Elements of Success in Lloyds TSBs Total Rewards Programme Assignment

Elements of Success in Lloyds TSBs Total Rewards Programme - Assignment ExampleOnline banking at Lloyds TSB offers a multitude of opportunities for customers, giving a more streamlined and much faster method of banking, which in flex facilitates an employees ability to do his or her job. In the process of expansion, the company has combined with Xbridge, the UKs leading online business finance analyst to develop Lloyds TSB Commercial Finance, the biggest brand for commercial finance in the online medium.The most recent computer program introduced within the company to improve business practices is called Total Reward, and its basic principles call for more than a financial package as an employee incentive. It calls for non-financial rewards such as the opportunity to develop skills and have input into the work schedule.What atomic number 18 the elements that make up Total Reward and how do they apply to Lloyds TSB Total Reward is defined as a programme that brings learning and de velopment together with aspects of the working environment into the benefit package (CIPD, 2005). The opinion is that when employees are included in organisational decisions, they allow for feel more connected and more responsible for up(a) the working environment. ... 2. Non-financial rewards, including recognition, opportunities to develop skills, upper-level opportunities and increased quality of work day.In Total Reward it is demand to align HR and business need with employee needs, acknowledging tangible and intangible rewards within the wider context of work experience. It is a new program, not fully embraced in the marketplace (CIPD, 2005). The concept is that when employees are included in organisational decisions, they will feel more connected and more responsible for improving the working environment. Because relatively few companies in the UK are successfully operating flexible benefits plans, there is no off-the-shelf package that companies can embark on using imme diately. The question here is the way in which Lloyds TSB is utilizing Total Rewards. What obstacles, if any, are they facing as they configuration a new programme for their companyManagement as a Balancing Act In todays employment market, a broader view of how to acquire and retain the outperform employees is no longer a librate of simply offering a competitive salary and benefits. A business that keeps up with current needs and new procedures has an advantage. Management has to know how to implement the employee pool in a way that creates harmony passim the company (Hay Group, 2005). In addition, the public must feel that their interests are being addressed in the best possible way. This balancing act is difficult to achieve, but if the company is willing to learn from past mistakes and get new challenges as they arise, a workable system can be achieved. Has Lloyds TSB Bank plc evolved in a way that will keep their organisation in a growth mode, keeping up with changes as the y occur The ongoing debate is where to draw the line between personal