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Rewards Strategy - Assignment Example

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The London Provincial Bank is undergoing the same phase of growth that every organization witnesses after it balances both the internal efficiencies and performance in the market. The concern now for the Bank is to retain, reward and develop their staff resulting in a competitive advantage in the banking industry. …
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Rewards Strategy
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"Rewards Strategy"

Download file to see previous pages No matter how well the awareness campaign is planned, the role of line managers is most important in making the total rewards plan a success, hence it is important to take each line manager in confidence and explain the overall increased benefits to them along with the reasons for change. 9 Discouraging the Entitlement Mentality 10 Rewards Arrangement and Flexibility between divisions 11 Responsibility and readiness of Line Managers 11 Sequence or Timeline for implementation of a total rewards Strategy 12 Change Management 12 Total Reward Framework 13 References 15 Meyers, J. 2010, ‘How Does a Contingent Payment Work?’, Viewed 29 November 2012 15 Introduction The London Provincial Bank is undergoing the same phase of growth that every organization witnesses after it balances both the internal efficiencies and performance in the market. The concern now for the Bank is to retain, reward and develop their staff resulting in a competitive advantage in the banking industry. To achieve this it is important for the bank to attain a consistency in the workforce performance with better retention techniques applied to prevailing workforce while attracting the best talent from the market. The Total Reward approach draws together all the financial and non-financial investments an employer makes for its workforce. It emphasizes all aspects of reward as an integrated and coherent whole, from pay and benefits through flexible working hours, learning and development, quality and challenge of the work itself (Manas & Graham, 2002). Total reward strategy includes everything the employee perceives to be of...
To achieve this it is important for the bank to attain a consistency in the workforce performance with better retention techniques applied to prevailing workforce while attracting the best talent from the market. The Total Reward approach draws together all the financial and non-financial investments an employer makes for its workforce. It emphasizes all aspects of reward as an integrated and coherent whole, from pay and benefits through flexible working hours, learning and development, quality and challenge of the work itself (Manas & Graham, 2002).
Total reward strategy includes everything the employee perceives to be of value resulting from the employment relationship. All of the tools available to the employer that may be used to attract, motivate and retain employees (Armstrong, 2010). The selected approach adopted for compilation of a total rewards policy is the Towers Perrin model of Total rewards, which explains the reward distribution in to communal and individual rewards with tangible and intangible nature, hence:
Pay + Benefits + Learning and Development + Working Environment = Total Rewards
Objectives
• Improved organizational performance – helping organizations balance their investment with employee expectations and needs, to source and retain high quality staff, winning their commitment by optimizing motivation and morale, and thereby securing better value for money and greater productivity (Armstrong, 2010). ...Download file to see next pagesRead More
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