HRMT 200 Human Resource Management
Added on 2020-04-13
11 Pages2607 Words112 Views
Leadership Management
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Running head: HUMAN RESOURCE MANAGEMENT Human Resource ManagementName of the StudentName of the UniversityAuthor note
1HUMAN RESOURCE MANAGEMENT1.Introduction The report helps in analyzing the compensation programs of the Royal Bank ofCanada along with proper determination of the rate of pay of new hires with the existingstaffs in the company in order to properly ensure internal equity. The different process that isused by the company has to be analyzed as well as this will help in ensuring that thecompensation is aligned with the external equity. The main aim of the report is to understand the different benefits that are received bythe employees for working with the respective organization. The report helps inunderstanding the effectiveness of the compensation program in the company. The mainpurpose of the report is to understand the different kinds of benefits that are received from theorganization.The structure will be based on the analysis of the rate of new hires in the companyalong with understanding the different benefits that is received by the employees or workingwith the respective organization. Proper analysis has to be done on the analysis of thecompensation program with the help of Likert scale and proper recommendations has to beprovided to the company in order to improve the compensation program. 2. Background of Royal Bank of Canada The Royal Bank of Canada is Canadian multinational company that is related tofinancial services and this is the second largest bank in Canada. The respective bank isserving more than 16 million clients as well as 80,000 employees worldwide as well. Thecorporate headquarter of the company is situated in Quebec and the bank was founded in theyear 1864 in Nova Scotia ("Personal and Business Banking Services - RBC Royal Bank",2017).
2HUMAN RESOURCE MANAGEMENTThe function of the Royal Bank of Canada is banking with the commercial andpersonal operations and it has serves more than sixteen million clients through the network ofmore than 1200 branches. There are more than 80,000 employees who are working therespective bank and it is providing cross border services to the Canadian travelers and expats.The employees who are working with Royal Bank of Canada are highly educated and theyare having proper knowledge about the financial services that has to be performed by theorganization. The location of the Royal Bank of Canada is situated at 700 Place d'Youville,Ville de Québec, Canada. 3. Evaluation of rate of pay for new hires and existing employeesSalary range is the pay range that is decided by the different employers in Royal Bankof Canada with the performance of a particular function or job. The range of salary isdetermined with the help of pay rates of market that depends on the knowledge and skills ofthe employees in the organization. There are different companies wherein the compensationstrategy is based on the level of experience of the employees as well as there are differentdifferentiations in the salary that is provided to the employees who are working in theorganization for many years (Baxter et al., 2014). In Royal Bank of Canada, the evaluation of the pay rate is dependent on severalinternal equity factors:Proper fairness perception wherein the culture of the organization is an essentialfactor and this will help in proper development and maintenance of the fairnessculture as well (Feldman, 2016). When the different employees are getting equallypaid for different kinds of employees in the organization, it means that themanagement is fair to the employees. In Royal Bank of Canada, there is properperception of fairness as the employees respect the higher officials as they are fair to
3HUMAN RESOURCE MANAGEMENTthe employees and the employees listen to the guidance as this will help in properachievement of the tasks as well (Pepper & Gore, 2015). Proper reduction in exposure to discrimination is wherein the higher officials of therespective bank will provide proper emphasis on the internal equity. This will offerproper protection against the lawsuits related to discrimination (Belghitar & Clark,2014). The higher officials of the bank has to pay equally to the different employeeswho are performing same kind of tasks in the company as this will reduce the risk ofdiscrimination among the employees. With the help of proper internal equity, this willhelp in reducing the risk of salary discrimination among the employees (Kaspin,Gorman & Miller, 2013)Consistent and proper standards is properly maintained by the respective bank asproper consistent standards are met by the higher officials of the company inproviding salary to the employees (Coles, Daniel & Naveen, 2013). While conductinga proper analysis of the job, proper abilities as well as responsibilities are required inunderstanding the different positions of the employees in the workplace. This willmake the entire task much easier in nature for paying them fairly (Bodnar et al.,2016). This is helping in motivating the employees in the workplace and this helps inimproving the performance. 4. Processes used by company in ensuring compensation is aligned to marketplaceRoyal Bank of Canada has to properly keep up with the competition in themarketplace as this will help them in motivating the employees and making themwork for the respective company (Gormley, Matsa & Milbourn, 2013). This is donebecause the employees may resign and work for other companies where the salary ishigher than the previous one and this will help them in performing well (Rahmana,2016).
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