In times of crisis you can be happy that you have a job and that here and there you can even get a bonus. However, 2020 was a fantastic year for the employees of Flow Traders from Amsterdam. They received a little more than a Christmas package to take home.
Flow Traders is a flash trader. This means that the company with powerful computers acts lightning fast on the stock exchange. Thus, it takes advantage of even the small price differences, and profit is therefore made relatively quickly and easily. In 2020 the stock market was extremely turbulent, which meant top business for Flow Traders. The working method of this company pays off optimally on a continuously changing stock exchange.
Gigantic profit Flow Traders
For Flow Traders, it meant that the company exploded in 2020. Where it made a profit of 64 million euros in 2019, that was no less than 572 million in the corona year 2020. That reports De Volkskrant. That meant a significant windfall for all 554 employees. The bonuses that Flow Traders hands out are linked to the operating profit, which led to extreme year-end bonuses.
It is part of the Flow Traders strategy. The salary, especially of the top executives, is relatively low. But on the other hand, there are high bonuses for good performances. No less than 40 percent of the winnings are put into the bonus pot. This means that more than 256 million euros could be distributed at the end of last year. It yielded 7.7 million each, CEO Dennis Dijkstra and director Folkert Joling. A rarely seen bonus in the Netherlands.
Employees receive an average of 516,000 euros in bonus
But it is certainly not the case that only the top men run off with the money. The employees were also allowed to do a good job and received an average of 516,000 euros per person. For some it was a bit more than for others, but they will not have been hungry. For 66 employees, including management, it meant that they received a bonus of a million or more home. A year earlier, the employees collected an average of 337,000 euros.
Not a sick thirteenth month, but it could have been more for the management in particular. Actually benefiting from the global crisis, it decided to halve the maximum bonus pot for management. “In such a year, it is important to be cautious about the remuneration for the top and not to get out of step with the social context,” the statement said.
Shareholders are not happy with the remuneration structure within the company. That is why the pot has been reduced to 35 percent of the operating profit.
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