Executive and Senior Management Remuneration System
The remuneration system of GEA Group has been designed as dynamic and future-oriented. It offers attractive salaries and incentives. These incentives, from which all senior employees can benefit, consist of a performance-based bonus and a result-based bonus. The system is designed to achieve the following objectives:
Create commitment and staff identification with corporate objectives by rewarding good performance and results. Introduce a flexible remuneration system controlled by corporate success. Achieve direct staff participation in corporate success. Reward the personal performance of each employee. Improve cooperation between supervisors and staff by open communication at meetings held to agree on personal objectives.
Essentially, the remuneration comprises the following three elements:
- fixed salary
- performance-based bonus
- result-based bonus
A result- and performance-based remuneration system is applicable for non-tariff bound executive managers of the contract-levels 1 to 4.
Depending on the contract level they belong to, the employees of GEA Group may earn as much as 60 percent of their salary as an additional bonus. Half of that bonus belongs to the performance-based share and can be directly influenced by the employee. The other half of the overall annual bonus correlates with the corporate success and is thus called result-based bonus. In accordance with the value-oriented management, three key indicators were selected: Earnings Before Interests and Taxes (EBIT), EBIT-Margin and Net Working Capital.
Anybody who is willing to perform extraordinarily can expect extraordinary payments from GEA – during his/her active working time as well as during retirement.
