PAYING FOR PERFORMANCE
Competency-related pay at Abbey Life
Abbey Life, a financial services company, was one of the pioneers of the competency-related pay movement. And its reward system has stood the test of time for six years, reports Industrial Relations Services.
While all too many organisations indulge in wave after wave of ambitious overhauls of their competency frameworks, the Dorset-based insurer has made a conscious decision to retain, unaltered, its original arrangements. Modifications have been in the form of very minor tweaking .
According to the five-page case study published by the IRS journal Competency & Emotional Intelligence Quarterly, Abbey Life's competency frameworks are still well regarded by staff and managers.
A final word from IRS
The company has also rejected an online system, favouring instead the paper-based solution that was put in place six years ago. In view of Abbey Life's evident success in maintaining a stable approach, other companies may be advised to think again before making changes to their existing arrangements. — by John Warner, Competency & Emotional Intelligence Quarterly, winter 2001/01.
Want to know more?
Title: A mature performance management system: Abbey Life Assurance , by John Warner, Competency & Emotional Intelligence Quarterly, winter 2001/01.
Availability: Contact Industrial Relations Services, 18— 20 Highbury Place, London, N5 1QP, tel: 020 7354 6747, email: email@example.com.
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