Voya Financial - HR Department of the Year - ONE Voya
Company: Voya Financial, New York, NY
Company Description: Voya Financial, Inc. (NYSE: VOYA), helps Americans plan, invest and protect their savings — to get ready to retire better. Serving the financial needs of approximately 13 million individual and institutional customers in the United States, Voya is a Fortune 500 company that had $11 billion in revenue in 2016. Voya’s vision is to be America’s Retirement Company®.
Nomination Category: Human Resources Categories
Nomination Sub Category: Human Resources Department of the Year
Nomination Title: Voya’s HR Department: ONE Voya
Tell the story about what this nominated organization/department has achieved since January 1, 2016 (up to 650 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms.
Following a cultural transformation in 2014, Voya’s Human Resources (HR) department has worked to deliver integrated services to enable the achievement of Voya’s vision to be America’s Retirement Company®— by cultivating a high-performing ONE Voya culture that empowers its workforce to better serve their customers.
The primary objectives of Voya’s HR department are to:
• Enable a collaborative, connected and engaged employee experience; and
• Engage a high-performing team to achieve their maximum potential within Voya, and the community and achieve meaningful business results.
To achieve this, Voya’s HR department focused on three strategic areas:
1. PEOPLE: Enhance manager effectiveness, talent acquisition and talent development to engage employees and build a strong organization.
2. BUSINESS: Encourage commitment to enterprise success through collaboration, financial and business literacy and incentive programs.
3. CULTURE: Improve the employee understanding of Voya’s overall value proposition and leverage Corporate Responsibility and Diversity and Inclusion to define Voya’s character and commitment to community.
Through Talent Management, Voya’s HR department enhanced and expanded the performance management process to include not only "what" employees accomplish, but also "how" employees achieve their results. The “how” component aligns with the nine behaviors of Voya’s Leadership Model - a model composed of the necessary leadership characteristics needed for employees to reach their full potential at Voya.
Further, Training & Development was enhanced to provide appropriate training and development opportunities to leaders, managers and employees. A Manager Resource Center was established to promote management development classes, best practices, featured trainings and tip sheets for effective communication, which enabled managers to have transparent dialogues between them, and their leaders.
In an effort to streamline the hiring process and attract top talent, Talent Acquisition launched a new and improved careers site. And, through Oct. 2016, 870 placements were made, including filling key leadership roles.
Voya’s HR department worked to continue to evolve Continuous Improvement — a philosophy consisting of tools, principles, a management system and a business strategy, designed to create a new way of working that maximizes quality, efficiency and problem solving.
Voya’s HR department also introduced 6P — a training that teaches participants how to lead effective problem-solving sessions and engage in meaningful dialogue with their teams — that reached 500+ leaders by the end of 2016, exceeding Voya’s target of 400 leaders.
Additionally, new Total Rewards plans were developed and implemented, including a new Employee Stock Purchase Plan to provide employees with the opportunity to share in the success of Voya’s long-term growth. The medical and wellness programs were expanded to align with Voya’s overall value proposition of helping employees obtain healthy and financially secured futures. And, an increased focus was placed on financial and business literacy to help employees better understand the business.
To enhance the employee experience, through Employee Relations, a People with Special Needs initiative was introduced. The People with Special Needs initiative focuses on making a positive difference in the lives of individuals with special needs and disabilities — as well as their families, caregivers and other benefactors. To enforce this initiative, internal awareness and core values were established, as well as policies and programs to support employees with special needs, and those who are caregivers.
Voya’s HR department established an Employee Value Proposition to provide employees with an understanding of Voya’s unique set of offerings that characterize how they differentiate themselves from competitors.
Employees were also engaged to invest in the community, which helped to increase volunteer hours during Voya’s National Day of Service and employee donations during the Employee Giving Campaign. Voya’s HR department also established a Nonprofit Board Placement Program that focused on placing leaders on boards, with 12 placements made in 2016.
Following the results of a 2015 organizational health survey - a tool that measured Voya’s cultural elements and helped identify areas of strength and opportunities for improvement, Voya’s HR department continued to incorporate employee feedback into its cultural transformation.
In bullet-list form, briefly summarize up to ten (10) accomplishments of the nominated department since the beginning of 2016 (up to 150 words).
• Certified as a Great Place to Work® -Great Place to Work Institute.
• Listed as a Best Place to Work - Pensions & Investments.
• Named one of the World's Most Ethical Companies® - Ethisphere Institute.
• Received a perfect score of 100% on the Human Rights Campaign Corporate Equality Index.
• Increased employee volunteer hours in 2016 National Day of service to13,500 hours.
• Introduced a #VoyaDifference hashtag during 2016 National Day of Service and saw a 704% increase in participation on social media.
• Through Oct. 2016, 870 new hire placements were made, 35% of hires were diverse; 47% were female and 99% were Voya-sourced talent, with $10M in cost avoidance.
• 110+ leadership-training programs were delivered to 1,700+ managers and employees — with an 18% increase in employee attendance.
• Increased employee engagement in 2016 Employee Giving Campaign. Funds raised increased to nearly $2.5M.
• Introduced 6P leadership training that reached 500+ Voya leaders.