ENVIRONMENT OF RESPECT AND EMPOWERMENT
Moscow Exchange Group recognizes the important role of employees in the successful achievement of its goals and its consistently high reputation on global financial markets. The Group places great emphasis on professionalism: employees are expected to successfully achieve the companies’ objectives in finance and IT. Therefore, HR strategies prioritize training and development, personal growth, well-being, and comfort in the workplace.
The Group fosters a strong corporate culture, which covers gender equality issues, labor rights, and human rights. It is continuously improving its incentive and social programs, and encourages employees to maintain good health. All employees can communicate their opinion on various matters to their employer; they can have a say in internal regulations, practices, and business processes in line with their competencies. All this helps the Group in solving tasks on an international level while building the country’s financial market infrastructure.
Employee engagement and efficiency
Key HR policy objectives
The Human Resources Policy of Moscow Exchange Group sets the following key objectives:
- engagement, motivation, and retention of high-end professionals;
- provision of opportunities for continuing professional development;
- creation of an atmosphere facilitating realization of employees’ potential and achievement of the Group’s strategic goals.
The Supervisory Board of Moscow Exchange considers issues associated with HR management, identifies strategic objectives in this area, and monitors the achievement of corporate goals. Among the matters considered at meetings of the Supervisory Board are:
- approving key HR policy documents, including the Long-term Incentive Program;
- setting annual corporate goals that cascade down to senior management and line employees, and monitoring their fulfilment.
Moscow Exchange Group is strongly focused on the opinions and motivations of its employees in order to maintain a positive social climate in the workplace, as well as to encourage staff to have a keen interest in operating results (for more details about the specific measures taken, see the sections “Employee remuneration and motivation” and “Corporate culture”). Monitoring is carried out in the form of an annual comprehensive study of employee engagement.
An index reflecting employee motivation and the productivity of the working environment in a department
An index reflecting the commitment of employees of the company
The extent to which employees are content with their work, working conditions, and the work atmosphere at the company
Each of the three components is measured based on 58 closed-ended questions For more details about the 2021 results, see the subsection “Environment of respect and empowerment” of the section “2021 Sustainability Performance Highlights”. and four open-ended questions (see the 2021 results in the subsection “Environment of respect and empowerment” of the section “2021 Sustainability Performance Highlights”).
The results of the study are used to develop and prioritize measures aimed at improving employee levels in these three areas. In order to prepare further actions, employee focus groups are also held.
Employee performance reviews
Moscow Exchange Group conducts annual performance reviews of all staff who have worked at the Group for more than three months of the reporting year. The criteria used in the reviews include both the achievement of personal targets and the completion of compulsory compliance training. Any confirmed violations of corporate requirements are also taken into account.
Employee remuneration and motivation
Employment relations at the Group’s companies fully comply with Russian law. The companies of the Group also provide additional social benefits.
The commitment of the Group's companies to the principle of non-discrimination in their hiring practices and to fill all vacancies objectively are enshrined in the values of the Group and the Code of Professional Ethics of Moscow Exchange.
All types of leave envisaged by Russian law are provided to Moscow Exchange employees. These include annual paid leave, unpaid leave at the employee’s request, educational leave, maternity and parental leave, leave to care for a child of up to three years of age, days off to care for a disabled child, days off to donate blood, etc. In addition to complying with statutory requirements, the Group provides its employees with two paid days off to be vaccinated against COVID-19.
Moscow Exchange strives to avoid or minimize forced redundancies; it also attempts to mitigate the impact of staff cuts on employees when multiple dismissals are objectively necessary. The minimum notice period for future operational changes at the Group’s companies is two months, in accordance with Russian law.
Employee remuneration and benefits
Moscow Exchange Group offers its employees competitive levels of pay, which includes fixed and variable (bonus) components. Both components are determined based on an existing system of levels of seniority (pay grades) and labor market data. The bonus portion depends on the overall performance of the Group and the employee’s individual performance.
In order to retain key management personnel and ensure that they remain focused on the long-term development of the business, the Group has a Long-term Incentive Program, which is approved by the Supervisory Board. Long-term KPIs are also set for specialists below the manager level.
Moscow Exchange Group provides its full-time employees with a benefits package that includes insurance services, medical insurance, and other perks (including programs that encourage a healthy lifestyle and hobbies). Insurance packages are available to part-time and temporary staff as well.
The Social Affairs Commission of Moscow Exchange considers requests from employees for financial aid due to accidents or emergencies not covered by existing insurance programs The Commission considers requests from employees of all the Group’s companies except NSD, where another similar commission operates. .
Type of programs
List of programs
Types of employees covered by the program
Accident and illness insurance
Voluntary health insuranceUrgent medical aid is provided to all employees, including part-time and temporary employees, under the voluntary health insurance.
All employees; they may also insure their relatives at their own expense
International health insurance
All employees; they may also insure their relatives at their own expense
International travel insurance
All employees covered by voluntary health insurance
Paid sick leave of up to 100% (in accordance with Russian law—up to 10 days)
Compensation for parental leave in accordance with Russian law
Compensation of up to 100% (in excess of the statutory level established by Russian law)
PrimeZone corporate discount program
In addition to the social package, Moscow Exchange funds the activities of a range of hobby clubs, including Moscow Exchange Smart (for the television quiz show “What? Where? When?”), a cooking club, Moscow Exchange Walk (walking tours of Moscow), and various sports groups. Because the Group supports its employees in trying to lead an active lifestyle, there is a fitness room at office of Moscow Exchange.
Moscow Exchange Group strives to develop its corporate culture based on the principles of leadership, commitment, and employee engagement.
Key corporate culture objectives:
- increasing employee engagement in implementing strategy;
- developing effective models of behavior for employees to implement business objectives at Moscow Exchange Group;
- improving the efficiency of vertical, horizontal, and cross-functional cooperation by employees.
The corporate values of Moscow Exchange Group are integrated in all key HR processes, including the internal communications system, incentive system, performance review system, and corporate training processes. In order to improve employee engagement, staff are encourage to provide feedback (see the subsection “Social climate”).
The feedback tool is used by various business units to review communications and questions from employees.
Moscow Exchange has non-financial incentive programs in place for its employees.
As part of the Appreciation Program, an annual contest is held to identify the most active and best performing employees of Moscow Exchange, as well as the best functional and project teams. Winners are selected in five categories, and the corporate intranet is used for the voting. The winner of the “CEO’s Choice” category is selected by the Chairman of the Executive Board.
The MEMS project was launched in 2016. In MEMS, employees earn virtual currency for taking part in the Group’s various activities and for demonstrating an unconventional approach to problem-solving. They receive the currency from their managers in recognition for their performance, from their colleagues for helping them in the course of their work, and from the companies of the Group for active participation in corporate activities. They can redeem the currency at the Group's in-house store to buy special Moscow Exchange souvenirs that are unavailable for purchase elsewhere.
Learning and development
The learning and development system of Moscow Exchange includes educational programs, development in the workplace, and self-study resources. Employees themselves choose what type of training they would like to engage in. Staff can use state-of-the-art technologies, corporate resources, and other tools to meet their development needs.
Evaluation of learning needs
Moscow Exchange has traditionally paid considerable attention to the quality of training, and it regularly analyzes employee competencies and experience participating in training courses and programs. This helps Moscow Exchange plan the further development of the professional development system. An NPS The Net Promoter Score (NPS) is an indicator of learner experience and willingness to recommend training to colleagues. is included in the KPIs of the Training Unit of the Moscow Exchange.
To identify learning needs, a comprehensive study is carried out to analyze HR risks, assess the effectiveness of educational activities, obtain 360-degree feedback, and identify the most promising employees.
Every quarter, any Moscow Exchange employee can apply to take hard-skills training Hard skills are professional skills. . All requests are considered and approved based on the allocated budget, provided that there is a confirmed business need for the training. The Group also conducts compulsory training sessions in soft skills Soft skills are “supra-professional” skills, personal qualities, and proficiencies. for novice managers. An individual development program is created for members of the succession pool (successors to key positions).
Diversity and equal opportunity
In accordance with Russian law, the principles of Conventions No. 111 and 156 of the International Labour Organisation, and the Code of Professional Ethics of Moscow Exchange Group, the Group does not tolerate any form of discrimination in the workplace. Moscow Exchange Group respects all cultures, opinions, and lifestyles. It rejects all forms of harassment and discrimination based on gender, religion, way of thinking, ethnicity, nationality, physical ability, gender identity, skin color, marital status, political views, or affiliation/non-affiliation with any social group.
Moscow Exchange does not participate in any actions that could contribute to a workplace atmosphere of intimidation, hostility, abuse, or abasement of human dignity. The Group strives to provide equal employment opportunities and ensure gender equality among its staff.
The work schedule and scope of work of Moscow Exchange employees are regulated by the respective job descriptions and internal regulations, which are fully compliant with the Labor Code of the Russian Federation. Additional hours of work—or any overtime work as stipulated in the respective employment contract—require the personal consent of the employee, and such work is paid in accordance with Russian labor law.
Moscow Exchange Group has computerized the process whereby staff who work on statutory days off submit forms via the intranet; this ensures additional transparency for the HR department and guarantees the employee will receive proper compensation.
According to the Code of Professional Ethics, hiring, filling vacancies, determining remuneration, and providing opportunities for upgrading employee skills and training are based on the professional qualities and performance metrics of individual employees. The Group has zero tolerance of any forms of favoritism.
Occupational health and safety, and well-being of employees
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Moscow Exchange Group takes responsibility for the health and safety of its employees; it sets corresponding goals and objectives, and plans and funds activities to achieve them. The occupational health and safety system of Moscow Exchange conforms to the requirements of Russian law. It covers 100% of the Group’s employees. No contractors or business partners of the Group are covered. The Group also has the Occupational Health and Safety Policy, which was approved in 2018 and lays out corporate standards for occupational health and safety.
According to the Occupational Health and Safety Policy, Moscow Exchange Group assumes the following obligations:
- to comply with Russian law requirements on occupational health and safety of employees and ensure compliant working conditions;
- to provide safe working conditions through consistent and continuous activities aimed at preventing accidents, work-related injuries, and work-related ill health, including by managing professional risks;
- to inform all employees of any hazards, harmful factors, or professional risks identified in the workplace;
- to improve the occupational health and safety management system in order to ensure it meets the Group’s needs and facilitates the professional development of employees responsible for occupational health and safety;
- to provide employees with personal protective equipment, if needed;
- to involve employees (or representative bodies authorized by them) in the occupational health and safety management system and collect feedback from employees;
- to ensure the proper functioning all levels of control over compliance with OHS regulations;
- to reinforce the personal interest of each employee in ensuring safe working conditions by increasing responsibility for compliance with OHS requirements;
- to assess working conditions regularly and monitor compliance with statutory OHS requirements, including sanitary rules imposed to combat epidemics.
Evaluation of working conditions and professional risk assessment
In accordance with internal regulations, the heads of Moscow Exchange’s business units manage OHS activities. In the event of any complaints regarding working conditions (for example, lack of light, malfunctioning ventilation or air-conditioning systems, etc.), or where any occupational health and safety violations are identified, any employee can submit a request to technical support describing the problem.
In 2020, the OHS management system underwent an external audit. The audit ascertained that the system conformed to Russian law. No audit was conducted in 2021.
Occupational health and safety training
All new employees of the Group undergo compulsory induction briefings on occupational health and safety, fire safety, civil defense, emergencies, and electrical safety. In addition, the OHS training system includes:
- an interactive video course on occupational health and safety;
- training and exams at a special study center;
- an intranet portal where employees can review all OHS instructions and regulations and undergo online training.
There is currently no approach to OHS management for the supply chain. However, Moscow Exchange soon plans to develop a Supplier Code with an integrated approach to OHS management in coordination with its business partners.
Good health and employee well-being
Moscow Exchange Group seeks to support the good health and psychological well-being of its employees.
Tips on healthy eating and living are regularly posted on the intranet. There is also a healthy food station and regular “Health Weeks”.
Fruit is provided for employees at the Group’s offices, the cafeteria offers healthy food, and vending machines feature a healthy assortment of snacks.
There is a gym for employees, with cardio machines, table tennis tables, and opportunities are provided for running, swimming, volleyball, basketball, soccer, and hockey. Competitions are also held. The Moscow Exchange indoor soccer league holds a tournament every year, with teams from various investment companies and banks taking part.
In order to prevent the spread of infectious diseases, especially COVID-19, the Group’s companies take comprehensive measures to continually protect their employees. For more details, see the section “Overview of the COVID-19 response”.