THE RETAIL BULLETIN - The home of retail news
HOME
RETAIL NEWS
RETAIL EVENTS
Fashion
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Electricals
Health & Beauty
General Merchandise
Entertainment
Sports & Leisure
The Papers
Retail Solutions
Food & Drink
Interviews
Property
RETAIL INSIGHTS
RETAIL SOLUTIONS
ABOUT US
CONTACT US
SUBSCRIBE FOR FREE
B&Q spends £10m on staff incentives

DIY chain B&Q is to invest £10m in staff incentives to drive up store standards, including rewarding high-performing store managers with shares in parent company Kingfisher.

GENERAL MERCHANDISE

B&Q spends £10m on staff incentives

DIY chain B&Q is to invest £10m in staff incentives to drive up store standards, including rewarding high-performing store managers with shares in parent company Kingfisher.

The company is awarding £9 million of Kingfisher shares to more than 300 store managers as part of the scheme, designed to maintain consistently high store operating standards.

Under the terms of the plan, called “Let's share it”, managers who meet the required

store standards receive Kingfisher shares worth approximately six months salary. The shares vest over the next 3 years as long as the standards are maintained at the appropriate level during that time. Store managers could cash in on average an extra £25,000 as part of the scheme.

Managers work to operating standards which give clear guidelines on how stores should look, how stock and point of sale material should be displayed and what customer service standards are expected. More than 300 of B&Q's 331 stores in the UK and Ireland have so far met the standards and been awarded shares, with the other stores working towards them. Area managers are also eligible.

B&Q and Kingfisher UK chief executive Euan Sutherland says, “Against a tough economic backdrop it is absolutely essential to have well-motivated, incentivised managers who know exactly what is expected of them. Rewarding managers who meet challenging store standards with shares is a really tangible way of making sure we do the best job we can for customers and reward our managers for their contribution to the growth and success of the company.”

The retailer will also invest £1 million in improving the skills of store staff through three skills qualifications schemes. More than 15,000 B&Q employees are expected to achieve a City & Guilds accredited qualification this year, helping them to give better customer service. While up to 10,000 will achieve the NVQ Retail Skills Level 2, a further 5,000 will complete a Home Improvement Knowledge Qualification and 200 will complete a Retail Apprenticeship Programme.

“If you walk into B&Q and meet a friendly person with a badge saying they've got one of our City & Guilds qualifications, you're going to know you're getting expert advice. City & Guilds is a powerful brand and employees can't achieve the qualifications unless they meet the full criteria as approved by City & Guilds,” says Sutherland.

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

Customer Engagement Conference 2019
Customer Engagement Conference 2019
5 June 2019
Cavendish Conference Centre, London W1
The 10th Annual Retail Customer Engagement Conference
The HR Summit 2019
The HR Summit 2019
8 October 2019
Hallam Conference Centre, London W1W 6JJ
The 11th HR Summit 2019, Hallam Conference Centre, 44 Hallam St, Marylebone, London W1W 6JJ
AI in Retail Conference 2019
AI in Retail Conference 2019
16 October 2019
Cavendish Conference Center, London W1G 9DT
Digitally native competitors and demanding customers are forcing a new perspective in retail. AI and machine learning can help you step up to the challenges; and some ‘small and beautiful’ solutions can increase your conversion rates within just a few weeks.
Omnichannel Futures Conference 2020
Omnichannel Futures Conference 2020
5 February 2020
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy