Remuneration and incentives
Our remuneration offer is in line with market practices and regulatory requirements. The principles of our remuneration policy are applied across the whole group, taking into account the type of business and specific local requirements.
More details can be found in the Remuneration Report.
We offer both our full-time and part-time employees compensation in line with Italy’s national collective labour agreements and supplementary company agreements, or local regulations.
We offer our managers a remuneration package consisting of:
- a fixed part, which rewards the role and responsibilities, while also taking account of experience, the degree of contribution to achieving business results, and the level of excellence delivered in performing the duties assigned;
- a variable part, which rewards the results achieved in the short and medium-long term, along with a benefits package. Managers who belong to the Global Leadership group are assessed by means of a monetary system of annual incentives based on the Balanced Scorecards (BSC) system. For each target, the minimum threshold, the benchmark value and the maximum value (over performance) are linked to a performance score; each target is weighted, with the sum of the weights equalling 100. The guiding principle of the BSC is strategic alignment: all managerial positions contribute to the creation of value for stakeholders in order to achieve measurable quantitative and qualitative targets. We calculate the BSC results after verifying the achievement of individual targets and after the publication of the group’s Integrated Report and Annual Report. We also reserve the right to ask managers to reimburse all or part of the bonus paid should an issue of their misconduct or gross negligence arise.
In addition to the compensation package, employees with a minimum service of 12 months are offered welfare benefits, such as:
- insurance cover for accidents at work, in addition to that required by law;
- insurance in case of death/permanent, total disability;
- long-term care, a supplementary pension scheme paid through contributions from the company and the employee;
- health care cover within set ceilings for hospital admissions due to major operations (tumours, gastrectomy, gastrostomy, enterotomy, etc.), hospitalisation for illness and injury, specialist visits and diagnostic tests, and reimbursements within certain limits for prostheses and dental services.
Additional optional insurance cover is available for employees and family members, such as for illness and injury, outpatient surgery, ectopic pregnancy and childbirth, as well as oncological expenses.
Our personnel (including retired former employees) can, on a voluntary basis and for a fee, receive affiliated disability insurance coverage extendible to family members. Similarly, policies are available with traditional, segregated-fund savings plans (Class I), making use of special additional bank agreements, drawn up for employees.
In Italy, the recent Group Supplementary Agreement, signed at the end of February 2015, provides for a welfare bonus for employees to reimburse a family’s education expenses (kindergarten, schools, language courses, school books, university, etc.).