Performance Management and Reward Systems at Scottrade Inc.
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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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Abstract:
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This case study is about Scottrade Inc.’s (Scottrade) Performance Management and Rewards systems. The case highlights how the firm delivered superior performance and took care of its employees even in the turbulent environment that had gripped the entire financial services industry. The firm had given good performance and industry observers felt that its performance management and reward system was responsible for this.
The performance management system at Scottrade adopted a top-down approach: senior officers set the objectives for the entire organization. Employee reviews were done depending on the specific category of the job.
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This was further complemented by the training programs which had an important role to play in the performance management and reward effort. A unique internship program at Scottrade was instrumental in meeting the manpower requirements necessitated by its growing at a rapid pace. Overall, the firm was able to build a strong culture of learning and talent creation in the organization.
Scottrade since its inception differentiated itself with low commissions and efficient customer service. It had become a special place to work and operated like one big family, with no history of layoffs. The firm, having made a mark for itself as a brokerage, was planning to move into banking services. It wanted to deploy its performance management and training systems for developing employees that could competently handle its banking operations as well.
Issues:
» Understand the issues and challenges is talent management - especially with regard to performance management and reward systems.
» Appreciate the linkage between performance management and training and development and reward systems.
» Explore ways in which the performance management and training program can be made more effective for meeting the future requirements of the firm.
» Explore people strategy that the company can adopt to make its foray into banking a successful one.
Contents:
Key Words:Performance Management, Talent management, Reward Systems, Training and Development, Learning and Management System, Rewards and Recognition Program, Employee Assistance Program, Wellness Reimbursement Program, Workforce optimization, Workforce management, Quality Monitoring, Great place to work, Customer Loyalty Engagement Index, Employee performance, Customer service, Customer satisfaction, Customer loyalty, Learning, Internship program, Online brokerage
Performance Management and Reward Systems at Scottrade Inc. >>
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