Serandib Bank Essay

2816 Words Apr 2nd, 2013 12 Pages
CONTENT Page 1. Introduction……………………………………………………………………….1

2. Executive Summary……………………………………………………………….2 3. Problem Statement………………………………………………………………. .3

4. Alternatives……………………………………………………………………….5

5. Conclusion………………………………………………………………………...8

6. Implementations…………………………………………………………………..9

Introduction

This is the fourth assignment which I am forwarding as a case study for module 4 examination of Professional Qualification in Human Resource Management 75th Batch at the Institute of Personal Management Sri Lanka (IPM).

The case is about the SerendiB Bank which was playing a successful monopoly game in the Bankers field where only two other local banks were held due to the
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At the same time legal consultants also advised the top management not to grant excessive financial rewards. Therefore, such a reward managements system doesn’t have a sustainability, consistency and credibility

4. The Reward Management System does not catering the purpose. Employers must offer employee rewards that the company's employees find meaningful. Well-managed employee reward management system have tangible affirmative effects on the employer’s bottom line results such as Attraction, retention, motivation, engagement, return on investment. Throughout the case it doesn’t demonstrate the key values of reward management system. Further, Majority of the staff of the SerendibB bank left and joined with new foreign bank due to frustration. In that case SerendibB was failed to full fill the basic requirement of the reward management system.
5. The Reward Management System does not cater the requirements of the existing staffWithinfirst six months of opening the competitor banks, SerendiB lost over 50% of customer base and had to face huge drop in revenue. Also, many of the senior staff members joined the new foreign banks. By that moment, top management of the SerendibB bank well knew the reason behind. But, nobody take steps to change or enhance the existing rewarding system so that best fit for the existing employees and retain them with the SerendibB bank.

Alternatives 1. SerendibBBank

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