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Introduction
Introduction
We have three objectives for our People Strategy: 1. To develop high-performing individuals and teams, the core assets of a high-performing company; 2. To drive employee energy and engagement, particularly by creating a workplace that is inspired and inspiring, diverse and dynamic, innovative and fulfilling; and 3. To align this energized and engaged workforce with our basic strategy and other elements of The Bausch + Lomb Way to deliver business results. To accomplish each of these objectives, we will continually measure the success of our People Strategy, making adjustments and improvements as they are needed along the way. The strategy is designed to grow and evolve along with the needs of our company and our people. Bausch + Lombs global Human Resources team works with senior management to develop the framework and drive the evolution of the strategy. However, every colleague at every level owns it and plays a key role in its success. We will continually measure progress against the People Strategys objectives using a variety of means, including Employee Willingness to Recommend and a dashboard of key performance indicators.
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Some of the actions we are taking in this area include: Employing a global approach to hiring the best talent by maximizing our capabilities and building on our existing resources. This begins with ensuring that we have a complete picture of the talent that already exists within our company. It also means expecting that all new hires meet or exceed performance expectations in the first 12 months of their employment with the company. Implementing consistent global orientation for all employees, across geographies and business units, to ensure alignment and understanding of our companys history, businesses, customers, products, culture, and expectations. We will supplement our global approach with necessary local orientations. Instituting functional competency models to help ensure that our people have the knowledge and skills required to successfully carry out their jobs. In many cases, we will establish these competency models across business units and regions, so that we continue to work as one Bausch + Lomb, achieving excellence in a consistent and effective manner.
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Some of the actions we are taking in this area include: Instituting a talent management process in all business units, functions, and regions, so that our people are ready to take on new and challenging responsibilities as soon as they become available. Talent management includes identifying critical roles and key talent; assessing strengths, opportunity areas, and potential; and ensuring that employees maintain a current profile of their past experiences and skill sets, so that we may identify and leverage our internal talent. Continuing to develop and improve front line manager competency by equipping these managers with the skills to better engage and motivate their workforce. Expanding the learning and development resources within Bausch + Lomb University to provide training for all employees, regardless of their current role, level or region. These offerings will include role-based needs as well as general education, such as our Eye Science training, arming each and every employee with a clear understanding of our customers top concern their eyes. In addition, we will deliver experiential learning through programs such as WorkSmart and other project-based assignments. Establishing a mentoring program, benefiting both the mentor and the mentee through sharing of knowledge and developing new skills. With increased awareness of talented people throughout the organization, we will continue to build bench strength for succession and accelerate development across the company.
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Some of the actions we are taking in this area include: Striving to become a great place to work by reaching out to our workforce to learn what Bausch + Lomb can be doing better and how we can foster trust at our company. This process will result not only in gathering feedback from our employees, but also in implementing their suggestions for improvement. We are also engaged in a series of other programs, including health and wellness initiatives and bettering the life-work balance of our employees. Strengthening the employee value proposition by energizing and leveraging the Bausch + Lomb brand. Our company has a tremendous history and legacy, which we translate into real value. Our goal is for our existing employees worldwide, and prospective employees wherever they may be, to see the real value in being a part of Bausch + Lomb. Improving internal communications by strengthening the communication process to ensure that we are always letting our employees know where we stand and where we are heading. As an example, Bausch + Lomb will continue to hold regular global employee meetings where staff worldwide can hear from the senior leadership team on how our company is doing and the prospects for future success.
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Valuing our people also means ensuring that every employee is treated well and equitably regardless of where in the world they may work, or what role they may hold in the company. In order to accomplish this, we benchmark high standards for our employee programs across the globe, and support our employees with a range of initiatives that improve their quality of life. Likewise, valuing our people means finding new and meaningful ways to reward talent, as well as contributions that go beyond ordinary expectations. Each of these areas provides our company with opportunities to demonstrate our commitment to our people, reciprocating their commitment to Bausch + Lomb. Some of the actions we are taking in this area include: Continuing to build a more diverse workforce, including through additional diversity in our hiring and encouraging the development of employee networks. Adopting a key talent retention strategy, in which we identify key positions and talent globally and seek to retain all of these individuals. Leveraging our performance management process to acknowledge that most of our people are meeting their objectives within our company and to regularly let them know how they are performing and what they need to do to keep improving. Instituting organization-wide recognition programs and other compensation offerings, so that each and every employee has a balanced reward package connected to their individual performance and to the companys performance.
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www.bausch.com Bausch + Lomb World Headquarters 1400 North Goodman Street Rochester, NY 14609 t: 585-338-6000 f: 585-338-6007
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