MUST’s Internship Programme serves as a crucial pipeline for new talent and provides mentorship opportunities for existing employees. Through our Internship Programme, two interns were hired between April 2024 and August 2024 to work alongside the investor relations team and sustainability team on areas covering ESG, digital marketing and analysis. We remain dedicated to fostering young talent and will continue collaborating with tertiary institutions to recruit and develop promising individuals. Performance Management Our compensation philosophy is rooted in the principle of pay for performance. We link employee compensation to the achievement of the REIT's objectives, including ESG initiatives. This approach motivates employees to pursue goals that align with creating value for the business. We have implemented a performance management system that regularly assesses employee progress through bi-annual self-performance reviews and managerial feedback. In 2024, we successfully completed performance and career development reviews for 100.0% of our employees across all job levels. These reviews provide a platform for employees to engage with their supervisors, set targets, identify areas for improvement, and explore career advancement opportunities. To foster a high-performance culture, we evaluate employees using a performance appraisal system that assesses the achievement of objectives aligned with behavioural expectations consistent with the Group's core values. Sustainability is integrated into all employee performance evaluations, with metrics linked to ESG goals such as investor engagements, sustainability initiatives, and governance. A full breakdown of our training, performance, and career development reviews data in 2024 can be found in the Appendix: 2024 ESG Data Summary. Employee Engagement To cultivate a highly engaged workforce, employees volunteer to organise team-building activities, gather feedback, and suggest improvements for the work environment. In 2024, regular engagement sessions were held over lunches and tea breaks, where senior management interacted with employees at all levels, sharing business updates over informal breakfast meetings. These engagement initiatives are inclusive, involving both full-time and part-time employees. We also maintain ongoing open dialogues with employees at all levels throughout the year, using both online and in-person channels to explore ways to enhance employee engagement. Feedback from our annual employee engagement survey is shared with employees, and we identify areas and plans for improvement based on this input. Manulife's global digital platform, Podium, enables employees to recognise and reward colleagues who demonstrate exceptional effort and results in their work. This platform enhances engagement opportunities and helps create a workplace culture focused on recognition and appreciation across the entire organisation. To recognise exemplary individuals for their outstanding achievements, Stars of Excellence was established within Podium for employees to nominate these remarkable individuals who are passionate, dedicated, and have a positive impact on those around them. Employee Health and Well-being With support from the Group, various initiatives were introduced to promote the well-being of our employees and their families. These include free health screenings, educational talks on topics such as cyber wellness, psychological safety and self-awareness, as well as special discounts to local attractions for employees and their families. These activities highlight Manulife's commitment to prioritising employee physical well-being and are designed to help them address potential life challenges while encouraging quality family time. We remain committed to enhance productivity, increase employee satisfaction, and retain top talent, ultimately contributing to organisational excellence. At MUST, we place a high value on employee well-being, recognising its crucial role in fostering a positive work environment. We have introduced several wellness initiatives that are open to part-time employees and interns. The "Eat with Your Family Days" initiative promotes work-life balance by providing opportunities for employees to spend quality time with their families. We also organise regular "Fruits Day" events to encourage healthy eating habits among our team members. Hybrid work arrangement remains offered to all employees for the Reporting Period. This approach aims to empower our employees to balance their professional responsibilities with personal needs, promoting work-life equilibrium and enhancing overall job satisfaction. We believe this flexibility not only supports our employees' well-being but also contributes to their ongoing success within our organisation. Encouraging Stock Ownership MUST employees have the opportunity to participate in Manulife's Global Share Ownership Plan (GSOP), a programme designed to encourage employee ownership and alignment with company growth. Through this plan, employees can invest up to 5.0% of their annual base salary in Manulife Financial Corporation (MFC) common shares. MFC offers a matching contribution, up to a specified limit, as a percentage of the employee's investment. All funds are used to purchase common shares on the open market, and these shares are immediately vested, giving employees instant ownership and a stake in the company's success. This initiative garnered a favourable response from our employees. In 2024, 56.3% of MUST’s employees participated in the GSOP. 68.8% of MUST’s employees are registered in employee stock schemes, including those who were given restricted share units under the Long-Term Incentive Scheme. Respect for Freedom of Association At MUST, we uphold our employees' right to freedom of association and trade union membership. While MUST itself is not unionised, we operate in accordance with Singapore's Industrial Relations Act. This legislation provides our employees with the option to be represented by trade unions for collective bargaining purposes. This framework offers our employees a channel through which they can seek resolution in the event of any disputes. ANNUAL REPORT 2024 | 89
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