Midlands shares its success with staff

MIDLANDS Co-op employees with at least a year&#039s service are set to share in the society&#039s success by receiving an Employee Dividend based on last year&#039s trading profit.
The society will this month be rewarding employees for their contribution towards helping the society to reach a trading profit of &#163 15.3 million during 2003.
Full-time staff will receive &#163 125 each and those working less than 18 hours per week will receive &#163 65 each.
General Manager of Personnel, Bill Abell, told the News: "It has been agreed as part of the society&#039s Stakeholder Strategy, that five per cent of trading profit will be distributed to employees.
"This is the first time that we&#039ve 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&#039s trading performance and will help to recruit and retain excellent staff and management."
Employee Dividend is the third strand of the society&#039s Stakeholder Strategy. Members have been rewarded by the return of a ?true&#039 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 &#163 300,000 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&#039s 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."