Exclusive: Performance pay
Standard Life bonuses based on ‘Covid contribution’
Stephen Bird: shaking up the company
Bonuses will be paid to Standard Life Aberdeen staff this year based on their contribution to meeting the challenge of the cornavirus pandemic.
In a video message, new chief executive Stephen Bird told employees at the Edinburgh-based wealth management firm that those who have made a strong contribution during the crisis will be considered for the bonus, normally paid in March.
It will also be lower than in previous years and the guidance on will apply to all staff, including senior management.
Mr Bird’s own remuneration is determined by the company’s executive remuneration policy, details of which will be published alongside results in March.
A company spokesman said: “We will still be paying discretionary performance bonuses to colleagues who have made a particularly strong contribution during the challenges presented by the COVID-19 pandemic.
“The total bonus pot will be limited compared to previous years. We’re a people business and building a high-performance culture is key to our success.
“This year and in future years, we’ll be making sure discretionary awards are targeted to reward stand-out performance”.
Mr Bird, who succeeded long-serving Keith Skeoch in September, has set about restructuring the business, selling one division and is focusing the business around four distinct areas – global asset management, fund adviser platforms, strategic partnerships, and retail savings and wealth.
Meanwhile, about 100 jobs are to be outsourced to Tata Consultancy Services as part of cost-saving measures.
The company said the move was part of its “previously stated efficiency commitments”.