Fair and performance-related remuneration
In the long term, we can only maintain and enhance the high quality of our work if our employees are satisfied, and so we offer our staff first-class conditions. These include fair, performance-related remuneration that ensures everyone is treated equally in terms of opportunities and recognition.
Our pay structure is designed to foster the success of each individual and of the Group as a whole. Our internal remuneration systems have to be fair, transparent and flexible because they, among other aspects of our HR policy, are designed to motivate our staff and foster their loyalty. Consequently, our revised reinsurance HR programme includes flexible remuneration structures that give greater weight than before to the individual employee’s personal performance and our financial success.
Sharing corporate success
Our remuneration models and incentive systems are linked to agreed objectives, based on the function involved, and take financial results into account. They are made up of two components: in addition to a sound basic salary, employees are paid a variable component based on their own personal performance and the success achieved by the workforce as a whole. Performance-related remuneration is thus based on individually agreed objectives and performance-assessment interviews. Constant revision and updating of our all-round remuneration system is also a key factor in successful value-based management.
At our offices in Munich, the Company Result Bonus (CoRe) has been introduced as an annual remuneration component for reinsurance employees. This allows all employees to share in the company’s success and ensures that good overall performance is reflected in salary. The CoRe Bonus rewards special effort at all levels, and places greater responsibility on the individual manager.
Setting an example
A modern, successful company must take the needs and values of its staff into account and align them with its corporate objectives. Additional benefits are a long-standing tradition at Munich Re (reinsurance), ERGO and MEAG, great importance being attached to them. They are part and parcel of our overall remuneration concept and mirror our corporate culture. The attractive package we offer includes membership of our company pension scheme, one of the key pillars of retirement provision. Munich Re and ERGO are also members of the German insurance employers’ association and have signed the respective collective bargaining agreements.
Munich Re’s basic value-oriented approach includes providing adequate remuneration for students and graduates and offering them the best opportunities for making a successful start to their career. In addition, Munich Re has joined the Fair Company initiative, which is committed to providing fair internships and offering real opportunities for graduates.
