HRM648-CASE STUDY PDF

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BACHELOR OF HUMAN RESOURCE MANAGEMENT (BA243)HRM648 – COMPENSATION & BENEFITSGROUP ASSIGNMENT 1: CASE STUDYGROUP: SBAA9APREPARED BY:NO NAME MATRIX NUMBER1 LEDRA TIKA LIDWIN 20201803172 AIN NAJIHAH JEMSA 20207172353 HAZNY BINTI AWANG 20199314694 SITI ILYANA HAYATI SAIL 2018601806PREPARED FOR:DR. ...

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BACHELOR OF HUMAN RESOURCE MANAGEMENT (BA243) HRM648 – COMPENSATION & BENEFITS GROUP ASSIGNMENT 1: CASE STUDY GROUP: SBAA9A

PREPARED BY: NO

NAME

MATRIX NUMBER

1

LEDRA TIKA LIDWIN

2020180317

2

AIN NAJIHAH JEMSA

2020717235

3

HAZNY BINTI AWANG

2019931469

4

SITI ILYANA HAYATI SAIL

2018601806

PREPARED FOR: DR. MOHAMMAD CHIN

DATE OF SUBMISSION: 12 NOVEMBER 2021

Contents 1.0

INTRODUCTION.........................................................................................................................3

2.0 QUESTION 1 - HOW ARE STAFFS GIVEN SELF-ESTEEM BY ROYAL BANK OF SCOTLAND EMPLOYMENT?...............................................................................................................5 3.0 QUESTION 2 - WHAT TYPES OF REWARDS ARE OFFERED?................................................7 4.0 QUESTION 3 - WHAT IS THE ROYAL BANK OF SCOTLAND MINDSET?............................8 5.0 QUESTION 4 - DESCRIBE WLB’S EFFORTS AT RBS AND HOW IS IT RELEVANT?..........9 6.0 QUESTION 5 - WHAT IS RBS’S NON-FINANCIAL REWARDS PERSPECTIVE AND WHY IS IT IMPORTANT.................................................................................................................................10 7.0 CONCLUSION..................................................................................................................................11

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1.0 INTRODUCTION One of the worldwide largest banks that issue a range of retail and corporate banking, financial markets, consumer finance, insurance and wealth management services with a range of operations over European country, North American State and eight main cities in Asia Pacific is known as Royal Bank of Scotland Group (RBS). In worldwide business, RBS operations are diverse with more than 36 million of customers all over the world and employ more than 140,000 peoples. RBS also includes Citizen Financial Group, Ulster Bank Group, Coutts, Direct Line, Churchill and over 40 others brands, it was a vital that attract talented people to work with a lot of world-class career opportunities. The career in RBS can either start after leaving school neither by joining apprenticeship programme nor by graduate development programme in university. However, due to different labor market conditions in each location, the recruitment in RBS will be based on merit form the biggest pool of talent obtainable. In RBS every role can be described in terms of specific job targets. This technique helps managers to measure everyone’s performance for a year in specific ways and everyone will get their review of performance during the whole year at the end of the year. After that, manager will award them accordingly. Those who have high performance will get bonus for their achievement; same goes on to those successfully achieved targeted result for their company. The RBS put some of the Herzberg’s motivator to attract and retain their employees to work well in the company, gain extra trustworthiness and improvement through regular accomplishment review and always feel motivated to come to work. Beside from applying financial treat as reward, RBS also use non-financial treat such as enable their staffs to grow a work-life balances between works and others duties. Other than that, RBS also give right for their staffs for flexible working time and also RBS and ‘Your time’ which is time-off from work for their staffs neither for family time nor due to sickness. The RBS polices related to the work-life balance help in creating relaxant and less stress atmosphere and also create better equality of opportunities for everyone. For instant, workers 3

can choose working patents that suit with their childcare arrangement and also their individual life. This method helps the employees for home or community distraction and pressures and helps the employee to handle it affluently with the support from employer. In exchange, RBS gain faithfulness to commitments and obligations which in turn drives higher performance from workers.

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2.0 QUESTION 1 - HOW ARE STAFFS GIVEN SELF-ESTEEM BY ROYAL BANK OF SCOTLAND EMPLOYMENT? Self esteem or self-satisfaction can be termed by many factors including self-confidence, identity and feeling of competency, gaining acceptance and attention, self-worth, self-regard and self-respect. Self-esteem is important because it will impact on one’s decision making process, emotional health, motivation and also relationship with other people.

In RBS, they apply some motivation from Frederick W. Taylor (1911), Frederick Herzberg (1959) and also the hierarchy from Abraham Maslow (1943) in the Human Resource (HR) operation strategy. In order to create and maintain the world-class employment package and lifelong career for every employee, the RBS also create the community of employee worldwide to share in its common goals and vision for the group. The RBS does this to those people who contribute to its success throughout their commitment and hard work and giving them reward for their achievement.

Other than that, the RBS also offer appreciation, promotion opportunities and chance to develop a lifelong career with the group by providing ‘self actualisation’ to their employees. To improve the employee’s self-esteem, the RBS provide opportunities to all their employees through promotion or training and then recognizes their employee’s achievements.

In RBS, the employees are not only motivated by the financial reward but also with the non-financial reward while working with RBS. Employees receive offers on flexible retirement fund, medical and health benefits, paid holidays and also confidential advice services. Other than that, employees who are a full time staff will enjoy generous day-off allowance with the options to buy or even selling days and enjoy many others benefits from RBS. Other than that, RBS also enable their staffs to grow work-life balance between work and other matters. This methods helps to attracts and retain the highest qualified and motivate employees in the organization. Moreover, the RBS also give right to their employees for 5

working flexible by job sharing, home working, and variable working hours which transform to fit with the local needs of each RBS center. Employees may call the ‘Help Direct’ for advice on making the most of their time at and away from works which also provide counselling on a range of life issues. In addition, the RBS also provide ‘Your time’ which is time-off from work for their staffs neither for family time nor due to sickness. With all the benefits the provided by the RBS to their employees, its helps the employees to build the working environment that relieve stress. It also helps to create better quality of works and better opportunities for everyone. For instant, employees can choose operating patents that suit with their childcare arrangement and also their personal life. This method helps the employees for home or community distraction and pressures and helps the employee to handle it comfortably with the support from employer. It also helps employees to adopt an attitude to motivate the staffs in either in financial or personal ways. In RBS, employees get their self-esteem thru financial and non-financial reward and also through motivational theory that applied in RBS. All level of employees is able to enjoy the working environment where hard work is appreciated, achievement is realized and every individual progress is awarded. In addition, a long term career is available to those who are able to grow with the business. Other than that, in RBS, everyone are made to feel a part of the bigger picture and reward available are practical, tailored, varied and personal to the person and there are motivators for everyone. In exchange, RBS gain faithfulness and commitments which in transform higher performance from employees.

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3.0 QUESTION 2 - WHAT TYPES OF REWARDS ARE OFFERED?

The rewards are the best motivational influence to an individual that helps improve his performance. Thus, it can be said that all the measures taken by the management to boost the performance of its employees will be paid. The types of advantage are offered by The Royal Bank of Scotland Group (RBS) is Non-Financial Rewards where it is potentially at the disposal of the organization. RBS do not increase the employee’s financial position, instead of making the employees life better off the job, non-financial rewards emphasize making on the job more attractive. RBS offers many non-financial rewards focus on the mainly on the fulfillment of these needs and thus cannot be measured in terms of money. Satisfying the psychological, social and emotional needs plays an important role in their motivation which is involving financial rewards. These rewards can be showed through the recognition of good performance programmed by RBS which is to provide motivators among employees by graded progression. This method is to make sure the employee’s acknowledgment and appreciation of work done by employees by boosts their self-esteem and the employees feel motivated. Besides, the employees have chance to improved and develop their skills and abilities. RBS also offers rewards to their employees through the participation. Their employees are involved in decision making regarding the issues related to them where it is helps in motivating them and inducing a sense of belongingness in them. This can be showed through the fundraising projects by RBS to give their employees chance to help out something back into their own communities. The job enrichment also the method of non-financial rewards by RBS. This method a source of motivation which is the designing of task in such a way that it involves more autonomy and responsibility of employees, a variety of work content, a higher level of knowledge and skill, meaningful working experience and extra opportunities of growth. This can be showed through the contributes to various project throughout the UK.

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4.0 QUESTION 3 - WHAT IS THE ROYAL BANK OF SCOTLAND MINDSET? The Royal Bank of Scotland outlook was the employees that can carry out for them. In compliance to the RBS ideology, workers is the role important for themselves which is RBS believed that their employees need to feel valued because it can help their employees overcome obstacles there may face when learning something new or developing a new skill. Referring the theory of Abraham H. Maslow (1943), the third level of self-esteem needs is the need for respect and appreciation. RBS believed that the esteem needs begin to play a more prominent role in motivating behavior after the level of physical needs, safety needs and social needs have been satisfied. These can be showed by the RBS are provided through their promotion, training and then recognizes their achievement. The RBS also believed that in this level, it becomes increasing important to gain the respect and appreciation of others which is their employees have a need to accomplish things and then have their efforts recognized. In addition to the need for feelings of accomplishment and prestige, the third level of esteem includes such things as self-esteem and personal worth. Besides, mindset of RBS make sure to fulfilling the esteem needs through the organization involved the employee’s participation in professional activities, athletic, academic excellent, personal hobbies and team participation. This method can provide the employees to satisfy the esteem needs by achieving good-esteem and the recognition of others tend to feel confident in their abilities. However, mindset of the esteem needs by RBS can be having the lack-self-esteem. This can be happen when those who lack self-esteem and the respect of others cab develop feelings of inferiority. This lack, RBS should be avoided through give more motivating to their employees which is the esteem and social levels make up what is known as the psychological needs of the hierarchy.

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5.0 QUESTION 4 - DESCRIBE WLB’S EFFORTS AT RBS AND HOW IS IT RELEVANT? Work-life balance is a condition of equilibrium in which is one’s prioritises the needs of a person’s job and the demands of a person personal life equally. Greater obligations at work, longer working hour, increased responsibilities at home and having kids are some of the typical causes of a poor work-life balance. In RBS, work-life balance is important to allow its workers to build a work-life balance between work duty and other responsibilities in sequence to recruit and retain the most skilled and motivated personnel. One of the work-life balance efforts in RBS is flexible time working where RBS gives their workers the right to work with their own flexible time. This may be accomplished through a variety of flexible working methods such as job sharing, part-time employment, home working, flexible working hours, compressed hours and term-time working. These are tailored to the specific demands of each RBS location. The regulations and procedures for applying are freely accessible on the RBS website. RBS offers a free guidance service named ‘Help Direct’. Employees can seek advice on how to make the most of their time both at and away from work. It also provides therapy on a variety of life difficulties. RBS and time management is very friendly because RBS understands that in some cases, people may require time off from work for reasons other than illness. Some persons have specific familial obligations or communal responsibilities. The RBS ‘Your Time’ programmes earned the HR Excellence Award in 2004 for the ‘The Most Effective Use of Flexibility in the Workplace.’ It is relevant practices work-life balance in RBS as it brings benefits to the company. RBS’s work-life balance policies contribute to the creation of a stress-free working environment. They also contribute to improve equality of opportunity for everybody. This flexibility allows employees to pick work schedules that are compatible with their childcare arrangements or personal life. Following these adaptable practices enables RBS to recruit more skilled employees. The motivation of theoretical work 1920s by Elton Mayo’s shown that contented persons who were comfortable with their working environment were most likely to be beneficial. Interruption from home and others demands may be managed much more smoothly with the help 9

of an employer like RBS. In exchange, RBS earns employees’ loyalty and dedication that leads to improvement of their performance. 6.0 QUESTION 5 - WHAT IS RBS’S NON-FINANCIAL REWARDS PERSPECTIVE AND WHY IS IT IMPORTANT.

For an organization, it is important in rewarding their employees by giving bonuses or a raise. Providing an employee with a financial reward is a way to retain employees. The main purpose of employee goes to work is to earn money to survive. Employees are encouraged to work efficiently as possible if they believe they will earn more. Whilst money might be a reason to go to work, non-financial rewards are also important aspects of a company. This is because, non-financial rewards are great ways to boost employee morale and make them feel valued. Recognition and praise from a boss can send a stronger message of gratitude. Taking example from RBS case study, the most important motivators for RBS employees is the recognition of good performance. Employees are encouraged to 'make it happen' through personal development such as training, courses and learning new skills. Thus, it can encourage them to improve and progress in their role. This, in turns will help grow the business. Non-financial rewards also give a lot of benefits to RBS and the staffs itself. RBS believed that enables employee to develop a work-life balance between work and other duties commitments can attract and employ the great qualified and motivated employees. Employees or job seekers normally will see side by side on the rewards offered by organizations with similarities in terms of employment. Organizations with the advantages of non-financial rewards become a choice. Therefore, the importance of non-monetary rewards is to attract for more talented, best and skilled employees to join the organizations. In addition, non-financial rewards can also retain current employees. Worker is an important asset to a company. When the workers are happy working with organization, employees will stay and love to serve in the organization. Employees certainly feel valued when their welfare is defended. Flexibility offered by organizations will allow employees to select the working method that suit with their childcare arrangements or their personal lives. The

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management should not underemphasize the well-being of the employees. Workers who are happy with the benefits will keep up working hard and their productivity will surely increase.

7.0 CONCLUSION In conclusion, Royal Bank of Scotland (RBS) operates an exciting and forward thinking Human Resources (HR) scheme. It delivers a world-class employment package for every employee. It adopts an attitude that motivates its staff in both financial and non-financial. From the case study of the RBS, standardized rewards are needed in every organization as it has a positive relationship with the motivating. Rewards can help every organization improve employee’s motivation. As rewards increases, the employee performance will also increase. There must be admittedly that bonuses pay and raise benefits are still reasons why people keep working. However, non-financial rewards which include job recognition, job expansion, and work-life balance system are more attracted for the best employee, which are equivalently important as financial rewards. Therefore, organizations need to balance each of them to motivate the employees. For the recommendation, we look forward that in future RBS will plan more rewards options to their staffs such as medical vouchers, Spa vouchers and etc. We also hope to see more organizations offering the same rewards like what RBS has done. This is because giving motivations by gratifying the employees is an important feature that needs to be taken to cherish employees to do the work efficiently and productively. .

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