Page 1: Introduction
The Royal Bank of Scotland Group (RBS) is one of the largest financial institutions in the world. It is a global business with a range of operations in Europe, North America and Asia Pacific. RBS has centres in thirteen European countries, sixteen North American states and eight major Asia Pacific cities.
RBS is one of the world's leading financial services companies providing a range of retail and corporate banking, financial markets, consumer finance, insurance, and wealth management services. It serves more than 36 million customers world-wide and employs more than 140,000 people.In addition to the provision of a full range of banking services under The Royal Bank of ...view middle of the document...
Herzberg termed these 'hygiene factors'. On the other hand, the presence of less tangible factors, such as the provision of challenging work and recognition for doing well, can create or increase work motivation. Herzberg termed these 'motivators'.
RBS has put in place several of Herzberg's 'motivators':
* employees get recognition for good work
* they have a collective sense of achievement when the whole business does well
* they gain extra responsibility and advancement through regular performance reviews
* when RBS people do well in their work, the company rewards them.
Maslow's Hierarchy of Needs
The theory of Abraham H. Maslow (1943) on staff motivation is also evident at RBS. Maslow referred to a 'Hierarchy of Needs' which is usually drawn as a pyramid.
According to Maslow, the most basic needs on this hierarchy had to be satisfied before workers could look to the next level. Basic physical needs were things like shelter, food, warmth and bodily functions. Next, people had to feel safe in their environment. RBS provides these basic needs wherever it creates jobs.
Maslow's higher levels of need are less obvious and less easy to describe but of great importance. Social needs refer to the fact that we want to feel part of something we share in. RBS creates the opportunity for its community of employees worldwide to share in its common goals and vision for the group. It does this by rewarding the people who contribute to its success through their commitment and hard work.
RBS provides 'self actualisation' by offering recognition, promotion opportunities and the chance to develop a lifelong career with the Group.
The next level 'esteem' - refers to our need to feel valued, that what we do matters. The RBS mindset is that employees can 'make it happen' for themselves. It provides opportunities for all employees through promotion or training and then recognises their achievements. Through this RBS employees can improve their self-esteem. At the very top of Maslow's hierarchy is our human need for 'self actualisation'. This means we work hard in order to be as good as we possibly can be. RBS meets...