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Compensation and Benefits of banks at Canada Essay Example

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Compensation and Benefits of banks at Canada

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Compensation and Benefits of banks at Canada. The bank believes in grooming its employees to take up positions in the bank as they arise (Carmona, 2009). Therefore, it means that a suitable candidate will first be sourced from within the bank and its subsidiaries. Upon issuing an internal advertisement within the bank, internal staff members are allowed to apply, subject to a rigorous interview process aimed at finding a suitable candidate. Therefore, for staff members already with the bank, there are added chances for securing positions in better departments, if qualifications warrant so. Failure to find a prospective candidate within a stipulated period prompts the HR department to advertise externally, with local media and other public media outlets (Scotiabank, 2015).

The process is carried out just like any other recruitment process.HSBC Canada is a subsidiary of the larger HSBC Bank Plc., which is one of the biggest banks in the world regarding assets and market capitalization. Therefore, HSBC Canada compensation and benefits system is a replica of the bigger bank headquartered in London (Hsbc. The methodology applied by the bank in rewarding its employees is categorized into four segments: annual leave, fixed monthly salaries, pay awards given at the discretion of the management of the organization based on performance and a set of other benefits covering segments such as insurance, savings, work-life balance, personal development, career growth, promotional and training programs etc.According to Thompson (2013), the company is renowned for having one of the best employee reward system, with a very competitive basic monthly pay. The company believes that manner in which individuals attain their objectives is paramount to the performance of the organization in the long-term, which translates to evaluating whether the company will be able to sustain its operations in the end or not. To motivate its employees all year through, HSBC carries out performance reviews every end of the year to determine the top performers. They are thus awarded incentive pay in the form of higher bonuses and pay packages. Compensation and Benefits of banks at Canada.

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