Lendlease Annual Report 2024

32 Lendlease Annual Report 2024 Our people A focus has been on retention of key talent in a time of challenging financial performance Our people strategy brings our purpose- led business strategy and culture to life. A key focus has been strengthening our performance culture with a relentless commitment to improving financial results anchored by our values. We invest in learning and careers focussed on key talent in our Investments, Development and Construction segments, as a retention tool in a year of difficult financial performance. We remain committed to growing and retaining our diverse talent, in a culture where people feel valued, belong and have an opportunity to thrive. Our focus areas: • Culture • Leadership • Learning • Careers The principles we will never compromise on are: • A physically safe workplace • A psychologically safe work environment where wellbeing is a priority. Culture: Relentless commitment to improving performance, anchored by our values Our values are critical. They drive the way we interact and create an environment for our people to deliver for our customers and communities. We have focussed on continuing to build a performance culture where our people understand the drivers of our financial performance and how they can have an impact. Through our key senior leaders across the globe, we continue to focus on the transparency of current performance in Australia and offshore and clarity of the work to be done to deliver to all stakeholders. We're listening to our employees, formally through our employee engagement survey, as well as informally. Our recent global engagement survey had an 85 per cent participation rate, indicating our people care about Lendlease and how we can continually improve. High participation was supported by the ease of completing the survey, following a shift to a new model delivered through our existing employee platform, which has enabled speed, efficiency, cost saving and a better experience for our people. For this year of transition, we have reported our scores in both the previous and new models, and going forward will report using the new model. Our engagement score decreased by 1 point (using the previous model); especially in the offshore markets, where it decreased by 4.6 on average, reflecting the difficult operating environment. Over the same time period, global benchmarks also declined. Our continued focus on retention strategies, especially learning and development has helped achieve only a modest decrease in our engagement results and has been key in retaining our talent in these challenging times. The lowest scoring areas of employee feedback were business strategy, personal growth and autonomy. Our guiding principle of Safety continues to resonate with our people and remains among our top performing areas. Our focus in FY25 will be on our financial performance, championing our values and providing targeted learning and development to improve the employee experience for key talent at Lendlease. Leadership: A strong and diverse succession bench Succession planning is a continuous focus and all key leadership roles have one or more identified successors. Fifty per cent of those identified successors are ready to move into the leadership roles in the near term. Key to this is prioritising the development of our top talent through a robust assessment process to inform development needs. We are committed to enhancing gender diversity within our leadership cohort, with women currently occupying 26 per cent of leadership positions. Through our recent engagement survey, we have collected cultural demographic data which will inform and drive our plans and targets in this space. Learning: Investing in building capabilities Our global leadership programs have been successfully implemented across all regions, with 415 participants globally over the FY24 reporting window. These programs aim to develop leaders who are contemporary and inclusive, at every level and region. Values-based decision making learning has been conducted for our leaders and will be extended to all employees, to ensure our people prioritise the ‘how’ expected in achieving financial performance. Our Ignite and Mosaic programs, which foster sponsorship of diverse talent by