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››Case study: How TISCO promotes employee development

Case study: How TISCO promotes employee development

By Gerasimos
June 9, 2021
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Established in 1969, TISCO is seen as Thailand’s first finance company, providing financial and investment services including investment banking, provident fund management, hire purchase loans, and securities. TISCO actively equips its employees with modern-day skills so that they can respond to future changes  Tweet This! and, in 2019, it fostered the learning and development of future skills of all department staff within the organisation to better-enable them to pursue TISCO’s current business plan, while remaining agile enough to accommodate future changes.

This case study is based on the 2019 Sustainability Report by TISCO published on the Global Reporting Initiative Sustainability Disclosure Database that can be found at this link. Through all case studies we aim to demonstrate what CSR/ ESG/ sustainability reporting done responsibly means. Essentially, it means: a) identifying a company’s most important impacts on the environment, economy and society, and b) measuring, managing and changing.

Abstract

TISCO seeks to become a learning organisation through policies that support capacity building both at the organisational and individual staff levels, promoting continued learning that ultimately aims for organisational sustainability. In order to promote employee development TISCO took action to:

  • establish the TISCO Learning Centre
  • evaluate employee performance
  • initiate the OASIS project

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What are the material issues the company has identified?

In its 2019 Sustainability Report TISCO identified a range of material issues, such as corporate governance, business performance and growth, customer data protection, risk management and business continuity, responsible lending. Among these, promoting employee development stands out as a key material issue for TISCO.

Stakeholder engagement in accordance with the GRI Standards

The Global Reporting Initiative (GRI) defines the Principle of Stakeholder Inclusiveness when identifying material issues (or a company’s most important impacts) as follows:

“The reporting organization shall identify its stakeholders, and explain how it has responded to their reasonable expectations and interests.”

Stakeholders must be consulted in the process of identifying a company’s most important impacts and their reasonable expectations and interests must be taken into account. This is an important cornerstone for CSR / sustainability reporting done responsibly.

Key stakeholder groups TISCO engages with:

Stakeholder Group                Method of engagement
Shareholders

 

 ·      General and extraordinary shareholders’ meeting

·      Analyst meetings

·      Investor roadshows and TISCO meetings with institutional investors and analysts

·      Tele-Conference with institutional investors and analysts

·      Information disclosure via SET Portal, print media, and TISCO website

·      Inquiries handled by the Investor Relations Unit
Employees

 

 

 

 ·      Monthly meetings of executives at all levels

·      Training for employees at all levels

·      Staff Newsletters

·      Organising activities to support good relations, exchange and share experiences of employees, such as TISTALK

·      Employee engagement survey

·      TISCO HR Helpline

·      Communication programmes to instil knowledge, values and corporate culture for new employees

·      Direct communication from Top Management to Mid-level Management
Supervisory Authorities

 

 ·      Communicate through Compliance function and Regulatory Reporting unit

·      Related activities such as examinations conducted by regulators, discussions between management and regulators on important issues
Business Partners and Creditors ·      Meetings with business partners

·      Assessments of business partner satisfaction
Customers

 

 

 ·      Individual meetings with customers

·      TISCO Contact Centre

·      Site visits to corporate customers

·      Training and seminars arranged on economy, finance and investments for customers

·      Channels to get feedback and complaints from customers

·      Public Relations via various channels such as press releases, TISCO website and mobile application
Community and Society

 

 

 ·      Surveys on community/ public needs

·      Engaging with communities in social activities

·      Promoting financial literacy through:

– “TISCO Financial Camp” for youth and teachers

– “Smart Saving, Smart Spending” for communities nationwide

– Staying abreast of financial deception which might be harmful to motorcycle loan customers

How stakeholder engagement was made to identify material issues

To identify and prioritise material topics TISCO engaged with its stakeholders through surveys of opinions.

What actions were taken by TISCO to promote employee development?

In its 2019 Sustainability Report TISCO reports that it took the following actions for promoting employee development:

  • Establishing the TISCO Learning Centre
  • The TISCO Learning Centre Co., Ltd. was established by TISCO to plan HR development and produce curricula for the purpose of capacity building in the organisation. TISCO’s mission is to develop the organisation and staff of all levels in order to nurture leadership skills, enable personnel to reach their full potential, increase productivity and align with strategic direction.
  • Evaluating employee performance
  • Aside from providing training, TISCO evaluates staff across various perspectives, including skills and performance, leadership, and alignment with corporate values. These evaluations help staff learn more about their potential for further improvement and development. TISCO uses evaluation results to identify those who need further development and, accordingly, a project to enhance the potential of staff whose evaluation may be lower than the threshold has been set up, so that they are closely mentored by their respective supervisors. In addition, individual development plans are designed for staff whose performance is in line with the TISCO’s expectations. Employees support is provided to increase job satisfaction and subsequently raise workplace productivity and success as targeted in TISCO’s business plan. However, if an employee continues to perform under the required standard, the HR Department is obliged to provide advice to the department and the employee. Possible advice will include skill enhancement, increase of his/her performance and relocation to a position that better suits the employee’s qualifications and interests.
  • Initiating the OASIS project
  • In 2019, TISCO initiated the OASIS project, which focuses on building a work culture that can cope with technological, economic and social disruptions. The aim is to plant a growth mindset in staff at all levels so that employees are equipped with open-mindedness to welcome new ideas and concepts, implement them and transfer them within the organisation. The OASIS project is a starting point for innovation at both the business and organisational levels through learning, research and co-creation.

Which GRI Standards and corresponding Sustainable Development Goals (SDGs) have been addressed?

The GRI Standards addressed in this case are:

1) Disclosure 404-1 Average hours of training per year per employee

2) Disclosure 404-2 Programs for upgrading employee skills and transition assistance programs

3) Disclosure 404-3 Percentage of employees receiving regular performance and career development reviews

 

Disclosure 404-1 Average hours of training per year per employee corresponds to:

Disclosure 404-2 Programs for upgrading employee skills and transition assistance programs corresponds to:

Disclosure 404-3 Percentage of employees receiving regular performance and career development reviews corresponds to:

 

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References:

1) This case study is based on published information by TISCO, located at the link below. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the report’s meaning. If you would like to quote these written sources from the original, please revert to the original on the Global Reporting Initiative’s Sustainability Disclosure Database at the link:

http://database.globalreporting.org/

2) https://www.globalreporting.org/standards/gri-standards-download-center/

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