Harmonization CIBC-BARCLAYS

Harmonization CIBC-BARCLAYS - Case Study 1: Harmonization...

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Case Study 1: “Harmonization of Compensation and Benefits for FirstCaribbean International Bank” October 17, 2007
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Compensation and Benefits 1 Table of Contents Executive Summary P a g e 2 Background and History P a g e 2 Statement of Problems P a g e 4 Causes of Problem P a g e 5 Decision Criteria and Alternative Solutions Page 6 I n t e r n a l A l i g n m e n t P a g e 7 Job Analysis Page 8 Recommended Solution, Implementation and Justification Page 8 Stakeholder Satisfaction Page 8 Strategies & Processes Page 9 Sequence of Events Page 10 References P a g e 1 1
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Compensation and Benefits 2 Executive Summary We are a consultant group hired by FirstCaribbean International Bank to help the organization create a compensation strategy that satisfies the overall organization strategy of being the best organization to work for. FirstCaribbean International Bank was created from the merger between Barclays Bank and CIBC. Now the problem the bank is faced with is moulding both compensation programs into one. As a group, we have decided to create a compensation plan that is the most attractive to employees in the financial service sector for the Caribbean region. By doing this, the compensation strategy satisfies the "job for life" culture of the organization with profit sharing as the main incentive. We feel that the compensation strategy is fair and equal for all employees in each pay grade. Background and History The FirstCaribbean International Bank operates in 15 different countries in the Caribbean. With the first merged bank located in Barbados, they have extended from separate heritage banks (Barclays and CIBC) to one competitive bank across the Caribbean. They compete with other banks such as the Royal Bank of Canada and Bank of Nova Scotia. They wanted to remain competitive with such highly recognized international banks so a strategy involving a merger was necessary. The two merging banks had to examine their collective social responsibility and merge ideas together to keep their customers happy under the new operations. They also have to merge technologies. This could become very difficult and time consuming depending on the type of information systems that the separate companies have in place. CIBC has more complex information systems in place at the time of the merger. The teams must look at the opportunity of
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Compensation and Benefits 3 growth within these systems and decide which ones are going to help them stay competitive in the vastly changing external environment. Another factor that must remain paramount is the different government legislation in the different countries that they work in. They must research the legislations and comply with the minimum standards and differences in each country. This can cause a lot of confusion for a team to work with, so the importance of diversity on the teams is a key to success. Different people from the different cultures will help them reach their goal of merging with as little disturbance as possible to customers and operations. Looking at the combined business of the two banks, they are creating value for the
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Harmonization CIBC-BARCLAYS - Case Study 1: Harmonization...

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