Employee Reward Plan of Royal Bank of Canada

Running head: ORGANISATIONAL BEHAVIOUR AND MANAGEMENT
Organisational Behaviour and Management
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MARKETING STRATEGY AND PLAN1
EXECUTIVE SUMMARY
The primary aim of this paper is to analyse the employee reward plan of the organisation
named as the Royal Bank of Canada. To fulfill this purpose, the report is concentrated on
examining the reward plan of the concerned banking industry. Further, the report is focused
on reviewing the purpose of the reward plans that is leveraged by the bank to its employees in
order to maintain the employee-organisation relationship in an effective and efficient way.
Moreover, the report also examines the type of rewards that the Royal Bank of Canada
provides to its employees. Furthermore, the report provides some strategic recommendations
that would help the organisation of the Royal Bank of Canada to improve its employee
reward system. Finally, the report ends with the analysis of the Wilson Brothers Case in the
concern of providing recommendations to the same about improving the reward system that it
offers to its employees.

MARKETING STRATEGY AND PLAN2
Table of Contents
Introduction................................................................................................................................3
The reward plan – Royal Bank of Canada.................................................................................3
Purpose of the reward plans.......................................................................................................4
Types of Rewards.......................................................................................................................5
Recommendations......................................................................................................................7
Wilson Brothers Case Scenario..................................................................................................8
Conclusion..................................................................................................................................9
References................................................................................................................................10

MARKETING STRATEGY AND PLAN3
Introduction
The Royal Bank of Canada is considered to be a Canadian multinational company that
offers its customers with financial services and is also known as the largest bank in the
banking market of Canada concerning its market capitalisation (Coleman, 2016). Royal Bank
of Canada is known to be founded in the year of 1864 in the region of Halifax and is
headquartered in the province of Quebec and Ontario. The concerned bank is known to serve
more than 16 million clients all across the globe. Not only this, but the bank is also
considered to work with 80,000 number of employees in its global sector of operation
(Cuervo Castro, 2016). The bank is recognised to maintain and retain its employees
effectively and efficiently by providing them with extra rewards and facilities that motivate
the employees to work harder and sustain themselves in the bank. In this connection, the
given report is focused on identifying the different forms of employee rewards that the bank
offers to its connected employees.
The reward plan – Royal Bank of Canada
The reward plan to the employees is leveraged by the Bank of Canada in the terms
and conditions that the employees are motivated and a sense of accomplishment is created in
their mindset about their work, and they retain themselves in the concerned banking industry
(Latukha, 2016). In this connection, the Royal Bank of Canada is focused on providing its
employees with both monetary and non-monetary reward plan benefits. The organisation has
set its reward plan in a way that the four significant areas of recognition are adequately
covered to motivate the employees. The areas of strategic reward system include
compensations, benefits, appreciation, as well as recognition (Shields et al., 2015).
Concerning to this system, the organisation of Royal Bank of Canada have recognised its