7 ideas so far
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Long service recognition? - by shirley kidd
Recognise loyalty, dedication & longevity by awarding an extra 3 days annual leave on reaching 30 years of service, and a further 2 days on reaching 40 years.
Bonus simplified - by jill tregoning
Why not have a clear list of expectations and targets that can be clearly seen, with objectives across the board for all. When a manager has given a score, it does not seem right that their scores can be over ridden at levelling---feedback should be open and honest. Managers final scores after levelling are not fed back. The system of scoring and final bonus needs simplifying so everyone is treated the same.
Deminishing Returns - Bonuses - by Neill boulton
A few years ago a score of 3 would get you 100% bonus allocation (if the business met its targets) now, with the multiplier, this is typically 90 to 95% of bonus allocation. A '5' use to get you 200% now 140%.
A bonus is a reward. I get that. But rewarding people's performance is diminishing, making people feel less engaged, less valued and less likely to want to try harder.
You only have to google 'Performance based bonuses' to realise it doesn’t work.
My idea may be totally flawed and I'm sure there are many variables I've not considered but why not move towards a set bonus across the business of say 80%; actually let's say 90% (it's a nicer number). The rest of the 'potential' bonus pot is based on team performance. By that I mean each team is set annual targets (realistic ones) and if they hit them they get the extra 10% of the pot. If the team over achieves and hits their stretched targets they can earn up to 110% extra bonus, combined with the 90% making 200% (in old money – a ‘5’ score).
Team based bonuses should drive good behaviours. Team cohesiveness, support, engagement and moral.
"Great things in business are never done by one person. They're done by a team of people" - Steve Jobs.
Equal Pay mechanism/Performance-related pay rises - by Matt Downey
If you've been at Post Office for more than a year or so, the chances are that someone else has joined the team at the same grade, doing a similar role, on a higher salary (because the external market has moved on since you were hired). To make any adjustment to your salary, you would need to know what they came in on and be deemed a flight-risk, when you ask your line manager for an increase. Where I have worked before, pay rises were performance-related, not applied as a blanket rate, which gives the line manager some flexibility to adjust pay across the team over time, to make sure that people earn the same for the same job, if they perform equally.
Bonus - by Kimberley ONeill
There should be different incentives to push Employees to reach targets. There should be individual targets aswell as branch targets therefore the ones actually trying hard get the reward they deserve rather than half the branch trying and the other half not but then everyone receives the same bonus regardless on what effort they have put in. The bonus we recieve will only drive employees 20% if there are bigger rewards bigger incentives employees will try harder an the company will see more results across the board! All employees across every business want that incentive to get a good bonus for the hard work they have put in to drive the company in the right direction, without us companies would not succeed.
Vanessa Fiorelli - by Vanessa Fiorelli
Colleague incentives need a restructure as they are not 100% clear. I think colleague incentives should be paid yearly instead of quarterly and should be based on similar criteria that Branch Managers have. So for example, branch income above target, customer driver score, compliance. I think it also needs to be on a pro rata basis, based on colleague's weekly hours they work, rather than a flat rate for all colleagues. I'd love to see individual incentives for colleagues based around Financial Products, really reward colleagues that go above and beyond. Ultimately though, I think that a colleague's (and BMs) PDR score should dictate their % salary increase for the following year. For example, if you received a PDR score of 3, you will receive a 3% salary increase. This has been very successful in other businesses I've worked in.
Individual bonus - by sean doherty
I believe if the branch hits its sales targets then individuals should have the opportunity to earn more for the quality of service they provide for our customers and at the same time grow our business.
I believe there would be no better way to reward and recognise our colleagues than with self motivating bonuses and i believe it would raise performance across the business as long as the system was fair and on a pro rata basis for all types of colleagues on different hourly contracts