The impact of total reward system in attracting and retaining employees :An Assessment of Rewards Management system at CRDB Bank Limited
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Date
2006
Authors
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Journal ISSN
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Publisher
Kampala International University. School of Postgraduate Studies and Research
Abstract
Total Reward approach is the reward management concept that has
been used by a number of firms in developed countries to attract
motivates and retains competent employees, (Gilbert, 2005). Total reward
approach incorporates all elements perceived by employees as reward
for their knowledge, skills, time and effort committed to job and the firm at
large, (WorldatWork, 2006).
fn search of facts about reward management in Tanzanian commercial
Banking industry CRDB Bank was applied as illustrative example, the
questions that guide of this research included; what are the critical
success factors that influence the implementation of Total Reward
Approach in the CRDB bank? Will the implementation of Total Reward
Approach enable the CRDB bank to achieve its human resource policy of
retaining competent employees? Can Total Reward Approach enable
the CRDB Bank an advantage to attract tafents from the fabor market? rn
pursuance of this research Semi Structured interview and questionnaire
were administered to Senior management and line employees
respectively.
In addition, inductive based analysis of qualitative data and statistical
treatment remain the basis on which the findings are derived. The analysis
has established that, CRDB Bank LTD reward system does not have a
balance between financial and non financial rewards. The current CRDB
Bank reward system therefore present a gap that does not give the
company a long term advantage in attracting and retaining competent
employees.
A Total reward models takes considerations and strike a balance between
financial and non financial reward and thus enables the organization to
achieve its HR objectives. In reference to the research findings, I advocate
CRDB Bank LTD to develop and implement Total Reward model that will
incorporate employees concerns, strike a balance between financial and
non financial rew
Description
Keywords
Employee Rewarding Systems, Employee Retension, CRDB Bank, Tanzania