Listening to our employees is an important part of creating a culture that encourages collaboration, inclusivity and diversity of thought. We leverage surveys to gauge employee satisfaction and identify areas where we can improve. Historically this included a biannual engagement survey (last conducted in 2019) and has now shifted to more frequent pulse surveys. Overall, our survey results show that we have a very engaged workforce who are satisfied with their experience at Invesco. Our continued low voluntary turnover rate reflects the positive experience we strive to provide our employees.
In an effort to maintain real-time awareness of employee sentiment and engagement during rapid changes, we implemented a pulse survey approach beginning in April 2020. We launched four quarterly Pulse Surveys in 2020, plus a fifth for caregivers, to gauge employee well-being overall and provide insights on our COVID-19 response.
Continued low voluntary turnover
|Total employees as of year-end||7,290|
|New employees hired in reporting year||1,087|
|Employee voluntary turnover in reporting year||8.69%|
|Total employees as of year-end||8,514|
|New employees hired in reporting year||1,393|
|Employee voluntary turnover in reporting year||9.09%*|
|Total employees as of year-end||8,444|
|New employees hired in reporting year||960|
|Employee voluntary turnover in reporting year||6.48%*|
* In 2019 we acquired OppenheimerFunds and experienced a slight increase in voluntary turnover.
Throughout the year, we added new topics to our Pulse Surveys. For example, our May survey focused on returning to the office; our July survey added questions regarding social and racial justice; and our November survey included questions on the impact of long-term remote work and isolation. One recurring theme from Pulse Surveys in 2020 was that employees felt Invesco prioritized their well-being, yet they still felt stress around COVID-19 and other external factors. Insights from these surveys help us to identify where we are doing well, where we can improve, and are also helping to inform our 2021 D&I action plan.
Active performance feedback
In 2020, Invesco shifted from a traditional annual year-end performance review process to one that includes quarterly check-ins. These streamlined check-ins enhance listening between employees and managers and provide more opportunities to share feedback and update performance and development goals. This new process was successfully rolled out during the pandemic and proved invaluable as active listening became even more essential among employees working remotely.