Performance and Reward Strategy: Analysis of Maine Bank (HRM4427)

This report provides an analysis of Maine Bank, a large American-owned bank with significant operations in the UK. The report addresses key issues such as a lack of performance culture and low employee morale. It examines the current performance management system, which relies on manager-led appraisals, and the financial reward system, which has limited merit-based increments. The analysis covers the bank's organizational structure, including retail, business, corporate, and investment banking departments, along with their objectives. The report recommends implementing a 360-degree appraisal approach involving team leaders and increasing the merit-based financial reward percentage to a maximum of 0.75%. The implementation section outlines a timeline for these changes, emphasizing the need for top management leadership and board of directors involvement. The report concludes by highlighting the importance of performance culture and employee motivation in the banking sector.