2 minute read
Bonus
from In The Loop April 22
by Marketing
Bonus Principles and New Performance Management scale
A key focus of the Integration Programme and a core pillar of our People strategy is to establish a ‘One Bank’ Performance Management Framework and related Bonus Incentive Scheme.
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Launched in April, the new Performance Management Framework (PMF) applies to all colleagues and will ensure a consistent approach to measuring performance across the group. By implementing the PMF, all employees are now eligible to participate in our new all-colleague bonus scheme which is directly linked to both your individual and our wider business performance.
The PMF is based on colleagues working towards a combination of Quantitative (volumes, measures, numbers, deliverables) and Qualitative (quality, culture, behavior, teamwork, values) KPIs. It fully assesses colleague contribution and of course, rewards them for the di erent levels of achievement and success that we see against objectives.
The diagram below summarises the consistent and simple approach and importantly, its alignment to the overall business scorecard.
A ‘one bank’ incentive framework A ‘one bank’ performance framework
A ‘one bank’ application of the business scorecard A ‘one bank’ approach to reward, performance and alignment to the business scorecard
The framework of WHAT you can earn, how and when
The framework of HOW we will assess performance and link to reward The importance of the wider business goals in what we seek to do
Some other key points?
Objective Setting: All colleagues are required to set quarterly objectives and should have confirmed their Q2 objectives with line management in April. Strong objective setting is a key enabler in performance and bonus achievement and will enable colleagues to align their own goals with overall strategic objectives.
Quarterly Performance Review: All colleagues will have a quarterly review with their manager to review performance against agreed objectives and agree a rating that best describes the period. These sessions are a great opportunity to receive feedback, recognise strong performance, and identify development areas for the next quarter.
How Will I Know My Bonus Opportunity: All senior leaders have received a briefing on the scheme and what % of annual salary is available to strive for as well as frequency of payments. Please do ask your manager for more information if you are not yet aware of the opportunity!
