act creatively, in ways that challenge convention and yield new and even surprising solutions. Energized people in high-performance cultures outperform competitors. The Energize element of our People Strategy sets out ways that ensure our people are motivated, challenged, and supported in their work. 20 The Bausch + Lomb People Strategy

21 Some of the actions we are taking in this area include: Striving to become a great place to work by reaching out to our workforce to learn what Bausch + Lomb can be doing better and how we can foster trust at our company. This process will result not only in gathering feedback from our employees, but also in implementing their suggestions for improvement. We are also engaged in a series of other programs, including health and wellness initiatives and bettering the life-work balance of our employees. Strengthening the employee value proposition by energizing and leveraging the Bausch + Lomb brand. Our company has a tremendous history and legacy, which we translate into real value. Our goal is for our existing employees worldwide, and prospective employees wherever they may be, to see the real value in being a part of Bausch + Lomb. Improving internal communications by strengthening the communication process to ensure that we are always letting our employees know where we stand and where we are heading. As an example, Bausch + Lomb will continue to hold regular global employee meetings where staff worldwide can hear from the senior leadership team on how our company is doing and the prospects for future success. The Bausch + Lomb People Strategy 21

22 select energize High Performance and Business Results develop value How we reward and retain talent How we value our people in everything from how we reward their contributions to how we recognize their milestones plays a crucial role in our ability to retain our best talent, and is the focus of the final element of our People Strategy: Value. 22 The Bausch + Lomb People Strategy

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24 select develop energize High Performance and Business Results value Valuing our people At Bausch + Lomb, we value diversity, and leverage the unique talents and strengths of our workforce to achieve our vision to become the best global eye health company, maximizing the potential of our individual employees as well as the organization. We do this by cultivating an environment that celebrates similarities and differences, where all employees are respected, valued, and rewarded for their contributions that drive achievement of our business goals. We also seek to go beyond compensation alone to reward and recognize our people by improving the workplace experience, supporting employee community engagement, and rewarding and recognizing individual and team performance. Diversity of people, thoughts, and ideas creates profitability, growth, innovation, and competitive advantage. When employees feel valued, they are engaged in the success of our Company, and better meet the needs of our diverse customers and consumers. At Bausch + Lomb, we are building a diverse workforce not only through strategic hiring practices, but also through flexible benefit policies that encourage and support such diversity. We work to sustain and expand that diversity by encouraging the growth of a wide range of employee networks. 24 The Bausch + Lomb People Strategy

25 Valuing our people also means ensuring that every employee is treated well and equitably regardless of where in the world they may work, or what role they may hold in the company. In order to accomplish this, we benchmark high standards for our employee programs across the globe, and support our employees with a range of initiatives that improve their quality of life. Likewise, valuing our people means finding new and meaningful ways to reward talent, as well as contributions that go beyond ordinary expectations. Each of these areas provides our company with opportunities to demonstrate our commitment to our people, reciprocating their commitment to Bausch + Lomb. Some of the actions we are taking in this area include: Continuing to build a more diverse workforce, including through additional diversity in our hiring and encouraging the development of employee networks. Adopting a key talent retention strategy, in which we identify key positions and talent globally and seek to retain all of these individuals. Leveraging our performance management process to acknowledge that most of our people are meeting their objectives within our company and to regularly let them know how they are performing and what they need to do to keep improving. Instituting organization-wide recognition programs and other compensation offerings, so that each and every employee has a balanced reward package connected to their individual performance and to the company s performance. The Bausch + Lomb People Strategy 25

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27 Our people determine our future We have a special and important mission: Helping people see better to live better. Bringing that mission to life is how we will achieve our vision of becoming the best global eye health company. The people of Bausch + Lomb are the driving force behind what we accomplish for our customers and patients. The People Strategy action steps outlined in this document create the framework and tools for enabling high performance. Each of us, however, must take personal responsibility for making the most of the elements and these tools to build our competencies and grow our careers. With our rich and growing pipeline, customer- and patient-centered way of working, and steadily increasing strength in the marketplace, our future is bright. That future depends on our people because it s our people who create our pipeline, who live our way of working and who understand what it means to contribute to a successful business. By turning our People Strategy into action, we will all take concrete steps to becoming the best at what we do individually and as a global team. We have confidence in our future because we have confidence in our people: the thousands of talented Bausch + Lomb people we Select, Develop, Energize, and Value each day. The Bausch + Lomb People Strategy 27

28 Bausch + Lomb World Headquarters 1400 North Goodman Street Rochester, NY t: f: Bausch & Lomb Incorporated. Bausch + Lomb is a trademark of Bausch & Lomb Incorporated. PNP04435 SL6847