Hiscox comply with all relevant employment regulations of the countries where we operate. We aim to employ the best people in the business, including recruiting local people where possible. Their talent and dedication are what make our growing business so successful. We offer competitive reward package and a supportive environment in which they can enjoy their work and reach their full potential. That involves recognising that employees should achieve a good work-life balance, with working hours at a level which allows adequate time for their lives outside work, and giving them opportunities to work flexibly where possible.
Our success as good employers is reflected in our ability to retain our staff, with a rolling annual turnover of 14%.
We recruit and promote people only on merit, regardless of race, gender, religion, marital status, sexuality, disability, nationality, socio-economic background or age.
We operate robust compliance procedures which are followed up by thorough investigation and disciplinary procedures, if required.
We run a Hiscox Women in Leadership Programme and a Hiscox Unconscious Bias Programme. Our Women in Leadership Programme has designated sponsors and contacts globally.
Hiscox recently participated and hosted an event in London for the Dive in Festival.
Rewards and benefits
We reward excellent performance with an excellent reward package consisting of salary, bonus and benefits, exceeding local minimum wage requirements across all of our businesses. We encourage employees to align their success with that of the company through performance-related pay and bonus schemes, savings-related share option schemes and executive share option schemes.
Watson Wyatt benchmarks our reward packages against the financial services industry as a whole; in London, against the Lloyd’s market; and elsewhere against relevant industry standards for that country.
Training and development
Employing the best people requires a commitment by the company to giving them every opportunity to fulfill their potential through learning and development. Our unique learning and development programme is tailored to each individual, whose training needs are reviewed twice a year along with performance against clearly set objectives.
Communication and participation
For employees to do their best, they must understand the business and their role in it. For this, communication is essential. We keep employees up to date with the business through formal briefings, team meetings, intranet bulletins and video conferences, as well as more informal means. Managers take these opportunities to listen to employees and involve them in the development of the business. We also have a monthly ‘e-zine’ which gives employees updates on company news and social events.
We encourage our people to engage with professional bodies relevant to their roles to ensure we keep up with best practice such as the Chartered Insurance Institute and the Chartered Institute for Professional Development for people issues.
Hiscox is a modern business with traditional values – courage, quality, integrity, excellence in execution, and respect. Together these values make up what we call the Hiscox spirit: ‘challenging convention’. This spirit determines the behaviour we expect from all employees, and guides the way we do business. Our success as a business, our ability to create value for shareholders, depends on it.
We safeguard our culture by ensuring that our employees are aware that we offer them a confidential whistle-blowing service, in the unlikely event of someone having a material concern relating to the operations of the business, specifically including any incidences of corruption or bribery. We also subscribe to ‘Public Concern at Work’, which provides free legal advice to any employee with a concern about possible danger or malpractice in the workplace. We respect and support the rights of freedom of association and collective bargaining and seek to meet international labour standards.
Full details of Hiscox risk governance and corporate responsibility can be found our company Report and Accounts.
In line with our values, Hiscox believes in the highest standards of corporate governance, while being in essence a non-bureaucratic organisation. We have an effective and firm system of internal controls that ensures we manage risks within acceptable limits, but not at the expense of innovation or speed of response. Continuing to get this balance right is one of our greatest strengths.
Hiscox is committed to maintaining a culture of integrity, transparency and accountability to ensure compliance with all applicable anti-bribery and corruption laws. We expect our business partners, contractors, agents and joint ventures to uphold equivalent standards and may include explicit provisions in their selection process and contracts.