Employee_'s feedback and reward system
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What is the primary purpose of an employee feedback system in a bank?
The primary purpose is to provide employees with information about their performance relative to set standards, enabling them to improve and align their efforts with organisational goals.
What is the difference between positive reinforcement and negative reinforcement in a reward system?
Positive adds desirable stimulus; negative removes undesirable stimulus.
What is a 360-degree feedback system?
A 360-degree feedback system collects performance input from multiple sources including superiors, peers, subordinates, and sometimes customers, giving a comprehensive view of an employee's behaviour and competencies.
What is an 'upward feedback' mechanism in banking organisations?
Junior employees formally evaluate and rate their managers' performance.
What distinguishes intrinsic rewards from extrinsic rewards?
Intrinsic rewards are internal satisfactions derived from the job itself such as achievement and recognition, whereas extrinsic rewards are tangible benefits provided by the organisation such as salary, bonuses, and promotions.
What is the purpose of a 'reward cafeteria plan' or flexible benefits system?
Employees choose benefits from a menu based on their individual needs.
What is the concept of 'performance-linked pay' in banking?
Performance-linked pay is a compensation mechanism where a portion of an employee's remuneration is directly tied to individual, team, or organisational performance outcomes.
What is meant by 'extrinsic motivation' in the context of bank reward systems?
Motivation driven by external rewards like salary, bonuses, and promotions.
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