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Performance Management Process

Our approach

Regular performance and career development reviews are a critical element of our strategy to retain, motivate and develop our staff. It is through regular discussions between employee and supervisor or manager that opportunities for development are identified as well as opportunities for recognising and nurturing talent for career progression. The Performance Management Process also provides transparent compensation and reward decision-making using clear individual objectives and job responsibilities. Each of our businesses adhere to the group’s Performance Management Process and adapts the approach locally to suite their population. All Managers are covered by a formalised scheme.

Values and competencies

During 2007 we launched a set of common Core Competencies based on the Group's Values and designed specifically for the business. These set out the ethical behavioural standards that we encourage and expect of group employees. The Group values are underpinned by specific competencies and behaviours:

Image of a chart showing Richemont values and core competencies.

These Competencies form a core part of personal development plans for our employees.

Managing the performance

To share these core Competencies with the business we conducted a communications exercise around our Performance Management Process, driven by our Human Resources function. New toolkits were provided to colleagues including:

  • manager and employee handbooks
  • an innovative, user-friendly database in three languages providing examples of what each of the values and competencies might look like in everyday work scenarios. The database also provides ideas for training employees on the nine core Competencies including self-directed learning and external training.

During 2007/08 we carried out a coaching day with senior executives on these values. Around 70 training sessions were carried out with 500 managers across our operations. The training covered the Performance Management Process including how to assess the nine core competences and how to support employees in building their personal development plans.

Our aim is to communicate these values to all our employees over the next year and embed them within our appraisal process.