In the Banking sector, wages and rewards are essential to attract, retain and incentivise high-quality employees and to ensure they will reach the long term financial performance goals of their organisation.
Considering that banks are all International employers, they have to face many different wage pressures -also due sometimes to inflation pressures in emerging markets- something that requires a global approach to remuneration.
They also need a multi-dimensional strategy. All different components of the pay package are essential to motivate employees while they should remain fair and consistent by role and location. Fair levels of pay, diversified pay structure, lack of wage discrimination, regular wage adjustments, wages related to skills and performance, communication and social dialogue, are all Fair Wage dimensions that are key for a sound wage policy in the Banking sector.
Fair Wage is providing advice and assessments to Banks on a regular basis, and few banks have already committed to pay a living wage or a fair wage (see case studies). Applying the Fair Wage standards and tools provides numerous topical improvements to the operations of banks and financial organisations, most notably:
Attracts highest-skilled employees and enhances their motivation and performance
5. Wage structuration around performance targets increases the quality of services and financial performance
6. Communication and social dialogue platforms increases employee loyalty and brand identification
More generally, Fair Wage will enhance banks and financial institutions’ performance by helping them to:
– Increase employees’ motivation and performance
– Attract and retain better talents
– Develop a stable, loyal workforce
– Increase investment attractivity
– Develop a global and coherent wage and compensation policy among all units
– Ensures a fair compensation policy that further strengthens the bank’s reputation
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