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Total reward - Coursework Example

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Presently the business of this bank is in a bad shape. The firm needs to reduce its cost and improve the performance of its employees for increasing its…
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Total reward
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Total reward

Download file to see previous pages... Total rewards include all the things which employees perceive as valuable for building strong relationship with the company. With the change of business environment the concept of total rewards is continuously changing and becoming more advanced. TR is composed of five elements. They are benefits, compensation, performance and recognition, work-life, development, career opportunities etc. With the help of all of these elements an organization satisfies its employees. This report deals with Mitchell Bank. Various issues of the bank are discussed in this report. For motivating and retaining the employees, the bank can use Armstrong and Brown model of total rewards. This model will help the bank to improve its business condition and increase its profitability. Mitchell Bank was established in 1895 in UK. The bank operates its business functions with the help of different divisions. The organization has large number of employees. Presently with the increase of competition in banking sector, Mitchell Bank is facing some serious problems which are discussed in this report. Therefore for making Mitchell Bank’s business activities effective and to hold its position in competitive market the company needs to improve many things.
The similar organizations of Mitchell Bank are Royal bank of Scotland (RBS) and Ernst and Young (E&Y). Both of these companies are involved in performing almost same types of business activities. These companies are very much concerned about their employees. They try to satisfy their employees by various ways. Total rewards of RBS and E&Y are slightly different from each other. The elements of their total rewards in these companies are very strong and effective which help them in motivating, retaining and attracting employees (Kaplan, 2007). As a result these companies are able to delivery good performance with its satisfied workers. This is one of the important factors which help these companies to increase ...Download file to see next pagesRead More
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