Contact Us
Sign In / Sign Up for FREE
Go to advanced search...

Case The Overpaid Bank Tellers - Essay Example

Comments (0) Cite this document
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…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER93.4% of users find it useful
Case The Overpaid Bank Tellers
Read TextPreview

Extract of sample "Case The Overpaid Bank Tellers"

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.
Latham, G. P., & Wesley, K. N. (1994). Increasing Productivity through Performance Appraisal. (2nd ed.). Reading, MA: Addison-Wesley. Read More
Cite this document
  • APA
  • MLA
(“Case The Overpaid Bank Tellers Essay Example | Topics and Well Written Essays - 500 words”, n.d.)
Retrieved from
(Case The Overpaid Bank Tellers Essay Example | Topics and Well Written Essays - 500 Words)
“Case The Overpaid Bank Tellers Essay Example | Topics and Well Written Essays - 500 Words”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Case The Overpaid Bank Tellers

Case Study - Mountain Bank

...focuses on identifying a set of practices that are beneficial to all organizations. It has a number of practices known as the commitment strategy that are beneficial to organizations. Practices in the commitment strategy give an impression that management cares about its employees. The strategy also ensures that employees have the training and freedom to pursue important job tasks. Mountain Bank should ensure that the tellers are treated well and know that they are valued as they are the main contact persons with the customers. A good and committed work force has been proved to increase efficiency in an organization and therefore increasing the overall productivity of the organization. Employees should...
3 Pages(750 words)Essay

Case study furniture bank

...? Case Study: Furniture Bank Table of Contents Evaluating and Prioritizing Each of the Proposed Competing Ideas 3 Acquiring New Trucks 3 Capital Campaign 3 Information Technology 4 Determining the Operations Capabilities That Are Needed to Ensure Proper Implementation of the Recommended Option(s) 5 Conclusion 8 References 9 Evaluating and Prioritizing Each of the Proposed Competing Ideas Acquiring New Trucks The acquiring of the new trucks has been done with the view of increasing their cash in books, which is at rate of $350000 earned from the generation of their services. Thus, it is proposed that by acquiring new trucks the services rendered by the company will increase in terms of pick-ups and...
8 Pages(2000 words)Term Paper

Are celibrities overpaid

...?A recent survey revealed that majority adults in America are convinced that celebrities, including reality TV stars actor musicians and athletes earn more money than is fair (Sulla-Heffinger, 2012). I found this not just a reflection of what a man on the street feels, but the immorality of today’s world particularly bearing in mind the amounts of money many of these celebrities make per day week or month. While on cannot fail to recognize that many of them work hard and influence the world a great deal, it does not justify the obscene paychecks they receive. This is worse when they get these amounts of money as product endorsements in which they do not have to do anything but smile for the camera, and their bank account...
3 Pages(750 words)Essay

Are U.S. CEOs overpaid

...not believe these comparisons are credible, because different job descriptions with different trainings as prerequisites should have different salary scales (73). According to Walsh, the difficulty in comparing the salaries of average workers across industries raises the delicate challenge of ascertaining that CEOs are indeed overpaid (74-75). Nonetheless, CEOs are receiving numerous forms of inappropriate benefits, which range from ‘unfair’ amount, cause (s) and form(s). Money to the tune of billions of dollars has gone down the pockets of thousands of CEOs who have brought big and profitable organizations to their knees, and as a result ruined the economic lives of workers (Fong, Misangyi, and Tosi 629). There have...
8 Pages(2000 words)Research Paper

Sandro Botticelli biography

4 Pages(1000 words)Essay

Case study World Bank

...Philosophy CASE STUDY: World Bank "The societal marketing concept holds that the organization's task is to determine the needs, wants, and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors, in a way that preserves or enhances the consumer's and the society's well-being". (Kotler, Philip. Marketing management: analysis, planning, implementation and control 8th ed. Prentice-Hall, 1994) ( Webber) Globalization and International investment on the rise, the premier business publication Forbes magazine undertook the responsibility of evaluating the world trend in investment and marketing on some sound ground rules which would govern their...
3 Pages(750 words)Essay

The Luton Bank Case

...A) In this situation David and Anne are the mortgagors, as they have created a mortgage in favour of the mortgagee, Luton Bank. Luton Bank will therefore have a charge by way of legal mortgage against the freehold title of Apple Cottage. The bank is entitled to seek an order for vacant possession in order to sell the property. Once they have this they will be under duties to David and Anne in the way they conduct the sale (Chappelle, 2006, pg 347). The leading case in this area is Silven Properties v Royal Bank of Scotland plc [2004] 1 WLR 997. In the case 34 properties were owned by two family property companies, and had all been...
4 Pages(1000 words)Essay

(Bank) Case study

...Recommendations In considering potential recommendations it’s necessary to take a broad overview of the three main areas of concern. As d above the first area of concern has been identified as customer service. Within the shifting of emphasis from banking from personally based to phone and web options, there has been a corresponding challenge for organizations to keep up with quality customer service. Rather than attempting to hold onto older modes of customer service, it is recommended that the bank embrace these new cultural shifts. In these regards, customer service and customer loyalty can be improved through increased Internet options for banking. For instance, the...
2 Pages(500 words)Case Study

Literature Review Saudi Stock Market

5 Pages(1250 words)Research Paper

Commerce Bank Case

...Commerce Bank Case Executive Summary Commerce bank is among the most established s in the US. It offers unique services that entail retailainment with the aim of appealing to its clientele. The bank also exceptional because of the freedom and experience when handling customer problems and the routine gifts offered to new clients. However, the main challenge that Commerce bank management faces is the hiring of competent employees who can serve customers adequately without complaints. The strength enjoyed by commerce bank is the widespread appeal to customers, unique services and low rates. The weakness is the staffing challenge, which will...
2 Pages(500 words)Case Study
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Case The Overpaid Bank Tellers for FREE!

Contact Us