Reward System of HSBC
This report basically focuses on the Reward System of HSBC. This organization basically provides both Intrinsic and Extrinsic. These rewards are distributed on the basis of performance. The reward system really motivates the employees (as per our survey) and makes them feel more motivated towards the organization. This report more tells us that which reward is mostly demanded and that is Extrinsic-Financial reward. They reward system is not that transparent currently for which the employees cannot compete properly. The organization needs a bit concentration on their reward system which is very important for further growth of the organization.
The entire report has been prepared by us and it gives opinion which is purely ours and facts which exist and seen by us and completed within the limits imposed on us in the form of time and data.
- 1. Introduction
Reward is a kind of encouragement given to the people by their organization in times of their satisfactory performance which directly relates to the growth of the organization. Almost every organization provides this reward to encourage its employees and get the best out of them. The rewards may be Intrinsic or Extrinsic.
Origin of the report
This is a report on “Reward System”, which was assigned by our course teacher Mr.Gazi Muniruddin, faculty HRM. He designed the project to the students on report writing as a partial fulfillment of this course. The report should be submitted on the 15th of May 2005.
1.2.1 Broad objective
The broad objective of this report has been to meet the requirement of this HRM course. Secondly, how Human Resource of any organization rewards their and on what basis they reward them.
1.2.2 Specific objective
The specific objective has been to focus closely on different types of rewards and whether the current reward system motivates the employees or not.
The scope of this report is based on the reward system of this organization and this is really the boundary. This report will further be used by the readers for future details. This also covers the institutional structure of this organization.
Some limitations had been raised while collecting data to prepare the report. First of all, it was quite difficult to get the access to the manager of HR and for this reason we could not have detailed information. We couldn’t get the entire questionnaire filled up by the employees because of lack of cooperation of the employees and also they were not willing to give the information to the outsiders. Secondly we had a time limitation which halted us in acquiring as much information. Finally, there a lack of cooperation among the members this delayed the work.
The information collected based on both primary and secondary data. Primary data were collected through questionnaire and the questionnaire was framed as on open-end, and multiple choices. The secondary data were collected through their official website.
2. Company profile
2.1 History of the organization
The HSBC group is one of the largest banking and financial services organization in the world, with well established businesses in Europe, Asia-Pacific region, the Americas, the Middle East and Africa. The HSBC holdings plc is incorporated in England, with its head office in London. The establishment in 1999 of HSBC as a uniform, international brand name ensured that the Group’s corporate symbol has become an increasingly familiar sight across the world. HSBC differentiates its brand from those of its competitors by describing the unique characteristics which distinguish HSBC, summarized by the words ‘The World’s local bank’.
Indeed we appreciate the significance of our reputation as a prestige employer. But can HSBC offer you the rewards that will enable you to meet your life aspirations? The answer is, it’s very much up to you. Our total financial rewards package is already market competitive. However, increasingly our reward ethos is based upon a variable pay for performance meritocracy, whereby annual bonus is linked to a performance appraisal process that looks back at past performance as much as future potential and development. In addition our very top performers, once they reach middle management levels, receive HSBC shares as part of their rewards package, top performing junior management and other employees can receive additional bonus awards. For specific sales oriented roles, sales incentive schemes can offer uncapped rewards potential.