111 SUSTAINABILITY REVIEW | EMPOWERING PEOPLE AND COMMUNITIES MS3 HUMAN CAPITAL DEVELOPMENT Maintain our standing as an employer of choice through utilising competitive programmes that attract, retain and reward employees. Concerned stakeholders S3 S4 S9 Risks • Inability to deliver business requirements due to mismatch of core competencies. • Loss of knowledge, competencies and continuity should employees leave the organisation, leading to higher costs to hire replacements and cultural mismatch. • Poor reputation for human capital development performance may compromise Yinson’s ability to attract and retain talent. • Poor succession planning may lead to vacancies in critical roles. Opportunities • Investing in employee talent development will ensure that Yinson’s workforce meets the demand for new skills and capabilities needed to deliver business strategies. • New business opportunities may be unlocked from the training and empowerment of employees. • A strong reputation as a company that prioritises human capital development is a competitive edge. WHY IS THIS TOPIC MATERIAL TO US? At Yinson, our employees value workplace flexibility, benefits, environment, culture and sustainability. With the ongoing global skilled labour shortages, competition for talent remains intense, particularly in industries like oil & gas. Yinson strives to uphold its reputation as an employer of choice to attract and retain top talent. We achieve this by fully executing our Human Capital strategy, encompassing Reward & Recognition, Resourcing, Talent & Performance Management and Learning & Development. Our human capital development efforts also aim to enhance succession planning by developing talents to fill key positions within the organisation when they become vacant. MANAGEMENT APPROACH We are guided by several policies in managing our human capital development, which include the following: • Code of Conduct and Business Ethics Policy & Procedure. • Diversity, Equality and Inclusion (“DEI”) Policy & Procedure. • Human & Labour Rights Policy. Yinson began its HR transformation journey in 2020 to establish global consistency, provide localised solutions across offices, embrace digitalisation and create an adaptable HR framework. This transformation is led by the Group HR function with support from Senior Management and business leaders. Since then, we have made great progress in our seven key areas of transformation – Technology, Reward & Recognition, Governance, Resourcing, Talent & Performance Management, Learning & Development and HR Capability. During the period under review, we focused on activities through our People Strategy that would further progress our achievements in our transformation areas. • Increasing adoption and usage of HR approaches and technology platforms to enhance people capability management for employees, leaders and streamline data analysis for the business. • Improving employee experience through active listening and leadership accountability. • Sustaining Yinson’s cultural integrity and nurturing leadership and employee development globally. • Investing in and enhancing the skills and expertise of our HR team. As a result of our efforts, we have made further advancements in our People Strategy, as outlined in the following section. Technology In 2020, we developed a four-year HR Technology Roadmap to support our HR Transformation Plan. This roadmap outlines our vision for employees to embrace digital transformation across various work areas, including engagement, digital skills, leadership, learning, analytics, automation and workplace technology. We identified and implemented HR systems aligned with this roadmap during 2022 and 2023. Our ultimate aim is to transition to a fully digital environment with tech-savvy employees in the long term.
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