Page 4: Motivation at RBS - Total Reward
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.
Results Based Payments
At the core of the package is a competitive salary based on skills and experience regardless of where in the world RBS staff are based. Providing competitive pay means comparing what you are offering against salaries for similar jobs in other financial services companies. All staff receive their salary credited monthly to their staff bank account. The terms and conditions of their employment specify the basic rate of pay and any further payments that they may be eligible to receive.
However, within RBS the basic salary is only the starting point from which a number of additional bonus payments can be earned. All employees share in RBS' success through its profitsharing scheme. If the company meets its overall profit targets, then all employees will receive a bonus worth 10% of their salary. On top of the profit-share bonus, as mentioned before, there is also the chance to earn an individual performance-related bonus when employees achieve or exceed their personal performance targets, for example, a project manager who delivers the project ahead of time and within budget. So in a year when the company does well and the individual performs well, the additional payments may be quite substantial.
Non Financial Rewards
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.