If the feel the
company is going to extra lengths for their well-being, this will determine
a similar behavior from the employees towards the company.
Given the fact that the company is currently financially stressed,
Barclays should implement reward methods that do not necessarily require
financial bonuses or salary increases, but that show the company's interest
towards its employees. For example, the company should develop a more
attractive retirement plan for young employees. Even if most of them will
probably not retire from this company, it will give them a sense of
security that will be appreciated.
Other rewards that can be implemented by the company include:
facilities for spending leisure time, financial consulting, free meals,
specific services, awards, commissions, and others.
Regarding the required budget for implementing the above mentioned
reward system, it is estimated that it will not be a significant one. The
company will not spend any resources on salary increases or bonuses,
exactly like in 2008. The rewards mentioned above are intended to reduce
the rewarding system budget during the financial crisis. It is expected
that the cost of these facilities will not exceed 20,000 ? for each
employee on an average.
Appendix 1
Company background
Barclay & Company Limited was founded in 1896. It has expanded ever
since, opening subsidiaries all over the world and becoming one of the
giants that establish the rules on the global financial market. The human
resources strategy has remained almost unmodified over the past few
decades. The company has implemented a simple recruitment strategy that
consisted in recruiting very young candidates that were intended to end
their careers at Barclays.
However, it is worth noticing that the company was somewhat deprived
human resources strategy was modernized as a response to requirements
developed by the market. Barclays' human resources professionals consider
that the company takes a real and permanent interest in training and
rewarding employees. This is intended to increase employees' loyalty
towards the company.
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2. Klatt, L. A., Murdick, R. G. & Schuster, F. E. (1985). Human
Resource Management. Charles E. Merrill Publishing, A Bell
Howell Company. Retrieved September 9, 2009.
3. Ackrill, M. & Hannah. L. (2001). Barclays: the business of
banking. Cambridge University Press. Retrieved September 10,
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http://books.google.ro/books?id=yAwipk34KP0C&pg=PA343&lpg=PA343
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