B&Q spends Â£10m on staff incentives
DIY chain B&Q is to invest Â£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 requiredstore 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.
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