Human Resources- Compensation and Benefits - Essay Example

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Human Resources- Compensation and Benefits

An analysis of the types of non-financial rewards that could be introduced and how this may affect retention. An analysis of the view on bonus arrangements and any recommendations in terms of required changes. Detailed recommendations to the issues raised will be given to the Director of Reward at the end of the report. 1.1 The organisation’s current reward strategy MI currently uses the extrinsic rewards strategy to compensate its employees for the contribution they make towards its viability. Basically, extrinsic rewards include direct compensation, indirect compensation as well as non financial rewards (Robbins, 1993). Direct compensation in this case includes a basic wage salary, bonuses based on performance as well as profit sharing. Apart from the high basic salaries being earned by the traders in this particular case of MI, the bank also calculate their rewards on overall profitability of the trading operation and this entails that they get anything between 30 and 50 % of what they have earned in profit for the Bank. Performance bonuses significantly contribute to the package earned by the dealers and these motivate them to put optimum performance in their operations. ...Show more

Summary

Introduction “Our knowledge of motivation tells us that people do what they do to satisfy needs,” (Robbins, 1993, p. 581). Before they do anything, they look for the payoff or reward. As such, this report has been designed to outline a proposed reward strategy that might be adopted by the Director of Reward at Massaman International (MI), a securities trading arm of Massaman Investment Bank in London…
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