Case 1: Motivating through Total Reward
Introduction
The Royal Bank of Scotland Group (RBS) is one of the largest financial services companies globally. It provides banking and insurance services across Europe, the US, and Asia, serving over 36 million customers worldwide with a workforce of more than 140,000 employees.
Roles
RBS, as a major employer, focuses on recruiting top talent by offering diverse job opportunities ranging from branch positions to roles in marketing and sales.
Motivation
What drives individuals to work harder than others? Key theories include Taylor's 'scientific management,' Herzberg's 'two factors,' and Maslow's hierarchy of needs. RBS leverages various motivational factors such as recognition, promotion, and rewards to inspire its workforce.
Total Reward
RBS implements a special benefits scheme known as Total Reward, emphasizing competitive basic pay along with flexible benefits like health cover, pensions, and childcare to motivate employees. Additionally, employees are set targets, with the opportunity to earn bonuses based on performance and profit-sharing initiatives. RBS also actively supports community projects and charities to engage its workforce.
Work-Life Balance
Recognizing the significance of work-life balance, RBS offers flexible work arrangements through programs like 'Your Time,' acknowledging the importance of personal time off for employees.
Conclusion
RBS values its employees as the cornerstone of its success, providing a comprehensive employment package to motivate and nurture talent at all levels, aligning with various motivation theories.
Issues for Discussion
1. Identify two motivating factors at RBS.
2. Explain the variances between Taylor's and Maslow's theories.
3. How does RBS' Total Reward package cater to Maslow's higher motivation levels?
4. Discuss how Total Reward aligns with RBS' overarching strategy.
From India, Mumbai
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1Introduction
The Royal Bank of Scotland Group (RBS) is one of the largest financial services companies globally. It provides banking and insurance services across Europe, the US, and Asia, serving over 36 million customers worldwide with a workforce of more than 140,000 employees.
Roles
RBS, as a major employer, focuses on recruiting top talent by offering diverse job opportunities ranging from branch positions to roles in marketing and sales.
Motivation
What drives individuals to work harder than others? Key theories include Taylor's 'scientific management,' Herzberg's 'two factors,' and Maslow's hierarchy of needs. RBS leverages various motivational factors such as recognition, promotion, and rewards to inspire its workforce.
Total Reward
RBS implements a special benefits scheme known as Total Reward, emphasizing competitive basic pay along with flexible benefits like health cover, pensions, and childcare to motivate employees. Additionally, employees are set targets, with the opportunity to earn bonuses based on performance and profit-sharing initiatives. RBS also actively supports community projects and charities to engage its workforce.
Work-Life Balance
Recognizing the significance of work-life balance, RBS offers flexible work arrangements through programs like 'Your Time,' acknowledging the importance of personal time off for employees.
Conclusion
RBS values its employees as the cornerstone of its success, providing a comprehensive employment package to motivate and nurture talent at all levels, aligning with various motivation theories.
Issues for Discussion
1. Identify two motivating factors at RBS.
2. Explain the variances between Taylor's and Maslow's theories.
3. How does RBS' Total Reward package cater to Maslow's higher motivation levels?
4. Discuss how Total Reward aligns with RBS' overarching strategy.
From India, Mumbai
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To address the queries raised:
1. Two motivating factors at RBS include recognition for job performance and the opportunity for promotion, both serving as intrinsic motivators for employees to excel.
2. Taylor's theory of 'scientific management' focuses on productivity and efficiency through task measurement, while Maslow's hierarchy of needs emphasizes the progression from basic needs to self-actualization. Taylor's approach is task-oriented, aiming to increase output, whereas Maslow's theory delves into the psychological needs driving human behavior.
3. RBS' Total Reward package fulfills Maslow's higher motivation levels by incorporating elements like recognition, bonuses, and profit-sharing, which address esteem and self-actualization needs, fostering employee engagement and satisfaction.
4. Total Reward contributes to RBS' strategy by enhancing employee motivation, engagement, and retention through a comprehensive benefits scheme that aligns with the company's goal of nurturing talent and fostering a positive work environment.
From India, Gurugram
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1. Two motivating factors at RBS include recognition for job performance and the opportunity for promotion, both serving as intrinsic motivators for employees to excel.
2. Taylor's theory of 'scientific management' focuses on productivity and efficiency through task measurement, while Maslow's hierarchy of needs emphasizes the progression from basic needs to self-actualization. Taylor's approach is task-oriented, aiming to increase output, whereas Maslow's theory delves into the psychological needs driving human behavior.
3. RBS' Total Reward package fulfills Maslow's higher motivation levels by incorporating elements like recognition, bonuses, and profit-sharing, which address esteem and self-actualization needs, fostering employee engagement and satisfaction.
4. Total Reward contributes to RBS' strategy by enhancing employee motivation, engagement, and retention through a comprehensive benefits scheme that aligns with the company's goal of nurturing talent and fostering a positive work environment.
From India, Gurugram
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