Tesco 2011 Annual Report Download - page 49

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In Malaysia, we have launched our Finance Graduate Programme.
Building on the knowledge gained from our UK Finance Graduate
scheme, the Malaysian programme was launched to support our
ambition of becoming an employer of choice for Finance in the country.
By supporting and developing local graduates, we can also support the
development of our Finance capability in Asia.
Rewards and benefits
Our people do a great job for our customers and we want them to
feel valued and rewarded. We believe that staff rewards should be
competitive, simple and sustainable to build trust and loyalty amongst
our employees and assist with hiring and retention. We invest in pay
and, in the UK, we have the highest basic pay rates for customer
assistants of any major supermarket. All of our staff move to higher
rates of pay within a year of joining our business.
Across all of our markets, we offer a wide range of competitive benefits.
In the US, for example, we pay at least 75% of medical, dental,
prescription and vision costs.
Our staff Clubcard launched in Thailand and Malaysia this year with a
positive reception from our staff, and we are planning to introduce the
staff Clubcard into two further countries later this year. The card offers
a discount to staff when they shop in our stores.
In the UK we have a defined benefit pension scheme which is greatly
valued by our staff and rare among FTSE 100 companies. Our UK
pension provides people with an annual income at retirement as well
as benefits on ill health and death based on their pay and service.
Last year we invested over £270 million in our UK staff pensions.
Share ownership incentive schemes help our staff to get their own
personal stake in Tesco. 216,000 staff shared a total of £105.5 million
when the Shares In Success scheme matured in 2010.
TESCO ACADEMY
Our zero-carbon Tesco
Academy centre in Incheon,
South Korea, will open in July.
To read the Annual Report online:
http://ar2011.tescoplc.com/
DEGREE PROGRAMMES
In a number of our markets,
we provide our people with the
opportunity to study for a degree
while they work.
In the UK and Ireland, we provide
the opportunity for employees
to complete a Retail Foundation
Degree. This is a two-year retail
degree undertaken by staff
members in association with
Manchester Metropolitan
University. The first pilot group
of 17 employees began their
courses in 2007 and graduated
in 2009.
These students spend several
days at university at the
beginning of each term and
the rest of their studying is
either conducted online, by
telephone or via email. This way,
they earn while they learn, with
Tesco paying all their fees. Given
that university fees are now
much higher in the UK, we
expect the popularity of this
scheme to increase dramatically.
Over the past two years, 56
students have graduated and
over 60% of this population
have progressed to a higher
managerial role.
Building on from the success
in the UK and Ireland, in 2008
in Turkey we launched a Retail
Programme in collaboration
with Izmir Economic University.
Whilst they are studying,
students complete vocational
training with Tesco Kipa, which
ensures them a guaranteed job
with us after their graduation.
In Turkey, unemployment for
young people is especially high
so the guarantee of a job at the
end of the programme makes
a real difference.
60%
of those who have completed
a Retail Foundation Degree
have progressed to a higher
managerial role
OUR FIRST NATIONAL VALUES AWARDS CEREMONY
We want our people to feel
valued for the work which they
do. In our business, we have
Values awards which are given
to colleagues to say thank you
when they have gone the extra
mile in their work.
Last year, we had our first ever
Values Awards Ceremony in the
UK. The ceremony recognised
the exceptional contributions
made by colleagues from all
levels across the business. 60
finalists attended the event
from over 6,000 nominations.
The nominees were put forward
by colleagues in a variety of
categories from ‘Snow Hero’ to
‘Being first for customers’. The
event was a great success and
will be repeated this year.
TESCO PLC Annual Report and Financial Statements 2011
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45
Overview Business review Governance Financial statements