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 user 2004-01-05 at 10:55:00 am Views: 137
  • #4418
    Bonuses are Back in the UK
     More Than three-quarters (77 percent) of British employers now operate a bonus system, with 38 percent using them across the entire workforce, according to a survey of U.K. organizations by The Work Foundation.

    With December the traditional month for end-of- year bonuses, one stereotype that appears to be true is that senior managers benefit most. They are most likely to be offered a plan, to be assessed on sales/profit alone, and to be awarded a higher proportion of earnings as bonuses. They also appear to be offered bonuses for different reasons as their annual payments are more for loyalty and strategic reward, where quarterly, monthly and even weekly plans are designed to achieve set objectives.

    Encouragingly, almost two thirds (64 percent) of companies believe their plans to be effective in meeting organizational objectives. Despite this, few new plans have been introduced in the last couple of years, but 71 percent of companies asked do plan to introduce them or make changes to existing schemes.

    Improving business performance (67 percent) and creating a direct link between employee and corporate performance (60 percent) are the most common objectives. Conversely, encouraging teamwork (19 percent) and reducing absence (14 percent) are not widely reasons to offer a bonus