151 ANNUAL REPORT 2022 OUR CAPITALS HUMAN CAPITAL MATERIAL TOPIC: HUMAN CAPITAL DEVELOPMENT DEFINITION OF MATERIAL TOPIC Maintain our standing as an employer of choice through utilising competitive programmes that attract, retain and reward employees. IMPACTS S2 S3 S4 S5 S7 S8 S9 GS1 GS5 GS6 WHY IS THIS TOPIC MATERIAL TO US? Dramatic changes to the labour market have caused big shifts in workforce dynamics, with employees placing increasing importance on factors such as workplace flexibility, benefits, working environment, company culture and sustainability performance. Additionally, global skilled labour shortages, including in the oil & gas industry, is causing a fierce competition for talent. Yinson needs to actively work to maintain its standing as an employer of choice in order to continuously attract and retain top level talent. We aim to do this by implementing all facets of our strategy for managing Human Capital, including Reward & Recognition, Resourcing, Talent & Performance Management and Learning & Development. CHALLENGES • Companies that do not continually review their organisation’s core competencies requirements to suit changing business needs may risk having a workforce that is unable to deliver business commitments. • Inability to retain employees may result in loss of knowledge and competencies, higher costs incurred to hire/retrain replacements and a decrease in employee morale due to overwork. • High employee attrition may lead to reputational risk, compromising a company’s ability to attract talents moving forward. • Companies who do not effectively manage succession planning may risk having vacancies in critical roles. • Companies that do not continually invest in employee wellbeing, learning & development, performance management and other retention measures could risk talent departure. OPPORTUNITIES • Constantly investing in employee talent development will ensure the workforce is able to meet demand for new skills and capabilities needed to deliver business strategies. • New business opportunities and greater value may be unlocked from training and empowerment of employees. • A strong reputation as a company that prioritises human capital development may provide a competitive edge when attracting talent. • Companies which engage with, appreciate and take care of their employees are more likely to retain them even if poached by a competitor. Management approach HR Transformation Plan Yinson continues to roll out our HR Transformation Plan, which aims to provide employee-driven solutions that are relevant, add value and enable our people to succeed. The Plan aims to establish global consistency, deliver HR solutions that can be enacted locally across our global offices, leverage on digitalisation and create agile HR framework that can adapt through change. This transformation journey is driven by the Group HR function with support from Senior Management and all business leaders. Some of the key milestones in our HR transformation journey includes: • E nhancement of HR governance documentation including Employee Handbook, Grievance Policy, Disciplinary Policy, Group Travel and Expenses Policy & Procedure and Succession Planning and Management Policy & Procedure. • L aunch of our LMS to host and manage learning resources for all employees. • L aunch of the Global HRIS as a single, unified HR solution for the company. The Global HRIS will be expanded to include performance management, recruitment & onboarding, succession & compensation. • E mbarked into the Total Rewards Strategy Project to review the Group’s approach to rewards across the business. • E stablishment of Yinson Future of Work Philosophy outlining the management’s commitment to provide richness of choice, flexibility and autonomy to our leaders, teams and employees. People Review, pg 82 MH1
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