HSBC Introduces New Bonus System for Most Junior Employees - Bloomberg
HSBC Introduces New Bonus System for Most Junior Employees - Bloomberg
HSBC Introduces New Bonus System for Most Junior Employees
- New model gives a variable pay target, according to memo
- Staff target variable pay may be adjusted higher or lower
HSBC Holdings Plc is introducing a new bonus plan for most junior employees in support roles as it seeks to improve transparency on compensation.
Those staff will be given a figure called “on target variable pay,” which is set using external benchmark data from peers and internal pay data relating to those in similar roles at the beginning of every year, according to a memo seen by Bloomberg News.
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”