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Finnish companies also obsessed with the bonus culture
Monday, 09 April 2012
Bonus schemes
for all levels of staff are surprisingly common in Finnish companies,
and the model continues to gain popularity in Finland.
“There are a
lot of different kinds of bonus payment systems or other pay models
tied to goals,” said Tomi Rantamäki of the Institute of Total Rewards,
a consultancy firm. "I estimate that up to 80 percent use some kind of
bonus system."
The
Confederation of Finnish Industries (EK) says that around half of its
member companies’ employees are covered by a profit-sharing system. The
true figure is bigger if all possible bonuses or conditional pay
systems are taken into consideration.
Bonuses
generally amount to around one month’s salary. In many companies upper
management can be eligible for two months’ pay as a bonus. There are,
of course, companies that do not have a similar model or where the
bonus targets have not been met.
Bonus systems
are in operation in different sectors. For example the debt collection
agency OK Perintä has a system whereby management and workers are under
the same model.
Even companies
that are suffering from financial difficulties still pay bonuses for
example Finnair came to a stand still because of dispute between
bonuses and austerity management strategy.
News sources: Yle and Scancomark.se Team
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