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Care for human capital

CSR 2016 – Boskalis

48

general wage level increase at Boskalis. However, this defined unconditional pension

indexation led to high volatility in the pension liabilities in the statement of profit or

loss under IFRS due to fluctuations in the discount rate and deviations in the

calculation of the pension liability compared to the method in which PGB calculates

and establishes the premium. This resulted in undesirable and disproportionate effects

on the statement of profit or loss and the balance sheet. To mitigate these undesirable

effects, an amendment has been made to the indexation arrangement. This

amendment and the associated compensation was approved by the Works Council in

December 2016. Subsequently the unconditional indexation was abolished as per 31

December 2016. To compensate for the change from unconditional to conditional

indexation, Boskalis has provided an amount to PGB that allows for a one-off 5%

increase in accrued pension rights as of 31 December 2016.

Contract type and staff turnover

The majority of our employees (76%) are on a permanent appointment (2015: 75%)

and of this core staff many have a long tenure with the company. Staff turnover is

relatively low at 9.2% (2015: 8.3%). Turnover within the Dutch organizations was

even lower at 6.7% (2015: 4.8%). The increase in turnover in 2016 is mainly

caused by a higher (voluntary) resignation rate and is partly explained by the fleet

rationalization program.

For projects we supplement our core staff with employees drawn from a flexible

shell. Depending on the project requirements these employees are hired locally

where possible or appointed on a temporary contract, which in many cases is

discontinued at the conclusion of the project.

In 2016 we were able to welcome 1,903 new employees (2015: 1,454) while

3,090 employees left Boskalis. Of these 3,090 employees, 672 were permanent

employees, 1,345 were from the flexible shell and 1,073 left Boskalis as a result

of divestments. In relation to the fleet rationalization program, 250 jobs were

discontinued as per year end, divided over permanent and flexible positions.

Prevention of occupational and other diseases

In some of the regions where we operate, there is a risk of becoming infected with

diseases such as malaria, Ebola and Zika. To mitigate the risk to our employees, we

have a long-standing policy of providing vaccinations and (regular) medical check-ups

as well as running prevention programs. In addition, in 2003 we established an

Emergency Response Team (ERT) to enable a rapid response in the event of a health

crisis. The team comprises employees from our SHE-Q and HR departments and

doctors from the Travel Clinic of the Havenziekenhuis hospital in Rotterdam, the

Netherlands. After the Zika outbreak in South America in 2016 the ERT issued a

policy statement on the virus, explaining the nature and symptoms of the virus and

advised on preventive measures to be taken.