Performance management
Umicore wants to improve business through employee individual successfull contributions aligned to business needs.
Umicore's remuneration policy is also adapted to further align management remuneration with business results.
A bonus system is implemented across the Group, encompassing all of Umicore's management staff. This bonus system provides a fitting cash-based incentive system, which is better equipped to reward outstanding performance.
Umicore wants the bonus to be a truly variable part of the remuneration. For the bonus linked to individual performance the company wants to differentiate strongly and explicitly between top, average and below standard performances in a given year. Also bonus payments linked to the annual business unit and Group result will vary in accordance with profitability.
Every year managers and employees meet to fix overall performance on the job and focus on exceptional accomplishment. Objective setting, requiring the individual to make a real effort and a personal individual development plan are the corner stones of those bi-annual meetings.