Performance and reward
Recognition and reward are key to engaging and motivating our people.
Cairn has a performance management process designed to reward, recognise and drive positive individual, team and organisational performance and behaviour. The process was streamlined and implemented in 2014 and continued to embed across the business in 2015. The alignment of individual objectives to team goals and Company Key Performance Indicators (KPIs) are core to the process, which is further supported through monthly 1-to-1 meetings between staff and their line manager. This enables employees and managers to be engaged, give and receive feedback, regularly discuss progress being made against objectives and ensure that efforts are continuing to focus in the right areas. It provides a means to discuss in depth each employee‘s development and future career aspirations in the Company. The performance management process is also intended to reinforce the importance of the Company‘s high-performing behaviours and company values of respect, relationships and responsibility, thereby ensuring staff at all levels are aligned in their understanding of ‘how‘ our business undertakings – both internally and externally – should be conducted to best deliver objectives.
Recognising staff for their efforts is also an important element of employee engagement. Our Cairn Adding Value Award scheme (CAVA) flourished in 2015, with awards made to a variety of nominees for wide-ranging reasons over the year. The CAVA scheme, which is overseen by the CEO, is intended to reward outstanding achievements and behaviours, recognising those who accomplish an extraordinary achievement outwith their normal responsibilities. In 2015, recipients included staff who developed processes, systems or solutions that resulted in significant cost savings; those who went out of their way to go above and beyond that expected of their role; and those who delivered exceptional results in challenging circumstances.
Having undertaken a review of our private health insurance scheme for UK-based staff following feedback from staff, the Company transferred to a new supplier with a view to providing an enhanced level of cover. As part of this transfer, the Company added two new benefits available to staff: dental cover and annual health assessments. Feedback on the new provider has been excellent with 73% of the UK-based staff taking advantage of the optional health checks by the end of 2015.
In addition, Cairn launched a health and wellbeing intranet site to encourage healthy lifestyles. As well as providing information on health and wellbeing themes, various initiatives were rolled out, including healthy eating advice, a Mindfulness ‘Lunch and Learn‘ session and a summer walking group.
Total reward statements
Cairn recognises that its people are core to the business and understands that success depends upon the wholehearted support and commitment of employees. Our employee package is intended to reflect this and we regularly review the overall benefits package on offer to ensure we remain competitive.
To help employees to better understand the breadth and value of the total rewards and benefits, the Company issued personalised total reward statements to all our staff in 2015, which included not only salary but also health and wellness-related benefits, retirement benefits, and others.