According to study carried out, Bonus schemes are established to fulfill a number of key business and HR objectives; it attracts highly skilled potential employees, reduces employ turnover, increases employee motivation by establishing a clear link between pay and performance (at an individual or team level), improves business performance (e.g. productivity, sales or profits), focuses employees’ efforts on key objectives such as customer service, quality and on-time delivery, supports stakeholder ideals by allowing employees to share in the success of the business , creates the desired workplace culture by rewarding the efforts of the employees and many more.
A Bonus scheme which was passed with a Board Resolution was proposed for review every 2 years and the Board of Directors idea to change the scheme due to its drawbacks was considered as an issue within the organization. The management decided to deploy staff from different departments and sections to generate a review of Bonus scheme with recommendations and option has proved that Management has a concern for the employees.
According to reliable sources, two Bonus schemes were presented with invitees from the senior management in 2006. MD took responsibility to generate one out of both of the proposals which has left undone till to date.
Who is responsible? I leave this for those who know.
Anyway after reaching all the targets mentioned on both of these proposals yet they failed to give annual bonus. BUT the board approved to increase the dividend rates. All our sweat and effort wasted for the stakeholders (sleeping partners).
For a face value of 50Rf share 25RF was distributed in 2004 which then was increased to 28, 30 and 35 in the last three consecutive years.
Why? Again I will leave this for you…
Now it is 2008 AGM on our way, and on behalf of all our staff I take courtesy to remind this matter to all of you. Hope this time there will be no more excuses ….