Pay-for-performance scheme also planned for company’s 1,200 employees
Equity Insurance Group has announced the launch of a job grading structure linked to pay and benefits, and a pay-for-performance scheme, for its 1,200 UK staff.
The insurer has categorised job roles with benefits and salary being aligned to each band in order to achieve greater consistency.
It plans to go live with the new structure at the end of June.
The main categories include claims, central function, director broking and underwriting.
Equity’s head of compensation and benefits Ricky D’Ash said: “It is a way of controlling how the business is run, controlling salary costs and making sure people are treated fairly going forward, with more transparency.”
The company will also introduce a pay-for-performance scheme for all employees. It currently offers elements of pay-for-performance to call-centre staff.
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