Most firms are in the middle of comp season. Many HR staff are busy working long hours, just like Santa's little elves at Christmas, burning the midnight oil to make sure that the numbers add up. But CityNews can now exclusively reveal that one major investment bank has decided to do away with all that this year and has come up with a revolutionary new approach to bonus allocation.
For many-a-year, staff have been saying that bonus season is a bit of a lottery. And now, for one firm, that's exactly what it will be this bonus round. CityNews is unable to disclose the identity of the firm concerned, as the new bonus allocation scheme has yet to be communicated to staff. But we are able to reveal broadly how the scheme will operate.
Dealermakers and traders who have brought in revenue in excess of certain thresholds will be eligible to participate in a 'super lottery', which will determine the size of their next bonus. Tickets will be drawn at random at a black tie gala event, to be held at a secret location early next year. There will be 100 first prizes, with cash awards ranging from $1m to $20m. Support staff will be sent scratch cards in the post after Christmas.
There will also be fruit machines, installed for a two-week period in the firm's lobby area, for graduates. Although the firm's graduates will have to use their own money to play, the winners will be issued with tokens with which to claim their bonus 'prizes'. On offer this year is a two-week stint undertaking high-level photocopying work for the firm CEO's secretary and a trip in the global head of M&A's car. The winner of the latter prize will need to have a clean driver's licence and will probably be away from home for a few days over Easter.
A spokesman for the firm said that if the lottery system proves to be successful, consideration would be given to extending it into other areas, like promotions and redundancies.