Introduction The key function within Human Resources Management this document will audit is Total Rewards, specifically comparing and contrasting the current model to a new Total Rewards package for the organizational change from a tiered organization to a new, flatter, hybrid “Money Advisor” model.
The question of appropriate compensation is a critical question as G&F Financial Group moves toward the organizational change called, “Member Experience 2.0”.
Backgrounder – Introducing G&F Financial Group
GFFG is the 10th largest Credit Union (CU) in BC, with 26,000 members and $1.3 billion in Assets-Under-Administration. GFFG employs just fewer than 200 people, has 14 branches, and a “Member Hub” call-centre. GFFG is somewhat unique due to …show more content…
Development and Career Opportunities: These include: reimbursement for external education related to position/career, internal training opportunities, job-shadowing, temporary assignments to a higher position, creation of a development plan with direct supervisor that the organizational will support.
We specifically will look only at Point 1: Compensation, and touch on Point 5. Point 2-4 will not be affected by the organizational change.
Strengths
Strengths of the current Total Rewards structure include:
• Clear definition of compensation and career progression: in the negotiated Collective Agreement, which the non-union side mimics, there is a very clear and defined matrix of salary and career progression. Employees are easily able to determine how their salary will change, and the typical path of progression in the career, and how they will be evaluated in competing for promotions.
• Competitive: The Total Rewards structure overall is similar and competitive with other Credit Unions and compares favourably to the Big Five Banks. This is due to the Union history of Credit Unions, and also because Collective Agreements within Credit Unions are negotiated with previous or current agreements at other Credit Unions as benchmarks.
Weaknesses
Weaknesses of the current Total Rewards Structure …show more content…
Critical Issues and Policies The organizational change to be made to G&F Financial Group is to move from a traditional, transactional banking structure, to a more-flexible, technologically-savvy, advisory model. This change is a large-scale organization-wide change that affects the majority of employees in the organization. It is critical to insure the Total Rewards compensation model changes appropriately in conjunction to minimize the negative impacts of the change. Organizational changes to be implemented by area:
• De-unionization: of the credit union by only opening non-union branches, adjusting the rules to make it easier for union-employees to move to non-union positions, and by not filling vacated union positions.
• Right-sizing: Adjusting the number of employees in a branch, combined with opening new branches to move the organization from “Few-Branch, Many Staff” to “Few-Staff, Many
The question of appropriate compensation is a critical question as G&F Financial Group moves toward the organizational change called, “Member Experience 2.0”.
Backgrounder – Introducing G&F Financial Group
GFFG is the 10th largest Credit Union (CU) in BC, with 26,000 members and $1.3 billion in Assets-Under-Administration. GFFG employs just fewer than 200 people, has 14 branches, and a “Member Hub” call-centre. GFFG is somewhat unique due to …show more content…
Development and Career Opportunities: These include: reimbursement for external education related to position/career, internal training opportunities, job-shadowing, temporary assignments to a higher position, creation of a development plan with direct supervisor that the organizational will support.
We specifically will look only at Point 1: Compensation, and touch on Point 5. Point 2-4 will not be affected by the organizational change.
Strengths
Strengths of the current Total Rewards structure include:
• Clear definition of compensation and career progression: in the negotiated Collective Agreement, which the non-union side mimics, there is a very clear and defined matrix of salary and career progression. Employees are easily able to determine how their salary will change, and the typical path of progression in the career, and how they will be evaluated in competing for promotions.
• Competitive: The Total Rewards structure overall is similar and competitive with other Credit Unions and compares favourably to the Big Five Banks. This is due to the Union history of Credit Unions, and also because Collective Agreements within Credit Unions are negotiated with previous or current agreements at other Credit Unions as benchmarks.
Weaknesses
Weaknesses of the current Total Rewards Structure …show more content…
Critical Issues and Policies The organizational change to be made to G&F Financial Group is to move from a traditional, transactional banking structure, to a more-flexible, technologically-savvy, advisory model. This change is a large-scale organization-wide change that affects the majority of employees in the organization. It is critical to insure the Total Rewards compensation model changes appropriately in conjunction to minimize the negative impacts of the change. Organizational changes to be implemented by area:
• De-unionization: of the credit union by only opening non-union branches, adjusting the rules to make it easier for union-employees to move to non-union positions, and by not filling vacated union positions.
• Right-sizing: Adjusting the number of employees in a branch, combined with opening new branches to move the organization from “Few-Branch, Many Staff” to “Few-Staff, Many