Compensation & Reward Systems in Banking

The assignment delves into the intricate world of compensation and reward systems within the banking industry. It examines the impact of interest rate fluctuations on bank profitability, explores various pay structures and their implications for employee motivation, and analyzes the effectiveness of performance-related pay schemes in driving employee performance. The analysis draws upon research papers, industry reports, and expert opinions to provide a comprehensive understanding of current trends and challenges in banking compensation.

Student name: Mahmoud Abdelhamid Abusamra Abdelrasoul
MISIS number: M00609387
Module: HRM4416
Academic year: Dubai 2017/18
Module name: Reward Management
Assignment name: Maine Bank Case Study
Module leader: Dr. Lien Els
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Table of Contents
Executive Summary............................................................................................................3
1- Introduction...............................................................................................................4
2- Analysis & Discussion.................................................................................................4
2.1. Flawed pay structure...........................................................................................................4
2.2. High-turnover & recruitment cost........................................................................................5
2.3. Impact of Brexit on Investors...............................................................................................6
3- Recommendations......................................................................................................7
3.1. Job family pay structure.......................................................................................................7
3.2. Value-creation based compensation....................................................................................8
3.2.1. Long-term incentive plans (LTIs)..........................................................................................8
3.2.2. Short-term incentive plans (STIs).........................................................................................8
3.2.3. Pay entitlement per job family............................................................................................9
3.3. Flexible benefits scheme......................................................................................................9
3.4. Non-Financial recommendations for MB............................................................................10
4- Implementation of recommendations.......................................................................10
4.1. Identification of the career path of all MB units.................................................................11
4.2. Alignment of job family levels (internal equity)..................................................................11
4.3. Job family levels value (external competitiveness).............................................................11
4.4. Job slotting and communication of the new structure........................................................11
4.5. Pilot scheme implementation review................................................................................11
5- Best practices of similar banks..................................................................................12
5.1. Standard Chartered Bank (SCB)..........................................................................................12
5.2. Bank of New Zealand (BNZ)...............................................................................................12
6- Conclusion................................................................................................................13
7- References................................................................................................................13
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Executive Summary
This report aims at investigating Maine bank (MB) financial reward strategy in the light of external
pressures from MB shareholders to reduce costs by 10% and increase profitability. Also, the reasons behind
pay inequity perception of many staff members are analyzed across different departments.
The report draws attention that MB has adopted a multi-graded pay structure without a proper
performance measurement that led to the fact that 80 % of the staff have reached the maximum pay rate,
which in turn, resulted in a rise in payroll costs (Rose, 2014). Also, it has been revealed that MB incentive
plan is based on annual merit-increases reaching up to 2.2% of the base salary, which has led to cost
escalation in the long-term, let alone the pension scheme costs. Besides, this type of incentives fail to
motivate the staff because of the mismatch between increase rates and inflation rates (Armstrong, 2015).
Further analysis revealed that the employee's turnover rates measure almost 30% (in MB call
center) which is considered high against the private-sector trend in the UK reaching 23 % in 2017 (XpertHR,
2017). The call center employees seem not to contemplate the relationship between their effort and the
way they are rewarded leading to loss of motivation. On the other side, investment bankers are alarmed by
the Brexit and losing their jobs through relocating some or all business operations.
Thus, this report evaluates the challenges mentioned above and concludes that MB needs to change
its pay structure and develop a new variable compensation plan that enables the bank to drive
performance as well as reducing the payroll costs. Moreover, the new scheme should be based on a robust
analysis negotiated with the banking union that is represented in 30 % of the staff. Therefore, it is mainly
recommended to:
 Develop a job family based structure that’s based on analytical job evaluation and robust market data
to reduce pay inequities.
 Design a long-term incentive scheme to improve employees’ retention and loyalty.
 Design a short-term incentive scheme that includes individual and group compensation to motivate
staff & drive performance.
 Integrate a balanced-scorecard performance measurement scheme to draw clear line-of-sight between
effort and reward.
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 Pilot the new reward strategy in the retail business sector since it's the primary source of MB
profitability.
1- Introduction
Monetary reward refers to the financial payments secured to an employee as a way of retaining
him/her. The primary aim of providing financial compensation is to ensure such an employee is paid for
his/her immense contribution towards the individual efforts, as well as an input made, work done, and
skills employed when working (Perego & Hartmann, 2009). The payment system, as well as level of pay play
an imperative role in trying to determine the relationship that exists between the employee and the
employer (Kerr & Rifkin 2008). Thus, it is always necessary that a given organization should come up with
an appropriate pay system to cater for the financial needs of all employees (Fleming, Chow & Chen, 2007).
Such a system will only be deemed adequate if it can portray the money value while at the same time
acting as a just reward to all employees based on their assigned duties (Perego & Hartmann, 2009).
Financial compensation, in the banking sector, can also be referred to the act of providing incentives
to businesses that are active. Maine Bank (MB) is one of the financial institutions that have continued to
register dismal performance because of having poor monetary reward choices based on a multi-graded pay
structure which is notorious for creating a rigidly hierarchical organization (Armstrong, 2014). Therefore,
this report has delved on determining some of the significant steps the bank has to make to remedy its
inequities in embracing financial reward and highlighting some of the recommendations deemed
appropriate for the improvement of the bank’s performance. Also, the report exhibits some of the best
practices in similar banks that might benefit MB in its venture towards equitable and competitive reward
strategy.
2- Best practices of similar banks
2.1. Standard Chartered Bank (SCB)
Standard Chartered Bank (SCB) is one of the major financial institutions (similar to MB) in the UK
identified to have employed a total reward system more efficiently with the aim to retain its top talent
employees and drive performance (Armstrong et al., 2010).
As far as financial rewards are concerned, SCB embarked on benchmarking the employees pay
ranges against its competitors in the labor market to create a market anchor point (Worldatwork, 2007).
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Then, the employees have entitled a total package that measures in the upper quartile of the competitors
(Armstrong et al., 2010). The base pay rates are reviewed and managed by an annual tri-phasic
performance review using a five-point rating scale based on their performance (what they achieved) and
their alignment with the bank core values (how they achieved it) (Armstrong et al., 2010). The latter metric
was developed to reduce the effect of performance-related pay on “gaming the system” usually
incorporated with financial institutions executives as well as focusing on short and long-term business
objectives (High pay commission, p.40, 2011).
On the other hand, SCB has developed three types of a variable pay plan. The plan includes annual
incentive scheme for all employees, a business target bonus scheme for each employee based on their
yearly performance review and a gain-sharing scheme dependent on the overall achievement of business
departments concerning profitability and risk assessment (Armstrong et al., 2010). Moreover, SCB was
compelled to come up with different performance measurements that determine the remuneration
package of the sales team, marketing teams as well as IT staff to align reward to these different categories
with various individual and team performance.
2.2. Bank of New Zealand (BNZ)
The bank of New Zealand (BNZ) is considered one of the successful financial institutions in
running an efficient total reward strategy based on flexible benefits schemes that aim at retaining
competent employees within the organization (Milkovitch & Newman, 2005). For instance, there
are two types of total remuneration packages. The first one is known as Total Fixed Remuneration
(TFR) which includes the base salary along with the merit pay increase, medical insurance as well as
a retirement plan. While the second one is a Total Fixed Package (TFP) which comprises the base
pay with annual merit increase, employee choice of BNZ benefits (i.e., life insurance, income
protection insurance, share grants…etc.) to cater for employees’ work-life balance (BNZ benefit
book, 2016).
Also, BNZ introduced two options that the employees can choose either one or both. The
first choice is increasing the Life and Total Disability Insurance at 0.15 % of the TFR or TFP; the
second option is to grow the Income Protection Insurance at the same rate (0.15%) (BNZ benefits
book, 2016). Above all, these schemes attempted to target different employees' needs to motivate
them to relate their values to the organizational values.
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3- Analysis & Discussion
3.1. Flawed pay structure
Maine Bank, just like other financial institutions in the United Kingdom (UK) has been able to create
some mechanisms of dividing its operations by having different departments. The bank reward strategy is
based on a multi-graded pay structure with around 20 grades (Armstrong, 2015) in which 80 % of staff have
reached their maximum pay range. Obaid (2013) argued that this type of grade structure causes the
employees to put much pressure on the employers to get an upgrade, which in turn, results in what
Michael Armstrong (p.375, 2014) referred to as a "grade drift." It means that there’s a disparity between
the pay of the employee and his/her job duties. As a result, MB performance appraisal turned into a ‘box-
ticking’ activity in addition to the escalated cost due to this traditional pay structure.
Additionally, MB has based its pay progression on merit-based increase amounting to 2.2 % of base
salary depending on the appraisal rating. In a survey conducted by Xpert HR (2016), overall six out of ten
employees (see figure 2) perceive merit-based pay as too small to motivate them. Moreover, the use of
lump-sum bonuses has been favored by many researchers (Milkovitch & Newman, 2005) because of its cost
reduction purposes on the long term and being a motivating factor in the short term.
Figure 1: Problems encountered with merit-pay (XpertHR, 2016)
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3.2. High-turnover & recruitment cost
At the functional level, MB has a call center where approximately 300 staff are located. They deal
with processing of transactions, answering different queries raised by the customers, as well as increasing
the overall sales being realized (Hubbard & Galvin, 2014). Therefore, the department is perceived one of
the most critical units considering that more than 70% of the bank’s business is located within the
European Union (EU). Therefore, the call center plays a critical role in trying to create a right image for the
company both within and outside the UK. However, it has been reported that the rate of turnover among
call center staff amounted to 30 % which is considered high in comparison to the average turnover rate in
the UK (public and private sectors) that measures 23 % in 2017 (XpertHR, 2017). The call center manager
attributed the high turnover rates to the staff perception of unequal pay in comparison to clerical staff
(Khan & Ahmed, 2014).
On the other hand, the bank has a human resource of 5000 staff where the majority of the
employees are from the UK. However, the most surprising thing is that the turnover of staff in the head
office is deemed relatively high as compared to the one at the retail branches. Therefore, this could act as
one of the contributing factors towards the fall of the profit margin of the company because of the rise in
recruitment and hiring costs (Perego & Hartmann, 2009). Similarly, the level of movement between the
retail and business banking is very high, while a shallow staff flow is recorded in the corporate banking and
support functions. Therefore, the trend signals a danger towards the wellbeing and development of MB.
It is also worth noting that MB, specifically retail business, acts as the most significant source of its
financial profits. However, the expansion of its market to include other organizations such as supermarkets
and building societies means that the bank has to change its mode of operation (Kerr & Rifkin, 2008).
Consequently, it has led to multiple losses where the bank has continued to register dwindling profit
margins. Thus, there is pressure from MB board of shareholders in the United States (US), to cut down the
UK company costs by 10 % in an attempt to increase the bank's profitability.
3.3. Impact of Brexit on Investors
Furthermore, the movement of the UK outside the EU (Brexit) poses many threats to the financial
services in Britain (Mugarura, 2016). According to the latest CIPD survey (2017) on labor market outlook, 12
% of UK private sector firms are expected to relocate their businesses or part of their operations outside
the UK due to Brexit decision. Also, many financial experts have raised an alarm that the investment
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banking sector might record a loss of more than 40,000 jobs as a consequence of business relocation (The
independent, 2017). Hence, MB investment department employees scored the lowest in the attitude
survey in addition to their perception of unequal pay in comparison to other sectors despite long working
hours.
The bank has also embarked on creating a graduate development scheme where college graduates
have been absorbed and trained on how to work in banks (Hubbard & Galvin, 2014). The primary aim is to
enable them to gain professional experience and equip them with skills that can be used to advance their
careers in the future (Prabakaran et al., 2014). However, despite a significant number of these graduates
being interested in working in a banking environment, the majority of them seem not to understand what
the sector entails. Therefore, this has affected their productivity and induction process as they also
consider the pay received as average.
4- Recommendations
Primarily, organizations resort to change their pay system due to three main reasons: economic,
social and political factors (Kang and Yanadori, 2011). One example of pay reforms was witnessed after
the economic recession in 2008 when the Financial Services Authority (FSA) started to implement
different measures in banking pay structure in the UK in response to the global crisis (Financial Services
Authority, 2010). Due to the upcoming Brexit and the pressure that US shareholders are exercising to
reduce costs on the one hand and to reduce the perception of unequal pay among many staff, on the
other hand, MB needs to review its pay structure to align its reward strategy with the enterprise
strategic objectives (Armstrong, 2014).
4.1. Job family pay structure
MB needs to introduce a job family pay structure with different levels (see figure 3) that are
matching with the job family duties and responsibilities (IES, 2004). The new structure will enable career
development by having more aligned responsibilities without having the rising costs of frequent
promotions to satisfy the employees upgrading demands (Armstrong, 2015). However, it will be
imperative to align the family levels across all job families using a point-factor job evaluation for internal
equity along with external benchmarking (see implementation section below) (Worldatwork, 2009).
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Despite the advantages mentioned above of the new pay structure, it is worth mentioning some
of the threats to the success of this structure. To start with, banking union representatives (30% of retail
staff) might not be in favor of different pay rates for various occupations, yet a robust market data that
are signaling skill shortages should be presented as evidence for potential unequal pay cases
(Worldatwork, 2007). For instance, a reward- priorities survey conducted by XpertHR (2017) showed
that almost 67.2 % of the respondents are facing IT and Finance skills shortages in the UK. Also, line
managers need to receive extensive training (Chenhall, 2013) on how to administer and evaluate pay
progression as the new structure will increase their flexibility in pay-related decisions.
4.2. Value-creation based compensation
The Workplace Employment Relations Survey in 2004 (Kersely, 2006) in the UK revealed that
there is a significant rise in variable pay schemes over annual merit-pay increases with almost 50 % of
private-sector organizations. This considerable growth of variable pay plans is derived from the
extraordinarily high costs of merit-pay increases as well as being more efficient in driving productivity
(Milkovitch & Newman, 2005). Thus, MB requires shifting from merit-based pay to simple variable pay
plans that satisfy each job family needs as well as increasing its staff motivation. (Park et al.,2015).
4.2.1. Long-term incentive plans (LTIs)
MB variable compensation plan will be divided into long and short-term incentive plans. Firstly,
the long-term incentive plans have been proven effective in reducing the employee turnover rate and
promoting loyalty (Dunford et al., 2005). One of the most successful LTIs is the broad-based option plan
(BBPOPs) (Milkovitch & Newman, 2005). So, in case of the bank achieving its business objectives, all MB
employees are entitled a stock grant that is equivalent to 10% percent of their total earnings with 20%
of the grant vested each year. This type of compensation sends a message to all MB executives that
employees are business partners.
Figure 2: Example of job family structure (IES, 2004)
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4.2.2. Short-term incentive plans (STIs)
As regards short incentive plan, it will be divided into an annual group compensation (GC) and
individual compensation (IC). The group compensation will be awarded to MB different business units
(see table one) such as retail, corporate and investment departments (shared as a percentage of the
base salary among all team members) in case of achievement of the bank strategic objectives
(Armstrong, 2015). The key performance indicators for GC will be aligned to MB sustainability drivers,
i.e., capital, cost, revenue and risk profile of the bank (Obaid, 2013).
As for the individual compensations (IC), it will be a contribution-based lump-sum annual bonus,
i.e., performance against agreed business objectives of each employee as well as competencies gained
in each level of the job family structure. According to Equity and Expectancy theories of motivation,
there should be a clear line-of-sight between input (effort) and output (reward) (Armstrong, 2015).
Therefore, performance and competencies measurements will be balance-scored (see figure 4) with a
bi-annual performance review for all MB employees to enable them to draw a link between what needs
to be achieved to get rewarded (Ittner et al., 2003).
4.2.3. Pay entitlement per job family
Based on the aforementioned variable pay plan, different staff families will be entitled to
different combination of pay basis as follow:
Job Family Variable pay type (STI and/or LTI) Basis of measurement
Call center
Staff
Individual bonus + Call center bonus
+ Stock grant
Performance and competency based
Figure 3: Sample of performance measures (Ittner et al., 2003)
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IT Individual bonus + Stock grant Competencies-based
Marketing Individual bonus + Stock grant Performance-based
Investors Individual bonus (deferred) + Stock grant Performance and Bank core values-based
Executives Individual bonus (deferred) + Stock grant Performance and Bank core values
HR team Team bonus + Stock grant Competencies-based
Table 1: Compensation plan per job family
4.3. Flexible benefits scheme
One of the most impactful benefits programs in the literature is what is known by “Cafeteria-style
plan” (Milkovitch & Newman, p. 416, 2005). The plan works by having a fixed amount of money that the
employees can use to buy the benefit plan that best suits their needs and to reduce the benefits costs (Blau
et al., 2001). In this regard, Milkovich and Newman (p.446, 2005) postulated that one of the strategies to
control the cost of compensation packages is to urge the employees to "change their demands for
healthcare" and they added that it is the role of the organization to develop different healthcare policies
that portray those demands. Therefore, MB employees will have to choose and tailor for themselves a plan
from the following benefits:
 Medical Plan: Basic or enhanced.
 Life insurance: none or up to four times your salary.
 Paid Family leave: none or up to three months Leave full salary.
 Long-term Disability plan: up to 70% of your salary.
 Defined Benefit Plan for retirement on an average salary of the length of service: from 30 % up to 80
% of your average earnings.
4.4. Non-Financial recommendations for MB
 The level of movement between corporate and investment banking should be increased to prepare
investment bankers for a potential relocation after the Brexit. The move will help to improve familiarity
with the corporate sector to investment bank employees who will be able to interact with the target
customers at a more significant level (Armstrong, & Murlis, 2008).
 Learning and development programs should be devised for investment bankers to prepare them for
potential overseas assignments.
 Extensive training programs for the managerial staff on performance management and evaluation.
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 Introduction of job-rotation schemes for customer service staff to motivate and educate them on
various aspects of the business (Taylor, 2014).
5- Implementation of recommendations
Based on the recommendations highlighted in this report, a pilot approach will be implemented
only in the retail bank because of its core importance to MB regarding profitability (Armstrong & Brown,
2006). A step-by-step guide is discussed below to ensure a smooth transition from MB old reward system
to the new structure (Worldatwork, 2009).
5.1. Identification of the career path of all MB units
During this stage, the HR director with line managers as well as staff representatives meets to map out all
job families and career paths in each family. A point-factor based job evaluation of each will be presented
based on the agreed compensable factors during these meeting to obtain stakeholders consensus.
5.2. Alignment of job family levels (internal equity)
In this stage, a cross-functional review of job family levels with operation heads to rule out any
misalignment between levels across different functions.
5.3. Job family levels value (external competitiveness)
After that, market data will be obtained from external benchmark jobs at each level to develop the level's
pay band using consultancy salary surveys along with published reviews. More than one source of data will
be used to ensure the reliability of information acquired (Armstrong, 2015).
5.4. Job slotting and communication of the new structure.
Then, all employees are slotted to their respective level. Also, a transparent and clear communication will
be held to prepare the employees for the new structure. During this step, a guidebook with all the new pay
bands, job family's levels, levels description etc. will be distributed among the retail bank employees (Rose,
2014).
5.5. Pilot scheme implementation review
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A full review with attitude surveys and line managers meeting will be conducted to after one year of the
pilot scheme implementation to adjust any unforeseen pitfall of the new pay structure; then the plan will
be generalized all over MB various departments.
6- Conclusion
To sum up, MB is one of the financial institutions in the UK which needed a review of its reward
strategy due to internal and external pressures such as shareholders need to reduce costs, improve
profitability, the movement of the UK outside the EU as well as perceived unequal pay among many of the
bank staff. Various reward policies and practices have been introduced and discussed in this report in an
attempt to achieve a pay system that's internally equitable and externally competitive with the overarching
goal of enabling MB to achieve its business objectives (Armstrong et al., 2010).
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