Retention and reward of the high achiever

Article Abstract:

National Westminster Bank in Great Britain has redesigned their management reward system in an effort to retain their best managers. The objectives of the system include giving managers a greater understanding of the company's long term goals and providing them with monetary rewards more closely linked to their performance. The old system consisted of ten pay increments and a system whereby all managers eventually achieved the maximum pay for their grade. The new system features an annual review, seven pay increments and a system which consistently pays the outstanding manager a higher wage. The new system has a well-designed bonus scheme, executive share options, and personal rewards.

Analysis, Case studies, Training, Compensation management, National Westminster Bank PLC (London, England), Incentives (Business), Merit pay, Great Britain

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Devolution of job evaluation at the BBC

Article Abstract:

The British Broadcasting Corp.'s revised job evaluation system, introduced in 1995, attempts to devolve responsibilities to the directorate level and break the traditional tie between grade and pay. The evaluation scheme works in conjunction with the company's revised flexible pay system. Each directorate has job evaluation duties under this scheme, which evaluates areas such as accountability, problem-solving, impact, and knowledge. Union issues and the appeal procedures are also discussed.

United Kingdom, Methods, Innovations, British Broadcasting Corp., Compensation and benefits, Wage payment systems, Job evaluation, Pay structure

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