EXCLUSIVE: Equity Insurance brings in job grading and performance pay

Equity Insurance Group is to introduce a job grading structure aligned with pay and benefits, as well as a pay-for-performance scheme, for its 1,200 UK staff.

It has categorised job roles into bands, to which benefits and salary will be aligned, in a bid to achieve greater consistency. It hopes to go live with the grading structure at the end of June.

Equity has identified its main job families, or categories, as: claims, central function, director broking and underwriting.

Ricky D’Ash, head of compensation and benefits at Equity, 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.”

But he said the company will not know how far salaries sit within the new grading structure until it conducts further analysis.

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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