Bureau meeting on 13 april 2022
After having met in hybrid mode for the first time since October 2021, the AXA Group's European Works Council is once again meeting exclusively in person for its April meeting. After the traditional welcome by Koen Hermans, Head of Group Social Relations, and Hedi ben Sedrine, EWC Secretary, the first topic discussed was the Group's social data for 2021.
Presentation of the 2021 group's social data
Olga Kravchenko, Head Group HR Operations and Valérie Cortyl, HR Data Manager, presented the process for the annual reporting of the group's social data. This reporting is subsequently published in the Group's annual report. Worldwide, AXA has 110,000 employees with an average length of service of 11 years. Absenteeism and turnover have been a particular focus for the Group due to the current tightness in the financial sector labour market. After a sharp slowdown, or even a halt, in hiring and mobility, workforce movements in the sector are undergoing a massive catch-up. AXA's turnover rate, which remained below 2019, is therefore a very positive signal.
The EWC scope represents 53% of the total workforce with an average seniority of 14 years. Training costs have increased, with a drop in logistical costs in a digitalized context, implying an increase in the quality of content.
On the training front, the need for employees to acquire new skills has accelerated, particularly in terms of cyber security. Turnover is different from country to country. Quite low in Germany but high in Asian countries. The group is very vigilant on this subject, especially for those under 30. As the retirement age rises, the group is also preparing for a more multigenerational environment.
The conflict in Ukraine has resulted in a massive exodus of refugees. A number of AXA employees of Ukrainian origin welcomed their relatives and the company received requests to help them. A group programme was set up to help with the temporary accommodation of these families and to provide support for the administrative procedures.
Presentations and perspectives: Frédéric de Courtois
Frédéric de Courtois, Group Deputy Chief Executive Officer in charge of Finance, Risk Management, Strategy, Ceded Reinsurance and Operations, shares his first feelings about the Group, which is doing well, with good governance and a balance sheet resulting from a greater exposure to insurance risks than to financial risks. The group's strategic directions are clearly defined, in terms of decision-making, balancing discipline and growth, and customer experience.
Hedi ben Sedrine notes that major transformations have been undertaken and that the health of the group is globally good, however in some countries, social expectations are still strong.
Frédéric de Courtois recalled the importance of AXA GO for the Group. This entity was a major player in the group's resilience during the health crisis. AXA GO will continue to go against the trend of decentralisation advocated by the group by remaining a central player in the group's strategy. The scale of the investments to be made, for example in the cloud, means that there is objective value in making them together. In addition, AXA Partners is currently undergoing a strategic review, which will be presented by the summer of 2022.
The group no longer has any insurance business in Ukraine and has a minority stake in a Russian insurance company. However, the group remains cautious about the possible impacts of the conflict on interest rates and inflation.
Hedi ben Sedrine concluded by noting that face-to-face meetings allow for more fluid exchanges. However, hybrid format meetings will always be proposed, as requests have been made.
The next Bureau meeting will be held on 25 May in Paris.
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