February 23 2011
Careful about bashing bonuses, ICS Director quoted in Britain’s largest newspaper
British unions dismissed as “shameful” the announcement by that country’s largest bank, Barclays, that it had awarded £2.6bn in bonuses last year.
Speaking in Britain’s largest newspaper, The Daily Telegraph, financial specialists, Performance and Reward Centre (PARC), observed that public anger could lead top companies to restrict bonuses but this would only mean that companies would find other financial means to recruit, retain and motivate staff.
The February 17, 2011 article also quotes ICS Director Kevin Hallock as saying: “I don’t think bashing bonuses is a good idea in general. Bonuses can be good for organizations and employees when used in the right way in the right situations. Taking bonuses away without replacing them with some other type of compensation could have unintended negative consequences.”