Rbs Reward Strategy
Contents INTRODUTION – Royal Bank of Scotland (RBS) 1 REWARD STRATEGY – Review and Evaluation 2 Herzberg and ‘two-factor’ theory 2 Maslow’s Hierarchy of Needs 3 Motivation through Total Reward 3 Result Based Payments 4 Work/Life Balance 4 Personal Development 4 PERFORMANCE MANAGEMENT – Review and Evaluation 5 RECOMMENDATIONS 7 Conclusion 7 REFERENCES 8 Books and Journals: 8 Online Sources: 8
INTRODUTION – Royal Bank of Scotland (RBS)
The Royal Bank of Scotland (RBS) is one of the largest financial institutions in the world which is one of the retail banking subsidiaries of the Royal Bank of Scotland Group. RBS provides branch banking facilities throughout the British Isles, together with NatWest and Ulster Bank. Globally, RBS has a range of operations in Asia Pacific, Europe and North America. There are a number of RBS centres in sixteen North American states, thirteen European countries and eight major Asia Pacific cities. RBS has around 700 branches that are spread in many larger towns and cities throughout England, Wales and rest of the world but most of them are located in Scotland.
Society of the Subscribed Equivalent Debt is from where the bank traces its origin. It was set up by the investors in the failed Company of Scotland to protect the compensation they received as part of the arrangements of the 1707 Acts of Union. In 1724, the “Equivalent Society” became the “Equivalent Company” that wished to move into banking. In 1727, the “New Bank” was chartered as the RBS. Archibald Campbell and Lord Ilay were its first governor. In 1728, RBS was recognised as the first bank in the world to offer an overdraft facility.
The headquarters of RBS in located in Edinburg, Scotland. RBS is one of the world’s leading financial services companies. It provides a range of retail and corporate banking services, consumer finance services, wealth management services and financial markets services. As of 2011, RBS serves more than 36 million
INTRODUTION – Royal Bank of Scotland (RBS)
The Royal Bank of Scotland (RBS) is one of the largest financial institutions in the world which is one of the retail banking subsidiaries of the Royal Bank of Scotland Group. RBS provides branch banking facilities throughout the British Isles, together with NatWest and Ulster Bank. Globally, RBS has a range of operations in Asia Pacific, Europe and North America. There are a number of RBS centres in sixteen North American states, thirteen European countries and eight major Asia Pacific cities. RBS has around 700 branches that are spread in many larger towns and cities throughout England, Wales and rest of the world but most of them are located in Scotland.
Society of the Subscribed Equivalent Debt is from where the bank traces its origin. It was set up by the investors in the failed Company of Scotland to protect the compensation they received as part of the arrangements of the 1707 Acts of Union. In 1724, the “Equivalent Society” became the “Equivalent Company” that wished to move into banking. In 1727, the “New Bank” was chartered as the RBS. Archibald Campbell and Lord Ilay were its first governor. In 1728, RBS was recognised as the first bank in the world to offer an overdraft facility.
The headquarters of RBS in located in Edinburg, Scotland. RBS is one of the world’s leading financial services companies. It provides a range of retail and corporate banking services, consumer finance services, wealth management services and financial markets services. As of 2011, RBS serves more than 36 million
References: 2. Armstrong, M., 2010, A Handbook of Human Resource Management practice, 10h ed., Reading, London, Philadelphia, UK. 3. Armstrong, M. And Baron, D., 1998, Performance management: the new realities, Reading, Institute of Personnel and Development, London. 4. Brown, D., 2001, Reward Strategies from intent to impact, Reading, CIPD, London. 5. LaChance, S., 2006. "Applying the balanced scorecard", Strategic HR Review, 5(2), pp.7-7. 6. Latham, G. P., Almost, J., Mann, S. & Moore, C. (2005) 'New Developments in Performance Management ', Organizational Dynamics, vol.34, pp.77-87. 7. Manus, T. M. and Graham, M. D., 2003, Creating a Total Rewards Strategy, Reading, American Management Association, New York. 8. Rose, M., 1998, Performance-related pay in schools, Reading, An Assessment of the green papers, NUT: London. 10. bipard.bih.nic.in (2012) Employee Motivation. [online] Available at: http://bipard.bih.nic.in/Downloads/Management/Employee%20Motivation.pdf [Accessed: 22 Feb 2013]. 12. entrepreneur.com (2012) The Best Ways to Reward Employees. Available at: http://www.entrepreneur.com/article/75340. [Accessed: 22 Feb 2013]. 13. hereisthecity.com (2012) RBS - Remuneration Disclosures. Available at: http://hereisthecity.com/2011/03/18/fsa-remuneration-disclosures-at-31-december-2010/ [Accessed: 22 Feb 2013]. 14. ihrim.org (2012) Employee Motivation - A Powerful New Model. [online] Available at: http://www.ihrim.org/Pubonline/Wire/Feb11/EmployeeMotivation_HBR.pdf. [Accessed: 22 Feb 2013]. 15. marketwatch.com (2012) Annual Financials for RBS. [online] Available at: http://www.marketwatch.com/investing/stock/rbs/financials. [Accessed: 22 Feb 2013]. 16. peoplemanagement.co.uk (2012) Performance management at RBS. Available at: http://www.peoplemanagement.co.uk/pm/articles/2009/04/performance-management-at-rbs-looks-beyond-financial-results.htm. [Accessed: 22 Feb 2013]. 17. remunerate.com.au (2012) Implementing performance management systems in organisations. Available at:http://www.remunerate.com.au/Papers/PerformanceManagement.pdf. [Accessed: 22 Feb 2013]. 18. thefinanceowl.com (2012) RBS. Available at: http://www.thefinanceowl.com/banks/uk/rbs/ [Accessed: 22 Feb 2013]. 19. The Royal Bank of Scotland. (2013). Overview. Available: https://www.rbs.my/about/ab_overview.asp. [Accessed: 22 Feb 2013]. 20. Watson Wyatt Worldwide (2006), Aligning Rewards With the Changing Employment Deal. 21