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Total reward - Coursework Example

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The bank constitutes various major departments carrying out its operations: Retail Banking Department, Business Banking Department, Investment Banking department and Corporate Banking Department…
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Download file to see previous pages experienced more staff movements between Business and Retail banking and few movements between Central Support functions and Corporate Banking (Wright, 2004). The foundation of reward carried out is job evaluation and the organization has 20 grades. Due to the difficulties experienced in the Mitchell Bank, this report has been made to find solution to the problems through Total Reward. The report is to analyze the effectiveness of Total Reward in MB and come up with recommendations to promote high profitability and employees’ motivation within the bank.
Total reward as a term had been adopted to give reward strategy that come with extra components like development, learning together with factors of the working environment, into the benefits package (Armstrong & Brown, 2001). Total rewards are all the equipments accessible to the employer that may be applied in the attraction, motivation and maintenance of the employees. According to Armstrong, total reward approach benefits involve total effects of different reward types giving a deeper and progressing impact on employees’ commitment and motivation (Wright, 2004). The employment relation developed by the total reward approach applies total use of transactional and relational rewards and hence more appealing to the employees (Davis & Edge, 2004). Total reward could be financial or non-financial. Financial Reward (FR) constitutes job-based payment which gives base pay considering the job’s significance, and person-based pay that gives rewards in the merit’s shape pay that identify individual’s capability or contribution. Non-financial motivators are the intrinsic factors that concentrate on recognition, achievement, influence, responsibility and personal growth (Armstrong, 2012).
The model of total reward applied in this report Towers Perrin. Adopting this model would provide improvement on productivity and lowers staff turn over since it is more in details as compared to other models. The model assists ...Download file to see next pagesRead More
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