Kennedys scraps bonus in favour of payrise for all

Insurance firm Kennedys is to abandon its bonus scheme in favour of frmwide salary rises.

Senior partner Nick Thomas informed all staff on 20 March of the new arrangement, which will come into force next year, in a letter. He wrote: “While it’s appreciated when effort above the call of duty has been recognised after the event, the thought of a ­possible bonus payment does not motivate during the year.

“We’ve reached the ­decision that, as the real impact of the present system is to reward sustained effort, this would be better reflected by salary increases.”

The firm’s chief executive Rick Martin said Kennedys would put bonus cash aside in 2009-10 to give all staff a salary increase.