Law firm Shoosmiths has launched its first formal employee bonus scheme as part of an updated reward strategy.
The bonus scheme has been based on non-financial strategic goals and financial targets, and will pay the same percentage bonus to all employees in order to promote teamwork and collaboration. It has an on-target pay-out of 5% of all employees’ basic salary for the year, with the opportunity to earn up to 7% depending on the firm’s performance.
The percentage bonus paid will be based on criteria including the meeting of profit targets, goals associated with client feedback, and helping to meet the firm’s carbon emissions targets through reduced travel. Shoosmiths’ aim to reduce greenhouse gas emissions by 50% across the entire value chain by 2030 was validated by the Science Based Targets initiative in November 2021.
According to the firm, the revised reward package has been designed to cover four key areas, which include a competitive salary to reflect each employee’s role and personal contribution, a collegiate bonus scheme, recognition rewards, and a comprehensive range of benefits from which employees can choose to reflect their personal priorities.
Additionally, the firm revealed it will be making a payment of £1,000 in September to all members of staff to help with the growing cost-of-living.
David Jackson, Shoosmiths’ chief executive officer, said: “We believe Shoosmiths’ collaborative culture is something that sets us apart as a firm, which is why we are introducing a collegiate bonus that will ensure everyone in the firm benefits from us working together to achieve our strategic objectives.”