Bancassurance division restructured
Following the growth of recent years and the acquisition of BHW (now: PBV) Lebensversicherung, the organizational structure of the Bancassurance division was simplified and streamlined. All service functions were concentrated in the hands of Proactiv Servicegesellschaft mbH. These steps were accompanied by a transition agreement reached with the Group Employee Council and all affected Employee Councils.
Occupational retirement provision improved
In view of the anticipated adverse changes within the statutory pension insurance scheme, occupational retirement provision is becoming an increasingly important pillar of old-age provision alongside the steps taken by employees towards individual provision. Working together with the Group Employee Council, Talanx AG therefore moved to further improve occupational retirement provision within the Group in 2008. The employer-financed provident fund is the principal carrier of retirement provision within the Group. The Group increased employer contributions to this provident fund for all non-executive staff and at the same time updated and modernized the benefit guidelines.
In addition, a new agreement was reached with the Group Employee Council on the transformation of remuneration components into pensionable emoluments that gives our staff access to all modern methods of implementation: direct insurance, pension fund, reinsured provident fund and direct commitments.
Human resources strategy overhauled
A key outcome of the work of the personnel departments in 2008 is the strategic reorientation of human resources management within the Group with the goal of putting in place a Group-wide human resources strategy. In the area of personnel development the systems used to identify potential and plan succession are to be coordinated on a Group-wide basis. Personnel marketing activities are to be bundled with an eye to the external impact on the labor market. There are also plans to set up a Corporate Academy to complement and improve the skills enhancement offerings available to senior managers at all Group companies worldwide. Personnel reporting will be further improved and expanded in conformity with capital market standards. In order to be able to work on these important tasks in a purposeful manner, cooperation between personnel departments has been restructured and enhanced. Further potential synergies are to be leveraged through increased standardization of the deployed IT systems.