Achieving our strategic priorities

Achievement of our strategic priorities is dependent upon our ability to attract, develop, motivate and retain talented employees. To facilitate this, our objectives are:

• to create an environment where employees are well motivated and have a strong belief in the Group, its strategy and its core values;
• the retention and development of our people who are critical to the business;
• well constructed and fair reward systems which incentivise superior performance and align employees’ and shareholders’ interests;
• to ensure continual improvement of the skills and competency of our employees at all levels and across all disciplines;
• to match the right people to the right roles and take action where there are gaps; and
• to empower our people to maximise their potential.

Key to our achievement of these objectives is:

• regular and effective communication;
• a clear, performance orientated appraisal and remuneration process; and
• a structured staff development and training programme.

Our team

Our team brings together specialist skills used to manage our portfolio on a building by building basis to ensure the achievement of our strategic priorities.

Investment management

Our Investment Management team are responsible for sourcing the new assets through acquisition or the creation of new joint venture arrangements. The team generates reports on, and executes strategies for existing assets within the portfolio, including hold/sell decisions and works closely with the Asset Managers and Development Managers in respect of the individual asset business plans. During the year, our Head of Investment Management joined the Executive Committee as investment Director and an additional Investment Manager was recruited to help to seek out and evaluate suitable investment propositions.

Asset management

Our Asset Managers and Head of Leasing are responsible for the net income return of our assets and the efficient day-to-day operations of our buildings. Actively engaging with tenants in respect of their changing needs, they ensure timely discussions in respect of new lettings, renewals and rent reviews. In conjunction with the Development Team they help to ensure that vacant possession can be achieved for the proposed timing of our developments, wherever possible relocating tenants to other buildings within our portfolio. Our Asset Managers also involve our Head of Financial Reporting and Analysis, to review the strength of prospective tenants’ covenants. With a growing number of assets under management, an additional Asset Manager was recruited during the year.

Part of the way we consider that we are best able to serve our tenants is through our in-house building management team with regular inspections of our buildings to ensure consistently high service levels and, with a dedicated help desk, enable emergency and minor repairs to be undertaken on a timely basis. The Building Managers also liaise closely with both our Health & Safety Environmental Manager and Facilities Manager who undertake site visits with the Building Managers on a rolling basis.

Development

Refreshing the fabric of our portfolio is an essential part of the life cycle of our assets, and our Development Team manage this process from small scale refurbishments to large scale redevelopments. The Development Managers’ primary responsibility is for the delivery of development projects in accordance with an asset’s business plan including negotiations with the relevant planning authorities, and liasing with the Project Managers on the procurement process. Our Health & Safety and Environmental Manager and Head of Leasing are involved early in the process to ensure health and safety issues are managed effectively and that tenant requirements are appropriately incorporated into the design with letting campaigns timed to ensure maximum impact. In preparation for our growing development pipeline, in March 2010, we recruited an additional Development Manager. The Group’s Project Managers and Building Surveyors working on both new builds and the Group’s rolling refurbishment programmes are responsible for the procurement process, budgetary and documentary control and monitoring requirements with statutory authorities and legislation and resulting efficiency of the completed buildings/works. To increase the efficiency of our buildings, the Project Managers and Building Surveyors work closely with the Asset Managers and our Energy Manager to identify where improvements can be incorporated in current works or planned into future works and each development is continually reviewed throughout the project to identify ways to maximise efficiency and promote sustainable resource use. Our Development Accountant works closely with the Development and Project Managers in the monitoring of costs and reporting on the financial performance of Group’s development and major refurbishment projects.

Finance

The Finance Team incorporates a variety of roles from pure accounting to the provision of insurance for our tenants and it supports all aspects of the wider business. As part of our in-house property management service, our Service Charge Accountant generates the annual service charge budget and reconciliations with input from the Asset Managers, Building Surveyors and the Health & Safety and Environmental Manager. Our Insurance Manager ensures that our tenants benefit from the economies of scale achieved from our insurance policy buying power communicating with the Asset Managers and the Development Managers as appropriate. Our Accounts Payable team ensure that our suppliers are paid in accordance with the terms and conditions agreed between the Company and the supplier. Our Credit Controller carefully monitors the Group’s cash collection and liaises with the Asset Managers where appropriate in respect of individual tenants. Working closely together, our Head of Financial Reporting and Analysis, Group Financial Controller and Joint Venture Accountant ensure timely reporting and liaison on the Group’s activities, both internally and externally, and liaise with our Head of Tax and Treasury in respect to the Group’s funding and hedging arrangements. Our Tax team is responsible for the Group’s tax compliance and reporting requirements and play a key role in the acquisition and disposal of properties with the Investment Management team. Our IT team provide support across the Group and are responsible for regularly reviewing the Group’s business continuity plan.

Our Company Secretarial team has responsibility for ensuring that proper corporate governance processes are in place for the Group and its joint ventures together with the co-ordination of the Group’s corporate social responsibility activities. The team also has responsibility for all of the human resources related functions of the Group working to ensure that the Group’s policies and procedures and appraisal process are effective.

Retention, remuneration and training

A significant proportion of remuneration for all employees is performance related, based on both corporate targets and personal objectives, with the intention of aligning the interests of our people with those of the Company and its shareholders. We are pleased that our overall retention rate remains high at 94% per annum, excluding redundancies and retirements, with 16% of employees enjoying some form of flexible working practices including reduced and variable hours.

The Company is committed to equal opportunities. Performance reviews are undertaken every six months. For 2010/11, a formal review of training has been undertaken by the Executive Committee to ensure that a training programme of both external courses and in-house seminars is available to employees to help to maximise employees’ potential and contribution. The Company encourages career development through the provision of relevant training with funding and study leave to support professional development, including formal training for professional qualifications, external degrees and vocational skills. During the year to 31 March 2010 £21,910 was invested in formal staff training providing 1,302 hours of training. Training programmes provided during the year included business related topics, key risk areas and personal skills development.

Training statistics

Average number of days training per employee

Year ended 31 March 2010: 2.69

Year ended 31 March 2009: 2.38

Year ended 31 March 2008: 2.00

Average spent on training per employee

Year ended 31 March 2010: £317.54

Year ended 31 March 2009: £627.88

Year ended 31 March 2008: £610.95

Communication

Meetings involving all employees are held on a quarterly basis to keep everyone up to date and involved in the Company’s plans and activities and act as a forum for the Executive Directors to answer questions. Weekly meetings are held both across and within departments to ensure good communication throughout the Group. Meetings with non-office based personnel are also held weekly to ensure their involvement and to encourage the sharing of best practice. Key personnel from the finance, asset management and development teams are invited to provide their views to the Executive Committee at its weekly meeting on areas such as credit control, marketing to tenants, investment transactions and opportunities and development appraisals. From time to time, Senior Managers are also asked to present to the Board and Audit Committee on a variety of topics.

Employees are involved at all levels in the development of the Company’s operating policies.

Download our 2010/11 people sustainability and CR objectives and targets

Download our progress against our 2009/10 objectives and targets

Download our 2009/10 people objectives and targets

Download our progress against our 2008/09 people objective and targets

Download our 2008/09 people objectives and targets