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Our workforce in a nutshell¹ 1 Calculated as of 31 December 2022 on a headcount basis of 74,022 internal employees only (72,597 FTE).
countries nationalities languages spoken years of service, on average.
Women Men 48 150 151 8.
EMEA 20%
Asia Pacifi c 22%
Americas 30%
Switzerland 28% age <30 19% age 30–50 59% age >50 22% 74,022 59% 41% 43,971 30,051 employees 63
Sustainability Report 2022 | Social 64.
Live up to our purpose and shape our culture.
Everything we do starts with our purpose. It articulates why we do what we do, and why it matters. Our culture is based on our three keys to success: our Pillars, Principles and Behaviors. These elements determine what we stand for and how we operate, and they drive both our people management processes and our business decisions.
We build culture through a number of Group-wide, divisional and regional initiatives. Key among these is our Group Franchise Awards (GFA) program that recognizes and rewards employees for sharing innovation or simplification ideas, and for cross-divisional collaboration. Since 2016, more than 7,600 ideas have been submitted, with a 21% increase in submitted ideas in 2022, indicating a higher innovative mindset of our employees. Our global peer-topeer appreciation program, called Kudos, is an easy way for employees to acknowledge colleagues’ exemplary behavior while fostering continuous improvement and higher employee satisfaction. In 2022 alone, employees gave 424,000 recognitions. › Refer to the “Strategy” section of this report for details about our purpose › Refer to the “Appendix 4 – Social” section of this report for details about community impact and employee volunteering activities.
Build a diverse, equitable and inclusive workplace Our diversity, equity and inclusion (DE&I) strategy and initiatives focus on a wide range of characteristics including gender, gender identity, sexual orientation, ethnic diversity, disabilities, age, and veteran status, along the entire employee life cycle. Our businesses aim to hire individuals with strong potential along with diverse skills, backgrounds and perspectives. We invest in the development of all employees and give them the visibility and opportunities to realize their potential, and implement Group-wide divisional and regional initiatives that support their career growth. These efforts collectively support the progress towards achieving our DE&I aspirational goals. For example, our partnerships with the Investments and Wealth Institute (the IWI) and Kaplan Financial Education in the US provide scholarships for diverse Wealth Management professionals at UBS to pursue industry certifications in investment management, private wealth advisory, retirement management and financial planning. Our leaders and employee networks are essential in our work to build a sense of belonging and to advance our goals.
We have an ongoing focus on the importance of inclusive leadership skills, ensuring equity in our policies and practices, and increasing the representation of women and ethnic minority employees. We take a multi-faceted approach that considers recruitment, development and belonging perspectives. For example, we support flexible working arrangements that benefit current employees and help us attract a more diverse pool of applicants. We also assess executive candidates for inclusive leadership competencies.
Our UBS Career Comeback program continues to be important in hiring and retaining more female leaders and subject matter experts. Introduced in 2016 and offered globally since 2019, UBS Career Comeback helps experienced professionals return to corporate jobs after a break or a shift in their career. To date, 213 women and 21 men have relaunched their careers with us.
2025 aspirational goals.
Ethnic minorities in Director and above roles.
Women in Director and above roles.
Goal by 2025 30% 26% 27.8% 20.4% 23.0% 2022.
Goal by 2025.
UK 2022.
US 2022 2021 26.7% 20.1% 21.3% UK 2021.
US 2021 64
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In 2020, we outlined our intention to increase our female and ethnic minority representation, especially among management, and we have made steady progress toward achieving those aspirations. Women now account for 41% of our workforce and 27.8% of our Director-level and above population. At the same time, 42% of our Group Executive Board (GEB) members are female, as are 29.4% of senior managers who report directly to a member of the GEB. Due to variations in legal requirements and historical progress, we continue to take a country-specific approach to increasing our representation of ethnic minorities. At the present time, our focus is largely on the UK and the US.
We are proud to support the mission of The Valuable 500 and are committed to disability inclusion. In 2022, we implemented global accessibility standards for digital content and services and increased the physical accessibility of many of our locations and ATM interfaces, both of which improved client and employee experiences. We also hired a disability recruitment specialist and trained recruiters to more effectively hire and onboard candidates with disabilities. In July, we were named a “Best place to work for Disability Inclusion” in the US by the Disability Equality Index.
Our 48 employee networks are strong advocates in strengthening our inclusive culture. Whether the topic is gender, gender identity, sexual orientation, culture, ethnic diversity, disability, parenting, elder care or age, employee volunteers in every region host numerous educational events every year to promote awareness, understanding and a greater sense of belonging. › Refer to our Diversity, Equity & Inclusion Report 2022, available in Q2 2023 at ubs.com/diversity, for more details.
Part of building an inclusive workplace is providing equitable access to employment and advancement opportunities. We are an equal opportunity employer, and our policies do not tolerate harassment of any kind. We have measures in place to prevent bullying, victimization, harassment and retaliation, as well as an anti-harassment officer, who provides an independent review of the relevant policies and procedures.
Our policies encourage employees to openly raise concerns, with their line manager or HR and to immediately report any potential violations of our Code of Conduct and Ethics (the Code) to their line manager or local compliance officer. Staff have multiple ways (including a confidential whistleblowing hotline and online form that offer anonymity) to raise concerns about any suspected breach of laws, regulations, rules or other legal requirements, policies or professional standards, sexual misconduct or harassment, or any violation of the Code. We do not tolerate any form of retaliation against any employee who reports a concern that they reasonably believe is a breach or violation.
Pay our people fairly and equitably Pay equity and equal opportunity are fundamental to achieving our purpose. To connect for a better world, providing equal support to all our employees, with their diverse experiences, perspectives and backgrounds, is critical to our success. Factors such as gender, race, ethnicity, part-time status or a recent leave of absence should not impact opportunities.
Fair and consistent pay practices are designed to ensure that employees are appropriately rewarded for their contribution. We pay for performance, and we take pay equity seriously. We’ve embedded clear commitments in our global compensation policies and practices, and we regularly conduct internal reviews and external audits as quality checks. If we find any gaps not explained by business or by appropriate employee factors such as role, responsibility, experience, performance or location, we look at the root causes and address them.
Since 2020, we have been certified under the EQUAL-SALARY Foundation standards for our human resources practices in Switzerland, the US, the UK, the Hong Kong SAR and Singapore, covering more than two-thirds of our global employee population. Our global human resources policies and standards, including reward, performance management and promotion, from hiring through retirement, are reviewed annually to further improve our approach and processes. Our processes are global and we apply the same standards across all our locations.
The firm also successfully completed an equal pay analysis in Switzerland in 2020, as required by the Swiss Federal Act on Gender Equality. The results of the analysis confirmed that we are fully compliant with Swiss equal pay standards. These holistic certifications are a testament to our well-established equal opportunity environment and the strength of our human resources practices, including performance and reward.
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In 2022, we extended our internal fair pay analysis by assessing employees’ salaries against local living wages, using benchmarks defined by the Fair Wage Network. Excluding our US Financial Advisor population and their related support population (as their compensation is primarily based on a formulaic approach), our analysis showed that employees’ salaries were at or above the respective benchmarks, and the few outliers have all been addressed. UBS is committed to fair pay and supports all employees being paid at least a living wage. › Refer to our UBS Compensation Report 2022 at ubs.com/annualreporting.
Environmental, social and governance (ESG) objectives are considered in the compensation determination process in objective setting, performance award pool funding, performance evaluation and compensation decisions. ESGrelated objectives have been embedded in our Pillars and Principles since they were established in 2011. In 2021, we introduced explicit sustainability objectives in the non-financial goal category of the Group CEO and GEB scorecards. These sustainability objectives are linked to our priorities, and their progress is measured via robust quantitative metrics and qualitative criteria. Sustainability objectives are individually assessed for each GEB member, and consequently directly impact their performance assessments and compensation decisions.
In addition, in the performance award pool funding across the Group, ESG is also reflected through an assessment of progress made against targets linked to our focus areas of Planet (including climate-related goals), People (including progress made against our diversity ambitions) and Partnerships, alongside other key dimensions. Therefore, ESG is taken into consideration when the Board of Directors’ Compensation Committee assesses not only what results were achieved but also how they were achieved. For 2022, we established robust and concrete targets, and made good progress toward achieving them. We continue to increase our focus on this topic. › Refer to “GEB performance assessments“ in our Compensation Report 2022 for more information › Refer to “Our focus on sustainability and climate,” “Employees” and “Social impact” in our Annual Report 2022 for more information › Refer to ubs.com/gri for more information about ESG-related topics.
Seek out employees’ views and act on them We have processes in place to listen to our employees and use their feedback to continuously improve. We connect with employees through our internal communications channels, senior-leader events, townhall and small-group meetings, along with other forums. Our “GEB unplugged” event in September 2022 was one such opportunity to engage with senior leaders with regard to our strategy, priorities and leadership style.
Every year, our employees have numerous opportunities to give feedback on topics such as strategic alignment, employee engagement and well-being, collaboration, innovation, career development, and line manager effectiveness. We have designed our employee listening strategy to be adaptable, to capture feedback in a timely way and, above all, to drive meaningful improvements to the employee experience. We conduct employee life cycle surveys, in-depth analysis to solve specific business issues, and quick “pulse” surveys to understand what’s top of employees’ minds.
Group-wide surveys measure cultural indicators such as line manager effectiveness and employee experience. Our 2022 all-employee survey assessed indicators such as engagement, strategic direction, culture and career opportunities. An employee net promoter (eNPS) score of +19 confirmed that our employees recommend UBS as an employer. Results also indicated that 67% of employees were satisfied with our talent management practices and 80% recognized our positive work environment. Both of these scores were above the financial services norm. We want to continue to be an employer of choice in financial services.
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In addition to seeking out employee feedback, we maintain an open dialogue with our formal employee representation groups. The UBS Employee Forum (our European Works Council) and the UBS Europe SE Works Council represent 16 countries and consider topics related to our performance and operations. Local works councils such as the Employee Representation Committee in Switzerland discuss topics such as benefits, workplace conditions and redundancies. Collectively, these groups represent approximately 47% of our global workforce.
Where applicable, our operations are subject to collective bargaining agreements (CBAs). In all those locations, the employment terms and conditions for any employees not covered by CBAs are aligned with those agreements. Benefits are aligned with local markets, and due to the competitive labor environments in which we operate, often go beyond legal requirements or market practice.
Attract employees with the right capabilities and support their development.
We strive to hire diverse individuals with strong potential, along with the right capabilities and agile mindsets to help us deliver innovative and personalized products faster, and in a more connected way. We hired a total of 12,693 external candidates in 2022, adding more than 1,900 graduates and other trainees, apprentices and interns through our various junior talent programs. We are the largest apprenticeship provider in Switzerland, and we actively promote multi-year programs in Switzerland and in the UK, along with summer internship programs in numerous locations. In 2022, for the 14th year, UBS was recognized among the top 50 World’s Most Attractive Employers by Universum. › Refer to this report’s Supplementary Information document or to ubs.com/global/en/careers/awards.html for employer ratings and recognitions.
We also invest in our employees’ retention and development. That’s one reason why we support hybrid working arrangements wherever possible. Considering various role and regulatory restrictions, around 93% of employees are eligible to work at home several days a week, with agreed in-office days to support collaboration and culture building. A new virtual worker framework launched in the US in March 2022 will allow eligible employees to work completely remote. We have found that options such as this, along with flexible locations, flexible hours, part-time working, job-sharing and partial retirement, benefit current employees and improve client service while attracting a wider range of candidates and making us a stronger, more dynamic company.
No matter where or how our employees work, we want them to have opportunities to build long and satisfying careers here. We aim to take a systematic approach to talent management, conducting annual talent reviews that look at our succession planning needs, along with employees’ contributions, capabilities and future potential. At a Group level, we especially focus on supporting internal mobility for all employees and on creating a talent pipeline, from graduate and international mobility programs for early career talent to targeted development for mid-level and senior leaders. Our business divisions and Group functions promote development particularly through mobility, stretch assignments, rotations, key talent programs and mentoring.
Among senior management, regular Leadership Summits allow business heads to align with our purpose and strategy in particular. These concepts then become tangible within their teams, accelerating our transformation.
92% understand our purpose 73% believe we are living up to our purpose.
Key employee survey results 86% feel comfortable being themselves at work 73% participation 78% agree that their line manager is effective 88% agree that UBS conducts business responsibly 85% are able to speak up and raise concerns 67
Sustainability Report 2022 | Social 68.
All managers are expected to have regular development-focused conversations with their direct reports as part of our performance management process. To support them, we offer training for new line managers and a range of resources for experienced ones. We also hold managers accountable, in part through an annual survey that asks employees about their manager’s effectiveness in decision-making, building culture, innovation and providing feedback, among other topics.
Internal mobility remains a key aspect of our talent management approach. In 2022, around 37% of all our open roles were filled by internal candidates, including 76% of the positions at one level below the GEB. At the same time, 1,704 employees moved to a role in a different business division and 570 changed regions.
Our innovative Career Navigator platform has been pivotal in helping our employees achieve their professional goals. It offers a wide range of self-service tools and resources, including networking and mentoring opportunities, career path and training guidance, access to short-term rotations, and internal mobility tools, such as a job board accessed by almost 36,000 employees in 2022. In addition, 889 employees benefited from a mentoring relationship. By end of 2022, 7,170 people have shared their skills to be approached by colleagues or recruiters directly for their subject matter expertise.
Our in-house UBS University delivers formal training, along with quick learning bites and other resources. Our largely online offering focuses on building skills for use now and in the future and includes specialized business training, client advisor certification and both leadership and line manager training. We introduced foundational training on sustainability and sustainable finance in 2022, and modules on agile working, data literacy, regulatory requirements, diversity and inclusion, well-being and other topics round out the curriculum.
In addition, a new learning experience platform now offers AI-powered training recommendations based on an employee’s unique needs and interests. We invested more than USD 78 million in training in 2022 and streamlined our mandatory training offering to optimize the learning experience. In 2022, our full-time employees completed more than 1,327,000 learning activities, for an average of two training days per employee.
Work smarter.
We continued to advance new ways of working, driven by changing markets and our client needs. Most visibly, we accelerated our agile transformation. Pods of specialists with end-to-end responsibility can achieve better results, more quickly. We are convinced that this will create better outcomes for clients and improve our employees’ work experience. As of year-end 2022, approximately 18,500 employees across the firm were working in agile teams. The adoption of one consistent model across the firm has been key to our transition, supported by a knowledgesharing community and specialized training delivered through the Agile Academy within our UBS University.
Agility drives simplification. We are committed to making it even easier for our clients to do business with us and for our employees to work at UBS. Throughout 2022, we focused on making our firm simpler, faster and more effective, for example by moving away from committee-based decisions, reducing the number and complexity of policies, and streamlining decision-making authorities. As a result, accountability moved closer to the relevant business and employees have benefited from increased autonomy and responsibility.
We have also developed comprehensive data dashboards to help us better manage our current workforce and plan for future business needs. Historic and projected headcount trends, along with detailed information on hiring, attrition, performance, talent, demographics and other factors, help us make more effective workforce decisions.
Focus on impact and outcome Our performance management approach (MyImpact), which considers both contribution and behavior, supports a high-performance culture while simplifying our performance management and feedback processes. Introduced in 2021, MyImpact features aspirational objectives with outcomes aligned to strategic priorities, continuous feedback and transparent year-end decisions that support pay-for-performance principles. Line managers play a key role in the quality of our approach. They are responsible for their team’s impact and approach to work, employees’ development, well-being, and year-end performance decisions driving differentiated performance within their team.
In 2022, we introduced an integrated feedback app called Feedback 365, that allows employees to easily give and receive meaningful feedback “in the moment.” Throughout 2022, employees provided more than 180,000 instances of feedback, supporting continuous improvement, employee development, and ultimately, better outcomes. Furthermore, 100% of eligible employees received a performance review for 2022.
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Sustainability Report 2022 | Social 69.
Foster a supportive workplace community.
We care about our employees, and we want to support them. We also know that healthy people who are comfortable being themselves at work perform better, leading to more impactful outcomes. That’s one reason we support flexible working arrangements and promote employee health and well-being. Social, physical, mental and financial well-being priorities are woven into our HR policies and practices, and into employee-focused initiatives.
In 2022, we further expanded our employee health and well-being offering. This included a suite of programs, benefits and workplace resources, along with a bespoke eLearning curriculum, that aimed to help our employees manage their health, foster well-being, strengthen their resilience and support the sustainability of the organization. Employees across the firm participated in virtual fitness challenges, mental health initiatives, volunteering activities and financial education events, and everyone had access to a specialized mindfulness app. Regular “pulse” surveys and a health and well-being dashboard helped us identify and respond to trends in a timely way.
All employees have access to competitive benefits, such as retirement benefits, healthcare, insurance against risk, such as life and disability, and flexible leave policies. Benefits are set in the context of local market practice and are regularly reviewed for competitiveness. For example, all new parents can take paid time off after the birth or adoption of a child, and our parental leave policies not only meet legal standards in all locations but generally exceed them.
We offer employee assistance programs in all locations to help employees manage various challenges, including conflict, bereavement, mental health issues, elder care and illness. Our absentee rate in 2022 was 1.9% of total scheduled days, according to the number of illness or accident absences recorded in our self-service HR tool. Should circumstances require, we also offer redeployment and outplacement services in all business divisions and regions to help employees find new roles or transition out of the firm. › Refer to this report’s Supplementary Information document for the health and safety statement › Refer to ubs.com/employees or ubs.com/careers for more topics of interest to employees and potential applicants 69
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Driving social impact.
As we continue to drive our social impact and philanthropy services strategy forward, we are building a strong platform for the future. We seek to grow our reach and maximize our impact on a local, national and global scale.
Our vision is to develop and scale both our impact and our commercial contribution by connecting people for a better, fairer and more prosperous world. In doing so, we will sharpen the focus of our philanthropy and community activities on health, education, climate and environment.
Philanthropy Services.
One billion people globally have no access to healthcare. More than 648 million live below the international poverty line, and more than 600 million young people lack basic mathematics and literacy skills.1 To add to these challenges, climate change and the degradation of nature furthers inequalities as global emissions of CO2 continue to rise.
We believe that by working collectively, philanthropists and public and private organizations have the potential to create lasting change and maximize a positive impact for people and planet. UBS Philanthropy Services provides comprehensive advice, insight and execution services to work with our clients and find innovative ways to tackle some of the world’s most pressing social and environmental problems.
The UBS Optimus Foundation network The UBS Optimus Foundation is a network of foundations globally which connects clients with inspiring programs that are making a measurable, long-term difference to the most serious and enduring social and environmental problems. The UBS Optimus Foundation has a 20-year track record and is recognized globally as a philanthropic thought-leader and is focused on incubating impact ventures, scaling impact through partnerships and achieving impact transparency. In 2022, the UBS Optimus Foundation opened an office in Australia, meaning we can now reach clients through eight offices worldwide.
In 2022, the UBS Optimus Foundation network raised USD 274 million in donations, including UBS matching contributions, and committed USD 150 million in grants from the network. Donations and grants committed increased by 69.95% and 39%, respectively.1 2022 highlights include:
Emergency philanthropy – We raised more than USD 25 million for the Ukraine Relief Fund, with matched funding from UBS and XTX Markets, bringing the total to over USD 50 million. Over half the funds have been disbursed to 14 partners, providing relief, recovery and resilience services.
– We launched the Pakistan Relief Fund with our partners Americares and The Citizens Foundation (TCF), raising USD 1.2 million including UBS matching contributions, to provide both response and recovery efforts.
Collective impact – Members of the Accelerate Collective, Climate Collective and Transform Collective entered their second year of collective impact and learning, including in-person summits.
– We signed a memorandum of understanding with Prince Albert II of Monaco, creating a new USD 2 million program within the Pelagos Initiative, which is accelerating climate action in the Mediterranean.
– In partnership with the Galileo Foundation, we launched the Human Family Fund at the Faith and Philanthropy summit at the Vatican, which is a multi-faith philanthropic fund supporting faith-inspired initiatives with verified outcomes in health, education, climate / environment and anti-trafficking.
– We formed a new strategic partnership with the Marshall Institute and LSE (London School of Economics).
1 Based on information from the World Bank, see https://blogs.worldbank.org/developmenttalk/half-global-population-lives-less-us685-person-day# 70