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Overview of CIBC

Discuss about the different kinds of the employee engagement strategies which has been used in Scotia and CIBC banks.

The report helps in the analysis of the employee engagement practices which are required to be undertaken by the companies named CIBC and Scotia which are based in Canada. Furthermore, the different strategies related to employee engagement is required to be analysed in an effective manner which will improve the techniques which are being followed by the organizations effectively.

The pros and cons of the employee engagement strategies is required to be followed which will be improved in an efficient manner. Lastly, the matrix is required to be created in order to compare the differences in both the companies which will provide with a brief overview on the organization and this will help in gaining competitive advantage effectively as well.

The Canadian Imperial Bank of Commerce is one of the biggest five banks which is based in Canada. The headquarter of the bank is in Commerce Court which is at Toronto, Ontario("Personal Banking | Financial Services | CIBC", 2018). The number of employees who are working in the organization is 44928 till the year 2017 and the revenue which has been earned by the company is C$16.28 billion. The CEO along with the president of the company is Victor G. Dodig who is the care taker of the various activities which are being performed at CIBC and this will help in managing the different activities in an effective manner as well.

The Scotia bank is one of the Canadian multinational bank and this is the third largest bank in Canada by deposits along with the capitalisation of the market("Scotiabank Global Site", 2018). The company was founded in the year 1832 and the headquarter of the company is located at Toronto, Ontario. The number of employees working in the organization are 88645 till the year 2017 and the revenue which is being earned by the company is C$16.3 billion and the key people of the company is the CEO of the company named Brian J. Porter.

Employee Engagement is one of the fundamental concept which helps in understanding and describing both quantitatively and qualitatively nature of the relationship between the employees along with the organization. The employee engagement is the emotional commitment to the goals and values of the organization and this helps in providing motivation to contribute to the organizational success with enhanced and proper sense of the wellbeing of the individuals (Mone& London, 2018). The engagement of the employees or the employee relations help in better productivity of the organization which will be effective in nature.

Overview of Scotia

When there is motivation provided to the employees, the employees will be making additional kind of effort, they will be learning faster and quicker and become more creative in nature as well. Furthermore, the engagement of the employees is one of the good predictors of the customer satisfaction, retention of the different personnel along with improving profitability and productivity of the entire organization (Brewster, Chung & Sparrow, 2018).

Comparison of CIBC and Scotia

With the help of a matrix, proper comparison of both the banks are being done below which will help and assist in understanding the various kinds of negative and positive aspects of the employee relation and engagement in the organization which will help in making the process more effective in nature and this will help in managing the different activities in an effective manner (Mishra,Boynton & Mishra, 2014).

Particulars

CIBC

SCOTIA

Bonuses and Raises

The patterns which are used varies from one year to other

It depends according to the position

DifferentJob Opportunities

The candidates can apply for the different job positions after minimum one year of experience

There are different kinds of experiences required for applying for the jobs in Scotia Bank

Increase in Wages

There will be more than 12% increase in the promotion of the higher officials

After the promotion, there will be only 4% increase in the wages for the higher position

Different kinds of perks

The mobile bill expenses are being provided by the company and the EPP plan of CIBC is less expensive (Huang et al., 2016)

The different refreshment plans are being provided to the employees such as movie tickets and other facilities

Banking Offer

There are different special kinds of rate on the loan which is being provided to employees such as employees loan and the computer loans

However, there are no such special benefits or offers provided to the employees working in the organization

Technology

The web portals are being updated at regular intervals and the technological advancements help in making the company and officials more attracted towards gaining profitability of the organization (Bailey et al., 2018)

The technological advancements in the company is not up to the standard and these are back dated in nature. The time sheets are not up to the standard

From the above analysis, this can be analysed that both the companies are different from one another in nature. It can be seen that in CIBC, there are different kinds of hike in salary of the employees and this helps in motivating the employees in an effective manner. The technological advancements in the respective bank has helped in increasing the morale of the employees who were working in bank in an effective manner. The bank tries to provide various opportunities to the employees in the organization such as providing perks to the employees in the organization (Mishra, Boynton & Mishra, 2014).

Furthermore, on the other hand, the position of Scotia is not up to standard as there are different issues in the technologies or the offers which are being provided by the bank to the employees and this demotivated the employees as well. This hugely affected the entire productivity and profitability of the organization as there are different kinds of issues faced by the organization wherein the employees were leaving the job of Scotia as there was no such recreation or motivating activities in the organization (Albrecht et al., 2015).

Best Practices in Strategies relating to Employee Engagement

There are different strategies which are related to employee engagement and it is required to be followed and maintained in all the companies in an effective manner. In order to improve the morale of the employees, there are different drivers which are required to be adopted by the companies which will improve the productivity and profitability of the organization effectively (Breevaart et al., 2014). The key drivers of employee engagement are as follows:

  • Meaningful kind of work
  • Management along with Leadership
  • Relationships with the different co-workers
  • Growth and Freedom

Concept of Employee Engagement

These are the different kinds of key drivers of maintaining proper relationship with the co-workers and this will help in engaging the different employees as this will improve their morale by improving the overall working conditions in an effective manner. The different strategies of employee engagement areto listen to the voice of the employees and this will help in sharing good practice along with ideas between the teams (Renwick, Redman& Maguire, 2013).

Both Scotia and CIBC companies are required to be compared in such a manner which will help in managing the differences between the two effectively. Furthermore, as per the different policies and procedures of the company, this can be analysed that CBIC is better than the Scotia Bank as the company policies are effective and it is based on the advancement of the technologies as well (Anitha, 2014). On the other hand, Scotia did not have such modern techniques and they use the traditional techniques which is ineffective in nature and this is making their company suffer in terms of productivity and profitability as well.

Particulars

CIBC

SCOTIA

Listening to Voice of Employees

It is being done by CIBC and this helps the company in increasing the morale of the employees working in the organization

It is not being done by Scotia and there are different kinds of grievances of the employees which are not being addressed in an effective manner

Show them the management listens to the grievances of employees

The management tried to create different review systems in which they tried to gain knowledge on the different kinds of grievances of employees as this helps the employees in feeling motivated (Brewster, 2017)

The management of Scotia do not follow any kinds of grievance solving procedure in the organization and this is making the entire system ineffective in nature as well.

Understanding Individual learning styles and preferences

The learning styles and preferences of employees are being understood clearly which provided motivation to the employees as they felt they are important to the organization and they are being valued

On the other hand, in Scotia, there ae no such learning styles which are not being performed by the employer in the organization and this affects the morale of the employees in a negative manner

Think Bottom up and not Top Down

The CIBC includes and follows different surveys and questionnaires, this helps them in understanding the different queries of employees and solve their issues in an effective manner (Casio, 2018).

The Scotia follows the traditional approach of understanding the grievances of employees. This think bottoms up and not top down is not being followed by them and this is affecting the morale of employees as they are feeling they are not being valued (Bratton& Gold, 2017)


From the table, this can be analysed that there are different kinds of employee engagement strategies which are required to be followed by the different organizations in an effective manner which will improve the overall morale of the employees (Alfes et al., 2013). After the entire comparison matrix of both the organizations, this has been seen that in CIBC, the employees are being valued wherein this has been seen and analysed that the company tried to motivate the employees by making them feel important. CIBC tries to analyse the different views of the employees towards achieving the organizational objectives and such opinions are taken into consideration as well (Karanges et al., 2015).


However, on the other hand, Scotia Bank do not implement such strategies and policies in the respective organization. This has been seen and noticed that the employees in the organization are not feeling up to the standard and this is affecting the entire morale of the employees in a negative manner as well (Mone& London, 2018). It has been seen that the employees are not satisfied with the different traditional techniques applied by the organization and this has affected the morale of the employees in a negative manner as well(Graban, 2016).

From this comparison, this can be analysed and identified that CBIS Bank is much more effective in nature in comparison to the Scotia Bank. There are different kinds of analysis which has been done on the basis of the strategies on employee engagement helps in understanding that the employee relation and engagement plays a vital role in managing the morale and productivity of the employees and organization which is efficient in nature (Purce, 2014).

Pros and Cons of Employee Engagement

Best Practices in Terms of Downsizing and Termination Practices

Particulars

CIBC

SCOTIA

Downsizing

There are different effective techniques which is followed by CIBC relating to downsizing and this is efficient in nature as well. The downsizing is rare in the organization as the company is performing in an appropriate manner and there are no such grievances among the employees which are not being resolved.

Furthermore, this is seen that the company includes certain steps such as following different steps while downsizing:

· Informing the employees before hand which will keep the employees known about the pros and cons of the same

· Prior notice helps the employees in understanding the different kinds of issues that can lead to downsizing

There are no such methods followed in the downsizing of the organization. This has been seen that the company do not have such policies in which this has been seen that this has led to resignation of employees and this declined the overall productivity of the organization as well.

Furthermore, the Scotia company is not effective in nature as the employees are not being informed on the downsizing of employees and this is ineffective in nature as well

Termination

The termination policies and procedures are being followed by the company for all the employees who are working in the respective bank. This has been seen that the policies which are being followed in CBIS are as follows:

Voluntary Retirement Policy is followed by the company in which the employees are allowed to submit written notice for resignation such as during pregnancy and other such related activities.

Involuntary termination is the other policy which is being followed relating to the disciplinary actions which are being taken by the company and this is done in a correct procedure.

On the other hand, this has been seen that there are no such policies and procedures which are being followed by Scotia. It has been seen that the voluntary retirement policies are not being maintained by the company and this affects the morale of the employees. The employees are not being included in the decision making process of the organization and this affects the entire productivity of the firm as well.


From the above table, this can be analysed that there are different kinds of grievances of the employees in Scotia which are not being maintained and followed in the organization. This has been seen that the employees are not being included in the entire decision-making process of the organization and this is affecting the morale of the employees and this causes a negative impact on the organization as well. On the other hand, there has been different kinds of employee engagement strategies which are effective in nature in CBIC and this has helped the company in being successful.

Conclusion

Therefore, this can be concluded that there are different pros and cons of the employee engagement in both the companies. This has been seen that as per the comparison matrix, CIBC is one such banks who performs the best as per the employee engagement strategies implementation. On the other hand, this has been seen that there are different issues in Scotia Bank in which the employees are not satisfied with the employee relation and engagement strategies

References

Albrecht, S. L., Bakker, A. B., Gruman, J. A., Macey, W. H., & Saks, A. M. (2015). Employee engagement, human resource management practices and competitive advantage: An integrated approach. Journal of Organizational Effectiveness: People and Performance, 2(1), 7-35.

Alfes, K., Truss, C., Soane, E. C., Rees, C., &Gatenby, M. (2013). The relationship between line manager behavior, perceived HRM practices, and individual performance: Examining the mediating role of engagement. Human resource management, 52(6), 839-859.

Anitha, J. (2014). Determinants of employee engagement and their impact on employee performance. International journal of productivity and performance management, 63(3), 308.

Bailey, C., Mankin, D., Kelliher, C., &Garavan, T. (2018). Strategic human resource management. Oxford University Press.

Bratton, J., & Gold, J. (2017). Human resource management: theory and practice. Palgrave.

Breevaart, K., Bakker, A., Hetland, J., Demerouti, E., Olsen, O. K., &Espevik, R. (2014). Daily transactional and transformational leadership and daily employee engagement. Journal of occupational and organizational psychology, 87(1), 138-157.

Brewster, C. (2017). The integration of human resource management and corporate strategy. In Policy and practice in European human resource management (pp. 22-35). Routledge.

Brewster, C., Chung, C., & Sparrow, P. (2016). Globalizing human resource management. Routledge.

Cascio, W. (2018). Managing human resources. McGraw-Hill Education.

Graban, M. (2016). Lean hospitals: improving quality, patient safety, and employee engagement. CRC press.

Huang, Y. H., Lee, J., McFadden, A. C., Murphy, L. A., Robertson, M. M., Cheung, J. H., & Zohar, D. (2016). Beyond safety outcomes: An investigation of the impact of safety climate on job satisfaction, employee engagement and turnover using social exchange theory as the theoretical framework. Applied ergonomics, 55, 248-257.

Karanges, E., Johnston, K., Beatson, A., & Lings, I. (2015). The influence of internal communication on employee engagement: A pilot study. Public Relations Review, 41(1), 129-131.

Mishra, K., Boynton, L., & Mishra, A. (2014). Driving employee engagement: The expanded role of internal communications. International Journal of Business Communication, 51(2), 183-202.

Mone, E. M., & London, M. (2018). Employee engagement through effective performance management: A practical guide for managers. Routledge.

Personal Banking | Financial Services | CIBC. (2018). Retrieved from https://www.cibc.com/en/personal-banking.html

Purce, J. (2014). The impact of corporate strategy on human resource management. New Perspectives on Human Resource Management (Routledge Revivals), 67.

Renwick, D. W., Redman, T., & Maguire, S. (2013). Green human resource management: A review and research agenda. International Journal of Management Reviews, 15(1), 1-14.

Scotiabank Global Site. (2018). Retrieved from https://www.scotiabank.com/gls/en/index.htm

Cite This Work

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My Assignment Help. (2019). Employee Engagement Strategies In Scotia And CIBC Banks. Retrieved from https://myassignmenthelp.com/free-samples/employee-engagement-strategies-in-scotia-cibc-banks.

"Employee Engagement Strategies In Scotia And CIBC Banks." My Assignment Help, 2019, https://myassignmenthelp.com/free-samples/employee-engagement-strategies-in-scotia-cibc-banks.

My Assignment Help (2019) Employee Engagement Strategies In Scotia And CIBC Banks [Online]. Available from: https://myassignmenthelp.com/free-samples/employee-engagement-strategies-in-scotia-cibc-banks
[Accessed 29 May 2024].

My Assignment Help. 'Employee Engagement Strategies In Scotia And CIBC Banks' (My Assignment Help, 2019) <https://myassignmenthelp.com/free-samples/employee-engagement-strategies-in-scotia-cibc-banks> accessed 29 May 2024.

My Assignment Help. Employee Engagement Strategies In Scotia And CIBC Banks [Internet]. My Assignment Help. 2019 [cited 29 May 2024]. Available from: https://myassignmenthelp.com/free-samples/employee-engagement-strategies-in-scotia-cibc-banks.

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