Asda have a bonus scheme that aims to reward colleagues for their hard work and contribution to the business. The bonus year runs from 1st January to 31st December each year. The amount of bonus that an employee will be rewarded will calculated based on specific profit targets and other criteria. The bonus is also based on hours worked and certain absences leave and flexible working schemes are excluded from bonus.
Colleague discount card entitles employees to a 10% discount on all Asda purchases excluding gift vouchers and gift cards, savings and cards, postage stamps, lottery tickets, phone cards, tobacco, NHS prescriptions and all goods for sale in petrol stations and kiosks. The death benefit scheme is for all employees who are not in the pension plan, aged 21 to 64 years and who have completed 3 years’ service, are entitled to a lump sum payment equal to their gross earnings n the tax year prior to death shown on their P60.
Colleagues in the pension plan are entitled to a lump sum payment equal to four times their gross earnings in the tax year to death as shown on their P60. Flexible working is an essential part of the incentives. It allows colleagues at Asda to work around a time table which will suit the benefits of both the business and the employees of the business. Colleagues will need support in balancing home and work commitments. Asda have taken this into consideration and have a flexible working scheme. Not only does this help colleagues but the business as well.
The business suffers when colleagues to attend their job due to the commitments at home. As a way to avoid this and to meet the terms of the employees Asda have arranged a scheme which will benefit both the business and employees. Asda have two share plans. This is the colleague share ownership plan and the share saver plan. The colleague share ownership plan is designed to enable share participation throughout the company. Under the plan the share option is at a fixed option price with benefits that will be available in 3 and 6 years time. The share plans depend upon the basic pay of the employee.
Employees will have the choice of keeping all shares, selling some or selling them all. The shares are free of charge. The share save plan gives colleagues the opportunity to buy Wal – Mart shares on beneficial terms in a tax efficient manner. Regular savings can be made through their pay of between 5 and 250 every 4 weeks over 3 years. At the end of the 3 years the employee will receive a free bonus and this together with their savings. Providing employees with certain incentives contributes towards the retention of employees however it is not only incentives that will retain employees.
Employees working at Asda will also want working environment that is friendly and where issues are dealt with as soon as possible. The business provides its employees with an environment that is friendly and encourages a friendly environment. Asda have produced various leaflets so that employees of the business are able to understand and value others so that discrimination, bullying and harassment are avoided. The leaflets/ booklets contain a slip at the end where employees are required to sign. The receipt signed is then retained and kept in the individual’s personal file.
In order to retain employees Asda must also provide an environment that is safe to work in and considers all health and safety. Many employees will be working with fork lift trucks. As employees they will want to be certain that they will be working in area that will cover their health and safety and that they are in no risk. Although, by law the health and safety act covers employees, Asda have to ensure that they meet the criteria of the act and ensure that the employees are under the health and safety act.