Impact of Rewards in Employee Performance

Most companies today are responding to an increasingly tight labor market, especially when it comes to tech talent. The financial industry is no exception.  As technology emerges to help streamline processes, financial organizations are among the many industries engaged in digital transformation processes. To accommodate that change, they need to adjust their talent and business strategies—and do so cost-effectively. By understanding and prioritizing these challenges, financial industry players can begin to chip away at what must be done to remain competitive and financially sound. HR Financial Services  recently identified the top five challenges facing financial services in relation to HR and recruitment. Here are some suggestions on how to tackle them. Challenge #1: Skills gap In an economy where the unemployment rate is hovering around 4%—generally considered full employment—employers of all kinds are struggling to find skilled—even competent—workers. HR Financial Services...

  The world of financial services is right on the cusp of the next wave of disruption. As the need for digitization takes hold across the sector, every financial organization is plowing resources into digital transformation projects as they work hard to update legacy systems and improve operating effectiveness and customer experience. As such, not only will financial organizations need significantly more and more technology expertise on the payroll over the coming years, they will also need leaders who can manage change effectively. This can be said of nearly every industry, of course, which in itself sends unique challenges in the direction of the financial services sector as the competition for top tech talent heats up. Indeed, attracting and retaining the best people - essential for successfully competing and innovating in this increasingly digital environment - is further complicated by the fact that financial organizations are no longer just fighting for skilled people with tr...

Before discussing the elements of a reward systems, their aims, other issues related to design strategic reward system, reward strategies, implementation of chosen strategy along the evaluation; it seems worthwhile to explain the reward system which would make the discussion coherent. Armstrong (2004:4) explains the reward system in very lucid words as he regards employee reward system, an organizations’ integrated policies, processes and practices through which organization reward their employees on the basis of their skill, competence, their market worth and their overall contribution to the organization. A reward system could include financial rewards (fixed and variable pay) and employee benefits, which together comprise total remuneration. The system also incorporates non- financial rewards (Recognition, praise, achievement, responsibility and personal growth) and in many cases, performance management processes. The non-financial compensation, financial rewards and employee benefi...

  1.      Introduction   Banking sector plays the vital role in economic growth in Sri Lanka over the decades. Banks also  play a central role in the transmission of monetary policy, one of the government's most important tools for achieving economic growth without inflation . The central bank controls the money supply at the national level, while banks facilitate the flow of money in the markets within which they operate.   The banking sector in Sri Lanka, which comprises Licensed Commercial Banks (LCBs) and Licensed Specialized banks (LSBs), dominates the financial system and accounts for the highest share of the total assets in the financial system. Banks play a critical role within the Sri Lankan financial system, as they are engaged in provision of liquidity to the entire economy, while transforming the risk characteristics of assets. Banks also engaged in providing payment services, thereby facilitating all entities to carry out their f...