Trust and respect
Our values clearly articulate our expectations and our aspirations. We encourage and reinforce these values through our performance management process and the “People’s Champion” award. The “People’s Champion” is an annual award which allows our employees to recognise and reward those individuals who have acted as a behavioural role model, demonstrating our values in a way that has inspired and engaged their colleagues.
We believe that our values promote an inclusive working environment whereby individuals are rewarded for their individual and collective contributions to the business.
Vectura encourages diversity throughout all levels of the organisation. We believe that individual success depends on ability, behaviour, performance and evidenced potential and we remain committed to offering career opportunities without discrimination. Our commitment to equal opportunities, diversity and non-discrimination is enshrined in our working practices and policies as set out in our Code of Conduct. We operate on the basis of mutual respect and we do not tolerate discrimination or harassment on any basis. Our Code of Conduct covers all permanent and temporary employees, including Executive and Non-Executive Directors, job applicants, agency staff, associates, consultants and contractors.
We give full and fair consideration to every job application we receive. Vectura has not set formal diversity quotas or targets and all appointments, both internal and external, are ultimately made on the basis of merit. Where possible, we support part-time and flexible working, with around 17% of our employees benefiting from some kind of flexible working practice.
James Ward-Lilley is the Board member responsible for overseeing human resources and non-discrimination issues.
We value the opinions and experience of our people.
In an industry based on innovation and research and development, our employees are our biggest asset and it is therefore critical that we forge strong connections through timely and meaningful communication. Effective and engaging communication is at the heart of our internal communication strategy.
We have established staff and managers’ forums. These forums provide a mechanism by which all employees can raise issues that matter to them for discussion, to enable employee feedback and to facilitate the communication and dissemination of key information throughout the organisation.
We hold quarterly business updates with all employees, hosted by members of the Executive Leadership Team. We share strategy, programme, people and business performance updates through the use of a balanced score card, as well as publicly recognising significant team or individual success, and facilitate two-way dialogue through Q&A.
Our business leaders are subsequently equipped with briefing packs to enable them to reinforce and personalise key messages by following the quarterly employee updates with team cascade sessions. This facilitates additional engagement and ensures that all employees understand how the work they do contributes to our overall progress.
We have launched our first internal communication survey in order to examine the effectiveness of existing internal communication channels and to identify opportunities for improvement. Our overall results indicated that:
Further analysis of the feedback will be used to drive constructive changes to include a new, interactive Company newsletter which will be launched in the coming year.
We have also launched our annual employee engagement survey. 85% of employees responded, and we received feedback indicating we are ahead of the comparator benchmarks (including the top 10% of participating companies) in the following areas:
We will use the feedback to determine key priority areas for improvement going forward and will regularly communicate our progress as we deliver our people strategy.
We monitor our employee turnover on a monthly basis to identify any possible employee relations or motivational issues and to assist in our recruitment and resource planning. We are pleased to report that a significant percentage of our employees have five or more years’ continual service.
Attracting and retaining skilled people with values aligned to our company ethos is critical for our business and we aim to develop and maintain a motivated and professional workforce. As such, we recognise the importance of investing in our people, ensuring that they are equipped to deliver in their current and future roles within the business. In addition to investment in general training and development, Vectura offers all employees the opportunity to apply for scholarship funding. The Vocational Qualification Award provides substantial financial assistance to those who wish to pursue further self-development, largely in their own time. Any course that would significantly enhance an employee’s skills whilst benefiting Vectura is considered.
In order to provide opportunities for shared learning, we provide interactive educational seminars every two months which are hosted by internal subject matter experts and external speakers. We also facilitate cross-company information sharing, teamwork and learning via our annual “Vision” event. This event enables individuals and teams to promote their work to their colleagues using innovative and creative visual imagery, with an element of constructive competitiveness engendered by a panel of judges who select and reward the strongest entries.
Remuneration plays an important role in retaining and motivating our people. We seek to provide well constructed and fair reward systems designed to incentivise superior performance and align the interests of our employees with those of our shareholders. Our remuneration packages are designed to be both fair and competitive and all remuneration packages include an element of variable remuneration in the form of an annual bonus. The annual bonus allows us to reward employees for achieving and exceeding challenging corporate and individual objectives. In addition to our remuneration packages, which include a pension entitlement, permanent health insurance and life assurance and private medical care, all employees are given the opportunity to participate in our all-employee share plans. For more details of our all-employee share plans, please refer to the Remuneration report.