Workforce

At year-end 2018, Vesteda employed 188 FTEs, an increase of 6.8% compared to the number of employees at year-end 2017 (176 FTEs). The number of employees had increased to 205 at year-end 2018 from 191 at year-end 2017.In June 2018, 10 employees were insourced as part of the acquisition of the former Delta Lloyd portfolio.

Employees

The average age of Vesteda employees slightly dropped to 41.4 years of age in 2018 from 41.5 years of age in 2017. The largest portion (33%) of the workforce is between 35 and 45 years of age. The representation of the group younger than 35 years of age increased to 29%.

Workforce, by age

The male/female ratio did not change compared to the end of 2017. At the end of 2018, 51% of the workforce was male, 49% was female.

In 2018, 46 new employees joined Vesteda (48% female/52% male) and 33 employees left the company (52% female/48% male).

The male/female ratio within the Managing Board is 100/0 and the male/female ratio within the Management Team, including Managing Board, is 75/25. In 2018, Vesteda's Supervisory Committee consisted of five members: four male and one female.

With the period ending in 2019 for two members an assessment is currently performed to identify the current strengths and needs. The two vacancies will be filled with new members who will complement the Supervisory Committee.

Vesteda recognises the importance of an equal distribution of male and female members of its Managing Board and Supervisory Committee, taking into account that the candidate’s qualification and suitability for the function profile are always the leading principle. 

At the end of 2018, 79% (81 males and 81 females) had fixed contracts and 21% of the employees of Vesteda had a temporary contract (24 males and 19 females). This was an absolute decrease of 15% compared to the end of 2017 when 36% of Vesteda’s employees had a temporary contract. Similar to last year 36% of the employees of Vesteda work part-time, with 55 of these females versus 19 males. Most full-time employees are male (86 males versus 45 females). 

The percentage of total employees covered by collective bargaining agreements was 93% at year-end 2018. 

Workforce, by gender

Total remuneration

Total remuneration came in at €12.4 million (92% fixed and 8% variable) in 2018, an increase compared to the previous year (total remuneration 2017: €11.6 million)

Bonuses

Vesteda has a bonus scheme with a collective component that includes criteria such as the realised operational result, GRESB-score, tenant satisfaction score and increase of gross rental income. The variable remuneration also includes an individual component and in some cases a team component. Variable remuneration is only paid, in full or in part, if Vesteda’s realised results meet the targets sufficiently. This requirement was met in 2018.

Organisation, employee, trainee development and training

A large part of 2018 consisted of settling in our new centralised headquarters, ‘De Boel’, insourcing employees as part of the acquisition of the former Delta Lloyd portfolio, preparing ourselves for the launch of the new ERP system, new website and CRM system. On our journey to become a High Performance Organisation (HPO), the focus of our company-wide culture and organisation change programme, ‘Vesteda Verbetert’ (Vesteda Improves) is on ‘working together’. At the end of 2018, we kicked off an internal management development programme for all managers to stimulate and enable collaboration by building trust.

The first year of the trainee programme made enough ground to start preparations for a second group of four trainees to start in September 2019. As in the first group, during the two-year programme the four trainees will be given various assignments, changing the department they work for on average every six months. They will also be assigned a group (CSSR) project to develop their teamwork skills. The traineeship includes a personal leadership programme, with personal coaching, intervision and development workshops. Trainees are also supported by a mentor (MT members), a line manager and HR. In addition to the four current trainees, eight young employees also participated in the ‘young development programme’ workshops held in the course of 2018.

In July, a trainee from Vonovia, the largest commercial real estate agency in Germany, spent three weeks with our Marketing team and two regional teams to learn how we work at Vesteda and learn more about the Dutch real estate market.

In 2018, Vesteda invested €475,000 (or 3.8% of the gross payroll - similar to the year before) in the education and development of individual employees, the teams, the new employee council members, trainee-, young development and the ‘Vesteda Verbetert’ programme. Other examples include: a pilot privacy awareness e-learning, a communication skills training and individual coaching.

Absenteeism

Absenteeism remained low at 2.4%.

Absenteeism

Works Council

In March 2018, the Works Council held elections for two vacancies and new members registered and joined the Works Council in May 2018.

During the year, the Works Council and the Managing Board met on a regular scheduled basis. These meetings were constructive and subjects included but were not limited to HPO, Impraise (a digital feedback-tool), Vitality, the ERP system, financing and the merger of the custodian entities.

The most important topic the Works Council dealt with was the acquisition of the former Delta Lloyd's portfolio and the insourcing of 10 employees involved in this portfolio.