Professional Documents
Culture Documents
At RBS almost every role can be described in terms of specific job targets. This method
of performance management allows managers to measure each individual's
performance in a specific way and reward them accordingly. RBS employees will agree
job objectives and targets with their line manager at the beginning of the year. Their
performance is then measured and reported on during the year. At the end of the year
they will have a performance review. Payments for results are an effective motivator for
high performance.
Some jobs are paid according to the achievement of targeted results. This means that a
bonus is paid if the employee achieves agreed targets for the job. For example, a
corporate banker has responsibility for gaining a certain number of new business
customers each year. If the target is achieved or exceeded she/he will get a bonus
payment. Particularly challenging or difficult to achieve targets are known as 'stretch
targets' and the reward for achieving these will be greater.
As Maslow describes, workers are not motivated by money alone. Individuals are
motivated by different things. Motivation can be about shaping a worthwhile career or it
may involve having more flexibility with time. For example, at the start of your career,
help to pay off your student debt may be more important to you than retirement
planning. Employees at RBS enjoy Total Reward a specific benefits package designed
by RBS that goes far beyond salary. It offers benefits for each member of staff that
include not just money, but also personal choice in working hours and security.
The RBS Total Reward package also offers flexible pension funding, health and medical
benefits, paid holidays, and a confidential advice service. Employees have a generous
holiday allowance (between 25 and 30 days for full-time staff), with the option of buying
or even selling days. Employees may also choose from a wide range of lifestyle
benefits, including discounted shopping vouchers, childcare facilities and RBS financial
products, such as mortgages, currency exchange, personal loans and banking at
special staff discounted rates.
Whilst money may be an incentive to go to work; at work, pay cannot motivate people to
give more. Theorists have long understood that staff need a combination of motivators.
This is why RBS offers so many non-financial rewards which can improve personal
lifestyle.
One of the most important motivators for RBS employees is the recognition of good
performance by graded progression. At RBS, people are encouraged to 'make it
happen' through personal development. This means RBS encourages employees to
grow and develop their skills and abilities. This in turn helps RBS to grow as a company.
Employees identify development needs with their line manager at their annual
performance review. These are documented in a personal development plan.
Development can involve more training, attending courses or gaining new
understanding and skills. This can improve the prospects of promotion and allow
employees to move up the organisation and increase their Total Reward.
RBS also believes in giving its people the chance to help put something back into their
own communities. Wherever RBS operates, the Group supports community involvement
in projects that matter to its people. For every pound raised for charity by a member of
staff, RBS will double-match the donation, making every pound raised count three
times.
In the last year, groups of RBS employees have supported many fundraising projects for
local communities and charities. These have included:
a 'pirate kidnap' in South Wales for a youth charity
taking part in the Microsoft UK Challenge for the NSPCC
cycling across the Himalayas for British Wheelchair Sport.
The RBS Group also contributes to various projects throughout the UK to improve
communities and the lives of the people involved. For example, over the last two years it
has provided funding and advice to:
the regeneration programme of a housing estate in Scotland. This won a national
award for including the local residents
the development of a hospital in Portsmouth and four schools across the country
the provision of free-access cash machines in deprived areas in Scotland
the setting up of school banks where students manage the banks themselves to
learn a practical approach to numeracy and personal finance.
CONCLUSION:
At RBS, motivation theory comes to life. RBS employees at all levels can enjoy a work
environment where effort is seen to be valued, where achievement is recognised, where
individual progress is rewarded and where a long term career is available for those who are able
to grow with the business. Where individuals are made to feel a part of the bigger picture and
where the rewards available are varied, practical, personal and tailored to the individual, there
are motivators for all