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  • This is Wärtsilä OpenClose subpages
    • CEO review
    • Wärtsilä in brief OpenClose subpages
      • Corporate strategy
      • Our targets OpenClose subpages
        • Financial targets
        • Sustainability targets
      • The value of sustainable innovations
      • Sustainability highlights
    • Energy solutions OpenClose subpages
      • Operating environment
      • Strategy
      • Energy Solutions and sustainability
      • Energy Solutions' development in 2015
    • Marine Solutions OpenClose subpages
      • Operating environment
      • Strategy
      • Marine Solutions and sustainability
      • Marine Solutions' development in 2015
    • Services OpenClose subpages
      • Operating environment
      • Strategy
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      • Services' development in 2015
    • Manufacturing review
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  • Sustainability OpenClose subpages
    • Wärtsilä's sustainability approach
    • Stakeholder relations
    • Sustainability management OpenClose subpages
      • Guiding principles OpenClose subpages
        • Code of Conduct
        • QEHS Policy
        • Employee practices
      • Management approach OpenClose subpages
        • People management
        • Environmental management
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        • Responsible business conduct
        • Product design principles
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      • Economic OpenClose subpages
        • Economic performance
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        • Materials
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        • Structural changes
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        • Diversity and Equal opportunity
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      • Materiality assessment
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  • Governance OpenClose subpages
    • Corporate governance OpenClose subpages
      • Annual General Meeting
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      • Operations of the Board of Directors
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      • The President & CEO and the Deputy CEO
      • Operations of the Board of Management
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      • Business management teams
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      • Values and the control environment
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    • Salary and remuneration report 2015
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      • Strategic risks
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      • The Wärtsilä share on Nasdaq Helsinki
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    • Wärtsilä on the capital markets
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      • Financial information 2016
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  • Board of Directors' report OpenClose subpages
    • Highlights 2015
    • Strategy
    • The year 2015 OpenClose subpages
      • Market development
      • Order intake and order book
      • Net sales and profitability
      • Balance sheet, financing and cash flow
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      • Strategic projects, acquisitions joint ventures and expansion of the network
      • Research and development, product launches
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    • Market outlook
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  • Financials OpenClose subpages
    • Five years in figures
    • Calculations of financial ratios
    • Consolidated financial statements OpenClose subpages
      • Consolidated statement of income
      • Consolidated statement of comprehensive income
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      • Consolidated statement of cash flows
      • Consolidated statement of changes in equity
      • Accounting principles for the consolidated financial statements
      • Notes to the consolidated financial statements OpenClose subpages
        • 1. Segment information
        • 2. Acquisitions
        • 3. Disposals
        • 4. Long-term construction contracts and operating and maintenance agreements
        • 5. Other operating income
        • 6. Material and services
        • 7. Employee benefit expenses
        • 8. Depreciation, amortisation and impairment
        • 9. Measures of profit and non-recurring items
        • 10. Financial income and expenses
        • 11. Income taxes
        • 12. Earnings per share
        • 13. Intangible assets
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        • 15. Investments in associates and joint ventures
        • 16. Available-for-sale financial assets
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        • 18. Financial assets and liabilities by measurement category
        • 19. Other receivables
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        • 23. Equity
        • 24. Provisions
        • 25. Financial liabilities
        • 26. Other liabilities
        • 27. Derivative financial instruments
        • 28. Collateral, contingent liabilities and other commitments
        • 29. Related party disclosures
        • 30. Auditors' fees and services
        • 31. Exchange rates
        • 32. Subsidiaries
        • 33. Financial risks
    • Parent Company financial statements OpenClose subpages
      • Parent company income statement
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      • Notes to the parent company financial statements OpenClose subpages
        • 1. Other operating income
        • 2. Personnel expenses
        • 3. Depreciation and amortisation
        • 4. Financial income and expenses
        • 5. Extraordinary income and expenses
        • 6. Income taxes
        • 7. Fixed assets
        • 8. Non-current receivables
        • 9. Current receivables from Group companies
        • 10. Prepaid expenses and accrued income
        • 11. Shareholders' equity
        • 12. Liabilities
        • 13. Accrued expenses and deferred income
        • 14. Liabilities to Group companies
        • 15. Collateral, contingent liabilities and other commitments
        • 16. Related party loans and other commitments
        • 17. Auditor's fees and services
    • Proposal of the Board
    • Auditor´s report
    • Quarterly figures 2014-2015

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Annual Report 2013

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Annual Report 2014

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Annual Report 2015

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Annual Report 2016

People management

The main goal of Wärtsilä's People Strategy is to support group strategies and ensure their successful implementation by developing the company’s organisation and competencies to meet both current and future business needs.

The key focus areas of the strategy continue to be the further development of leadership and a leadership culture, as well as an emphasis on high-performance and operational excellence throughout the organisation. Strengthening accountability and ownership is encouraged by promoting employee engagement through a culture of open communication, integrity, and innovation. Similarly, the strategy ensures that the Businesses have the required resources and skilled and motivated people at their disposal. This involves the implementation of changes within the organisation, a continuous focus on the management of competence development and stronger performance with quality target setting, proper and regular feedback, the evaluation of overall performance, and recognition of outstanding performance.

Wärtsilä Human Resources continues to develop people management processes, tools, and ways of working that are consistent across national and organisational boundaries. In particular, an intensive effort has been made to further develop skills in people management by rolling out Management Focus, a modular training programme for line managers. The aim is to have all managers participate in these training modules, and the participation has indeed become a standard way of working in Wärtsilä. Wärtsilä Human Resources invests in technologies and tools that enable quick access to online reports, employee information, and annual compensation planning for both local and multi-country teams.

Building an inclusive company culture

Wärtsilä continued to work on diversity during 2015. The company’s values of “Energy, Excellence and Excitement” are strengthened by the diversity of its employees. Wärtsilä aims to capture opportunities and make things happen, do things better than any of its competitors, and foster openness, respect, and trust to create excitement. A diverse workforce generates higher profits, has better complex problem-solving skills, and enables access to a larger talent pool.

Wärtsilä’s Diversity Initiative began in 2012 with the aim of fostering an inclusive corporate culture at all levels of the organisation so as to meet global requirements. By investing in diversity and supporting employees of varied age, gender, personality, and educational background, Wärtsilä becomes a more innovative business partner, as well as a more attractive employer.

Since the Diversity Initiative was initiated, awareness of diversity-related questions has risen. Follow-up analyses indicate that the overall feedback towards the initiative is positive, and diversity has become a key topic for Wärtsilä.

In 2015, the emphasis was on local diversity action planning and implementation. In addition to local activities, Wärtsilä participated in various initiatives, including the Dialogi 2015 programme in Finland with nine other major companies. The purpose of this programme was to further develop and promote female leadership and careers in business, and Wärtsilä hopes to attract young female university students and thus become more known as an employer of choice among them. Wärtsilä was also one of the main sponsors of the bi-annual Women in Tech event, which is part of a movement aimed at encouraging more women to enter the field of technology.

Performance management

One of the essential elements of the Wärtsilä People Strategy is to emphasise and develop a culture of high performance throughout the organisation.

The performance management process supports Wärtsilä in reaching its business targets by translating business strategies into team and individual objectives. Each Wärtsilä employee needs to know and understand Wärtsilä's business strategies and their goals. More importantly, everybody needs to know the targets set for their own units and the main target areas related to their own work.

The positive trend in development discussion compliance has continued. The average coverage of annual development discussions was 92% globally. As a part of the performance management process, each employee receives a proper performance feedback and evaluation based on their overall job performance, as well as a personal development plan. Overall performance evaluation is one of the considerations in compensation decisions, and is in line with the principle of performance-based rewarding.

Learning and development

Wärtsilä continued its leadership development activities in many areas. New learning solutions for line managers have been developed to support them in their people management and leadership roles. An annual executive development programme was held in November, and six other global leadership development programmes for senior managers were held during 2015. New learning solutions for core competence areas in sales, project management, and technology have been developed and delivered, and they continue to be part of the learning offering in 2016. 

Wärtsilä’s HR organisation has created Leading Change intranet pages with supporting materials for all involved in leading change in the organisation. In addition to the toolkit, a half a day "train the trainers" workshop module was introduced in September 2015. The aim of the programme is to create a pool of internal change facilitators capable of supporting project owners in their change initiatives.

Learning at work, self-learning, mentoring, coaching, job rotation, and assignments designed to encourage competence development and the transfer of competence and skills from experienced to younger employees, are integral parts of the development of learning and competence within the company. Employees are given formal classroom training at all organisational levels; from induction training for new employees to training courses for the company's top executives. Wärtsilä employees attended a total of 55,620 training days during 2015; an average of 3.0 training days per employee.

Engagement

At Wärtsilä, equal opportunities and personal growth are core beliefs. The company supports its employees in self-improvement and in finding their own path within the company. Recruiting and retaining the best talent enables Wärtsilä to be the most valued business partner of its customers, and the employer of choice for current and future employees.

Strengthening engagement through the active communication of strategies, high quality dialogue, and giving and receiving feedback, has been a long term target for all Wärtsilä entities. It has clearly paid off as the Engagement Index measured through MyVoice Survey has had a positive trend through recent years.

In May 2015, the eighth MyVoice survey results were published. MyVoice is a global Wärtsilä employee satisfaction survey. The purpose of the survey is to collect employee feedback on issues related to well-being at work, the work environment, management and strategy, and to initiate development actions for improving practices.

On the corporate level, the results indicate continued improvement. Among the overall observations from the 2015 results, Wärtsilä values are well known, and pride in working at Wärtsilä is at a higher level than earlier. Entrepreneurial drive, customer centricity, and a passion for doing right are seen as strong values in all businesses. There was also a strong positive feedback on communication with managers. The results also indicated that equal opportunities and diversity awareness have increased at Wärtsilä. Challenges indicated in the survey included rewarding, as well as the amount of communication. More aligned work instructions were also expected throughout the teams.

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