Performance Management and Reward Systems at Scottrade Inc.

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Introduction Contd...

Scottrade was a lean firm and the employees were said to put in a great deal of effort at the workplace. The employees were evaluated on the metric of customer satisfaction. The performance management system at Scottrade adopted a top-down approach: senior officers set the objectives for the entire organization. These in turn were translated into objectives for the various departments and branches, all the way down to the individual level. The company also had elaborate training and development systems in place that took care of induction and also ensured that the employees were continuously learning on their jobs.

Scottrade had put in place a point-based reward system too which ensured that its employees always gave their best.

Over the years, Scottrade had been performing well and industry observers noted that the company had more or less remained unaffected by the economic downturn. According to them, the company’s performance management and reward system was responsible for the firms’ progress. The company had won various awards and recognitions for not only for its various HR and performance management initiatives but also for its business operations. For instance, in early 2010, Scottrade was ranked twenty seventh among Fortune magazines "100 Best Companies to Work For".

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