Rewards and recognition
In a highly competitive market, rewards and recognition are often the key difference between employers. We are developing our reward and recognition packages in North America to reflect those of an employer of choice.
Our packages must reflect the composition of our workforce which is more diverse than in the UK. For example in our largest division, First Student, many employees work part-time.
We aim to pay rates appropriate to the geographical markets in which we operate. We follow a median pay strategy, but recognise that we will often inherit existing pay structures as we take over contracts. In addition we offer all our employees benefits that compare favourably with those provided by our direct private sector competitors, particularly with regard to part-time workers.
The benefits we offer are intended to meet the needs and aspirations of our employees, and include:
- tax-free savings plans - ('401K'), where the company matches employees' savings to an agreed level. This provides a clear contribution pension benefit in line with industry practice in North America.
- a range of benefits, including medical, life insurance and dental insurance plans which may include a direct company contribution.
- 'affinity benefits', which give employees the opportunity to purchase everyday items at a discounted price.
Following our North America-wide employee opinion survey we seek additional ways of recognising the contribution our employees make to the business. All new methods must have value for the employee and encourage them to stay with us.
Our employees also have the opportunity to earn a bonus as a reward for their performance against agreed objectives. First Vehicle Services and First Transit pay a bonus to reward technicians who successfully pass a skill certification test. In First Vehicle Services, the 'Safety Incentive Programme', rewards good safety performance and reduction in lost-time due to injuries. In most First Student locations we operate a bonus plan called 'Performance Plus' that rewards attendance and safety performance.