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Finnish companies also obsessed with the bonus cultureMonday, 09 April 2012
Bonus schemes for all levels of staff are surprisingly common in Finnish companies, and the model continues to gain popularity in Finland.
“There are a lot of different kinds of bonus payment systems or other pay models tied to goals,” said Tomi Rantamäki of the Institute of Total Rewards, a consultancy firm. "I estimate that up to 80 percent use some kind of bonus system."
The Confederation of Finnish Industries (EK) says that around half of its member companies’ employees are covered by a profit-sharing system. The true figure is bigger if all possible bonuses or conditional pay systems are taken into consideration.
Bonuses generally amount to around one month’s salary. In many companies upper management can be eligible for two months’ pay as a bonus. There are, of course, companies that do not have a similar model or where the bonus targets have not been met.
Bonus systems are in operation in different sectors. For example the debt collection agency OK Perintä has a system whereby management and workers are under the same model.
Even companies that are suffering from financial difficulties still pay bonuses for example Finnair came to a stand still because of dispute between bonuses and austerity management strategy.
News sources: Yle and Scancomark.se Team
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