Home improvement and garden retailer B&Q is launching a new monthly bonus scheme for store teams, which is set be worth £12 million a year.
Under the new scheme around 30,000 shop floor staff will be eligible for a monthly bonus based on achieving individual store team targets and standards. Almost all (95%) of retail employee bonus schemes are annual.
The scheme, which was trialled over a three-month period earlier this year, saw over 70% of store employees receiving an average pay out of around £60 a month. The retailer expects to invest over £1 million per month in the scheme and the first payments will be made from July. All shop floor coemployees are eligible after three months service with the company.
The firm said that monthly payouts are popular with the store teams, adding that the targets are achievable, the measures are relevant and within control of individual stores.
Euan Sutherland, chief executive officer of B&Q and Kingfisher UK, said: “We want everyone at B&Q to be well-motivated and incentivised to do the best job we can for our customers in every single store every time they shop. A monthly bonus scheme based on individual store targets and standards means everyone has the chance of making a difference to their own store team’s performance and being rewarded for doing so every month.”
This investment in store team reward is in addition to a £9 million store manager share scheme launched earlier this year and a £1 million training scheme to help over 15,000 employees achieve a City and Guilds qualification this year. The company was awarded the Global Gallup Great Workplace Award in April, the third consecutive year it has won the award and the only UK company to win it.