Performance & Rewards
All performance management processes
All management staff members are part of a performance management process that assesses individual achievements against agreed objectives. This process, called Performance Measurement and Rewards (PMR), has been in place since 2006. PMR is closely linked to our corporate values. It puts specific expectations on the behavior and actions laid out in our values, and those expectations rise with experience and rank.
At the beginning of the year, each management staff member agrees to specific individual objectives with the evaluating manager. Targets are set in four areas – clients, people / team, economics and professional expertise. During the year, targets can be updated and additional targets may be set and recorded in PMR.
Towards the end of the year, a management staff member’s achievements are assessed against these defined targets – by the individual management staff member, by the direct manager, and in many cases by peers, internal clients and direct reports. The PMR assessment is one of the elements defining individual incentive awards. Top performers receive proportionately higher rewards. The total amount of incentive awards to be granted is determined based on the financial performance of the firm and the individual businesses.