Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 123

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 123
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 remaining unchanged from 2023. Following our accreditation as a global living wage employer in 2024 we have continued to work with the Fair Wage Network, which provides an independent source of wage levels. HSBC has achieved accreditation as a global living wage employer in 2025 in respect of the next two years. A living wage should be sufficient to cover an adequate standard of living given the cost of goods and services in each country in which we operate. We will continue to review all wages globally against local living wage benchmarks. For our UK suppliers that have staff working within the UK, we seek to encourage them to pay at least the living wage. For further details of our approach to workforce reward, see page 332 . Recognising colleagues’ success We believe in recognising our colleagues’ success and have a number of mechanisms to help enable colleagues to be rewarded for their work. In 2024, we introduced performance routines, to encourage our colleagues to talk about their ambitious goals throughout the year. This is complemented with improving the exchange of feedback, so colleagues know how they are doing and how they can improve. These activities are brought together through performance check-in conversations at the year-end, with a simplified approach to performance assessments. These changes were communicated to over 215,000 colleagues in 59 markets at the beginning of the year. Our Pay and Benefits survey measures several factors, including our colleagues’ understanding of performance routines, with 76% reporting a ‘good understanding’ of how to practice them. In our Snapshot survey, 87% of colleagues reported that they had a clear understanding of what is expected of them and 94% of colleagues said they have had at least one performance check-in conversation with their manager. Variable pay allows us to recognise the performance and behaviours of our colleagues. In 2024 we introduced ‘Target Variable Pay’ to 150,000 colleagues in 47 markets. We have supported managers in their understanding of the changes, with nearly 18,000 people managers attending training. Changes to our pay structure provide more clarity and transparency on how we make pay decisions and how performance impacts variable pay, helping colleagues understand how they contribute to the performance of the organisation. Our ‘At Our Best’ recognition platform offers employees the opportunity to recognise their peers for role model behaviours linked to our values. In 2024, our colleagues recognised one another over 1.5 million times, up three percentage points from 2023. Managers are also encouraged to recognise colleagues’ service anniversaries every five years up to 30