Compensation Management In Banking Case Study

PROBLEM STATEMENT

This paper will look in to the view of compensation management system in banking sector by acknowledging about what motivates employees in banking sector. In today’s ages banks have become exceedingly decentralized in nature and due to privatization of banks the height of competition has entered in a new vibrant phase which straight away has its effects over workers of banks. Continuous rising of market demands have factually over loaded employees of banking sector and stretched their working hours in a bizarre way. All of this has resulted in employee protest about work pressure, burden, anxiety, stress, lack of fulfilling family expectations, strain etc. Which really has a bad impact over the employee’s motivation in banking

However worlds recent thrust into financial disaster has raised this significance to dangerous level. This has particularly put direct effect upon monetary sector such as banks. The fact that organizations cannot manage their external surroundings in current period of recession has put direct stress on management of interior environment of such organizations. Compensation management deals with the ability to efficiently compensate the employees to work, & create a competitive benefit through highly motivated HR. Compensation is the foundation stone of an effective capacity of management strategy. The ability to enable trustworthy, reliable and standardized compensation processes that is connected to performance drivers of personality and organizational strategies can affect many aspects of the business some of them, are

Kridan and Goulding (2006) are of the view that information management system could play an essential part in rising any organization’s presentation and can help it to fight in such highly bloodthirsty environment as today’s. They say that information management system if sensible can bring improvements in decision making increase in client value humanizing affairs with customers and bringing new value in to sight by counting the concept of innovation.

Sureshchandar et al (2002) in their research deliberate banking sector of India and examined how different banks be relevant idea of total excellence service in their functions. They found that these applications are not in agreement and dissimilar with in all banks. Which makes it highly complicated sector. According to them banks of India can be alienated into three groups based winning their observation and perception about total quality services in