scholarly journals Total rewards strategy for a multi-generational workforce in a financial institution

2014 ◽  
Vol 14 (1) ◽  
Author(s):  
Mark Bussin ◽  
Dirk J. Van Rooy
Keyword(s):  
Generational Differences ◽  
Financial Incentives ◽  
Financial Institution ◽  
Survey Design ◽  
Staff Retention ◽  
Financial Industry ◽  
Total Reward ◽  
Managerial Implications ◽  
The Impact ◽  
Skilled Staff

Orientation: Different generations may value and perceive employee rewards differently. This impacts on reward strategies in the workplace which have been specifically developed to attract, retain and motivate staff. A one-size-fits-all approach to reward strategy may not achieve the objectives intended, leading to direct and indirect financial implications for businesses.Research purpose: This study investigated whether perceptions of reward strategy differed across generations in a large financial institution in South Africa. This context was specifically chosen due to the significant competition to attract and retain staff that exists in the financial sector. To contribute to the practical challenges of reward implementation, the study investigated whether specific reward preferences associated with generation exist, and whether offering rewards based on these preferences would successfully attract and retain staff.Motivation for study: South African businesses are competing for skilled staff and rely heavily on a total reward strategy to compensate all generations of employees. Given the financial incentives to retain and attract the most effective staff, it is essential that reward strategies meet their objectives. All factors impacting the efficacy of reward strategies should be considered, including the impact of generational differences in preference. This is of relevance not only to the financial industry, but to all companies that employ staff across a variety of generations.Research design, approach and method: A quantitative survey design was used. A total of 6316 employees from a financial firm completed a survey investigating their experiences and perceptions of reward strategies. Statistically significant differences across different generations and reward preferences were considered.Main findings: Significant differences in reward preferences were found across generational cohorts. This supports international literature.Practical/managerial implications: The results indicate that there is an opportunity for businesses and managers to link components of the total reward strategy to specific generations in the workforce by offering a wider variety of reward options to employees. Employee perceptions indicate a willingness to have reward strategies tailored to their needs and to have a greater say in their reward strategies. The challenge is in presenting the options in a fair and transparent manner, in providing choice and in tracking long-term retention and motivation based on the reward strategy.Contribution: The study found that generations value rewards differently, which will enable management to develop more strategic approaches to reward. This research extends international evidence to include workplaces in emerging economies, which have the additional challenges of high rates of unemployment, but also scarce skills and competition for skilled staff. The findings of this research go some way to support the need to develop more dynamic, flexible and generation-specific reward strategies to support staff retention and attraction.

scholarly journals The impact of a total reward system of work engagement

2016 ◽  
Vol 42 (1) ◽  
Author(s):  
Crystal Hoole ◽  
Gabi Hotz
Keyword(s):  
Work Engagement ◽  
Sampling Strategy ◽  
Career Management ◽  
Cross Sectional ◽  
Total Reward ◽  
Total Rewards ◽  
Downward Spiral ◽  
Managerial Implications ◽  
The Impact ◽  
The Relationship

Orientation: Work engagement is critical for both employees and employers. With the reported downward spiral of engagement levels worldwide, organisations are recognising that in order to address this, attract best talent and keep employees motivated, they need to shift their attention to total reward strategies.Research purpose: The overall purpose of this study was to explore the relationship between total rewards and work engagement in a South African context and to determine which reward categories predict work engagement. The study further endeavoured to determine whether gender and age had a moderating effect on the relationship between total rewards and engagement.Motivation for the study: Statistics report that less than 30% of all working people are optimally engaged in their work. Considering that individuals spend more than a third of their lives at work committing themselves emotionally, physically and psychologically – research indicates that employees are no longer satisfied with traditional reward systems and want to feel valued and appreciated.Research approach, design and method: In this quantitative, cross-sectional research design using a non-probability convenience and purposive sampling strategy, 318 questionnaires were collected and analysed from financial institutions in Gauteng in which opinions were sought on the importance of different types of rewards structures and preferences, and how engaged they are in their workplace. The 17-item UWES and Nienaber total reward preference model were the chosen measuring instruments.Main findings: A small statistically significant correlation (r = 0.25; p < 0.05; small effect) was found between total rewards and work engagement, and 12% of the variance of work engagement was explained. Only performance and career management significantly predicted work engagement.Practical/Managerial implications: Although small, the significant correlation between total rewards and work engagement implies that total rewards are important motivators for employees in the workplace. Of the total rewards scales tested, only performance and career management significantly predicted work engagement, suggesting that more research is needed. Organisations seeking to implement total reward strategies should pay specific attention to which strategies have an impact on work engagement.Contribution/Value-add: Organisations must take cognisance that factors such as performance and career management significantly predicted work engagement and should be considered as part of their total reward offerings.

Financial Incentives Dampen Altruism in Online Prosocial Contributions: A Study of Online Reviews

2020 ◽  
Vol 31 (4) ◽  
pp. 1361-1375
Author(s):  
Dandan Qiao ◽  
Shun-Yang Lee ◽  
Andrew B. Whinston ◽  
Qiang Wei
Keyword(s):  
Financial Incentives ◽  
Spillover Effect ◽  
Self Determination Theory ◽  
Online Reviews ◽  
Self Determination ◽  
Data Set ◽  
Managerial Implications ◽  
Econometric Analyses ◽  
The Cost ◽  
The Impact

This paper uses a large Amazon review data set to examine the impact of financial incentives on prosocial contributions. The econometric analyses demonstrate a significant spillover effect, where product reviewers, after experiencing the receipt of financial incentives, tend to produce more positive but lower-quality unincentivized reviews subsequently. Theoretically, this paper advances our understanding of the interplay between financial incentives and prosocial behaviors through the lens of self-determination theory. Practically, this study provides insights into the design of online prosocial communities. Managers should not be enticed solely by an immediate increase in contribution quantity because the increased contribution volume might come at the cost of decreased quality in future unincentivized contributions. If platforms decide to provide financial incentives, they should target only altruistic contributors and limit the amount of incentives that an individual can receive. These findings provide important managerial implications for platforms hoping to motivate users’ prosocial contributions.

scholarly journals Corporate governance in Balkan financial institution, case of Albania

2013 ◽  
Vol 3 (2) ◽  
pp. 30-38
Author(s):  
Rezart Dibra ◽  
Jetmir Bodini
Keyword(s):  
Developing Countries ◽  
Corporate Governance ◽  
Stock Market ◽  
Financial Institution ◽  
Banking System ◽  
Local Economy ◽  
Market Liquidity ◽  
Financial Industry ◽  
The Impact ◽  
Banking Development

Corporate governance has at its backbone a set of transparent relationships between an institution’s management, its board, shareholders and other stakeholders. In this article, in the first part, the nature and purpose of corporate governance has been discussed with special emphasis on the problems of banks in the field of corporate governance. Corporate governance involves regulatory and market mechanisms, and the roles and relationships between a company’s management, its board, its shareholders and other stakeholders, and the goals for which the corporation is governed. Lately, corporate governance has been comprehensively defined as "a system of law and sound approaches by which corporations are directed and controlled focusing on the internal and external corporate structures with the intention of monitoring the actions of management and directors and thereby mitigating agency risks which may stem from the misdeeds of corporate officers. The financial crisis exposed flaws throughout financial markets and prompted much investigation into the way banks work. The ‘2008 crisis in the financial industry, among other causes, brought to light the conflict of interest between achieving aggressive results by the executives in order to obtain bonuses and the long-term risk associated with the commercial company in its business. This paper focuses on one line of investigation - the corporate governance of banks. It examines why governance of banks differs from governance of nonfinancial firms and where the governance of banks failed during the crisis; it also offers recommendations for improving the governance system. Bank governance has been the topic of much recent academic work and policy discussion (Senior Supervisors Group 2008, 2009; Walker Report 2009; Committee of European Banking Supervisors 2010). Because of their contemporaneous nature, there has been little connection between the academic approach and policy analysis. The purpose of this paper is to make such connections and ground the policy debate on scientific evidence. The Corporate Governance in banks is one of the most important discussions overall the world, being reinforced especially after the crises period. It is related with the sensitive situation and the stage of developments of the local economy and moreover with the impact of the crises that is still ongoing. As an answer, during late 2008 and beginning 2009, it has been noticed a fast reaction and total focus from all banks on building (if missing) and improving their structures of Corporate Governance. The liquidity problems suddenly affecting the banking sector constrained Banks to enlarge their activities / operations and forced them in better evaluating their investments. The importance of a strong financial sector in impacting the country’s economy growth through both level of banking development and stock market liquidity (Levine and Sara Zervos 1996, 1998) is quite evident even in the developing countries. Moreover, Peter Rousseau and Watchel (2000) findings’ confirm the positive impact of the stock market activity and the banking development. For this reason the governments in the developing countries are insisting in increasing credits of banks towards the private firms. The banking system in Bulgaria, Romania, Serbia and Albania has certain similarities in terms of development stage, related with the economic growth rate as well. The banking system, there is operating for more than 100 years instead of 15-20 years of development in the remaining countries.

ANALISIS RISIKO OPERASIONAL MENGGUNAKAN PENDEKATAN DISTRIBUSI KERUGIAN DENGAN METODE AGREGAT

2011 ◽  
Vol 10 (2) ◽  
pp. 1
Author(s):  
Y. ARBI ◽  
R. BUDIARTI ◽  
I G. P. PURNABA
Keyword(s):  
Negative Binomial Distribution ◽  
Binomial Distribution ◽  
Negative Binomial ◽  
Financial Institution ◽  
Expected Value ◽  
Insurance Companies ◽  
Limited Data ◽  
Loss Distribution Approach ◽  
Potential Loss ◽  
The Impact

Operational risk is defined as the risk of loss resulting from inadequate or failed internal processes or external problems. Insurance companies as financial institution that also faced at risk. Recording of operating losses in insurance companies, were not properly conducted so that the impact on the limited data for operational losses. In this work, the data of operational loss observed from the payment of the claim. In general, the number of insurance claims can be modelled using the Poisson distribution, where the expected value of the claims is similar with variance, while the negative binomial distribution, the expected value was bound to be less than the variance.Analysis tools are used in the measurement of the potential loss is the loss distribution approach with the aggregate method. In the aggregate method, loss data grouped in a frequency distribution and severity distribution. After doing 10.000 times simulation are resulted total loss of claim value, which is total from individual claim every simulation. Then from the result was set the value of potential loss (OpVar) at a certain level confidence.

Diversity and the Performance of Selected Financial Institutions of Asia

2018 ◽  
Vol 2 (1) ◽  
pp. 1
Author(s):  
Shafaque Fatima ◽  
Saqib Sharif
Keyword(s):  
Financial Institutions ◽  
Positive Impact ◽  
Financial Institution ◽  
Gender Diversity ◽  
Business Case ◽  
Ordinary Least Squares ◽  
Cross Sectional ◽  
Age Diversity ◽  
The Impact ◽  
Nationality Diversity

Linking with the business case for diversity, this study examines whether the top management team (TMT) and the board of directors (BODs) diversity has a positive impact on financial institution (FI) performance in select countries of Asia least researched domain. We use data from 119 financial institutions across Asia for the year 2015, initially 1,447 institutions; however, incomplete data was excluded from final analysis. We use three proxies for diversity, that is, nationality diversity, gender diversity, and age diversity of TMT and BODs. To investigate the impact of TMT and BODs diversity, cross-sectional ordinary least-squares estimation is applied, using Return on Average Assets (ROAA%) as a measure of performance.  We find that nationality diversity and age diversity is positively and significantly related to FIs performance. Our evidence indicates that executives and board members with diverse exposure and younger age improve FIs profitability. However, there is no significant relationship between gender and FIs performance.

The Impact of Financial Incentives on Crowdsourced Delivery

2019 ◽  
Author(s):  
Yuqian Xu ◽  
Baile Lu ◽  
Hongyan Dai ◽  
Weihua Zhou
Keyword(s):  
Financial Incentives ◽  
The Impact

The Impact of Bar Service Operation Practices on Organizational Performance in Indian Hotel Industry

2015 ◽  
Vol 8 (1) ◽  
Author(s):  
Mohinder C. Dhiman ◽  
Abhishek Ghai
Keyword(s):  
Organizational Performance ◽  
Hotel Industry ◽  
Demographic Variables ◽  
Study Results ◽  
Service Operation ◽  
Managerial Implications ◽  
Overall Performance ◽  
The Impact ◽  
The Relationship ◽  
Bivariate Test

The paper has a two fold purpose - examine the impact of bar service operation practices (BSOP) on organizational performance (OP) and study the relationship between organizational performance and demographic variables. Based on a survey of 362 bar managers perceptions on the impact of bar service operation practices on organizational performance were assessed by 59 practices and 6 demographic variables. Bivariate test and ANOVA were employed to test the working hypothesis in the study. Results indicated that there is a positive relationship between the bar service operation practices and organizational performance. Further, the results indicate some practical and managerial implications to improve organizational overall performance.

Textual Transformations

2019 ◽  
Keyword(s):  
Early Modern ◽  
Financial Incentives ◽  
Book History ◽  
John Dryden ◽  
Book Production ◽  
Original Essays ◽  
Wide Range ◽  
Lucy Hutchinson ◽  
The Many ◽  
The Impact

This collection of twelve original essays by an international team of eminent scholars in the field of book history explores the many ways in which early modern books were subject to reworking, re-presentation, revision and reinterpretation. Their history is often the history of multiple, sometimes competing, agencies as their texts were re-packaged, redirected and transformed in ways that their original authors might hardly recognize. The essays discuss the processes of editing, revision, redaction, selection, abridgement, glossing, disputation, translation and posthumous publication that resulted in a textual elasticity and mobility that could dissolve distinctions between text and paratexts, textuality and intertextuality, manuscript and print, author and reader or editor, such that title and author’s name are no longer sufficient pointers to a book’s identity or contents. The essays are alive to the impact of commercial and technological aspects of book production and distribution (discussing, for example, the career of the pre-eminent bookseller John Nourse, the market appeal of abridgements, and the financial incentives to posthumous publication), but their interest is also in the many additional forms of agency that shaped texts and their meanings as books were repurposed to articulate, and respond to, a variety of cultural and individual needs. They engage with early modern religious, political, philosophical and scholarly trends and debates as they discuss a wide range of genres and kinds of publication (including fictional and non-fictional prose, verse miscellanies, abridgements, sermons, religious controversy) and of authors and booksellers (including Lucy Hutchinson, Richard Baxter, Thomas Burnet, Elizabeth Rowe, John Dryden, and Samuel Taylor Coleridge, Lucy Hutchinson, Henry Maundrell, John Nourse; Jonathan Swift, Samuel Richardson, John Tillotson, Isaac Watts and John Wesley).

scholarly journals The impact of job description and career prospect on job satisfaction: A quantitative study in Mauritius

2019 ◽  
Vol 17 ◽  
Author(s):  
Ketan S. Ramhit
Keyword(s):  
Job Satisfaction ◽  
Team Leaders ◽  
Job Description ◽  
Managerial Implications ◽  
Career Prospect ◽  
Value Add ◽  
The Impact ◽  
The Relationship ◽  
Negative Relationships ◽  
Good Career

Orientation: Literature shows that job description and career prospect are connected to job satisfaction and it is seen that, in Mauritius, job description and career prospect impact job satisfaction.Research purpose: The purpose of the study was to determine the relationship between job description, career prospect and job satisfaction in Mauritius.Motivation for the study: It has been noticed that employees are dissatisfied when they perform duties outside their job description and also when they see that they do not have a good career prospect. Despite the existence of several researches, limited research exists in the Mauritian context. The outcome will provide significant relevance to existing knowledge.Research approach/design and method: A quantitative approach was adopted and a survey was conducted in a multinational company in Mauritius. A sample of 132 employees was chosen.Main findings: This research unravelled significant negative relationships between job description, career prospect and job satisfaction. The results revealed that, when duties are not well described or when duties are not in line with current responsibilities, the employees are dissatisfied. Similarly, the greater the chances that employees are not given the opportunity to get promoted, the more they are dissatisfied.Practical/managerial implications: Human resource practitioners, managers and team leaders need to recognise that employee’s moods influence the work pattern in the organisation and a clear job description and an appropriate career plan should exist.Contribution/value-add: Literature on the relationship between job description, career prospect and job satisfaction in the context of Mauritius is almost inexistent. This study will add to existing knowledge.

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