The Impact of Total Reward System in Attracting and Retaining Employees "An Assessment of Rewards Management System at CRDB Bank Limited"

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 rewards and strategically afign them w ith employers' business objectives.

TABLE OF CONTENTS 

DECLARATION ..................................................................................................... 11 

ABSTRACT ........................................................................................................... 111 

ACKNOWLEDGEMENT ........................................................................................ 1 V 

DEDICATION ....................................................................................................... VI 

TABLE OF CONTENTS ......................................................................................... VII 

liST OF FIGURES .................................................................................................. IX 

LIST OF TABLES .................................................................................................... IX 

ABBREVIATIONS ................................................................................................... X 

CHAPTER ONE 

1 .0 Introduction ......................................................................................................... 1 

1.1 Profile of CRDB Bank ........................................................................................... 2 

1 .2 Statement of the Problem ............................................................................... .4 

1.3 Justification of the study .................................................................................... 5 

1 .4 Aims and Purpose of the research .................................................................. 7 

CHAPTER TWO 

2.0 Introduction ......................................................................................................... 8 

2.1 Total Reward Approach .................................................................................... 8 

2.2 The emergence of Total Reward .................................................................. 1 1 

2.3 Total Reward today and Models ................................................................... 11 

2.4 Retaining and Attracting Competent Employees ..................................... 16 

2.5 Conclusion .......................................................................................................... 23 

CHAPTER THREE 

3.0 Research Methodology .................................................................................. 25 

3.1 Research Design ................................................................................................ 25 

3.2 Research Strategy ............................................................................................ 26 

3.3 Analysis and Interpretation of Data .............................................................. 28