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          Generali People Strategy

          In line with the new strategic plan and in coherence with the new business priorities, in 2021 we have developed a new Generali People Strategy, that will define people priorities and key initiatives in the timeframe 2022-2024: “GPeople24 – Ready for the Next”.

          GPeople24 has been defined through a co-creation process, involving also virtually hundreds of colleagues around the world, across all Business Units and at different organizational levels.
           
          With the ultimate objective to unlock our people potential and boost the new strategy ambitions through the implementation of the Next Normal in Generali, the following priorities have been defined:

          • Enhance a Lifetime Partner, sustainable and meritocratic culture;
          • Build a more diverse work environment ensuring equal opportunities & inclusion;
          • Invest in business and digital skills to drive growth and boost our people impact;
          • Enable an effective organization embracing a sustainable hybrid work model rooted in digital


          These priorities are delivered through dedicated global and local initiatives, together with clear and constantly monitored KPIs, in line with our strategic plan “Lifetime Partner 24: Driving Growth”.

          Generali People Strategy

          While we move into the post-pandemic era Generali will build its Next Normal based on flexible and sustainable hybrid work models to unlock our people potential, boost the business strategy ambition and deliver benefits to all the stakeholder involved.

          The Next Normal transition will requires a major cultural revolution based on ownership and trust. This change will foster sustainable productivity and support well-being and work-life balance, while ensuring the positive and meritocratic transformation we seek.

          Generali vision is outlined by our Next Normal Manifesto below and its 7 key Group Principles, which embed our Lifetime Partner Behaviours and touch all of the relevant dimensions to shape the future of our work and be ready for the Next:

          • We own results with flexibility, no matter from where or when
          • We get the best out of physical and digital ways of working
          • We embrace effective smart habits for a sustainable productivity
          • We feel empowered by managers that drive performance and lead by example
          • We live the office to live the Generali community
          • We use simplified processes and common platforms to digitally work and collaborate
          • We have the right skills, support and enablers to work from anywhere


          The ambition is to have all the 100% of our Group’s organizational entities implementing hybrid work models inspired by the Group Principles.

          NEXT NORMAL

          Generali wants to be a sustainable Company where everyone feels valued, included, and equipped to face the future at best, while nurturing empowered and engaged Talents and Leaders.  
          To do so, we aim to cultivate an environment that values Sustainability, enhances a customer-centric and Lifetime Partner mindset and fosters a meritocratic culture.
           

          CULTURAL FRAMEWORK 

          Our cultural framework - based on the Lifetime Partner Behaviours: Ownership; Simplification; Innovation and Human Touch - together with our Values and Purpose, will continue to be our guiding star to navigate the Next Normal and achieve “Lifetime Partner 24: Driving Growth” strategy ambitions in a Sustainable way.

          CULTURE


          In 2021, we continued to deliver:

          • the Behaviours Digital Experience, an e-learning course aiming at understanding and adopting such behaviours, with more than 44,400 employees trained
          • the Behaviours in Action Experience to activate more than 44,000 Generali employees on the four Lifetime Partner Behaviours, by experimenting and putting them into practice. The initiative was converted in virtual, named LTP Behaviours Webinars, to cope with the restrictions imposed by the global pandemic, allowing our people to still experience the behaviours.



          GENERALI GLOBAL ENGAGEMENT SURVEY & GLOBAL PULSE SURVEY

          As to measure and promote the engagement of our people, in October 2021 the fourth edition of the Generali Global Engagement Survey was carried out. 

          The response rate has been 89%, in line with previous edition. The Engagement rate has been 83% (our best engagement rate ever, +1 vs. 2019 and +1 vs. market benchmark).

          Three global priorities were identified on the basis of the results achieved:
          1.    Equip our people and managers to lead the way for smart habits and well-being for the Next Normal;
          2.    Ensure a diverse, equitable and inclusive workplace;
          3.    Accelerate process simplification and speed of execution.


          We want also to evolve employees’ listening strategy with a more active and regular interaction, to take actions on our people say and consistently review and improve our employee experience. That is why, in addition to our Global Engagement Survey, as part of Generali People Strategy 2024 we enhanced our listening approach by increasing the moments to keep in touch and receiving inputs from our People, launching the first Annual Generali Global Pulse Survey in October 2022.



          MANAGERIAL ACCELERATION PROGRAM (MAP) AND MAP2THENEW

          The Managerial Acceleration Program (MAP) is a global training initiative – launched in 2017 and updated in 2019 – dedicated to all people managers of the Group. It is based on the eight principles of the Generali Empowerment Manifesto (GEM) and it aims to encourage a people empowerment-based managerial culture. Delivered locally by trained Generali managers it will remain the reference point for new hired and new people managers. 

          In 2021, the pandemic led to an evolution of our way of working, including a different managerial approach that would help to outline a new hybrid working model and ensure that we can get the best out of the physical as well as the virtual environment. With this ambition in mind, we launched MAP2TheNew, a new global managerial training program based on the Generali Cultural Framework and the Next Normal Principles aiming to provide more than 8,000 Generali managers with the key skills needed to lead their team in a hybrid work environment. 

          Generali values DEI as a strategic lever to boost business growth, as well as innovation and people’s sense of belonging and engagement. We are committed to having structured DEI governance, clear ambitions – among them the 40% of women in strategic positions at 2024 and the achievement of an equal pay gap towards zero by the end of this strategic cycle – and global and local initiatives and action plans. 


          GENDER BALANCE AND PAY EQUITY

          In order to promote a culture based on gender balance and pay equity since 2020 specific analyses were carried out at local level applying a Group common methodology, focused on pay equity in terms of gender pay gap for comparable roles (equal pay gap) and on gender balance in terms of gender pay gap across the entire organization, regardless of roles (gender pay gap). 
           
          The results for 2021 aggregated at Group level showed that females’ median base salary for comparable roles was -1.8% than the males’ one (equal pay gap), whereas, in terms of gender pay gap, the evidence for the entire organization was set at -14.9%. 

          In terms of total compensation, the accessibility gap to variable remuneration between females and males was -4.3%. 

          Based on the results and in line with our Group strategy on diversity, equity and inclusion, all Countries and Business Units will continue to develop specific mitigation actions at the local level, aimed at structurally reducing the Gender Pay Gap (with a specific focus in the Group Incentives System to KPIs linked to % Women in strategic positions and % Women managers) and supporting our ambition to achieve an Equal Pay Gap towards zero in the 2022-2024 Strategic cycle.
           

          DIVERSITY, EQUITY & INCLUSION MONITORING SYSTEM

          The Group Diversity & Inclusion Index measured the progress of Generali against our Diversity and Inclusion ambitions on the 4 key areas of action for the 2019-2021 strategy: gender, generations, culture and inclusion. 

          The D&I Index scored 115% at YE 2021, overachieving the initial target set. 

          Within the GPeople24 – Ready for the Next strategy, to support a transformative Diversity, Equity and Inclusion journey the D&I index has been replaced with a set of priority-focused KPIs acting as steering and acceleration mechanisms towards our ambitions. 

          In the context of the Generali 2021 strategic plan, Generali launched a broad reskilling program, WeLearn, with the objective of providing at least 50% of our employees worldwide with new business, digital, and behavioral skills. At Year-End 2021 the WeLearn Program reskilled 68% of our employees, overachieving initial target.

          The enhanced sustainable ambition to become a Lifetime Partner to our customers, the increasingly changing external context and the accelerated deployment path of new technologies require us to keep investing in building and evolving key skills for the transformation.

          We will continue to equip our people with cutting-edge skills to drive growth and transformation and make the difference in the new digital age, allowing us to thrive in the Next Normal and to boost our people impact and employability. 

          In the new strategic cycle we have the ambition to upskill 70% of our employees on a catalogue of skills, competencies and behaviors that is new – with a renewed focus on sustainability and data driven innovation – and closely aligned with our 2022-24 strategic objectives.

          In today’s digital economy and ever-changing world Generali wants to continue optimizing his organization across processes and technology to succeed in delivering the business strategy and sustain an agile, effective and productive working environment where people can work to their best ability. 

          As we navigate through the Next Normal, the final goal is to maintain and strengthen our ability to adapt and evolve by quickly implementing new ways of working and capturing emerging opportunities through an agile and effective organization rooted on digital.


          Monica Possa, Group Chief HR & Organization Officer, presents GPEOPLE24

          To meet the challenges of tomorrow while also leveraging on future opportunities, we developed the "Lifetime Partner 24: Driving Growth" business strategy, and our People are the true competitive strength to deliver the new plan effectively. This is why we've created the "GPeople24 - Ready for the Next". Watch the video to hear Monica Possa, our Group Chief HR & Organization Officer, present the new Group People Strategy.

           


          Key Metrics to Measure our Success

          Measuring results and performance is crucial to an organization's effectiveness.

          That is why we have identified a set of key Group metrics to measure the success of the GPeople24 strategy.

          This represent also a strong commitment towards sustainability. Indeed such ambitious metrics prove our strong commitment to build an inclusive, meritocratic and sustainable workplace for all Generali people across the globe.
           

          GPeople24 Priority

          KPI

          Ambition 2024

          Culture

          Engagement Index

          Higher than External Benchmark

          DEI

          Women in Strategic Positions

          40%

          Skills

          Employees Upskilled

          70%

          Organization

          Entities Working Hybrid

          100%

           

          "GPeople24 - Ready for the Next" strategy has been built leveraging on the solid foundations delivered by the previous people strategy, "GPeople 2021 - Shape your Future".

          Indeed, despite the challenging context and changes we lived in the past years, all the GPeople 2021 strategic targets were successfully achieved

           

          GPeople 2021 KPI

          Ambition 2021

          Result 2021

          Engagement Index

          Higher than External Benchmark

          +1 p.p. vs. External Benchmark

          D&I Index

          100%

          115%

          Employees Reskilled

          50%

          68%

          Entities with Smart Working Policy

          100%

          100%