Track Surveys, a leading designer and developer of bespoke 360 Degree Feedback and performance management programmes, comment on Barclay’s new bonus scheme.
Earlier this year, Barclays were fined £290 million when they attempted to manipulate the key Libor rate which influences the cost of mortgages and loans. As a result, the fine led to the resignations of key employees, including Chairman Marcus Agius, Chief Executive Bob Diamond and Chief Operating Officer Jerry del Missier.
Barclay’s previous bonus scheme saw rewards handed out to employees who had acted dishonestly and unethically to create high revenues. However, the new CEO of Barclays, Antony Jenkins, has warned the 140,000 employees that future bonuses will be awarded to those who exemplify their new honest values and behaviours, and will no longer be based on revenues alone. The new bonus scheme will also help reward employees in different departments who were previously ignored.
Track Surveys offer customised 360 degree feedback packages which can be designed around a company’s strategies and goals, and could therefore offer the perfect solution to companies who want to follow in Barclay’s footsteps and reward employees based on their behaviour and non-financial results.
“Barclay’s new bonus scheme will see the company reward specific positive behaviours and non-financial outcomes for the first time. We recommend that every company going down this route should clearly state key behaviours and outcomes, as it will help employees understand and observe them whilst ensuring they actually happen,” commented Jo Ayoubi, Track Surveys’ Managing Director. “Structured tools like 360 degree feedback can measure behaviours and non-financial goals which will help to lead and empower a team, and can demonstrate that respect and open agendas are achievable in the workplace.”
For more information on Track Surveys and their 360 degree feedback and other appraisals, visit their website at http://www.tracksurveys.co.uk/
About Track Surveys:
Track Surveys offer a variety of performance-related services and programmes – such as 360 degree feedback – to a diverse range of organisations across the world. The leading assessment company continually keeps up-to-date with the latest evaluation, development and performance news and technology, which they then present to their clients in the form of new products and ideas.
Track Surveys Limited
26 York Street,
Zip: W1U 6PZ
Tel: 020 7206 7279