Download - Bank co Utilizing Reward Strategy
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Bank Co.: A Fortune 500 company
Utilizing Reward strategy to integrate- M&A opportunities
M Gohar Iqbal (5052)Compensation and Benefits Management
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WIIFY:• Company Introduction
• Case situation
• Research findings
• Solutions
• Results
• What is Fortune 500: A video.
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Company Introduction
• Name : Bank Co.
• Employee strength: 20,000
• Nature: Commercial bank
• Nature of business : Mergers and Acquisition
• Had grown substantially through aggressive Mergers and Acquisitions.
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Situation/ Case problem
• Increase in post-acquisition workforce reduction.• Voluntary turnovers that were above market benchmark rate i.e.
40%.• Effecting:
• High labor cost.• Lost productivity• Customer defections• Inability to manage operations during M&A transitions.
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Situation/ Case problem (contd.)
• With the help of exit interview data• HR didn’t find any clear reason of turnover• There were reasons but inconclusive
• To find reason HR needed:• Substantive and precise information• And to develop a retention plan thereafter.
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Research findings:
Data sources
External Market condition
Marketplace data
Employee attributes
Employee data
Organizational practices
Organizational data
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Research findings (Contd.)
• Quantification of turnover drivers, prioritization of interventions’ value w.r.t cost.
• Bank Co. found:• More Significant pay• Managerial (specially high performers) turnover spawned employee turnover
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Solutions:Interventions were:• Compensation:
• Planned to invest in significant market price adjustments to reduce turnover.
• Benefits: Benefits were already OK, so no strategy needed.
• Careers:• Improving communication about available career opportunities.• Expanding and accelerating promotion and transfer opportunities for high-
performing employees. • Making more concerted efforts to expand training and broaden employees’
job experience within BankCo.
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Results:
• Research helped in providing:• The factual basis for HR to make its business case.
• The hard data was compelling and galvanized CEO and organization wide support for swift action.
• Bank Co • Reported a 20+% reduction in turnover rates and • Estimated $50+ million in annual savings. • Within 8 months of strategy implementation.
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