Skip to Main Content
Our people

Our people

We value people, we promote diversity and we invest to promote lifelong learning and professional growth by creating a transparent, collaborative and accessible working environment.

Our People

The year 2022 was the first year of Banca Generali's new Strategic Plan, which centred on People as a differentiator for achieving the Plan's challenging three-year goals.

Accordingly, in 2022 we continued to pay close attention to investments in the development, growth and management of our resources by further consolidating our company culture, founded on shared values, promotion of diversity and inclusion, and the need to guarantee the Bank's sustainability in the short, medium and long term.

To achieve these goals, the new People Strategy defined in 2022 identifies four priority areas — Culture, Diversity Equity & Inclusion, Skills, Organisation — that meet the requirements of the Strategic Plan on one hand, and of the new post-pandemic Next Normal context on the other.

Culture

Promoting a culture based on service quality, innovation, sustainability and meritocracy

Diversity, Equity, Inclusion (DEI)

Valuing diversity by ensuring inclusion and equal opportunities in the working environment

Skills

Investing in technical and digital skills to foster the growth of our people

Organization

Building an effective organisation that embraces a hybrid working model, which includes digital and stationary

All the development, training and engagement initiatives involving our Banking Group’s population in 2022 and in the following years are organised according to these principles.

At 31 December 2022, the Banca Generali Group’s employees totalled 1,022, of whom 49% women93% of the employees worked in Italy, whereas the remaining 7% was based in Luxembourg and Switzerland.

Discover more on our People Strategy

 

Employees by Geographical Area

Italy
93%
Overseas
7%

Data as of 31.12.2022

Our distribution network

The quality and efficiency of the sales network determine the Customer satisfaction level.

Since they work in a sector where reputation is the most valuable asset, our Financial Advisors play a very delicate role. Therefore, at Banca Generali we pay the utmost attention to the selection of our distribution network’s Financial Advisors and to their subsequent personal and professional development, supported by the use of the most modern technology and the multi-channel platform. The advisory relationship represents the heart of the services we offer to meet increasingly complex needs that require bespoke solutions.

Our distribution network is entirely based in Italy and consists of two categories:

  • the Private Bankers (PBs), the Financial Planners (FPs) and the Wealth Advisors (WAs); they collaborate with the Company as freelance professionals;
  • the Relationship Managers (RMs), who are company employees.

At the end of 2022, our distribution network had 2,204 employees, 80% of whom were men and 20% women.

Employees training

Banca Generali considers employee training to be a fundamental tool for supporting the Company’s success and competitiveness, in both the short and long term.

Our employees' personal and professional growth and the improvement of their managerial and technical skills are fundamental pillars to achieve the challenging objectives of the Strategic Plan.

Training is delivered through constant and continuous paths over time, in line with the needs and talents of People to orient them towards individual responsibility and motivation, in accordance with the values of our Company.

Offering quality training, whether in the classroom, on e-learning platforms or in hybrid mode, is essential to the upskilling and reskilling of all employees, while also making Banca Generali an increasingly authoritative market player. Among the training activities for the benefit of our employees, we offer programmes to develop managerial and behavioural skills, in-depth courses on technical skills, and programmes linked to regulatory and security topics that may focus on Anti-Money Laundering, Banking Transparency, Privacy and Market Abuse, without overlooking the special attention paid to Cyber Security, considering the new strongly digital-oriented landscape.

The figures relating to the training activities carried out bear witness to the continuous attention paid by the Bank and Top Management to the development and continuous updates of employees’ technical and managerial skills, preserving social relations and developing a strong sense of belonging to the Banking Group. This stimulates the desire for growth and fosters the creation of a positive work environment marked by high engagement, facilitating relationships of trust and increasing people engagement. In 2022, a total of 60,153 training hours were provided in Banca Generali (55,145 in 2021 and 48,805 in 2020), of which 1,044 hours were targeted to young interns.

In line with the previous years’ trend, the amount of average training hours received by each employee increased to reach 59 in 2022.

We consider sustainability as one of the pillars of Banca Generali's Strategic Plan, in line with the Company’s Vision and Mission statements: in this regard, in 2022 we launched several sustainability initiatives aimed at raising awareness of this topic and enabling us to reach the Plan’s challenging targets.

To this end, we developed the “Banca Generali and Sustainability” programme, aimed at all employees and focused on topics such as sustainable finance, sustainable investments, Banca Generali’s environmental commitment and the Bank’s numerous ESG initiatives.

In addition, with a view to ESG-related upskilling, in 2022 two advanced training programmes were created on sustainable finance and ESG risk aspects, while 2023 saw the organisation of two sessions on green bonds for those teams most involved in ESG projects. This falls within a broader project, which will continue in the forthcoming years with the launch of new specialised training initiatives.

2022 also saw the launch of an important digital innovation initiative called Digital Minds Programme: an ambitious programme which aims to strengthen digital skills and innovation in line with the Strategic Plan.

Our People also conduct annual mandatory training on the fundamental rules of conduct as enshrined in the Code of Conduct, which includes among its minimum standards the promotion of a working environment free from all forms of discrimination or harassment and the promotion of diversity and inclusion within the Banking Group.

Find out more on our Training section.

202020212022
Training hours per employee 48,805 55,145 60,153
Average training hours per employee 51 56 59

Training and Development: Procedure for Evaluating Human Resources

At the Banca Generali Group, we are aware that it is essential to constantly develop our People. Accordingly, performance management has always been a key element of the relationship of trust between Employees and their Managers.

The Group Performance Management, which takes place twice a year, seeks to involve and motivate all our People to achieve important objectives, promoting constant professional development and a culture of excellent performance. The initiative also seeks to ensure that all employees receive structured feedback on their performances and are able to formulate individual professional development plans through transparent, open dialogue.

The semi-annual process consists of six different phases:

  • Self-Evaluation: a phase introduced in early 2023 that promotes greater involvement of Collaborators in the process, in order to make them increasingly active participants. In fact, each Collaborator has the opportunity to insert his or her own qualitative evaluation.
  • Performance Appraisal: the phase of assessment of overall performance;
  • Feedback Dialogue: a structured meeting between employees and their managers during which the focus is on the results achieved and individual strengths and areas of improvement;
  • Individual Development Plan (IDP): a formal document in which specific development actions are defined;
  • Goal Setting: the phase in which the goals for the following year are set.
  • Mid Year feedback: a new phase introduced into the process in 2023 to more fully support and disseminate continuous feedback within the organization. Each Manager defines a mid-year meeting (June/July) with each Collaborator to keep track of the performance, give a feedback on goal achievement and performance, revise, if necessary, the goals entered at the beginning of the year in Goal Setting.

In 2022, 99% of eligible employees received a performance evaluation, confirming the interest of People Managers and all employees in the process, aimed at concurrently creating greater closeness and trust.

Financial advisory training

In order to be at our Clients' side to meet all their household and corporate needs, we have always paid attention to train our Financial Advisor network.

Training plays a fundamental role in developing technical and relational skills and in responding to growing professional challenges.

To ensure a quality training catalogue, we complemented our online training — offered through the BG Lab training platform and available to all our Financial Advisors — with face-to-face classrooms: in 2019, we inaugurated our Training&Innovation Hub in Milan, a dedicated space where most of our training activities are held, in addition to the courses provided locally.

The training programmes for our Financial Advisors are organised based on two main areas:

  • managerial and relationship management training, in support of the role of Financial Advisors and for developing the skills and behaviour that set them apart from the rest of the market;
  • high-profile technical/commercial and institutional training, which takes account of the Customers’ evolving needs over time and the regulatory developments.

At Banca Generali we pay great attention to communication skills, through the provision of several advanced training courses on the subject, dedicated to the entire FAs Network, to support our Financial Advisors in their relationship with Customers. They represent valuable opportunities to learn more about the mechanisms that characterise the relationship of trust, to analyse the decision-making process of customers and the various factors that affect investment choices, with the aim of developing a winning connection/relationship with customers.

Since 2018, we have been investing considerably on sustainability matters, with a view to creating and consolidating a culture linked to sustainable investments among our Financial Advisors and offering our Clients an informed advisory service on ESG investment solutions.

In this regard, in 2022, all of our Financial Advisors took at least two mandatory courses on ESG topics, focused on ESG regulatory updates, responsible investments and the 17 UN SDGs. In addition, we also offer our Network ESG advanced training, which includes a training course carried out, –on an exclusive basis with MIP (Business School of Politecnico di Milano) – and aimed at achieving EFPA ESG Advisor certification, together with training sessions on sustainable finance. At the end of 2022, the percentage of Financial Advisors with ESG advanced training was 23%.

At Banca Generali, we also invest constant attention in developing training courses dedicated to the protection of clients' personal data, in accordance with current data protection laws, to anti-money laundering practices and, in line with technological development, to the prompt in-depth study of Cyber Security issues.

In 2022, a total of 133,072 hours of training was provided at Banca Generali, increasing slightly compared to 2021 (131,867). The average number of hours of training provided to each Financial Advisor was 61, both through classroom sessions and online activities.

 

202020212022
Training hours per distribution network 113,072 131,867 133,072
Average training hours for Financial Advisors network 54 61 61

The enhancement of people, diversity and inclusion policies are an essential element of the Bank’s People Strategy.

For this reason, at Banca Generali we are always attentive to Diversity, Equity & Inclusion (DEI), as factors for union and dialogue within the organisation.

In order to concretely integrate the DE&I values starting from the highest levels of the organisation, in 2018 our Board of Directors approved the Diversity Policy for the Members of the Company Bodies, which is reviewed at least once every two years.

The set of Diversity, Equity & Inclusion principles is also at the basis of the selection and recruitment processes, which are based on impartiality and respect for diversity with the aim of identifying and selecting the best profiles.

 

Hiring under open-ended contracts
97% of total employment (962)
Average age of employees
45 years
Percentage of women
about 50%
New recruitment rate
10% (of whom 42% are women)

Updated to 31.12.2022

Diversity, Equity & Inclusion Initiatives

Diversity

In 2022, the action plans focused on two priorities: Generations and Gender. These are among the principles underlying the selection and recruitment processes, ensuring gender heterogeneity with at least 25% of female short-listed candidates, both internal and external (i.e., the gender least represented in the individual selection), and with particular attention also to under-35 candidates (>60% new hires under 35).

In reflecting the diversity of the Company’s workforce, total equality between male and female employees, particularly at top management level, is preserved and promoted. We guarantee equal treatment also in defining career paths and in terms of remuneration.

Generations

With specific regard to generations, we believe that the coexistence of several generations within the Company is an asset to be enhanced through mutual collaboration. It is therefore important to create a bridge across the different generations to ensure a virtuous co-existence between them, fostering an inclusive culture and talent development. The initiatives carried out in this regard in 2022 were BG Forever Young, BGeneration and BGenerAction.

Gender

In order to enhance female talent and foster the creation of inclusive work environments, a couple of years ago we began organising a series of women empowerment development initiatives. In 2022, we focused on the Bank’s women People Managers.

  • BG Impact People: training for all women People Managers aimed at building and consolidating their own style of leadership, by creating energy and empowerment.
  • Women Empowerment: empowerment and “managerial acceleration” to strengthen identity and personal self-efficacy for a selected talent pool of 20 female People Managers.

In addition, in support of gender equality and the enhancement of the role of women in society and in the business world, we signed commitments for the promotion and enhancement of female talent:

  • Since 2022, we are among the signatories of the Charter “Donne in Banca: valorizzare la diversità di genere” (Women in Bank: enhancing gender diversity) of the Italian Banking Association (ABI). In accordance with the principles promoted therein, we are committed to enhancing our corporate policies according to the equal opportunity principle, promoting an inclusive work environment, open to all the values of diversity.
  • Women&Tech - Association for Women and Technology: we are part of a network of companies and people who pool their skills to realise women’s potential in innovation with the goal of promoting projects and actions against gender stereotypes and discrimination.
  • WEPs (Women’s Empowerment Principles): we are among the signatories of the UN Women’s Empowerment Principles, which set out the business guidelines on which to base tangible actions for gender equality and female empowerment.

Equity

In line with the Group, our ongoing commitment to the elimination of the pay gap is reflected in an integrated approach that includes actions focused on remuneration policies and broader initiatives, which reflect the skills, abilities and professional experience of each employee, thereby ensuring the application of the principle of equal opportunities.

To promote a culture based on equal gender treatment and equal pay, at Banca Generali we participate in and support the Generali Group’s project aimed at identifying the Gender Pay Gap and the Equal Pay Gap, instrumental to developing specific measures to mitigate the gaps identified, with the aim of gradually reducing them.

Inclusion

The culture of inclusion starts from the top, with the involvement of all the top managers in a training path and managerial discussion on Inclusive Leadership and the Next Normal model, which will be gradually extended to all the other managerial levels.

There are also many listening initiatives that involve the entire corporate population with the aim of understanding their perceptions and needs, providing valuable insights for the definition of the Group’s inclusion action plans.

In 2022 as well, the many well-being and work-life balance initiatives carried out fostered the consolidation of a highly inclusive work environment. 

We also constantly guarantee working conditions in a safe, healthy environment, in accordance with applicable laws on the protection of occupational health and safety.

The buildings of the Company and of the Group undergo constant checks to ensure compliance regarding specific architectural constraints and the need to provide all employees with suitable workstations.

With regard to disabilities, this year as well, on the occasion of the International Day of persons with disabilities, we participated in the Embrace Your Abilities | Be All Of You initiative, a webinar that, thanks also to the testimony of a differently abled basket player, made it possible to discuss the topic of disability.

Listening to People and People engagement are key elements for us.

To this end, in 2021, in collaboration with the Generali Group, we organised the fourth edition of the Generali Global Engagement Survey (GGES21). This is a valuable tool for active listening and a major source of useful inputs for setting up new improvement plans and practical actions, starting with the feedback received from our People.

This Survey led to the identification of three key areas of action (Digitalisation, Efficiency and Next Normal) and, in early 2022 the whole population has been involved in two initiatives related to GGES2021:

  • a cascading activity regarding the results achieved for all our People, with active discussion within each structure of the Bank on what was identified and the definition of team actions;
  • BG Challenge”, aimed at involving all our People in submitting ideas to support the 3 priorities defined. 18 ideas were presented and all employees voted to select the best 3, which are currently under development (BG Maps, BG Collector and Benvenuto in BG).

Another initiative aimed at listening to our People was the first Pulse Survey, held in October 2022 and aimed at understanding how people are within the organisation, especially in this historic moment of cultural change when new hybrid ways of working are adopted. In early 2023, team-level meetings were held to share and compare the results of the Pulse Survey.

In 2022, a sample of our People and our Financial Advisors was also involved in a sustainability survey aimed at measuring the ESG sentiment, gathering feedback on the ESG projects underway and on the priority/relevance of material topics so as to update the materiality matrix in 2022

The “Welcome Program” project was also activated for all Banca Generali’s new Financial Advisors. It includes two face-to-face days within the Training & Innovation Hub in Milan, during which they meet the Heads of the main Departments, who talk about the universe of services, products and solutions offered by the Bank, so as to allow the Financial Advisors to oversee the needs of customers even more effectively.

Our remuneration policy is in line with market practices and regulatory requirements. Its principles are applied within the Group, taking into account the type of business and the local regulatory requirements.

Our Bank offers gender-neutral remuneration in line with the market, benefits and additional incentive systems aimed both at improving people's quality of life and at valuing, on a meritocratic basis, the performance and the achievement of specific objectives.

The Banca Generali Banking Group’s Remuneration and Incentive Policy has been defined with the aim of attracting, motivating and enhancing all individuals with the professional qualities required by the Group’s activities. Incentive systems are based on the principles of fairness, equity and meritocracy.

The remuneration strategy must be defined imperatively in line with the Vision of the Banking Group, its values and governance and the strategy adopted, whose priorities include sustainability and people enhancement.

Accordingly, one of the primary objectives of the remuneration policy is to adequately reward sustainable performance.

More details are available in the Remuneration Report.

Benefit & Welfare

All the employees of the companies Banca Generali, Generfid and BGFML — regardless of their classification and contract type — enjoy a series of benefits, the cost of which is normally fully borne by the Company. The benefits offered relate to numerous aspects of welfare and include: healthcare, supplementary pensions, financial compensation in the event of death, permanent total disability and dread disease, professional accident policy, the welfare option for the company bonus, pure welfare, and employee mortgage renegotiation option.

In this context, work-life balance plays a key role for our Bank, in line with the central role played by people.

The so-called Smart Working Next Normal, introduced with an agreement signed in October 2021 and starting from April 2022 (end of the state of emergency), has actually been recognised as an opportunity for increasing our employees' satisfaction and improving awareness of the importance of work-life balance. In the year, all employees falling within the eligible corporate functions (all functions in Italy with the exception of front-end functions operating with customers and logistics support functions) signed the agreement and used this new work model, in line with the sustainability targets identified in the 2022-2024 Strategic Plan.

Other fundamental aspects of the Next Normal agreement concern the right to disconnect (made explicit by restricting meetings to the 9:00-18:00 time slot, excluding lunch breaks), the provision of meal vouchers even on remote working days (an improvement on the provisions of the CCNL for the credit sector) and a one-off bonus of 300 euros gross per annum.

Our Bank also ensures benefits linked to reduced hours to meet the needs of employees or their families such as, for example, the birth or adoption of children. Besides the right to take periods of leave as set forth by law, the Bank entitles all employees to paid leave for health reasons and at their discretion, in addition to the mandatory maternity and parental leaves, and the use of childcare facilities both within the Company and in private facilities with which Banca Generali entered into special agreements.

Find out more in the Work-life Balance section.

The Banca Generali Group always observes trade union rights and freedom, with regard to both corporate and local trade union organisations and individual employees.

In particular, the Internal Code of Conduct recognizes our People's right to freedom of association and collective bargaining.

At the end of 2022, the rate of membership (employees registered with unions compared to the total workforce in Italy) was 32% (32% in 2021 and 33% in 2020).

93% of employees is subject to social and national legislation and the provisions of the National Collective Labour Agreement (CCNL) for the credit sector or for credit Managers. The sole exceptions are the employees of BGFML, BG Valeur S.A. and BG Suisse S.A., to whom the local legislation applies.

Trade union relations are conducted in line with the provisions of the law and collective bargaining (CCNL for the credit sector and Company Supplementary Contract – CIA).

In particular, the system of trade union relations is developed through trade union meetings of an informative and advisory nature, in addition to an actual negotiation process aimed at allowing trade unions to express their role within the Company.

In 2022, the commitments were met to addressing, through technical roundtables, the issues of work-life balance and mortgage, loan and current account concessions, as provided for by the Supplementary Company Bargaining Renewal Agreement (CIA) signed at the end of 2021.

As we have always been sensitive to environmental sustainability and social responsibility, to cope with the energy crisis we have participated in the extensive and structured energy saving plan launched by the Generali Group at HQ offices (Smart Working/Energy Crisis Agreement) in line with government and EU guidelines.

In addition to these absolutely key issues, one of the most valuable space for dialogue is the so-called “annual meeting” of the CCNL for the credit sector, where the Company and trade unions discuss strategic perspectives (financial and business performance, main balance sheet data, new markets and products), the HR structural profile (data on total workforce and the main occupational/operational trends) and HR quality (data/information about performance appraisals, rewards and training).

The Supplementary Company Bargaining Agreement (CIA) includes specific provisions on important issues such as healthcare, supplementary pensions, economic indemnity for death and permanent total disability and professional accident policy. It also governs some organisational aspects relating to working hours (part-time contract for new mothers, flexible working hours, additional leave for medical/health reasons).

Since it is the result of collective bargaining, it applies to all employees in the white collar and executive categories. The only exceptions concern employees with fixed-term contracts, who cannot access the benefits regarding first home mortgages, personal loans, and one-off welfare payments.

Moreover, in implementation of the National Collective Labour Agreement, the activity of Fondazione Prosolidar, which is involved in solidarity projects at an international level, was promoted, and saw the participation of more than half of employees.

In considering the physical safety of its workers to be a priority, our Bank constantly guarantees working conditions in a safe, healthy environment, in accordance with occupational health and safety legislation in force and in compliance with all specific legal requirements applicable to Italian companies.

The necessary provisions are constantly applied with the specific support of a team of professionals from a third-party firm, which carries out its activities by collaborating with the Generali Group so that procedures/methods/rules are uniformly applied. The firm has been engaged by Banca Generali through a security outsourcing contract.

The activities of the firm appointed to the task by Banca Generali are constantly monitored through specific SLAs/KPIs, as part of the duties of the company Head of the Prevention and Protection Service (RSPP) and the person responsible for health surveillance.

Find out more details in the Annual Integrated Report.