On the work notice board today, company profit, bonuses!

esoteric

esoteric

esoteric

Soldato
Joined
5 Aug 2004
Posts
2,738
So for the fiscal year just gone June 2014 - June 2015 the letter said the company made a profit and everyone gets a bonus as long as other criteria's are met. Among the list of criteria is minimum employment time of 3 years to be eligible, which immediately cuts out a sizable chunk of the workforce including me who only has 1.5 years with the company.

I'm not moaning, I didn't expect it, nobody did, and I know the company isn't obligated to give out bonuses. I just find it a bit cheeky in a humorous way. I feel like I just got flanked by a raptor, clever girl.
 
Any idea what the bonus amounts were?

When I was in the private sector, we all got given £74 at Christmas, and it wasn't every year. The reason why it was that specific amount because it would show up on the payslip as £50 take-home once the taxes were deducted.
 
If the bonus is based on results from the previous fiscal year then presumably everyone employed for the duration of that year made a contribution, so I can't really see why it would be limited to people who have only been there for 3 years.
 
D.P. said:
It makes sense to to incentivize long term employees and reward them for sticking with the company.
Click to expand...

While I can understand that point, it's not a very good system as it just pushes people away if they're reasonably new.

Where is your motivation if you put the same work in as everyone else, only for them to get a fat cheque and you nothing, just because they've been there 2 years longer? Bonuses should be based on effort, not time in office.
 
D.P. said:
It makes sense to to incentivize long term employees and reward them for sticking with the company.
Click to expand...

Sticking with the company long term is typically not an employee liberty. Like most manufacturing businesses these days they operate by agency staff and 3 month fixed-term contracts which is part of my cynacism to these bonuses. In, August they announced we have a slow month coming up so all temporary staff was axed. A company with about 80 people and I can only think of about 15 people who might get it.

Pawnless Endgame said:
Any idea what the bonus amounts were?
Click to expand...

Not exactly no. I over heard percentages for years of service, 1% for those between 3 and 5 years, 5 to 10 I don't recall and same for 10+. After I over heard that is when I read the letter but I stopped before the break down.
 
Caged said:
If the bonus is based on results from the previous fiscal year then presumably everyone employed for the duration of that year made a contribution, so I can't really see why it would be limited to people who have only been there for 3 years.
Click to expand...

I agree with that. Minimum a year arguably.
 
reward the people who made the profit for the company in the year stated. take it up with your union, if you have one.
 
Company I work for has similar criteria for the annual bonus, but it's known to be more of a long service reward than just a bonus.
It's typically around 10% of salary so well worth it.
 
at least they're up front about what you have to do to be entitled to the bonus...

no secret bonus pools, people joining under different contracts so not entitled to certain payments, bonuses etc...
 
3 years seems a bit harsh. We got 400 pounds on our Christmas payslip for meeting visitor targets, and are due to get 150 this pay cheque (September) for meeting summer targets. Only have to be working here for 1 year which is nice.
 
MooMoo444 said:
While I can understand that point, it's not a very good system as it just pushes people away if they're reasonably new.

Where is your motivation if you put the same work in as everyone else, only for them to get a fat cheque and you nothing, just because they've been there 2 years longer? Bonuses should be based on effort, not time in office.
Click to expand...

If new people don't have the motivation to stick it out then it is often a good idea to get rid of them early on. That way you separate the wheat from the chaff and retain the more motivated workers that want to to stick with the company long term. The bonuses may well also be based on contribution.

I also got the impression from the OP that this is a one-off bonus as part of a profit-sharing deal. There may be individual incentives at Christmas in terms of bonuses, pay-rises, stock options etc. Even if this is the annual bonus period you can reward effort with pay-rises etc, or simply punish those who don't meet the standard by laying off under-performing staff.
 
esoteric said:
Sticking with the company long term is typically not an employee liberty. Like most manufacturing businesses these days they operate by agency staff and 3 month fixed-term contracts which is part of my cynacism to these bonuses. In, August they announced we have a slow month coming up so all temporary staff was axed. A company with about 80 people and I can only think of about 15 people who might get it.
Click to expand...
If you are a temporary employee then why would you expect a bonus, they are reserved for permanent employees.

Not exactly no. I over heard percentages for years of service, 1% for those between 3 and 5 years, 5 to 10 I don't recall and same for 10+. After I over heard that is when I read the letter but I stopped before the break down.
Click to expand...

If the bonus is that small then I don't see what all the fuss is about. I thought we were talking 10-15% where it has a meaningful impact. Those without the bonus should get a higher % just as a pay rise.
 
I worked with a guy that was handing in his notice after receiving his bonus and there was a mix up with the bonus and it came a month late so he ended up not getting a bonus. Haha he was so angry and said he would take them to court over it but they said that the bonus was for future employment not past or some non sense.
 
I got a £500 bonus about 12 days after starting a new job once. Everything else about the job was horrid but the money and bonus culture was good
 
You must log in or register to reply here.
Back
Top Bottom