Along with the skills and dedication of its employees, the considerable diversity of the workforce is one of the cornerstones of the company's successful business activities. Encouraging this diversity is therefore a major concern for Hannover Re. At the Hannover location alone, Hannover Re employs staff of some 40 different nationalities.
Group-wide, the gender balance and age structure of the workforce is relatively balanced. However, women are less widely represented than men in the higher hierarchical levels of the company. The quota of women set by the Executive Board for the first and second level of management at 16.8 % by the year 2017 was already very nearly accomplished in 2016 (16.3%) and attainment of this target is supported in a number of ways. In the first place, managers play a pivotal role. It is incumbent upon them to encourage leveraging of their female employees' potential more systematically in day-to-day business and to give deliberate consideration to their female staff members when it comes to filling higher-level positions. Secondly, the Executive Board decided in 2012 to promote measures for the advancement of women. To this end, the existing personnel development tools were supplemented by a mentoring programme designed especially for women. This programme involves bringing female employees together with experienced senior managers for a period of 12 months to engage in a targeted, regular dialogue. The mentees are encouraged to reflect on their professional development to date and to take steps to actively shape their future career.
Diversity of composition is also one of the aspects considered by Hannover Re in selecting the members of the Executive Board and Supervisory Board. A target of zero was set for the quota of women on the Executive Board by 30 June 2017. This is because the Executive Board is currently comprised exclusively of men and all existing Board contracts are valid beyond 30 June 2017. When appointing a new member of the Executive Board, the Supervisory Board will give preference to a potential female candidate in case of equal personal aptitude and professional qualifications. The Supervisory Board has determined that it will achieve a target quota of 30% for women on the Supervisory Board by 30 June 2017. This target had already been fulfilled by the end of 2016 with a proportion of 33%.
Remuneration at the company is paid according to clear and transparent rules. Hannover Re's employees are compensated solely on the basis of their specific tasks, their skills and qualifications and their performance. Salary increases and promotions follow a clearly defined process. The individual promotion grades are subject to transparent criteria published in the company's in-house intranet, which are also purely skills-based. Employees in Germany additionally benefit from the security and advantages of the collective agreement for the private insurance industry.