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Case The Overpaid Bank Tellers - Essay Example

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As such, this is the fundamental reason that it has one of the best pay packages for its tellers in comparison to other banks. In addition, the use of a result-based…
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Case The Overpaid Bank Tellers
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The Overpaid Bank Tellers (Case Study) The Overpaid Bank Tellers Suggested decisions regarding raises for the teller From the case, it is evident that State Bank appreciates all members of staff regardless of the position held. As such, this is the fundamental reason that it has one of the best pay packages for its tellers in comparison to other banks. In addition, the use of a result-based compensation increment has enhanced the bank’s progressiveness amongst its peers due to its highly competent staff. While it is important to ensure that there existed no friction between the members of staff regarding their pay, it is crucial to ensure that the bank’s remuneration of its staff members was the best. For this reason, the HR department needs to realize is that tellers are the most important staff members in the bank. In this regard, tellers are the daily face of the bank to their customers since they interacted with them daily. For this reason, the HR committee should uphold the bank’s result-based system of increasing compensation and giving raises due to the rising cost of living. In this regard, altering the pay increase of the clerks will demoralize them. In addition, since the group of tellers was competent in its work, there was no need of making a decision based on findings from a survey conducted by another bank that is a competitor.
Placing faith in the accuracy of the survey
From the case provided, it is evident that another bank, which is a competitor to State Bank, conducted this survey. In addition, it is important to point out that State Bank is the most progressive of the four banks operating in this area. Hence, while the wages in the survey might be accurate to some extent, the HR committee should not completely trust the accuracy of the wage survey. In addition, the committee should not completely trust the survey since there is no certainty whether the other banks responded honestly to the survey and provided the correct information.
Issue of merit raises ranging from zero to 8 percent depending on job performance
The policy by State Bank to raise their employees’ salaries based on their performance is of fundamental importance towards ensuring the achievement of the bank’s objectives and those of their individual employees. In this regard, this is the best way to ensure that the employees’ morale was high and effectively maintained to meet their individual set targets while the bank on the other hand realized its objectives. However, for this to work effectively, the bank has to define performance by outlining the types of input, behavior, and outcomes employees are supposed to meet (Latham & Wesley, 1994). In this case, these three factors are crucial in establishing the yardstick within which the bank will base its performance. Thus, with a clear and well-publicized yardstick of measuring performance, the bank’s policy on merit-based raises remains crucial to help it achieve most of its set objectives.
Bank’s policy of giving cost-of-living raises
It is evident that State Bank’s president, Russell Duncan, believes that the employees are the most important asset in the bank. For this reason, the president understands the need to have a happy and satisfied employee is crucial to boost their morale and hence more output. It is also common knowledge that every year, the cost of living has kept on rising. In effect, the bank established a cot-of-living raise that has been in existence for the last six years. Evidently, this is to cushion the bank’s employees from the effects of the rise in the cost of living. In effect, this policy is crucial to help boost the employee’s morale hence increase the output. In this regard, eliminating this policy will have a catastrophic effect of lowering the morale and consequently lower the output.
References
Latham, G. P., & Wesley, K. N. (1994). Increasing Productivity through Performance Appraisal. (2nd ed.). Reading, MA: Addison-Wesley. Read More
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