HSBC Holdings is planning to introduce a “target pay variable” scheme for junior staff members who previously did not have specific bonus targets.
The pay will be introduced for most grade 4-8 colleagues “to ensure there is greater clarity and transparency on how performance impacts variable pay decisions,” an HSBC spokesperson told Bloomberg.
While the HSBC plan is a “good start” and an incentivizing factor for employees, Richard B. Johnson, co-founder and partner at Ascent Employment Law, questions if one solution will fit all staff members.
