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Business Report - Book Report/Review Example

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Business Report

Through a proper method for motivating employees, some essential changes can be implemented to enhance the commitment resulting from these incentives. Introduction of non-financial rewards can be identified as one possible way of applying changes into the bonus scheme utilised by BFS. Table of contents Abstract 1 Table of contents 1 1. Introduction 2 2. Findings 3 2.1. Key elements of BFS bonus scheme 3 2.2. Current situation of BFS bonus scheme 4 2.2.1. Bonus scheme factors 6 2.3. Rationale for current bonus scheme 7 2.3.1. Increase motivation 7 2.3.2. Increase productivity 7 2.3.3. Improved morale 8 2.3.4. Retention 8 2.3.5. Job satisfaction 8 2.3.6. Positive behaviour and Career development 9 3. Conclusions and recommendations 9 References 11 1. Introduction Bibby Financial Services (BFS) is a financial services organisation which offers numerous services to individuals. The services include lending money and offering financial advice to various business organisations seeking these services. The company targets mainly micro-businesses and individuals with private enterprises, seeking financial advice and assistance. ...
The aim of this report is to provide a detailed analysis of the company’s reward and bonus scheme offered by the company to employees. The report further analyses the role played by the scheme in providing motivation and commitment of employees to the organisation. Different bonuses available to company employees are also identified and consequently explained within the context of the report. Within the setting of this organisation, different issues, concerning the bonuses are evident and the effects of the arising challenges, to these issues, are also contained within the report. The report provides a detailed analysis of the reasons behind the utilisation of bonuses in boosting employee output within the organisation. The report provides a description of the current organisational bonus structure, while identifying the various bonuses, applicable within the organisation. The rationale of the bonus schemes is also identified and critically analysed within the report. Recommendations have been made regarding the essential changes which can be introduced into the bonus scheme, and increase the effectiveness of the bonuses in providing satisfaction and motivation to employees. 2. Findings 2.1. Key elements of BFS bonus scheme Employee bonus schemes and reward strategies continue to be utilised by many organisations to achieve various purposes, including business improvement. According to Burt 1997, the benefits are normally paid according to a predetermined method utilised in calculating accrued individuals bonuses within various organisation. However, employee bonuses are not as beneficial in this current economic crisis (recession) as they undergo extreme scrutiny most especially in financial sectors (Drazen ...Show more


Abstract This report reflects the review of bonus scheme or analysis of the current bonus schemes utilised by Bibby Financial Services (BFS), a company offering professional financial advice to owners of small businesses and factoring. The company utilises different methods for calculating financial bonuses offered to various employees as incentives to motivate and enhance employee commitment to organisational goals…
Author : watersdianna
Business Report
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