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Business Report - Book Report/Review Example

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Summary
This report reflects the review of bonus scheme or analysis of the current bonus schemes utilised by Bibby Financial Services (BFS), a company offering professional financial advice to owners of small businesses and factoring. The company utilises different methods for…
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Business Report
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Business Report

Download file to see previous pages... Calculations of various financial bonuses offered follows predetermined formula which provides employees with their earned bonus. Through a proper method for motivating employees, some essential changes can be implemented to enhance the commitment resulting from these incentives. Introduction of non-financial rewards can be identified as one possible way of applying changes into the bonus scheme utilised by BFS.
Bibby Financial Services (BFS) is a financial services organisation which offers numerous services to individuals. The services include lending money and offering financial advice to various business organisations seeking these services. The company targets mainly micro-businesses and individuals with private enterprises, seeking financial advice and assistance. The financial advice offered normally includes management of business finance, and achieving increased business profitability within various markets. Many private businesses normally experience financial difficulties because of the limited financial management knowledge of the owners. This contributes to poor business performance. While offering these services to other organisations and businesses, BFS also has its own internal financial affairs to manage.
The aim of this report is to provide a detailed analysis of the company’s reward and bonus scheme offered by the company to employees. The report further analyses the role played by the scheme in providing motivation and commitment of employees to the organisation. Different bonuses available to company employees are also identified and consequently explained within the context of the report. Within the setting of this organisation, different issues, concerning the bonuses are evident and the effects of the arising challenges, to these issues, are also contained within the report. The report provides a detailed analysis of the reasons behind the utilisation of bonuses in boosting employee output within the ...Download file to see next pagesRead More
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