Annual Report 1997/1998 - Munich Re
Annual Report 1997/1998 - Munich Re
Annual Report 1997/1998 - Munich Re
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<strong>Munich</strong> <strong>Re</strong> <strong><strong>Re</strong>port</strong> of the Board of Management<br />
Personnel development as at 30th June<br />
1,925 1.918 1,888<br />
2,832<br />
1,954<br />
1,723 1,705 1,712<br />
Staff groups<br />
Exempt staff 48%<br />
2,878<br />
2,017<br />
1994 1995 1996 <strong>1997</strong> <strong>1998</strong><br />
Germany<br />
International organization<br />
Pay-scale staff 45%<br />
Senior executive staff 7%<br />
Percentage of graduates 34%<br />
Average age of staff 40<br />
Our staff<br />
The reinsurance requirements of our clients throughout the world<br />
are continually changing. Particularly in the last few years globalization<br />
has increased markedly in the insurance industry, and new insurance<br />
markets have emerged. We have responded to these challenges in our<br />
personnel policy.<br />
We have increased the number of staff at our headquarters in<br />
<strong>Munich</strong>; further new recruitment is envisaged. We offer young<br />
graduates the chance of extensive job orientation and the opportunity<br />
to systematically extend their qualifications. In addition, we have<br />
introduced a new potential assessment system, thus creating the basis<br />
for developing the knowledge and skills of our staff further so that they<br />
can go on assuming more challenging and responsible tasks.<br />
A look at our staff structure shows the emphasis we place on wellqualified<br />
staff. The large percentage of graduates and exempt staff<br />
(those with salaries exceeding the pay scale of collective bargaining<br />
agreements) points to quality, and a low turnover (4.8% in <strong>1997</strong>/98) to<br />
continuity and loyalty.<br />
The high-level requirements we make of staff are accompanied<br />
by effective performance incentives. We have institutionalized<br />
management by objectives and linked variable compensation for<br />
senior executive staff even more closely to performance and<br />
corporate results.<br />
The number of staff has increased appreciably in our international<br />
organization as well. The resultant complementary aspects of proximity<br />
to clients and international experience for our staff are important<br />
factors for success.<br />
All this is to the benefit of our clients: they will always find highly<br />
qualified and motivated people to talk to and do business with at<br />
<strong>Munich</strong> <strong>Re</strong>. It is also to the benefit of our shareholders: it means we<br />
have competent staff for the successful expansion of our business.<br />
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