Rewarding

Rewarding policies are geared to reward individuals and their contribution on the basis of criteria for competitiveness, fairness and merit that are shared transparently with the individuals during the evaluation process.

The rewarding system used within the Group differs for different company populations and includes a remunerative component, goal-based incentive systems and benefits. In particular, specific rewarding instruments are envisaged for executives, managers, professionals, graduates and for participants in talent management programmes.

Remuneration

Piaggio offers prospective new resources and existing employees a remunerative package in keeping with the best practices in use in the market.  For this purpose, Piaggio has implemented a salary review process consisting of the following steps:

• comparison against market benchmarks, taking into account the size and status of the company as a whole and the importance of each individual role within the organisation, conducted using internationally recognised methods with the support of specialised consulting firms;
• definition of guidelines for salary reviews, founded on criteria for competitiveness, fairness and merit, to ensure coherence with company results;
• detailed definition of fixed and variable remunerative measures that are consistent with the guidelines defined, with employee evaluation results and with retention needs.

Goal-based incentive systems

The attainment of excellent results for goals set by the company is rewarded through an incentive system. In particular, Piaggio implements:

• MBO systems for executives,
• Performance Management systems for managers.

The size and nature of the reward is determined in relation to the achievement of a set of quantitative and qualitative goals.

The entire goal assignment and result assessment process is defined together with the employee on the basis of objective criteria.

Benefits

Piaggio offers a benefit package in keeping with the best practices in use in the market, structured according to grade, which includes, for example:

• company car;
• additional medical AID / coverage or insurance.