Reward Blueprints: 'I must say that I find the reports extremely useful. The benefit/reward statements studies were invaluable, as I had to produce them for employees for the first time this year.'
Alongside and in harmony with its acquisitions policy, Royal Bank of Scotland has another strategic imperative - mass customisation - which involves providing employees with customised and personalised products and services at mass production prices and efficiency. Mass customisation is supported by customised pay arrangements for each brand and process, resulting in a total of over 40 different pay structures.
The reward policy in place obviates the need for a major harmonisation exercise each time and every time a company is acquired. Instead, it makes it possible to bring the reward packages of the employees that move into RBS in line with those of existing employees in a way that maintains current earnings and contains benefits spending. RBS has as its vision being "the best bank to work for" and the bank uses its total reward system - more specifically its flexible benefits policy - and its non-contributory final salary pension scheme to differentiate itself from other banks.
Includes RBS total reward statement documents.
For more details see our review, published in the 'News' section of e-reward.co.uk, 20 March 2004.