Telecommunications company O2 has rewarded its employees with a boosted £1,930 bonus as a result of its record first-quarter results.
The company, which is part of Telefonica UK, reported its highest ever first-quarter profit in its history this year, an increase of 7.6% from last year. Because of this, O2 surprised its 6,500 staff with a bigger bonus payment as the company ended its year-long incentive scheme.
First unveiled last summer, O2’s £10 million employee incentive programme, called ‘See What You Can Do’, was launched in order to motivate and reward the efforts of staff in helping to keep Britain connected during the pandemic. The organisation used one key metric for customer growth, with employees set to receive a bonus of £1,500 each when the target was achieved.
O2’s CEO Mark Evans announced to employees in a company-wide live stream that they had beaten the set target. To reward their efforts in delivering for customers, and to share the businesses’ financial success with them, all staff will now receive a boosted bonus of £1,930 each in their May pay packets.
Throughout the pandemic, O2 said it has maintained “market-leading customer satisfaction measures” and has increased network connections to help drive record returns which have benefitted customers, shareholders, and employees, believing this to have positively impacted its financial results.
Evans said: “Our record-breaking results – including O2’s highest ever first-quarter profit and an industry-leading number of customer connections at 36.6 million – were driven by the extraordinary efforts of Team O2. I am delighted to reward and recognise them with this bonus. I could not be prouder of the commitment they’ve shown to deliver for our customers and our business.”