RBS Company Business
The Royal Bank of Scotland is one of the retail banking subsidiaries of the Royal Bank of Scotland plc, together with NatWest, provides branch banking facilities such as retail and corporate banking, financial markets, consumer finance, insurance and wealth management services in United Kingdom. It is founded in the year 1727. The RBS head quarter is situated in Edinburg, Scotland. It has got around 700 branches, mainly in Scotland though there are branches in many larger towns and cities throughout England and Wales. The RBS got a approx work force of 141,0002 employees.
The Roles and opportunities at RBS
RBS is seen as a world-class employer and make sure this by providing world-class employment opportunities. The RBS recruitments are exclusively based in Merit. RBS is a fast growing company. So to keep its daily progression in track, it has to attract a continuous supply of highly talented people. To help the students to start their careers, the RBS even offers programmes either from school or college or upon graduation from university. The career options include banking, sales and customer service, and business support roles such as finance, risk assessment and Human Resources.
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It can be well clear that the requirements and practices of each country and each among all their business are completely different from each another. The objectives for managing all of its employees are constant. Since the RBS wants their employees to give their best and secure their continued commitment, they only want the best people to be along with their team. Hence they try to attract them by giving them the best packages and the perfect suiting tasks to be managed.
RBS is proud to judge them as an award winning Human Capital Strategy where they can give their business dealers a detailed understanding of how effective they are attracting, retaining and engaging the best people and how the business is being well developed and maintained and driven by this.
The ‘Human Capital Toolkit' is also an important strategy of RBS. The ‘Human Capital Toolkit' is an online resources that give HR staff to a desktop access to a range of diagnostic tools, benchmarking resources and employee research and measurement tools. The comprehensive understanding of their performance rewards them to continually improve on their approach.
Every successful employer wants to make the workers of their company to be fulfilled with all the requirements. Even in their personal life. Hence as a successful group, RBS wants each and every employee of their group to be satisfied with all the needs/ They contribute this by laying out the expectations they have for their employees clearly, allowing them to work flexibly whenever appropriate and making sure that they feel to interact between or come upon with opinions and makes them to speak out when they come across unacceptable behavior in the workplace.
The RBS Code:
To maintain the dignity of their Group and as the RBS want each and every employee in the Group to similar and to set out their standards of their behavior, they except all of their Group-wide Global CODE OF CONDUCT (For example: - Behavior, attendance, dress code, managing diversity, Dignity in work, performance management, No smoking policy, Accident reporting, Records Management, Protecting the Group's information-assets and systems.., etc.. ). This allows them to guide all of their individual actions. In 2006, they extended the number of languages in which it is available, and even with the introduction of a Chinese version.
The Flexible working Policies
The YOURTIME policy enables the RBS employees to work in flexible and appreciated time by them. These are being decided by their individual needs and requirements, within the framework of their business requirements. This award-winning initiative incorporates a range of options including compressed hours; term-time working and even the individual can either choose to work from their own home.
In 2007, even they increased the range of options with the introduction of Foster Leave, which entitles parents of new foster children to five days of paid leave a year to enable a ‘settling in' period. Even it did not fail to extend the highest amount of time which employees can take off under their short term employment break policy, from three to six months. These Flexible working policies can be well appreciated that over 22,600 employees in 2006 took advantage of flexible working policies.
Freedom of Association
RBS recognize Employee Representative Organisations like the Trade Unions and Works Councils, in a number of businesses and countries. Their European Employee Communication Council brings together employee representatives from across the EU to be informed on strategic developments across the European Region.
RBS Employment Models
Applied Model Theory in RBS :
The RBS HRM strategy can be exactly well defined with the TWO FACTOR THEORY of Herzberg. The proposed subtitles mention in the theory can be effectively used to apply and define the RBS HRM strategy. Hence I have used the factors of TWO FACTOR THEORY to explain my point of view and my reviews about the RBS. Even there are few more theories that can be utilized to explain the HRM strategy. So as a main application I have used the TWO FACTOR THEORY and highlighted with the similarities of other theories as well.
This essay is an example of a student's work
TWO FACTOR THEORY :
Herzberg proposed the Motivation-Hygiene Theory, also known as the TWO FACTOR THEORY (1959) of job satisfaction. As per the theory of Herzberg, he mentions that the people are mainly influenced by two factors:
Satisfaction is primarily the result of the motivator factors. The motivator factors help increase satisfaction but have little effect on dissatisfaction.
Motivator factors are mainly based on an individual's need for personal growth. Job satisfaction is actively created by motivator factors when these exist. An individual can be made to achieve their performance and effort above average when they are being effectively motivated.
One of the achievements of RBS is that it employs over 140,000 people is a wide range of 30 different countries.
RBS is being considered as one of the best employer around the global as it has got a good influence in its services to its clients as well as to its employees.
- Challenging/ stimulating work
RBS employees are being satisfied working with this Group. This is because they clearly mention the services they expect from their employers. Even they allow their workers to work flexibly as and when ever in an appropriate time. Even the workers opinions and suggestions are taken in account seriously. The RBS recognize the Employee Representative Organisations, such as trade unions and works councils.
The RBS understands well about how their employees feel about working with them. This enables them to respond to the employees emerging needs. After considering, the employees can in return can be the best. Even RBS on a yearly basis with their confidential and independently administrated Employee Opinion Survey (EOS) to explore employee Satisfaction Levels across the Group. Composed in seven languages, the survey is delivered to the 140,000 staff individually either on paper or online based on the business access. They achieved a response rate of 87% in 2007. The feedbacks have helped the RBS to target their on going HR strategy effectively.
- Promotion / advancement
Identifying and developing talent at all levels is a foundation of the long term is the success of RBS business. Training and development also drive employee satisfaction and fulfillment. Across the Group, 71% of employees believe that they have the opportunity for personal development and growth. They work with the Harvard Business School and employee in sight consultants ISR on our group-wide ‘Service Excellence through People' initiative, which brings together key people, sales, service, productivity and financial measures. This identifies the leadership and development attributes which have the most impact on performance.
Individuals need influence over their own development plans. RBS uses an online learning management system, Access to Learning ( A2L ), which enables individual employees to refine and track their development plans. And to make it as an more informed meetings, the managers are made able to review both professional and personal plans in advance of face to face discussions.
RBS also work out programme to engage and develop their people. It helps the people from every level of the business together to suggest and implement improvements to all our systems and practices, right from the mortgage applications to an extreme to the branch improvement plans.
In about 1849 events in 2006, around 23,000 employees were involved and do generated about 139.3 million pounds. The RBS officially address that this has vastly exceeded their targets. And this success of 2006 has included a 25% reduction in the retail travel and entertainment budget.
Dissatisfaction is primarily the result of hygiene factors. These hygiene factors, if absent or inadequate, cause dissatisfaction, but their presence has little effect on long-term satisfaction.
Hygiene factors are based on the need to avoid unpleasantness at work. If these factors are considered inadequate by employees, then they can cause dissatisfaction with work. The hygiene factors include :
- Pay and Benefits
The RBS select benefits allows their employees to customize their personal needs according to their individual circumstances and their personal situations. They provide better benefits to their employees by a periodically maintained
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RBS highly rewards for the employees based on their seniority and ability. At can be clearly agreed while seeing that in 2006 it has delivered a further 10% of basic salary for the ninth consecutive year. Approximately 112,000 staff benefited from it. Every individual received an average of 2200 pounds. It totaled a sum of 242 million pounds.
- Company Policy and Administration
To deliver superior sustainable value, RBS run their own business with integrity and openness, delivering optimum financial results within clearly defined business principles.
To strengthen their administration, in 2006 they strengthened that extent and rigor of their consultation with their stake holders.
- Relationships with co-workers
The authority is being well placed in the RBS and their duties are being well defined. There is a mutual understanding between the co-workers to complete their task successfully and with complete co-operation.
- Physical Environment
Since all the needs of employees in RBS is well satisfied, they are mentioned to be kept in a friendly environment as they introduced the foster policy for the parents. Flexible working policies can be well appreciated that over 22,600 employees in 2006 took advantage of flexible working policies.
These kind of policies which RBS practices will allow its employees to go on the track with a perfect Physical Environment.
RBS have an award winning Human Capital Strategy that gives their business leaders a detailed understanding of how effectives they are at attracting, engaging and retaining the best people and how all these supervision and approach to the employees drives the business performance.
Since working with one of the highly reputed company around the globe makes the employee and the employer to attain a status. The status can be of the badge of the company, the title they hold, the way by which they are being well reputed among others since they are a member of the RBS family. They well try to address to be the best as to attain this mentioned status.
- Job Security
The employees in RBS are being well satisfied with the security they are having working with company. Since they recruit only the one among the best people and the division of work given to them will be ONLY mentioned to them. This makes them to get stick on to the job and as a well positioned chain of employees, there is no probability that they will not be out of job one day as they are unless specified by the company as it is assured.
SIMILARIITIES WITH OTHER THEORIES :
I have briefly explained the HRM strategy of RBS with the TWO FACTOR THEORY. But it can be well said that the HRM strategy is also similar to few other theories like the Maslow's Hierarchy of Needs and Self-determination theory. So I'm just outlining these theories as to give the similarities with the applied theory.
Maslow's Hierarchy of Needs:
His theory is often depicted as a pyramid consisting of five levels: in which the four lower levels are grouped together as being associated with Physiological needs, where as the top level is termed growth needs associated with psychological needs. The higher need in this hierarchy only comes into focus when the lower needs in the pyramid are satisfied. The lower level will no longer be prioritized when an individual is moved from upwards to an upper level.
The theory is divided into 5 parts :
- Physiological needs
- Safety needs
- Social needs
- Esteem needs
- Self actualization
Even though the Maslow's theory consists of 5 parts, it is briefly categorized into two:
- The Classification of human needs
- The relation between each classes
From the key points of the Maslow theory, we can well make out that it has more over a similarity with the HRM Strategy of RBS and the theory which is applied. These points can be clearly taken as a definition of Motivation and the practices. Even the Maslow has not failed to express about the Job security and the safety of the employees and so on. This shows that the Maslow's theory can also be taken to define the HRM of RBS.
Self Determination Theory:
SDT is a general theory of human motivation concerned with the development and functioning of personality within social contexts. The theory focuses in the degree to which human behaviors are volitional or self determined. Over the past three decades SDT has evolved into a set of four mini-theories that share the organismic - dialectial meta-theory and the concept of basic needs. The theory begins with the assumption that people are active organisms with innate tendencies toward psychological growth and development, who strive to master ongoing challenges and to integrate their experiences into a coherent sense of self. It is said that the human does not operate automatically, however, but instead requires ongoing nourishment and supports from the social environment in order to function effectively.
This theory also clearly states the similarities between the applied theories in HRM Strategy.
Agree or disagree
I completely support for the employment practices that RBS follows. All their activities are being well planned and placed accordingly. They clearly know “what” to place “where”. May be this is what the reason they are succeeded. They employ only the best people they can choose from different academic level and job levels. They make their employee to practice a mutual understanding between each other. Even the management is well aware of the needs of their employees. So do they satisfy all their needs and make them to love the work they are doing. And even they make their business tower to be perfect from the base level itself. And even the RBS does not fail in gaining the trust and support of its workers as by giving their common problems periodically and also by giving them development plans by training.
To conclude my views over the HRM strategy of RBS, I can say that the company has tried and effectively got the well efficient, well planned, well controlled and on the same time well trusted employees. This is because they had a view of how the company should be reputed and outstanding in comparison with all other companies. They could have effectively analyzed the theories and case studies of the strategy and EFFECTIVELY applied that taking the micro string from the open world of strategies where others have failed to find it out. Even the employee at the bottom most level is being motivated like every one in the company. This makes the RBS to be taken as one of the best in HRM management.
Recommendations / Suggestions :
I suggest that the company can be in track and reach high position and an outstanding level in the HRM Strategy if they continue to study their needs and from every level of view. And they should meet the modern inventions and the changing needs of their very own employees.
1. An Introduction to Human Resource Management ( 2001)
2. Human Resource Management at work ( 2001 )
Awards (REF: http://www.rbs.com/corporate03.asp?id=CORPORATE_RESPONSIBILITY/EMPLOYEE_PRACTICES/DIVERSITY )
- Gold Award from Business in the Community's Opportunity Now We received a score of 90% based on their 2006 assessment, 8% higher than our 2005 benchmark. This was at a time when the general trend was downward.
- The Times 'Top 50 Places Where Women want to Work' We were included in this list in October 2006.
- Women in Banking and Finance Awards In June 2006 several RBS employees were recognized at the Women in Banking & Finance Awards.
- Remploy award for 'outstanding work in supporting, developing and employing disabled people' at Remploy's leading the Way awards We received this award from Remploy, an organisation which creates independence for disabled people through work, in November 2006.
- 'Royal Association for Disability and Rehabilitation' award RBS was shortlisted for an award in the employment category for 'excellence in recruitment and retention solutions for disabled employees'.
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