REWARD STRATEGY
RBS adopts mass customisation to deliver rewards
Royal Bank of Scotland has moved from a 16-grade bank wide pay structure to what it calls a "mass customisation" approach, resulting in some 40 pay plans across the 25,000-strong workforce, according to a recent edition of US reward publication WorldatWork Journal.
In this four-page case study, Trevor Blackman, head of rewards at Royal Bank of Scotland Group, explains the banks "philosophical framework".
A final word
"The mass customisation approach has allowed the development of a range of reward solutions, which have been tailored to the needs of individual business units. This has lead to a much greater commitment to the reward structures by line management, as they are involved in the design of the plan. Importantly this approach has allowed RBS to develop plans that better link staff to local business goals." -- Trevor Blackman, WorldatWork Journal, fourth quarter 2002.
Want to know more?
Title: "Mass customisation: A practical approach to reward design", by Trevor Blackman, WorldatWork Journal, fourth quarter 2002.
Availability: Contact WorldatWork, 14040 N. Northsight Blvd, Scottsdale, Arizona, USA AZ 85260, tel: 001 480 951 9191 or email: worldatworkjournal@worldatwork.org
WorldatWork, formerly the American Compensation Association, is one of the HR professions oldest and most distinguished bodies. Founded in 1955, it is "dedicated to knowledge leadership in compensation, benefits and total rewards". WorldatWork is a not-for-profit association with a membership of more than 25,000 human resource professionals, consultants, educators and others, primarily in the United States and Canada.
For further details about WorldatWork visit www.worldatwork.org
Posted 20 June 2003