Governing elements review
In 2017, the governing elements were reviewed in the context of changes in the organisational structure and operating environment. Our governing elements, including our vision, values, leadership expectations, and our Code of Conduct make up the core of our business culture. Excellent governance enhances our brand, our reputation, our ability to meet customer requirements and our compliance with legal requirements. Our future profitability is closely linked to our reputation and requires all Wilhelmsen employees and partners to achieve the right results the right way. Beyond the pure business perspective, we believe that our commitment to a strong governance culture will help us make a difference in the world we live in.
In 2018, we will continue to implement these governing elements in our day-to-day operations in all parts of the world through awareness campaigns, audits and reviews.
We strive to create a performance culture where engaged employees deliver desired results and are recognised accordingly. We measure employee performance through ongoing performance dialogues, annual performance appraisals and annual activity plans.
The performance appraisal (PA) is a formal dialogue between manager and employee. In the 2016/2017 PA, we developed customised PAs for various groups in the organisation. In addition, the method of rating performance was adjusted to encourage better performance and development dialogue between the employee and manager, and less attention on an end of year "score". In this period, 87 % of the population completed the PA, above our target of 80%. In 2018, we will continue to improve our focus on ongoing performance management and robust dialogues between employees and managers and target 85% completion within the period.
In the fourth quarter of 2017, we conducted an employee engagement survey to measure our ability to provide an engaging and safe work environment where employees are motivated to work and achieve their full potential. The survey results were positive in a period of significant organisational changes. The overall engagement score was 72 points, up three since the last survey in 2015 and there was also an all-time high survey completion rate of 92%. Regardless of the results, there is always room for improvement.
Senior management and individual managers in all locations were required to conduct follow up discussions with their teams and develop an action plan aimed at making a difference in the daily work environment. At the end of 2017, 784 actions (large and small) had been defined by teams around the world and 113 of those actions had already in started.