Mirvac’s urban strategy delivered excellent results in FY17, with operating earnings up 11 per cent and distributions up 5 per cent, at the top end of guidance provided.
The 2017 financial year was an outstanding year for Mirvac, and our ambition to reimagine urban life by creating, owning and managing high-quality assets in Australia’s largest cities has delivered strong results across the Group, positioning us well for the future.
Mirvac is an integrated, urban property group and a key contributor to Australia’s major cities.
Mirvac’s urban strategy and a strong focus on capital management delivered growth in FY17, and has ensured the Group is well placed for the year ahead.
In February this year, we launched Marrick & Co in Sydney’s inner west: a 220-apartment development on the old Marrickville Hospital site.
Mirvac has a priority focus on the health and safety of its employees, contractors and customers, and in FY17, we launched a refreshed policy and focus to strengthen our safety practices, behaviours and culture across our business, while supporting the wellbeing of our people, places and the communities in which we operate.
Developing a Reconciliation Action Plan (RAP) has been one of Mirvac’s key cultural goals over the past 12 months.
This Changes Everything is Mirvac’s sustainability strategy, comprised of four focus areas with long-term missions.
This Changes Everything FY17 at a glance
Our people are at the heart of what we do, and we recognise that our investment in them, along with fostering a positive culture, leads to better business outcomes.
In FY17, we continued to implement a range of initiatives to support a culture that values performance, innovation, professional development, flexibility and wellbeing.
MIRVAC LEARNING ACADEMY
To enhance professional development and career opportunities at Mirvac, we expanded the Mirvac Learning Academy in FY17, offering technical masterclasses across our Residential and Office & Industrial businesses. These masterclasses are business-led courses aimed at broadening technical capability and sharing knowledge
and expertise to further strengthen our capabilities.
We also included two additional Leadership Development modules in the Mirvac Learning Academy: Communicating with Influence and Executive Presence, which are accessible to all people leaders.
We recognise that effective leadership is key to building a positive culture and strong employee engagement, so in FY17 we launched our Leadership Success Profiles which define the responsibilities and competencies required to be a successful leader at Mirvac.
We also trained over 300 of our managers on the Big 5 Leadership Fundamentals, which are the skills and tools to be effective people leaders. These fundamentals were then measured through our engagement survey, which in FY17 found that 80 per cent of our people were favourable in their assessment of their people manager’s capabilities.
ENCOURAGING LATERAL MOVEMENT
As an integrated business, Mirvac offers huge scope for people to make lateral moves within the business. To support this, we have introduced the Discovery program. This allows people to ‘test drive’ a different role within Mirvac over three days, giving them the chance to see if it’s something they want to pursue. The Discovery program also facilitates new connections between departments so when opportunities come up, we can offer them to our own people before having to recruit externally. Employees also receive weekly emails advertising internal job vacancies.
Measuring our employee engagement gives us a valuable insight into the quality of our workplace and culture, and helps us to better understand how we can continue to create a positive work environment for our people.
In FY17, we achieved an overall employee engagement score of 88 per cent in the Willis Towers Watson’s engagement survey, placing us above the Global High Performing Norm, the survey’s highest external benchmark.
Having a clearly defined business strategy and the launch
of our new purpose, Reimagine Urban Life, was also something that resonated well with our employees in the engagement survey.
We are certainly proud of this achievement, and hope to continue to provide a workplace and culture that attracts, motivates, grows and retains the best people.