There’s been many a half-baked and barmy idea to emerge from HR departments over the years and rewards schemes are just the latest examples. Whilst it sounds like a great idea to tip your staff for a job well done, could it lead to abuse?
The John Lewis bonus has now reached its lowest position since 1954, at five per cent, as “challenging” trading conditions eroded the once envy-inducing benefit.
Neil Woodford may be best known for running Invesco Perpetual, but he’s now shaking up the finance landscape with Woodford Investment Management. March saw him commit a significant amount of capital to emerging businesses only, and now he’s made headlines for axing bonuses at his firm.
Much has been said in the press lately about the pay packets of board executives and given the uproar, you could take a wild guess that they wish it could have been kept under wraps.
The legal profession is generally considered one of the best-paying, but which firms in Britain offer lawyers the best pay packets?
Workers at retailer John Lewis may have received a bonus equating to five-weeks pay (10 per cent), but the 2016 figure marked a further fall from a high of 20 per cent in 2008.
Today has been dubbed "Fat Cat Tuesday" by The High Pay Centre, which has revealed some shocking statistics: within two days top bosses have already raked up the average person's yearly salary.
Staff bonuses rose over the last 12 months, but the traditional beneficiaries in the banking industry were left disappointed at the expense of secretaries, scientists and factory workers.
Despite the UK’s biggest banks are sidestepping EU rules limiting bonuses to twice fixed salaries by paying allowances in shares, RBS boss Ross McEwan has chosen instead to give his to charity.
The Royal Navy has offered its nuclear engineers a bonus of up to £24,000 in fear that it would lose skilled staff to civil power station projects.
With Glassdoor research suggesting that employee confidence could lead to the expectation of increased salaries, FD Recruit argued that alternative options such as equity shares could attract workers more than cash rewards – especially when it comes to FDs.
The Prudential Regulation Authority and Financial Conduct Authority have said in a joint statement that they will be reinforcing the link between pay and performance and ensuring that bankers are left in no doubt that their bonuses are at risk should misbehaviour occur.