Leading the way in HR best practices

MD: Last October, we held a successful HR event at LSEG’s offices in Gdynia, showcasing your best practice in managing a diverse and talented workforce. The event attracted participants from all over Poland. Many of the solutions you deploy are truly ground-breaking – especially here on the Polish market. I’d like to the start with the idea of leadership in the form of a rotating pair of site co-leads with a fixed two-year term of office. What advantages does this model confer over the traditional one centred on individual leadership for an indefinite period?

NRC: Thank you for the opportunity to discuss our model. The rotating pair of site co-leads with a fixed two-year term offers several distinct advantages over the traditional individual leadership model. Firstly, having two leaders brings diverse perspectives to the table. This diversity in thought and approach can lead to more innovative solutions and well-rounded decision-making. Each leader brings their unique strengths and experiences, enriching the leadership dynamic. Secondly, the shared-responsibility aspect is crucial. By distributing leadership duties, we reduce the burden on any single individual. This balance helps in managing the workload more effectively and ensures that leadership is not overwhelming for one person. The rotating model enhances adaptability. Different leaders bring different skills and strengths, allowing the organisation to respond more effectively to new challenges and changing circumstances. This flexibility is particularly valuable in today’s fast-paced business environment. Leadership can be demanding. Having a partner to share the responsibilities helps in managing the workload and maintaining a healthy work-life balance.

JM: I believe that this approach aligns well with our company values – integrity, partnership, excellence and change. It also adds significant value to our wider organisation globally. This model empowers employees by demonstrating that leadership roles are accessible and attainable. Seeing different leaders take on the role can inspire employees to aspire to site-lead positions themselves, fostering a culture of growth and ambition. This empowerment can lead to increased motivation, engagement, and a stronger sense of ownership among employees. And it fosters a more inclusive culture. With a rotating pair of co-site leaders, we benefit from a range of perspectives and experiences. This diversity in the leadership of our LSEG Gdynia site helps create an environment where different viewpoints are valued and considered, promoting inclusivity throughout the organisation. This way, we’re better able to respond to the needs and expectations of our employees on the site, thereby improving employee engagement. The rotating leadership model naturally supports succession planning by preparing multiple leaders for future roles. This ensures a smooth transition and continuity in leadership. Lastly, the model is not only about the two rotating co-site leads. We have a core team of managers from Gdynia, where each team is represented. This team works hand in hand with the co-site leads, driving changes and making a difference.

MD: You don’t see yourselves as a shared-services centre – how would you define LSEG’s work; how would you describe the work carried out in Gdynia for LSEG – maybe start with your origins as Reuters and how that operation evolved to become part of LSEG?

NRC:  Our work is deeply integrated into the global financial markets infrastructure and data services provided by LSEG. Our journey began with Reuters in 2006, starting with 120 employees. By 2008, when the Thomson Corporation acquired Reuters Group to form Thomson Reuters, our Gdynia office had grown to around 500 employees. In 2018, Thomson Reuters transferred its complete financial and risk product-portfolio to Refinitiv, which continued to provide financial market data and infrastructure. By that time, we’d established a strong presence in Gdynia, with over 1,000 employees dedicated to delivering high-quality data and insights to financial markets worldwide. This foundation of excellence and reliability has been pivotal in our evolution. When Refinitiv became part of LSEG, in 2021, it marked a significant transformation. LSEG brought together a wealth of expertise and resources, enhancing our capabilities, and expanding our reach. Today, our Gdynia office is a vibrant hub of innovation and collaboration, contributing to LSEG’s mission of enabling businesses and economies to thrive. In Gdynia, we are involved in a wide range of activities that support LSEG’s strategic objectives. Our teams work on data & analytics, markets, risk intelligence, FTSE Russell, product expertise, sales and account management, and engineering. This diversity of roles allows us to provide comprehensive support to our clients and stakeholders, ensuring they have the information and tools they need to succeed.

We pride ourselves on fostering a culture of continuous learning and development. Our colleagues in Gdynia have access to numerous career paths and opportunities for growth. This commitment to professional development is reflected in our high internal mobility rate, with many employees taking on new roles and challenges regularly. The work carried out in Gdynia for LSEG is integral to our global success. We’re not just a support centre; we’re a key player in delivering innovative solutions and services that drive financial markets. Our origins give us  a strong foundation, and our evolution within LSEG has allowed us to build on that legacy and continue to make a significant impact.

JM: Thank you, Nuno, for covering the history. It brought back memories. Personally, I’ve been part of the organisation for ten years, and it has been a fascinating journey to witness and drive many initiatives in this transformation. As Nuno mentioned, LSEG’s approach differs from typical organisations. We focus on establishing operational hubs based on strategic needs and the availability of specific expertise in different regions. This model allows for a more flexible and tailored approach to managing global operations, rather than relying on a traditional shared services model where functions are centralised. Let me illustrate this with my own team – due diligence, part of LSEG Risk Intelligence business. While I’m based in Gdynia, I lead due diligence operations, which has a truly global footprint. Our team members are located in China, Malaysia, Poland, Costa Rica, India and Jordan. This decentralised model enables us to deliver the best insights and due-diligence services to our clients. Such a diverse and geographically dispersed team allows us to leverage local knowledge and expertise, which would not be possible if we were centralised solely in, for example, Gdynia. This local insight is invaluable and significantly enhances the quality of our services.

By leveraging regional expertise and maintaining a global footprint, LSEG can ensure that processes are handled by the most knowledgeable teams, enhancing both efficiency and effectiveness. This approach aligns with the idea of having specialised operational hubs that support the wider organisation without necessarily fitting the traditional definition of a shared service centre.

MD: You employ people from many nationalities speaking numerous languages. What are the challenges in building and administering such a diverse group of employees with whom you serve global markets? And what are the practical issues you face in onboarding foreign employees – red tape, accommodation, cultural integration? How does the staff turnover rate for foreign employees compare with that for Polish ones?

NRC: Our Gdynia office exemplifies our dedication to a culture of belonging for all. With colleagues from around 60 nationalities speaking 40 different languages, we embrace a truly global perspective. This diversity enriches our work environment and enhances our ability to serve a diverse and global client base. Practical onboarding challenges include navigating visa regulations, finding accommodation and aiding cultural adaptation. Many challenges – such as the expensive housing market – are common for all employees. We address cultural integration through events like summer and winter parties, a parents’ club, and sports committees where all staff can join. Additionally, we have a dedicated role to guide new employees from other countries with housing, taxes, and settling down in the Tri-City area. Our attrition has remained low, as we offer competitive benefits and career development opportunities. Overall, we strive to create an inclusive environment that leverages our diverse team’s strengths to serve global markets effectively.

JM: Exactly as you and Nuno mentioned. We face challenges such as accommodation, cultural integration, and language barriers. When comparing staff turnover rates, we observe that the turnover rate for employees from other countries is generally comparable to that of Polish employees. However, as you and Nuno noted, employees from overseas may face additional challenges related to relocation and cultural adjustment. We address these through our comprehensive support programmes. We have a global mobility team and external agencies that assist with paperwork, visas, and other formalities. However, what I believe is truly unique to our Gdynia office is the support employees receive from our international talent coordinator. This person assists with many daily challenges, not just during relocation and onboarding, but also in helping employees adjust to their new reality. Additionally, we have established an international talent community within our organisation, where people can meet, chat, and share experiences. Who better to understand your challenges than someone who has gone through the same? We ensure that this community, like others in our organisation, receives support for events and activities.  We believe that we provide robust onboarding and continuous support, and this helps us to minimise turnover and retain top talent across all nationalities. In summary, while managing an international workforce comes with its challenges, it also brings immense value to our organisation, which we deeply appreciate. Therefore, we are committed to going above and beyond to help our colleagues settle in Poland and feel at home. We believe that by addressing communication barriers, cultural differences, and practical onboarding issues, we create an inclusive environment where all employees can thrive and contribute to our global success.

MD: I was personally impressed by LSEG’s ability to spot new developments in HR management and implement them successfully in your day-to-day operations. What innovations that LSEG has deployed in Gdynia has brought the biggest, most demonstrable benefits to your business? How do you use these to differentiate yourself when it comes to employer branding?

NRC:  LSEG’s Gdynia office distinguishes itself through a comprehensive benefits package designed to attract and engage top talent. Our offerings include pension funds, share purchase plans and life insurance, all of which promote financial stability for our employees. We also provide leave for significant life moments, such as six weeks of bereavement leave, six weeks of transition leave, and ten days fully paid for unexpected caregiving responsibilities. Additionally, we offer 26 weeks of fully paid parental leave for all new parents, complemented by an eight-week phased return to work. These benefits underscore our commitment to employee well-being and work-life balance, setting us apart as an employer dedicated to fostering a supportive and inclusive workplace. This commitment supports us in attracting and retaining a diverse and talented workforce.

JM: At LSEG, we continuously strive to innovate and improve, including our HR management practices, to enhance our operations and employee experience. As Nuno mentioned, we offer a number of benefits. However, it’s important to highlight that our HR strategy includes innovative talent acquisition and retention practices. We use data-driven approaches to identify and attract top, diverse talent, and we offer comprehensive development programmes to retain and grow our employees. This has resulted in a high internal mobility rate and reduced staff turnover. We prioritise merit-based diverse and inclusive hiring practices, recognising the value of a diverse workforce. Our initiatives include mentorship programmes and cultural sensitivity training. These efforts have created a more inclusive workplace and enhanced our ability to serve global markets. We have implemented various well-being and mental health programmes to support our employees. These include regular workshops, discussions with experts, and access to mental health resources. By prioritising employee well-being, we have fostered a healthier and more resilient workforce.

These and many other innovations have significantly contributed to the strength of our employer brand. By promoting a culture of openness, innovation, inclusivity, and well-being, we differentiate ourselves as an employer of choice. Our commitment to a culture of belonging, along with our focus on employee development and support, makes us an attractive destination for top talent. Additionally, our advanced HR practices and flexible working arrangements demonstrate our dedication to creating a positive and dynamic work environment. I believe the innovations we have deployed in Gdynia have brought demonstrable benefits to our business while strengthening our employer brand. By continuously evolving our HR practices and prioritising our employees’ needs, we ensure that LSEG remains a leading and desirable place to work.

MD: One question on the minds of many of our members is that of hybrid and remote working. Have you settled into a steady routine with employees balancing work from office and home, or is the optimum solution still evolving? What are the factors you bear in mind when determining the right blend?

NRC: We’ve embraced a hybrid working model that balances in-office and remote work, recognising the importance of both flexibility and collaboration. Working from the office fosters team cohesion, spontaneous interactions and a sense of community – all vital for innovation and problem-solving. At the same time, offering flexibility through remote work supports work-life balance, cuts commuting stress and enhances productivity. This balanced approach of three days a week in the office ensures we maintain a dynamic, adaptable work environment that meets the diverse needs of our workforce.

JM: This is one of the most common questions since the pandemic! We’ve observed different approaches that companies have taken and the shifts they’ve made over time, including recent announcements from some companies that they’re asking their employees to fully return to the office. As Nuno mentioned, our main model in Gdynia is hybrid, requiring most people to work from the office three days a week. However, we also have other models within our organisation where employees are asked to work only one day from the office or are working fully remotely, depending on their role and team. When determining the right blend of hybrid and remote working, we look at four factors: Nature of work: different roles and tasks may require varying levels of in-person collaboration. We assess the nature of the work to determine the optimal mix of remote and office-based activities. For example, tasks that require high levels of collaboration and brainstorming may benefit from more in-office time. Team dynamics: maintaining strong team dynamics and a sense of community is important. We encourage regular in-person meetings and team-building activities to foster collaboration and connection among team members. Business continuity: we consider the need for business continuity and the ability to adapt to changing circumstances. Our hybrid model is designed to be resilient and adaptable, allowing us to continue operations smoothly in various scenarios. And Employee Well-being: ensuring the well-being of our employees is paramount. Flexible working arrangements help reduce stress and improve overall job satisfaction.

We’re committed to finding the right balance that supports both our employees’ needs and our business objectives.

MD: Looking at employee surveys, career development is an attribute highly appreciated by employees around the world. How do you identify and prepare talented individuals in your organisation for new challenges?

NRC: We prioritise career development by identifying and nurturing talented individuals through a combination of performance evaluations, mentorship, and personalised development plans. Regular performance reviews help us recognise high-potential employees, while having the right mentorship provide guidance and support from experienced leaders. This proactive approach ensures that our employees are well-prepared for career advancement and can contribute effectively to the organisation’s success.

JM:  Thank you for the question! At LSEG, we place a strong emphasis on career development, recognising its importance to our employees and the overall success of our organisation. Building on what Nuno mentioned, I believe a key differentiator for us is our talent programmes and the extensive range of available training opportunities that allow people to grow in their roles and prepare for the next steps in their careers. We have specific talent identification programmes that focus on recognising individuals who demonstrate exceptional skills, innovation, and leadership qualities. We offer a range of development programmes tailored to different career stages and aspirations. These include leadership training, technical skill enhancement, and cross-functional projects that provide exposure to various aspects of the business.

We also promote continuous learning. We provide multiple platforms for training where employees can access a variety of courses, including soft skills, leadership, innovation, and the newest technologies on the market. We foster a culture of continuous learning by offering access to various learning resources, including online courses, workshops, and seminars. Employees are encouraged to pursue certifications and further education to stay ahead in their fields.

We encourage internal mobility, allowing employees to explore different roles and departments within the organisation. This not only broadens their skill sets but also provides new perspectives and experiences. This approach ensures that our employees are well-equipped to thrive and contribute to our global success.

MD: LSEG has operations in 13 countries across Europe, the Americas and Asia. From the point of view of your London headquarters, how is Poland perceived as a location for further expansion, and to what extent is that predicated by access to talented employees? Average wages in the private sector in Poland have been running ahead of inflation for many years, which is good news for the purchasing power of employees, but are foreign investors beginning to consider that Poland is becoming an overpriced labour market?

NRC: From the perspective of our London headquarters, Poland is highly regarded as a strategic location for further expansion due to its skilled workforce, economic stability, and competitive labour costs. The availability of talented employees is a significant factor driving our growth in the region. While average wages in the private sector have indeed been increasing ahead of inflation, Poland remains an attractive market for international investors. The combination of high-quality expertise, technological advancement, and favourable business conditions continues to outweigh concerns about rising labour costs. It’s our responsibility to consistently perform at the highest level and lead a customer-centric strategy. By continually exceeding expectations, we solidify our position as an increasingly strategic location to the organisation.

JM: I agree with Nuno’s view. Although wages have been increasing, Poland is not yet perceived as an overpriced labour market. The combination of competitive labour costs, high-quality expertise, and technological progress continues to make Poland an appealing location for foreign investors. Additionally, the Polish government offers various incentives to attract and retain foreign investment, further enhancing its attractiveness. LSEG’s commitment to Poland is evident in our continued investment and expansion in the region. Our Gdynia office, for example, has grown significantly over the years and remains a key hub for our operations. What’s even more encouraging is the evolving and growing portfolio of roles in our Gdynia office. We have seen a significant increase in specialised roles being opened by LSEG in Gdynia. Personally, I’m very excited about the evolving opportunities in our LSEG Gdynia office and remain committed to fostering innovation, excellence, and collaboration. By leveraging the unique strengths of Poland, we are well-positioned to drive our global success and deliver exceptional value to our clients and stakeholders.