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
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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.