Human Resources Management

Goal and Performance Highlights

Performance 2024

Total of Employees (Including Executives)

persons *

persons

hours/person/year

hours/year

local entrepreneurs

Human Capital Return on Investment (HCROI)

times

Remark:

* Total employees include both permanent and contract staff.

** The results of the employees’ engagement survey in 2024, conducted every two years

Commitment, Challenge and Opportunity

The Company is committed to managing and developing employee potential in line with corporate governance and ethical principles, guided by the core value of “Be different, be noble.” The Company promotes equality, non-discrimination, and respect for human rights in accordance with laws and international principles. In addition, the Company conducts the Noble Caring Survey every two years to gather employee feedback and improve the workplace environment, fostering engagement and pride in the organization.

However, human capital development continues to face challenges arising from economic and technological changes, workforce diversity, and varying employee expectations. To address these challenges, the Company emphasizes comprehensive human resource management, the development of new skills, and the cultivation of a transparent corporate culture. The Company is also committed to ensuring ongoing employee welfare and workplace safety.

On the other hand, creating positive employee experiences and fostering engagement provide opportunities to enhance work efficiency, build loyalty and trust, and promote fair employment practices and respect for diversity. These efforts are aligned with the United Nations Sustainable Development Goals (SDGs), particularly SDG 3: Good Health and Well-Being, SDG 4: Quality Education, SDG 5: Gender Equality, and SDG 8: Decent Work and Economic Growth.

Management and Operational Approach

Social Policy & Guidelines

The company has established the policy and guidelines to ensure social sustainability as follows:

Place important and realize the roles and responsibilities to the society, conduct business with the aim of creating positive impacts on all stakeholders to be part of creating sustainable society.
Pay attention and give importance to safety for communities, society, the environment and quality of life of stakeholders involved in the project’s operations and support employees to have awareness and responsibility to the environment and society.
Operate the business under the concept that respects human rights is important to the corporate sustainability by complying with the Company’s human rights policy which conforms to the human rights principles indicated in the international laws and standards such as Universal Declaration of Human Rights (UDHR), The International Labor Organization (ILO) Declaration on Fundamental Principles and Rights at Work, United Nations Guiding Principles on Business and Human Rights (UNGP).
Support and care for all employees equitably as our own family, we listen to their voice and ideas. We empower them to be both outstanding team leaders and strongest team player. They will be incentivized as they are also the Company’s owners, as well as regularly promoting, supporting, and raising awareness of responsibility to community and society.
Strive for operating business with integrity without exploiting or causing damage to society, arrange channels for the stakeholders and relevant people to propose ideas or opinions about the Company’s business operations and file complaints in case of unfair treatment because of the Company via the topic of whistleblowing channels
Apply social risk management and social crisis management in all business processes to reduce impacts on stakeholders, communities, and the environment along with specifying guidelines for managing and reducing potential impacts.

Human Resource Management

The Company values individuality, embracing the core belief of “be different be noble” We believe that diversity strengthens our team and drives collective growth and long-term success.

In addition, the Company upholds high standards of ethics and corporate governance in all aspects of human resource management from recruitment and hiring to compensation, performance evaluation, employee development, and career advancement under the following policies.

Ensuring fair treatment of all employees, with no discrimination based on race, religion, gender, language, skin color, sexual orientation, social status, disability, political opinion, group affiliation, or any other factor unrelated to job performance.
Prohibiting illegal labor practices, including forced labor and child labor.
Ensuring fair and equal employment opportunities, with a strong commitment to non-discriminatory hiring and employment practices.
Promoting diversity and inclusion by supporting employment opportunities for underrepresented groups, such as people with disabilities, and offering internships for students to develop their careers.
Managing compensation and benefits competitively and legally, with a focus on fairness and merit-based advancement aligned with employees’ knowledge, skills, and performance.
Complying with labor laws, including clearly defined employment conditions, working hours, rest periods, leave policies, disciplinary procedures, and ensuring all employees especially new hires are properly informed through regular training and updates.
Prioritizing human capital development, based on the belief that “every employee is a valuable asset.
Fostering a people-centric culture, where employees are treated as part of the Company family. Management actively listens to employee feedback to improve the organization and create an environment of collaboration and constructive dialogue, while protecting employees’ rights and interests.
Promoting work-life balance and overall well-being, through initiatives and activities that support employees in caring for themselves and their families beyond work obligations.

Policy & Guidelines of Employee Remuneration, Welfare, and Provident Fund

The Company is committed to providing fair and competitive compensation to all employees, regardless of gender, race, or religion, based solely on individual performance. Employee compensation is regularly benchmarked against both the national market across industries and specifically the real estate development sector. The Company maintains a policy of annual salary adjustments and bonus payments based on employee capabilities and performance.

Performance management is standardized across the organization through three key evaluation criteria: work achievement, competency, and attitude. After each evaluation cycle, performance results are directly communicated to employees through coaching and feedback sessions to promote continuous development.

In 2024, total employee compensation, including salary, overtime, cost of living allowance, bonus, and provident fund contributions, amounted to THB 636,122,704. The overall compensation ratio between female and male employees stood at 60:40, respectively.

The Company places great importance on employee well-being and has established a Welfare Committee to provide input on the design of welfare programs and activities aimed at promoting, protecting, and maintaining employees’ health. All employees are entitled to equal access to standardized benefits and welfare programs without discrimination. The Company’s welfare and activities are categorized into three main groups as follows:

Health and Life Protection includes social security fund, workers’ compensation fund, health insurance, accident insurance, and life insurance offering double coverage in the event of death due to public disasters. Employees also receive annual health check-ups and influenza vaccinations. In 2024, the Company introduced additional health initiatives, including massage services by visually impaired therapists to help prevent office syndrome and an Office Syndrome Workshop providing consultations with specialized physicians.
Post-Retirement Support is a provident fund.
Financial and Residential Support includes employee’s welfare loans, auto loans, and the right of discounts on the purchase of residential properties developed by the Company.

Employees are encouraged to save for retirement through the Company’s provident fund. The employee must contribute the collected funds to the fund, and the Company will contribute in proportion to the employee’s service age.

Length of work (From the date of employment)	Employee Cumulative Rate	Company Contribution Rate
Below 2 years	2-15%	3%
From 2 years - 4 years	2-15%	5%
More than 4 years	2-15%	7%

The Company supports the Provident Fund Committee in selecting fund managers who adhere to the Investment Governance Code (I Code) for institutional investors and manage investments responsibly by considering Environmental, Social, and Governance (ESG) factors. The selected fund managers must demonstrate strong investment governance practices and transparently disclose their selection criteria to fund members. This approach aims to ensure that the management of the Company’s provident fund prioritizes the long-term best interests of its members.

In 2024, the Company’s Provident Fund Committee reviewed the performance of the provident fund management company and approved the continued appointment of Eastspring M Choice Provident Fund (registered exclusively for Noble Development Public Company Limited) as the Company’s provident fund manager.

The Company has encouraged employees to have knowledge and understanding of money management that is appropriate and in accordance with the age range or risk level by inviting experts in financial investment to give a lecture on investment knowledge as well as giving advice on rewards in order to take care of and create understanding for employees in managing their finances in the long run. Employees’ investment decisions in any fund face an age appropriateness risk in order to create enough investment income during their working lives and have enough savings for life after retirement, for example, experts from Eastspring Asset Management (Thailand) Co., Ltd. or similar agencies, were invited to educate employees at all levels about the benefits of provident funds (PVD) and appropriate investments so that they can save enough money to spend during their careers and after retirement.

Company Name	Have / Not Have PVD	Number of Employees Participating in PVD (persons)	Percentage of Employees Participating in PVD (%)
Noble Development Public Co., Ltd.	Have	224	61%
Continental City Co., Ltd.	Have	175	70%

The retirement age has been established at 60 years by the Company. When employees are due to retire, the Human Resources Group will inform them of the advantages they will receive upon retirement, such as provident funds and Labor Law for Retirees Compensation to help them plan for their post-retirement life.

To empower persons with disabilities to be self-reliant and to contribute to society, in 2024, the Company collaborated with the Foundation for the Promotion of Educational and Quality of Life for the Blind to launch a Therapeutic Massage Program for employees, performed by visually impaired therapists. This initiative aims to promote employment opportunities and professional development for the visually impaired, while providing employees with expert therapeutic massage services to relieve physical fatigue. Through this project, the Company not only created employment for seven visually impaired individuals, but also contributed to improving their quality of life, fostering an inclusive society, and promoting sustainable coexistence.