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A sale to private equity owners following the nationalisation of its parent, Royal Bank of Scotland (RBS), was the catalyst for a programme of reward and compensation change at WorldPay, a global leader in payment processing. This restructuring of reward for the 2,500-strong UK workforce was also driven by a perceived need to better align compensation with business performance, and to iron out inconsistencies in the previous grading structure.
This case study, researched and written by e-reward, focuses on two important aspects of the on-going restructuring programme at WorldPay:
CONTENTS
Executive summary
WorldPay’s reward journey since autumn 2010
Organisation profile
Who e-reward interviewed
Refining the “value account”
Pensions auto-enrolment
“Freedom” benefits
Benefit choices
Widening access to performance bonuses
Valuing reward
Boosting variable pay
Future prospects
Lessons learnt
Box 1: Key remuneration principles
Box 2: WorldPay “Freedom” flexible benefit programme: example benefits