6/22/2012. Governance, cost management, transparency and fairness. Does your Performance Management Work? Simone Martina
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1 Governance, cost management, transparency and fairness. Does your Management Work? Simone Martina 1
2 A Solid Platform Key Features Investment Experience since 1928 Pioneer Fund, the third oldest mutual fund in US* Asset Under Management 156 bln A balanced mix between proprietary and non proprietary business Global presence in 26 countries with three Global Investment Hubs Independently run asset management unit of UniCredit 70% of our funds in the 1st/2nd quartile Extensive industry recognitions in 2012 Source: Pioneer Investments as at 30 March 2012.*Pioneer Fund is a US registered investment company which is not made available for offering or subscription outside the United States of America. For Broker/Dealer Use Only and Not to be Distributed to the Public Pioneer Investments April 2012 Page 3 Global Perspective, Local Insight Global Investment Platform Operating Model Product Strategies Local Sales and Marketing Centers Service Model Investment Solutions Source: Pioneer Investments as at 16 April 2012 For Broker/Dealer Use Only and Not to be Distributed to the Public Pioneer Investments April 2012 Page 4 2
3 A Well-Diversified Player With A Strong Expertise In Fixed Income AUM Split by Channel Retail/ Private Banking 46% Alternative 1% by Asset Class Money Market 2% by Geographical Division U.S. 23% 25% Institutional Equity 22% CEE 3% Italy 50% Wholesale 29% Balanced and Flexible 17% Fixed Income 58% Austria 6% International 7 % Germany Source: Pioneer Investments as at 30 March 2012 For Broker/Dealer Use Only and Not to be Distributed to the Public Pioneer Investments April 2012 Page 5 We Always Look for Quality in the Longer Term There is no substitute for buying quality assets and allowing them to compound over the long term. Patience can produce uncommon profits. Philip Carret Founder of Pioneer Fund Mutual Funds Magazine (1995) For Broker/Dealer Use Only and Not to be Distributed to the Public Pioneer Investments April 2012 Page 6 3
4 What is Reward all about? Segmentation & Differentiation Characteristics of Variable Incentive Schemes Affordability Fairness & Transparency Credibility Compensation structure This pyramid represents 800 employees UniCredit Compensation Plans LTI - 10 years Vesting Deferred 20% of Annual Bonus Sales Incentive Plan Annual Corporate Incentive Scheme Pioneer Long Term Incentive Fees Sharing Plan Investment Bonus Scheme Employee Share Ownership Plan 4
5 2007 Business needs From 2000 tremendous growth period until 2008 In 2007: No Global HR structure No global database First engagement survey results Different HR systems & tools in each location Each Country had its own Compensation system Different glossaries, timelines, performance scale systems HR processes managed manually via excel files What we were looking for... Bonus Harmonization Organisation Charts Managerial Reporting Succession Planning HR Governance SuccessFactors solution First Wave (Employee Profile,, Compensation, Succession) Second Wave (Calibration, Employee Central) Third Wave (Social Networking) 5
6 Corporate Incentive Scheme HOW YOUR INCENTIVE IS DETERMINED: OVERVIEW Target Bonus Opportunity Under the system each employee has an annual Incentive Opportunity which is the result of a mix assessment of job level, internal equity, seniority in the role, local market practices and risk of leaving. Company Factor Management Assessment The Company Factor represents Pioneer ability to pay bonuses. This ratio is measured by the sum of the overall Target Incentive and the disposable bonus pool (end of year cost allocation based on Company results). Incentive Opportunity x Company Factor = Funded Incentive The Management Assessment is a formal record of a supervisors opinion of the quality of employees work. This is summarized in a 5 rank performance scale which is then translated in percentage. In this stage, discretionary element could be applied. FINAL PAYOUT x 70% x 120% = Incentive Mechanics During the 2010 Process, SuccessFactors successfully managed and stored around 1200 scorecards Feedback from the business was very positive in relation to SuccessFactors and the year-end process: User friendly Benefit of a structured and consistent process is appreciated by employees The 2010 process offered 3 levels of discretion to all Managers: Evaluation of Single Goals based on a rating scale Final Management Appraisal From 0 to 150 (5 point steps) Final Bonus Decision: the Management appraisal is used, in the compensation form, as the basis for the indicative bonus calculation. Managers may use their discretion taking into consideration their indicative pool constraint. 6
7 Distribution 45% 40% 35% 30% Employees 25% 20% 15% 5% 0% Unsatisfactory Below Expectations Solid Strong Very Strong Exceptional Rank Distribution vs. Suggested 45% 40% 35% 30% Employees 25% 20% 15% 5% 0% Unsatisfactory Below Expectations Solid Strong Very Strong Exceptional Rank 7
8 Management Appraisal & Payout Curve 20% 18% 16% 14% 12% Employees 8% 6% 4% 2% 0% 0 5% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% 65% 70% 75% 80% 85% 90% 95% 100% 105% 1 115% 120% 125% 130% 135% 140% 145% 150% Unsatisfactory Below Expectations Solid Strong Very Strong Exceptional Rank Managers loved it... BUT... Excessive discretion in the payout amount vs. performance appraisal Not perceived as truly fair and transparent by employees Small teams did not have resources to pay excellent performers vs. bigger teams HR Business Partners struggled with governance What if you want to... Better allocate resources between different Functions? Increase transparency as well as Communicate Target bonuses? Enforce meritocracy and consequence management? 8
9 We introduced Calibration Goal Setting Self Assessment Manager Review Calibration Compensation Why Calibration? Common understanding and definition of Consistency of evaluation methodology by fostering transparency and goal setting alignment Reinforce link between appraisal and Bonus payout Increase effectiveness with regards to Talent Management Consequence management Create a common platform and culture aimed at fostering excellence and rewarding top performers Calibration Form How we manage Calibration Country Head informed about bottom up figure aligned with budget Local Management Team provided with individual evaluations Brief presentation on Team and outliers Calibration following suggested distribution (HR check on cost alignment) Focus on high earners 9
10 /Potential Matrix The entire population is visible in a unique performance / potential matrix Bonus Form Below Expectations Bonus Payout as % of Funded Incentive 0-50% Solid 80% (+/- 5%) Strong 100% (+/- 5%) Very strong 120% (+/- 5%) Exceptional 150% - 200% 10
11 2011 Outcome - Suggested Distribution 50% 45% 40% 35% 30% Employees 25% 20% 15% 5% 0% Below Expectations Solid Suggested Rank Strong Very Strong Exceptional 2011 Outcome - Bonus Payout 50% 45% 40% 35% 30% Employees 25% 20% 15% 5% 0% Below Expectations Solid Suggested Rank Strong Very Strong Exceptional Bonus Payout 11
12 What Next Questions & Answers 12
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