Hi, can someone please help me with this practise essay I will need a lot of detail as it is a 2000 word practise essay and i'll need 6 peer reviewed articles that are cited in the response and referenced at the end Scenario background Using the content of the scenario from assessment 2 (below) , you will continue in the role of Head of Remuneration Reward The new CEO of Southern Regional Banking Corporation (SRBC) shared your professional and well researched Performance and Reward report with the Board Executive team The Board Executive team have unanimously agreed that they would now like you todraft a Remuneration Reward policy Task To draft a Remuneration Reward Policy using the structure set out below How to prepare Use information from Assessment 2 (case study) and your research from your own Performance Reward report (Assessment 2) Undertake academic research into the structure, content and purpose of Remuneration Reward Policies Refer to the values, purpose and goals for SRBC set out in the case study for Assessment 2 A successful Remuneration Reward Policy needs to be fair and transparent, guide desired employee behaviours that deliver on the organisation's goals and objectives Think about the 'new' culture PRBC wants to grow through the P R Policy (eg do you think PRBC want to promote a strong risk culture and or results focused culture through providing long or short term incentives for ethical and compliant employee conduct ) Think about the guiding principles for setting remuneration across the organisation (SRBC) and the roles and responsibilities of key parties to support this policy Structure of the draft policy document Policy headings A guiding word count Content Policy statement 200 words Purpose Scope 100 words Who is covered by the policy Principles of Remuneration Reward 300 words Objectives or outcomes for setting remuneration reward (briefly explain why you've chosen these objectives) Policy 1300 Explain the policy, engage in critical discussion, application of P R theory, P R initiatives Should reflect P R strategy in this section Responsibilities 100 words Who should be responsible for the policy ASSESSMENT 2 Task Overview Students are to read the case study (scenario) below and assume the role of the new Head of Remuneration Reward Your task as the new Head of Remuneration Reward is to write a report setting out how Southern Regional Banking Corporation (SRBC) can achieve its new goals (strategic objectives) through performance reward The role of the Head of Remuneration Reward is to provide an analysis of the problem (the problem is set out in the scenario) and to provide solutions within the context of performance and reward The Board Executives have also asked you to explain and discuss an appropriate Executive Reward strategy , so that reputational damage from past events will not be repeated CASE STUDY SCENARIO (please read the case study and follow the task instructions below) Southern Regional Banking Corporation (SRBC) is one of Australia's largest National Regional banks, with approximately 14,000 employees across all States Territories With a corporate head office in Sydney, the SRBC is currently recognised as Australia's 5 th largest Bank It has been awarded with the prestigious ' ProStar ' Banking Award for excellence in customer service in 2020 and 2021 SRBC takes pride in upholding their focus on putting People first SRBC want employees to feel recognised for the difference they make to their customers and communities every day SRBC's culture is observed in the behaviour of their people and evidenced by shared beliefs and experiences SRBC's values and purpose are to create positive experiences for their customers, communities, people and shareholders One way of promoting SRBC's values and purpose is to align the interests of employees and shareholders through equity ownership SRBC like all other mainstream retail banks still needed to compete, in what is considered a tight and highly competitive financial market SRBC have to comply with APRA's regulations but APRA's regulations are generally designed to maintain the stability of the banking industry as a whole, rather than protect individual borrowers or put customers first SRBC could not afford to run the risk of falling behind its competitors, breaching APRA's or losing customers, so SRBC engaged in fierce cross selling tactics that placed enormous pressure on management Management, in turn exerted pressure on employees to ensure financial products were sold at any cost Financial performance incentives, stretched targets, and short timeframes designed to improve employee performance, led to a toxic and untouchable management culture Complaints of employee bullying, increased resignations and frequent unexplained employee absences together with poor mental health were on rise Employees at SRBC were afraid to report incidences of fraudulent behaviour, recalling a culture of complacency and expectancy when it came to allocating team business unit bonuses There was evidence of poor performance management practices involving managers allocating ad hoc performance bonuses out of cycle to employees who over delivered on productivity targets But it was not just the employee workplace that seemed to be imploding Customer complaints included reports that customers were paying for products and services that they didn't need or hadn't received Customer signatures were being forged and ghost accounts were being opened In 2022, external auditors were brought in to investigate customer complaints and once these complaints were made public the CEO had to resign The CEO was later held responsible for the audacious sales culture which contributed to the toxic performance culture A new CEO has been hired and five new executives appointed to the board The job of the Board is to turn around the working culture of SRBC and save what is left of their reputation The new Head of Remuneration and Reward will report into the Executive Committee on a monthly basis The first task for the Head of Remuneration and Reward, is to review the current organisational culture and submit a report on how to improve workforce performance, through improved strategic performance and reward management SRBC's new goals are to Rebuild public confidence, Improve customer outcomes Increase employee engagement, retention, motivation productivity Increase return on investment for shareholder ASSESSMENT 2 RESPONSE MGMT3015 ASSESSMENT 2 REPORT Executive Summary Southern Regional Banking Corporation (SRBC) has faced a series of challenges stemming from a toxic sales culture that prioritised financial performance incentives over the well being of employees and customers This report outlines a comprehensive strategy to address t hese issues and enhance workforce performance through improved strategic performance and reward management Introduction SRBC is Australia's 5th largest National Regional Bank, renowned for its focus on customer service and values based approach However, recent events have revealed significant cultural issues that need immediate attention The objective is to restore a positive work culture, ensure ethical conduct, and align the interests of employees and shareholders through equity ownership The current culture at SRBC is characterised by Excessive Pressure for Financial Performance Stretched targets and short timeframes have created a culture where employees feel compelled to sell financial products at any cost, often resorting to unethical practices Toxic Management Culture A management culture that prioritises financial incentives over employee well being leads to increased bullying, resignations, and poor mental health among employees Complacency and Fraudulent Behaviour A culture of complacency in allocating team or business unit bonuses leads to evidence of poor performance management practices, including ad hoc bonuses for overdelivering on productivity targets This culture extends to fraudulent activities, such as forging customer signatures and opening ghost accounts Report on Enhancing Workforce Performance at Southern Regional Banking Corporation (SRBC) via Strategic Performance and Reward Management Definition and analysis of the problem To improve workforce performance at Southern Regional Banking Corporation (SRBC), identify the areas to be addressed first, problem definition and analysis inappropriate management or employee behaviour SRBC's inappropriate employee and management behaviour can be linked to a number of major problems SRBC's aggressive cross selling tactics and financial performance incentives created a toxic sales culture by pressuring employees to sell financial products at all costs and encouraging unethical behaviour Lack of Reporting Confidence Because of a culture of complacency and the expectation of team business unit bonuses, unethical activity was sustained because employees were reluctant to report fraudulent activities Subpar Performance Management Practices Managers distributed ad hoc performance bonuses outside of regular cycles, favouring workers who exceeded productivity targets, which furthered a toxic work environment Customer complaints Customers complained about paying for goods and services they didn't need or receive, as well as instances of ghost accounts and falsified customer signatures that hurt the bank's brand and diminished public trust P R Theories and Frameworks Application We can utilise pertinent P R ideas and frameworks to investigate these problems Expectancy Theory Financial incentives and unrealistic expectations fueled the toxic sales culture, which resulted in unethical behaviour The notion that their efforts wouldn't always result in benefits they valued may have had an impact on employee motivation Goal Setting Theory Unrealistic aims that were set to boost performance without taking into account the implications for ethics can be connected to unethical employee behaviour Equity Theory Unfairness in the distribution of ad hoc performance bonuses led to employee unhappiness and a negative workplace culture Subpar Performance Management Practices Ad hoc performance bonuses are handed out by leaders at SRBC beyond the regular phases, profiting workers who exceed their productivity targets as well as exacerbating the hazardous work environment The consequences caused by the above mentioned challenges are substantial complaints from clients and reputational obstacles These challenges not only affect buyers' willingness to forfeit cash, but they also negatively impact SRBC's brand and reduce the public's trust in the financial institution Client dissatisfaction and scrutiny from regulators could arise from this In the final analysis, SRBC has to contend with an extremely comprehensive variety of challenges resulting from inadequate management and employee behaviour The primary causes of these problemsa hazardous selling culture, a lack of reporting trust, inadequate performance management methods, and customer complaintsare interrelated SRBC ought to consider adopting significant modifications regarding its business atmosphere, rewards, reporting procedures, and performance assessment processes in order to improve staff efficiency and address these problems Solutions Strategy Performance Management Strategies Ethical Performance Metrics SRBC should redefine performance metrics to include ethical considerations, encouraging behaviours aligned with SRBC's values For example, incorporating customer satisfaction and ethical sales practices into performance evaluations Training and Development Invest in employee training programs that focus on ethical decision making, customer centricity, and the importance of SRBC's values in daily work Regular Performance Feedback Implement regular feedback sessions where managers provide constructive feedback and coaching to employees, promoting continuous improvement Recognition and Rewards Incentives for Ethical Behaviour Consider developing incentives or acknowledgment programs that recognize workers for preserving ethical standards and displaying outstanding customer service Peer gratitude cultivate respect between colleagues for ethical conduct Colleagues who continually fulfil the company's principles could have been recommended among employees Public Recognition Whether by means of internal communications or publicly recognizing them, celebrate and showcase workers who consistently achieve success by performing with integrity Reward Management Strategies Ethical Reward Systems Restructure reward systems to include ethics as a key component Consider incorporating ethics based performance bonuses and recognition programs Ethics Based Performance Compensation A percentage of employee compensation may be correlated with ethical performance metrics Employees who consistently uphold moral principles and denounce unethical activities within the company, for instance, may be eligible for further bonuses Ethics Training Conduct seminars for employees to learn about the value of functioning appropriately in the banking industry A system of authenticity within the organisation may be developed with the use of this training Long Term Incentives Introduce long term incentive programs to motivate employees to think about the long term success of the bank, aligning their interests with the organisation's goals Stock Options Consider taking into account the possibility of offering employees grants or stock options that develop over a set period of time As their financial benefit corresponds to the efficiency of the organisation, employees have an interest in the bank's long term success Retirement Plans To encourage employees to stay with the firm for a longer period of time, enhance retirement savings plans like 401(k)s or pension plans Furthermore, matching contributions can be used as encouragement Peer Recognition Implement peer recognition programs where employees can recognize and reward their colleagues for exemplifying SRBC's values, fostering a positive work environment Peer Nominated Awards Create awards that are selected through voting and peer recommendations Employees who constantly follow the company's principles and values could be honoured by receiving these awards Recognition Meetings or Events Conduct frequent events or conferences to acknowledge and award colleagues for their accomplishments and ethical behaviour In addition to these approaches, it's essential that we make sure that these systems of compensation are fair, transparent, and utilised equally throughout the company Obtain feedback from staff on a regular schedule to figure out how satisfied they are with the reward programs and to make any needed changes Furthermore, consider engaging organisational psychologists and human resources professionals in the planning and implementation of these actions They may provide valuable insights about how people conduct themselves, what stimulates them, and how these reward systems could impact the culture of the business in question Executive Reward The following point needs to be considered by SRBC while developing its executive reward policy in order to protect shareholders, staff members, and clients against the recurrence of a toxic sales culture Ethical Performance Metrics Tie a significant portion of executive compensation to ethical performance metrics, such as customer satisfaction, compliance with regulations, and the absence of unethical practices Claw back Provisions Implement claw back provisions that allow the company to recover executive bonuses in cases of ethical misconduct or financial restatements due to fraudulent activities Stakeholder Feedback Incorporate feedback from employees, customers, and shareholders in executive performance evaluations to ensure alignment with the interests of all stakeholders This is a beneficial idea for including shareholder, customer, and employee feedback in executive performance evaluations This feedback helps guarantee that executive decisions suit the values and interests of every individual Employee feedback may shed light on the business atmosphere and point out possible signs of a hazardous marketing atmosphere Customer feedback may reveal whether or not an enterprise is handling consumers ethically, fairly, and fulfilling what they want Shareholder participation could concentrate on the company's future sustainability and ethical behaviour An organisation can prevent an undesirable sales environment by making more well informed decisions regarding executive compensation as well as performance and taking input from numerous stakeholders into consideration Every one of these recommendations aims to promote an atmosphere in the workplace that promotes integrity along with accountable behaviour, guarding the interests of customers, staff members, and stockholders while reducing the potential for hazardous sales strategies Conclusion In conclusion, SRBC's challenges stem from a toxic sales culture and a lack of alignment between employee and management behaviour with the organisation's values By implementing the suggested performance management and reward management strategies and restructuring executive rewards, SRBC can rebuild public confidence, improve customer outcomes, increase employee engagement, retention, motivation, and productivity, and ultimately increase return on investment for shareholders These strategies will help SRBC establish a healthier work culture and regain its reputation as a bank that prioritises ethics and customer centricity Recommendations Cultural Transformation a Leadership Development Invest in leadership training and development programs to ensure that managers are equipped with the skills to lead ethically and foster a positive work environment b Communication and Transparency Promote open and transparent communication channels between employees, management, and the board Create forums for feedback and grievance reporting c Values Integration Embed SRBC's values and purpose in all aspects of the organisation, ensuring that they guide decision making and actions at all levels Performance Management a Revised Performance Metrics Develop a balanced set of performance metrics that emphasise not only financial outcomes but also customer satisfaction, employee well being, and compliance with ethical standards b Performance Appraisals Implement regular performance appraisals that assess both quantitative and qualitative aspects of employee performance Recognize and reward ethical behaviour and collaboration c Whistleblower Protection Establish a robust whistleblower protection program to encourage employees to report unethical behaviour without fear of retaliation Reward Management a Equity Ownership Encourage equity ownership among employees to align their interests with those of shareholders Develop a clear and fair equity distribution plan b Incentive Structure Revise the incentive structure to include long term performance measures, emphasising ethical conduct and customer satisfaction as key components c Transparency in Bonus Allocation Ensure transparency and fairness in bonus allocation by implementing clear guidelines and procedures for bonus distribution Bonuses should be tied to sustained performance and ethical behaviour

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Hi, can someone please help me with this practise essay? I will need a lot of detail as it is a 2000 word practise essay

Hi, can someone please help me with this practise essay? I will need a lot of detail as it is a 2000 word practise essay and i'll need 6 peer-reviewed articles that are cited in the response and referenced at the end.

Scenario background

Using the content of the scenario from assessment 2 (below), you will continue in the role ofHead of Remuneration & Reward. The new CEO of Southern Regional Banking Corporation (SRBC) shared your professional and well researched Performance and Reward report with the Board & Executive team.The Board & Executive team have unanimously agreed that they would now like you todraft aRemuneration & Reward policy.

Task

To draft a Remuneration & Reward Policy using the structure set out below.

How to prepare

Use information from Assessment 2 (case study) and your research from your own Performance & Reward report (Assessment 2).
Undertake academic research into the structure, content and purpose of Remuneration & Reward Policies.
Refer to the values, purpose and goals for SRBC set out in the case study for Assessment 2.A successful Remuneration & Reward Policy needs to be fair and transparent, guide desired employee behaviours that deliver on the organisation's goals and objectives. Think about the 'new' culture PRBC wants to grow through the P&R Policy (eg... do you think PRBC wantto promote a strong risk culture and/or results focused culture through providing long or short term incentives for ethical and compliant employee conduct?)
Think about the guiding principles for setting remuneration across the organisation (SRBC) and the roles and responsibilities of key parties to support this policy.

Structure of the draft policy document:

Policy headings	A guiding word count	Content
Policy statement	200 words	Purpose
Scope	100 words	Who is covered by the policy
Principles of Remuneration & Reward	300 words	Objectives or outcomes for setting remuneration & reward (briefly explain why you've chosen these objectives)
Policy	1300	Explain the policy, engage in critical discussion, application of P&R theory, P&R initiatives - Should reflect P&R strategy in this section
Responsibilities	100 words	Who should be responsible for the policy?

______________________________________________________________________________________________________________________________

ASSESSMENT 2:

Task Overview:

Students are to read the case study (scenario) below and assume the role of the newHead of Remuneration & Reward.Your task as the newHead of Remuneration & Rewardis towrite a reportsetting out how Southern Regional Banking Corporation (SRBC) can achieve its new goals (strategic objectives) through performance & reward.

The role of the Head of Remuneration & Reward is to provide an analysis of the problem (the problem is set out in the scenario) and to provide solutions within the context of performance and reward.The Board Executives have also asked you to explain and discuss an appropriateExecutive Reward strategy, so that reputational damage from past events will not be repeated.

=====================================================================================================================================

CASE STUDY SCENARIO: (please read the case study and follow the task instructions below)

Southern Regional Banking Corporation (SRBC) is one of Australia's largest National Regional banks, with approximately 14,000 employees across all States & Territories. With a corporate head office in Sydney, the SRBC is currently recognised as Australia's 5^th largest Bank. It has been awarded with the prestigious 'ProStar' Banking Award for excellence in customer service in 2020 and 2021.

SRBC takes pride in upholding their focus on putting People first. SRBC want employees to feel recognised for the difference they make to their customers and communities every day. SRBC's culture is observed in the behaviour of their people and evidenced by shared beliefs and experiences. SRBC's values and purpose are to create positive experiences for their customers, communities, people and shareholders. One way of promoting SRBC's values and purpose is to align the interests of employees and shareholders through equity ownership.

SRBC like all other mainstream retail banks still needed to compete, in what is considered a tight and highly competitive financial market. SRBC have to comply with APRA's regulations but APRA's regulations are generally designed to maintain the stability of the banking industry as a whole, rather than protect individual borrowers or put customers first. SRBC could not afford to run the risk of falling behind its competitors, breaching APRA's or losing customers, so SRBC engaged in fierce cross-selling tactics that placed enormous pressure on management. Management, in turn exerted pressure on employees to ensure financial products were sold at any cost.

Financial performance incentives, stretched targets, and short timeframes designed to improve employee performance, led to a toxic and untouchable management culture. Complaints of employee bullying, increased resignations and frequent unexplained employee absences together with poor mental health were on rise.

Employees at SRBC were afraid to report incidences of fraudulent behaviour, recalling a culture of complacency and expectancy when it came to allocating team/business unit bonuses. There was evidence of poor performance management practices involving managers allocating ad hoc performance bonuses out of cycle to employees who over delivered on productivity targets.

But it was not just the employee workplace that seemed to be imploding. Customer complaints included reports that customers were paying for products and services that they didn't need or hadn't received. Customer signatures were being forged and ghost accounts were being opened.

In 2022, external auditors were brought in to investigate customer complaints and once these complaints were made public the CEO had to resign. The CEO was later held responsible for the audacious sales culture which contributed to the toxic performance culture.

A new CEO has been hired and five new executives appointed to the board.The job of the Board is to turn around the working culture of SRBC and save what is left of their reputation.The new Head ofRemuneration and Rewardwill report into the Executive Committee on a monthly basis.

The first task for the Head of Remuneration and Reward, is to review the current organisational culture and submit a report on how to improve workforce performance, through improved strategicperformance and reward management

SRBC's new goals are to:-

Rebuild public confidence,
Improve customer outcomes
Increase employee engagement, retention, motivation & productivity
Increase return on investment for shareholder

ASSESSMENT 2 RESPONSE:

MGMT3015 - ASSESSMENT 2

REPORT

Executive Summary:

Southern Regional Banking Corporation (SRBC) has faced a series of challenges stemming from a toxic sales culture that prioritised financial performance incentives over the well-being of employees and customers. This report outlines a comprehensive strategy to address these issues and enhance workforce performance through improved strategic performance and reward management.

Introduction:

SRBC is Australia's 5th largest National Regional Bank, renowned for its focus on customer service and values-based approach. However, recent events have revealed significant cultural issues that need immediate attention. The objective is to restore a positive work culture, ensure ethical conduct, and align the interests of employees and shareholders through equity ownership. The current culture at SRBC is characterised by:
- Excessive Pressure for Financial Performance: Stretched targets and short timeframes have created a culture where employees feel compelled to sell financial products at any cost, often resorting to unethical practices.
- Toxic Management Culture: A management culture that prioritises financial incentives over employee well-being leads to increased bullying, resignations, and poor mental health among employees.
- Complacency and Fraudulent Behaviour: A culture of complacency in allocating team or business unit bonuses leads to evidence of poor performance management practices, including ad hoc bonuses for overdelivering on productivity targets. This culture extends to fraudulent activities, such as forging customer signatures and opening ghost accounts.

Report on Enhancing Workforce Performance at Southern Regional Banking Corporation (SRBC) via Strategic Performance and Reward Management

Definition and analysis of the problem

To improve workforce performance at Southern Regional Banking Corporation (SRBC), identify the areas to be addressed : first, problem definition and analysis; inappropriate management or employee behaviour. SRBC's inappropriate employee and management behaviour can be linked to a number of major problems: SRBC's aggressive cross-selling tactics and financial performance incentives created a toxic sales culture by pressuring employees to sell financial products at all costs and encouraging unethical behaviour.
Lack of Reporting Confidence: Because of a culture of complacency and the expectation of team/business unit bonuses, unethical activity was sustained because employees were reluctant to report fraudulent activities. Subpar Performance Management Practices: Managers distributed ad hoc performance bonuses outside of regular cycles, favouring workers who exceeded productivity targets, which furthered a toxic work environment.
Customer complaints: Customers complained about paying for goods and services they didn't need or receive, as well as instances of ghost accounts and falsified customer signatures that hurt the bank's brand and diminished public trust.
P&R Theories and Frameworks Application
- We can utilise pertinent P&R ideas and frameworks to investigate these problems:
- Expectancy Theory: Financial incentives and unrealistic expectations fueled the toxic sales culture, which resulted in unethical behaviour. The notion that their efforts wouldn't always result in benefits they valued may have had an impact on employee motivation..
- Goal-Setting Theory: Unrealistic aims that were set to boost performance without taking into account the implications for ethics can be connected to unethical employee behaviour.
- Equity Theory: Unfairness in the distribution of ad hoc performance bonuses led to employee unhappiness and a negative workplace culture.
Subpar Performance Management Practices: Ad hoc performance bonuses are handed out by leaders at SRBC beyond the regular phases, profiting workers who exceed their productivity targets as well as exacerbating the hazardous work environment.
The consequences caused by the above mentioned challenges are substantial complaints from clients and reputational obstacles. These challenges not only affect buyers' willingness to forfeit cash, but they also negatively impact SRBC's brand and reduce the public's trust in the financial institution. Client dissatisfaction and scrutiny from regulators could arise from this.

In the final analysis, SRBC has to contend with an extremely comprehensive variety of challenges resulting from inadequate management and employee behaviour. The primary causes of these problemsa hazardous selling culture, a lack of reporting trust, inadequate performance management methods, and customer complaintsare interrelated. SRBC ought to consider adopting significant modifications regarding its business atmosphere, rewards, reporting procedures, and performance assessment processes in order to improve staff efficiency and address these problems.

Solutions/Strategy: Performance Management Strategies:

Ethical Performance Metrics: SRBC should redefine performance metrics to include ethical considerations, encouraging behaviours aligned with SRBC's values. For example, incorporating customer satisfaction and ethical sales practices into performance evaluations
Training and Development: Invest in employee training programs that focus on ethical decision-making, customer-centricity, and the importance of SRBC's values in daily work.
Regular Performance Feedback: Implement regular feedback sessions where managers provide constructive feedback and coaching to employees, promoting continuous improvement.
Recognition and Rewards: Incentives for Ethical Behaviour: Consider developing incentives or acknowledgment programs that recognize workers for preserving ethical standards and displaying outstanding customer service.
- Peer gratitude: cultivate respect between colleagues for ethical conduct. Colleagues who continually fulfil the company's principles could have been recommended among employees.
- Public Recognition: Whether by means of internal communications or publicly recognizing them, celebrate and showcase workers who consistently achieve success by performing with integrity.

Reward Management Strategies:

Ethical Reward Systems: Restructure reward systems to include ethics as a key component. Consider incorporating ethics-based performance bonuses and recognition programs.
- Ethics-Based Performance Compensation: A percentage of employee compensation may be correlated with ethical performance metrics. Employees who consistently uphold moral principles and denounce unethical activities within the company, for instance, may be eligible for further bonuses.
- Ethics Training: Conduct seminars for employees to learn about the value of functioning appropriately in the banking industry. A system of authenticity within the organisation may be developed with the use of this training.
Long-Term Incentives: Introduce long-term incentive programs to motivate employees to think about the long-term success of the bank, aligning their interests with the organisation's goals
- Stock Options: Consider taking into account the possibility of offering employees grants or stock options that develop over a set period of time. As their financial benefit corresponds to the efficiency of the organisation, employees have an interest in the bank's long-term success. Retirement Plans: To encourage employees to stay with the firm for a longer period of time, enhance retirement savings plans like 401(k)s or pension plans. Furthermore, matching contributions can be used as encouragement.
Peer Recognition: Implement peer recognition programs where employees can recognize and reward their colleagues for exemplifying SRBC's values, fostering a positive work environment.
- Peer-Nominated Awards: Create awards that are selected through voting and peer recommendations. . Employees who constantly follow the company's principles and values could be honoured by receiving these awards.
- Recognition Meetings or Events: Conduct frequent events or conferences to acknowledge and award colleagues for their accomplishments and ethical behaviour.

In addition to these approaches, it's essential that we make sure that these systems of compensation are fair, transparent, and utilised equally throughout the company. Obtain feedback from staff on a regular schedule to figure out how satisfied they are with the reward programs and to make any needed changes.

Furthermore, consider engaging organisational psychologists and human resources professionals in the planning and implementation of these actions. They may provide valuable insights about how people conduct themselves, what stimulates them, and how these reward systems could impact the culture of the business in question.

Executive Reward

The following point needs to be considered by SRBC while developing its executive reward policy in order to protect shareholders, staff members, and clients against the recurrence of a toxic sales culture:

Ethical Performance Metrics: Tie a significant portion of executive compensation to ethical performance metrics, such as customer satisfaction, compliance with regulations, and the absence of unethical practices.

Claw back Provisions: Implement claw back provisions that allow the company to recover executive bonuses in cases of ethical misconduct or financial restatements due to fraudulent activities.

Stakeholder Feedback: Incorporate feedback from employees, customers, and shareholders in executive performance evaluations to ensure alignment with the interests of all stakeholders.

This is a beneficial idea for including shareholder, customer, and employee feedback in executive performance evaluations.
This feedback helps guarantee that executive decisions suit the values and interests of every individual.
Employee feedback may shed light on the business atmosphere and point out possible signs of a hazardous marketing atmosphere.
Customer feedback may reveal whether or not an enterprise is handling consumers ethically, fairly, and fulfilling what they want.
Shareholder participation could concentrate on the company's future sustainability and ethical behaviour.

An organisation can prevent an undesirable sales environment by making more well-informed decisions regarding executive compensation as well as performance and taking input from numerous stakeholders into consideration.

Every one of these recommendations aims to promote an atmosphere in the workplace that promotes integrity along with accountable behaviour, guarding the interests of customers, staff members, and stockholders while reducing the potential for hazardous sales strategies.

Conclusion:

In conclusion, SRBC's challenges stem from a toxic sales culture and a lack of alignment between employee and management behaviour with the organisation's values. By implementing the suggested performance management and reward management strategies and restructuring executive rewards, SRBC can rebuild public confidence, improve customer outcomes, increase employee engagement, retention, motivation, and productivity, and ultimately increase return on investment for shareholders. These strategies will help SRBC establish a healthier work culture and regain its reputation as a bank that prioritises ethics and customer-centricity.

Recommendations:

Cultural Transformation:

a. Leadership Development: Invest in leadership training and development programs to ensure that managers are equipped with the skills to lead ethically and foster a positive work environment.

b. Communication and Transparency: Promote open and transparent communication channels between employees, management, and the board. Create forums for feedback and grievance reporting.

c. Values Integration: Embed SRBC's values and purpose in all aspects of the organisation, ensuring that they guide decision-making and actions at all levels.

Performance Management:

a. Revised Performance Metrics: Develop a balanced set of performance metrics that emphasise not only financial outcomes but also customer satisfaction, employee well-being, and compliance with ethical standards.

b. Performance Appraisals: Implement regular performance appraisals that assess both quantitative and qualitative aspects of employee performance. Recognize and reward ethical behaviour and collaboration.

c. Whistleblower Protection: Establish a robust whistleblower protection program to encourage employees to report unethical behaviour without fear of retaliation.

Reward Management:

a. Equity Ownership: Encourage equity ownership among employees to align their interests with those of shareholders. Develop a clear and fair equity distribution plan.

b. Incentive Structure: Revise the incentive structure to include long-term performance measures, emphasising ethical conduct and customer satisfaction as key components.

c. Transparency in Bonus Allocation: Ensure transparency and fairness in bonus allocation by implementing clear guidelines and procedures for bonus distribution. Bonuses should be tied to sustained performance and ethical behaviour.