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Letter from the chairman
- In Two minutes
- Value Creation
- Ferrovial in 2023
- Corporate Governance
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Appendix
- Alternative Performance Measures
- Sustainability management
- Reporting principles
- EU Taxonomy
- Task Force on Climate-Related Financial Disclosures (TCFD)
- ESG scoreboard
- Non-financial information and diversity reference table (Dutch Law)
- Contents of non-financial information statement (Spanish Law)
- SASB indicators
- GRI standards Indicators
- Appendix to GRI indicators
- Glosary of terms
- Board of Directors
- Assurance Report of the independent auditor
- Other information
- INDIVIDUAL FINANCIAL STATEMENTS
- AUDIT REPORT
Ferrovial in 2023
People
DEVELOPING PEOPLE TO FACE FUTURE CHALLENGES
Ferrovial’s talent management strategy aims to consolidate the company as a benchmark employer in its core markets. To this end, the company promotes opportunities for growth and commitment, health and wellbeing, as well as the development of diverse teams, with the capacity to generate significant and positive changes in the company and society.
The talent strategy is based on the following pillars: commitment, organizational agility, and innovation and digitalization in managing talent.
WORKFORCE
TRAINING HOURS
INTEGRATED MANAGEMENT OF TALENT
Ferrovial’s talent management strategy aims to consolidate the company as a benchmark employer in its core markets. To this end, the company promotes opportunities for growth and commitment, health and wellbeing, as well as the development of diverse teams, with the capacity to generate significant and positive changes in the company and society.
The talent strategy is based on the following pillars: commitment, organizational agility, and innovation and digitalization in people management.
The company’s talent attraction strategy is aimed on attracting STEM talent, with a specific focus on engineering and technology. In this regard, the following initiatives have been carried out in key markets:
- Collaboration agreements with prestigious universities, business schools and other organizations.
- Development of strategies to strengthen talent attraction (scholarship and graduate programs, targeted campaigns to attract STEM talent, participation in specialized events or job fairs).
- Reinforcement as an employer brand.
During 2023, a total of 112,626 applications were received for the 3,003 job offers published in different channels, 29.77% of which were covered by internal candidates.
Regarding talent development and training, the priority is to strengthen key capabilities, promote corporate culture and values. Ferrovial conducts an annual talent identification and management process aimed at reinforcing meritocracy and skills development as key levers for growth within the company. This model helps professionals to identify the competencies required to continue advancing in their careers. It consists of three main axes:
- Revision and assessment of the individual objectives assigned to each employee as of the year’s start.
- A review of the skills level and critical capabilities identified as essential for each job position.
- Implementation of individualized development plans.
In addition, the ‘Develop your Talent’ campaign has been launched, aimed at more than 350 team leaders with the objective of reinforcing and strengthening one of the most critical competencies for the company, such as the role of manager, by providing online training itineraries on communication, feedback, delegation, influence, motivation and team management, among others.
Complementing the digital training offer, Ferrovial University has been reinforced globally with the vision of contributing to business value creation and to promote the development and growth of professionals in those skills that contribute to the company’s competitiveness. Following this vision, a wide range of global programs and initiatives have been defined and launched in virtual and face-to-face formats, aimed at supporting talent at key stages of their careers and connecting people, boosting their skills and encouraging global networking. Among these initiatives, the following stand out:
- Executive Forum: training event for the leadership team that aims to analyze and reflect on emerging global trends and their impact, create awareness of the challenges and opportunities that lie ahead, and foster a collaborative and innovative mindset among the company’s leaders. The 2023 editions welcomed more than 330 professionals.
- Global Executive Program: a three-month hybrid program structured in four modules (two onsite and two virtual), with the aim of helping Ferrovial’s leaders to better understand the environment in which the company’business operates and expand their knowledge of future trends, strategy and leadership skills. A total of 68 participants from different countries and business units attended the program in 2023.
- Advanced Management program: aimed at experienced managers to help them in their transition to leaders. In this first edition of the program we have had 26 participants.
- New Managers: aimed at Ferrovial professionals who are beginning their journey as people managers. Throughout 2023, a total of 74 professionals have gone through this program.
TALENT REVIEW
In addition to these initiatives, there have been other relevant programs such as GROW (Get Ready for Opportunities at Work) or GoFurther, aimed at Construction employees with one to three years of experience; STEP, for the professional development of foremen as a key part of the construction business; The Challenge, aimed at future managers of large projects; or the Continuing Education Program (CEP), a training event for the Toll Roads business that aims to take advantage of existing synergies between the company’s business areas and share know-how.
At year-end, Ferrovial professionals received more than 390,000 hours of training (in both online and onsite format), amounting to an investment of 8.7 million euros (347.38 €/employee).
Finally, it should be noted that, in 2023, the use of Workday, a HR management platform, has been consolidated as a single tool at a global level, providing complete information in real time, promoting data-driven decision making, as well as the integration of talent management systems with the main sources of candidate attraction.
DIVERSITY AND INCLUSION
The development of a more diverse and representative workforce is one of the commitments set out in the Horizon 24 Strategic Plan, along with the promotion of an inclusive environment, where collective intelligence is enhanced to increase competitiveness and sustainability. Therefore, Ferrovial has a Diversity and Inclusion Policy, which establishes the main objectives and major lines of action in these areas. This policy, coordinated by the Global Head of Diversity and Inclusion, is materialized through the diversity and inclusion strategy with the following priorities:
- In the area of gender diversity , Ferrovial continues to work towards equality and the promotion of female talent. Since 2020, the presence of women in leadership positions has increased from 20% to 24%, aligned with the goal of having 30% of women in this group by the end of 2025. This target is higher than the percentage of women in the group’s entire workforce, which stood at 17% in 2023. In this regard, the company commemorates key dates related to gender diversity, such as International Women’s Day and International Women in Engineering Day and has created women’s communities in the main geographies as a lever for promoting gender equality through empowerment, networking and the visibility of female talent. Additionally, the company ensures compliance with equal pay for men and women, developing different actions to rectify possible deviations. The global gender pay gap, calculated as an average, is -0.65%*. It should be noted that the company has renewed the Bloomberg Gender Equality Index for the fourth consecutive year and has obtained the “Equality Distinction” awarded by the Spanish Ministry of Equality, which accredits Ferrovial’s good practices in this area.
*The workforce included in the analysis represents 92.96% of the total workforce at the end of the year.
- In relation to cultural diversity , the company has promoted various initiatives to increase collaboration between multicultural teams and foster cultural intelligence. In this regard, the commemoration of key dates such as Black History Month, International Day for Cultural Diversity, Juneteenth, or the South Asian Heritage Month, among others, stand out. The progress made in this area of diversity has been recognized with the first prize in the Top intercultural diversity company category, awarded by Intrama.
- In terms of LGTBIQ+ diversity , awareness-raising actions are carried out to create an space for the LGBTIQ+ community in which everyone feels free and safe to be themselves. Thus, the collaboration with REDI (Business Network for LGBTI Diversity and Inclusion in Spain) to create an inclusive and respectful environment, where the talent of each person is valued regardless of identity, gender expression and sexual orientation, stands out.
- In the area of functional diversity , Ferrovial collaborates with different entities to support the incorporation of people with disabilities in the workplace, in addition to raising awareness actions on this issue to mitigate possible biases associated with this group
In addition to the actions described above, the “Diversity and Inclusion Month” was celebrated during the previous year, in which multiple initiatives were developed around this issue at a global level. The Employee Resource Groups act as ambassadors of diversity and inclusion, promoting the aforementioned initiatives.
It should also be highlighted that Ferrovial implements a global Anti-Discrimination and Anti-Harassment Policy to ensure dignified and respectful treatment throughout the organization and a work environment free of harassment, discrimination and intimidation. The policy also provides a protocol for action in the event of possible complaints.
Finally, the company uses training as a key lever for fostering an inclusive environment. To this end, it has an online training itinerary with more than 130 resources available, including content on unconscious biases, inclusive leadership, as well as other relevant aspects of diversity.
| Composition of women in the workforce | |
|---|---|
| 2023 | |
| Women as % of total workforce | 17.2 |
| % of women in management positions (out of the total number of management positions) | |
|
15.5 |
|
20.7 |
| % of female junior managers over total number of junior managers | 31.7 |
| % of women in non-management positions, out of total non-management positions | 14.9 |
| % of female directors and managers in business-generating positions | 8.6 |
| % of STEM women out of total STEM persons | 12.0 |
SATISFACTION AND COMMITMENT
Ferrovial launches annual employee satisfaction surveys that include aspects related to diversity and inclusion and corporate culture, among others. Ferrovial continues to strengthen the role of managers as responsible for the working climate and the commitment of their teams, providing them with tools to analyze and improve them. The last survey carried out in December 2023, achieved a participation rate of 72.7% and an overall satisfaction level of 7.75/10.
It is worth mentioning that Ferrovial has flexibility measures that facilitate work-life balance, included in its corporate policies, with measures adapted to each country. These include the following: flexible reduced working hours, flexible working hours, paid maternity leave extension before the date of birth, paid parental leave, sabbatical periods, leave of absence to care for family members, recoverable leave and vacation buyouts.
Ferrovial was named Top Employer in 2023 by the Top Employers Institute, in recognition of its people management policies. This award has been revalidated in 2024.
Campaign to promote corporate culture
Ferrovial’s corporate values (respect, excellence, integrity, collaboration and innovation) are the essence of the corporate culture and the company’s identity. To this end, a campaign to promote corporate culture and values was carried out in 2023 with the aim of increasing the commitment of the teams, reinforcing their sense of belonging and homogenizing the way of working.
Among other initiatives, a culture and values communication campaign was launched through different channels, with the participation of the company’s senior management.
