- 11 Marks
BMIS – L1 – E18 – HR – Other human resources functions
Define 'employee compensation package' for Kumasi Bank Limited.
Question
Kumasi Bank Limited is a leading financial institution and is well-known for its strength in rendering highly efficient professional services to its customers and keeping ahead of the competitors.
The bank follows a policy of recruiting staff at the entry level after careful evaluation of the qualifications of the candidates, their potential for advancement, professional aptitude and career objectives. Staff are groomed and entrusted with increasing responsibilities after careful career-path planning for each employee.
The bank operates in a highly competitive environment where the skills, knowledge and commitment of its human resources are of critical importance for the success of its business. The competitors are always on the lookout to identify professional staff and hire them at more attractive compensation packages.
Required:
(a) What do you understand by the term ’employee compensation package’?
(b) List and explain the essential steps involved in the formulation and implementation of a well-conceived employee compensation strategy which the bank should incorporate in developing its overall HR strategy.
Find Related Questions by Tags, levels, etc.
