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Compose a 2500 words essay on Elements of Success in Lloyds TSBs Total Rewards Programme. Needs to be plagiarism free!Download file to see previous pages... Online banking at Lloyds TSB offers a multi
Compose a 2500 words essay on Elements of Success in Lloyds TSBs Total Rewards Programme. Needs to be plagiarism free!
Download file to see previous pages...Online banking at Lloyds TSB offers a multitude of opportunities for customers, giving a more streamlined and much faster method of banking, which in turn facilitates an employee's ability to do his or her job. In the process of expansion, the company has combined with Xbridge, the UK's leading online business finance analyst to develop Lloyds TSB Commercial Finance, the biggest brand for commercial finance in the online medium.
The most recent programme introduced within the company to improve business practices is called Total Reward, and its basic principles call for more than a financial package as an employee incentive. It calls for non-financial rewards such as the opportunity to develop skills and have input into the work schedule.
What are the elements that make up Total Reward and how do they apply to Lloyds TSB Total Reward is defined as a programme that "brings learning and development together with aspects of the working environment into the benefit package" (CIPD, 2005). The concept is that when employees are included in organisational decisions, they will feel more connected and more responsible for improving the working environment. ...
2. Non-financial rewards, including recognition, opportunities to develop skills, upper-level opportunities and increased quality of work day.
In Total Reward it is necessary to align HR and business needs with employee needs, acknowledging tangible and intangible rewards within the wider context of work experience. It is a new program, not fully embraced in the marketplace (CIPD, 2005). The concept is that when employees are included in organisational decisions, they will feel more connected and more responsible for improving the working environment. Because relatively few companies in the UK are successfully operating flexible benefits plans, there is no off-the-shelf package that companies can begin using immediately. The question here is the way in which Lloyds TSB is utilizing Total Rewards. What obstacles, if any, are they facing as they build a new programme for their company
Management as a Balancing Act
In today's employment market, a broader view of how to acquire and retain the best employees is no longer a matter of simply offering a competitive salary and benefits. A business that keeps up with current needs and new procedures has an advantage. Management has to know how to implement the employee pool in a way that creates harmony throughout the company (Hay Group, 2005). In addition, the public must feel that their interests are being addressed in the best possible way. This balancing act is difficult to achieve, but if the company is willing to learn from past mistakes and meet new challenges as they arise, a workable system can be achieved.
