Britannia Building Society
Linking benefits to performance
As part of a business wide focus on improved performance, Britannia has invested in developing a competency framework linked to a robust performance management system. It became clear that our existing system of service related benefits did not align with our new performance culture. We realised that we were rewarding people 'for turning up' rather than for their contribution to the business. We carried out a thorough review of all our service related benefits and have now moved away from this traditional compensation system. In addition pay is based on attitudes, behaviour and contribution rather than time served. Following consultation with staff and unions we decided to revise our benefit system.
Since 2002 they have been moving to a position where all staff receive standardised 'core' benefits for example holiday entitlement, health insurance and sick pay. During the next 12 months they will complete this programme by offering flexible benefits for all staff. We believe that this approach is not only fairer to staff of different ages, but will help incentivise staff and deliver improved all round performance, which in turn will make us more competitive and strengthen our position as an employer of choice.
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Linking benefits to performance
As part of a business wide focus on improved performance, Britannia has invested in developing a competency framework linked to a robust performance management system. It became clear that our existing system of service related benefits did not align with our new performance culture. We realised that we were rewarding people 'for turning up' rather than for their contribution to the business. We carried out a thorough review of all our service related benefits and have now moved away from this traditional compensation system. In addition pay is based on attitudes, behaviour and contribution rather than time served. Following consultation with staff and unions we decided to revise our benefit system.
Since 2002 they have been moving to a position where all staff receive standardised 'core' benefits for example holiday entitlement, health insurance and sick pay. During the next 12 months they will complete this programme by offering flexible benefits for all staff. We believe that this approach is not only fairer to staff of different ages, but will help incentivise staff and deliver improved all round performance, which in turn will make us more competitive and strengthen our position as an employer of choice.
Click icon to download a printable version of the case study
download pdf
