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In 2008 direct Group employment was increased due to the new acquisitions and expansion in other countries by 7% compared to 2007. Total number of direct employees was 6,504 at Group level. Yet comparing employment figures between 2007 and 2008 in countries where TITAN was operating in both years, a decrease of 4% is recorded. This decline is limited in relation to the impact of the economic downturn in our operations in most of these countries.

The TITAN Group provides opportunities for indirect employment to a large number of people in functions like quarrying, transportation, cleaning and maintenance, catering as well as new construction projects. In 2008 the total number of people employed by the Group through contractors with long-term contracts was approximately 4,500. In addition, an average of 1,000 people were employed for TITAN’s new construction projects in Albania and Egypt.

Facing the market downturn the TITAN Group has considered the necessity of employment restructuring. In order to keep to a minimum the impact on our people, the main policy followed in all TITAN operations is, first, to stop new hirings and replacements of retiring employees. Wherever job losses are unavoidable they are strictly limited and dealt with careful and early communication and support provided to the employees to ensure as smooth a transition as possible to their new lives.

Employee turnover and absenteeism

Turnover of employees and absenteeism as key performance indicators are presented for the first time in TITAN’s Report. As there are no verified data to benchmark these indicators, currently we plan to include this analysis in our social footprint measurement. As 2008 is a year of instability and negative financial results, the Group employee turnover rate reached 12.1% including retirements and 9.7% excluding retirements.

With regard to absenteeism, the majority of working lost days in 2008 was due to accidents. The total rate of employees’ absenteeism reached at Group level 2% of the scheduled working days. No day was lost due to stops or strikes last year.

Employee compensation and welfare programs

In all countries where the TITAN Group operates, wages and employee welfare programs meet as a minimum the provisions of labor law and collective agreements. Employee compensation beyond legal provisions is based on individual performance and potential which are monitored through annual assessments. Additional short- and long-term benefits beyond legal provisions are also foreseen for Group employees.

Cultural and gender diversity

We believe that being a multiregional and multicultural enterprise is a source of strength, and that local leadership is best placed to run successfully the local businesses. As such 98% of the management teams of our businesses are comprised of managers from the respective region.

However the TITAN Group follows industry practices and social practices and respects diversity in all countries and communities it operates.

As diversity is considered to be a critical element of our human resources development objectives, we continue our efforts to further develop in this field. In 2008, we made joint efforts with other Greek companies under the auspices of the Hellenic Network for CSR to develop and integrate into business practices a new tool for self-assessment and promotion of best practices in respect to innovative work organization and diversity.

Usje plant, FYROM