STO has decided to restructure their pay scale.
According to STO, at the moment, their structure is similar to that of Civil Service and other government offices. The company plans to restructure the pay scale of the company on an incentive based mechanism.
STO intends to give sales commission and to introduce different allowances for achieving different targets. “ The company believes that this will increase the salary of the staffs and it will also improve the quality of the services” says a statement by STO.
Even now STO provides various services and incentives to the staffs. STO plans to administer the company like successful global companies. STO has the best corporate governing mechanisms among Maldivian companies.
Most of companies in developed countries, have an incentive based salary structure. Allowances will increase based on the amount of work done by the staffs. Those staffs who are not productive will just get a basic salary. Companies with this pay structure are more successful and productive.
MD of STO, Ahmed Shaheer said that even now the staffs of STO works really hard and this recent change will benefit the staffs more. “ All the staffs have to do some work related to a business of the company. Hence all the staffs will benefit this change” said Shaheer.
Shaheer said that they brought this change to take successful global companies as examples. Over the past few years STO has developed and expanded significantly.
In the first two quarters of this year, STO made 116 million Rufiyaa as profit.
STO to review their pay structure !
