MIDLANDS Co-op employees with at least a year's service are set to share in the society's success by receiving an Employee Dividend based on last year's trading profit.
The society will this month be rewarding employees for their contribution towards helping the society to reach a trading profit of £ 15.3 million during 2003.
Full-time staff will receive £ 125 each and those working less than 18 hours per week will receive £ 65 each.
General Manager of Personnel, Bill Abell, told the News: "It has been agreed as part of the society's Stakeholder Strategy, that five per cent of trading profit will be distributed to employees.
"This is the first time that we've implemented such a scheme and we are delighted to be giving something back to our employees for all their hard work and commitment.
"As well as giving everyone a chance to share in our prosperity, the profit share scheme also acts as an incentive to improve the society's trading performance and will help to recruit and retain excellent staff and management."
Employee Dividend is the third strand of the society's Stakeholder Strategy. Members have been rewarded by the return of a ?true' Co-operative Dividend, which will have its first pay-out in October this year.
A Community Divided of two per cent of profits has also been agreed by members amounting to £ 300,000 this year.
Chief Executive Willie Tucker commented: "The society has increased its profits in every one of the eight years since it was formed in 1995.
"It's great that this improving commercial success is now to be recognised by rewarding all of the key stakeholders in the business – and who are more deserving than our staff who do such a magnificent job for us."
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