HRM 4416
Reward Management
By Lakshit Uniyal
, Executive Summary
The key issues faced by Maine Bank's UK subsidiary, which employs 5,000 employees across
numerous sites in the UK, are examined in this study. The consequences of Brexit,
profitability, the image of a weak performance culture, and the low worker morale
discovered in a recent poll are among the top concerns they confront.
This study is to investigate the specific challenges of each company department. A reward
manager develops financial compensation schemes to support MB board members'
decisions to improve performance, culture, and profitability and encourage employees.
The report would also address the Brexit issue and advise on the best course of action for
the investment banking division.
Introduction
MB is an American bank. Retail banking, business and corporate banking, the call centre,
head office support, Investment Banking, and Young Graduates Scheme are the company's
primary businesses. Business and finances are not managed in these divisions, and
personnel turnover is low.
This study examines the financial benefits of resolving the major concerns in each region.
This includes the most recent drop in earnings caused by poor worker morale and a low-
performance culture. If the corporation wants to enhance its overall profitability, it must
decrease costs. Brexit's effects are a severe new concern since they will make it more
difficult for investment banking departments to conduct business freely once the UK leaves
the EU. The European Union accounts for 70% of the company's revenue.
Financial Reward
A reward plan ensures that these rewards may fit into the environment and culture of the
firm by matching with reward practises, policies, and human resource initiatives. It outlines
a list of objectives that must be met in order to qualify for awards and recognition.
According to Armstrong’s beliefs (6thEdition), Financial rewards include basic financial
recognition programmes, pay, contingent pay (compensation based on performance,
competency, contribution, or skill), service-related pay, variable pay (bonuses and share
schemes), and benefits like pensions, sick pay, and health insurance. Financial incentives
also include any extra monetary perks that are added to overall pay.
All monetary and non-monetary motivations are explained (Armstrong 2009 slide 9). It
depicts physical and intangible factors—material elements, such as basic salary, and
intangible ones, such as learning and development—as well as the motive for rewarding
workers with retention incentives. Figure 1.1 depicts this.
Reward Management
By Lakshit Uniyal
, Executive Summary
The key issues faced by Maine Bank's UK subsidiary, which employs 5,000 employees across
numerous sites in the UK, are examined in this study. The consequences of Brexit,
profitability, the image of a weak performance culture, and the low worker morale
discovered in a recent poll are among the top concerns they confront.
This study is to investigate the specific challenges of each company department. A reward
manager develops financial compensation schemes to support MB board members'
decisions to improve performance, culture, and profitability and encourage employees.
The report would also address the Brexit issue and advise on the best course of action for
the investment banking division.
Introduction
MB is an American bank. Retail banking, business and corporate banking, the call centre,
head office support, Investment Banking, and Young Graduates Scheme are the company's
primary businesses. Business and finances are not managed in these divisions, and
personnel turnover is low.
This study examines the financial benefits of resolving the major concerns in each region.
This includes the most recent drop in earnings caused by poor worker morale and a low-
performance culture. If the corporation wants to enhance its overall profitability, it must
decrease costs. Brexit's effects are a severe new concern since they will make it more
difficult for investment banking departments to conduct business freely once the UK leaves
the EU. The European Union accounts for 70% of the company's revenue.
Financial Reward
A reward plan ensures that these rewards may fit into the environment and culture of the
firm by matching with reward practises, policies, and human resource initiatives. It outlines
a list of objectives that must be met in order to qualify for awards and recognition.
According to Armstrong’s beliefs (6thEdition), Financial rewards include basic financial
recognition programmes, pay, contingent pay (compensation based on performance,
competency, contribution, or skill), service-related pay, variable pay (bonuses and share
schemes), and benefits like pensions, sick pay, and health insurance. Financial incentives
also include any extra monetary perks that are added to overall pay.
All monetary and non-monetary motivations are explained (Armstrong 2009 slide 9). It
depicts physical and intangible factors—material elements, such as basic salary, and
intangible ones, such as learning and development—as well as the motive for rewarding
workers with retention incentives. Figure 1.1 depicts this.
