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Total Reward
What is Total Reward?
Total Reward can be summarised as the value of everything individuals get in return for working in the RBS group. It includes:
What Makes it Unique?
At the Royal Bank of Scotland Group we believe that to attract and retain the best talent our pay must be competitive and our benefits leading-edge. In keeping with this belief the Group continually looks at the pay and benefits we provide and how they support the needs of employees and the Group. Total Reward is designed to:
Reward excellence by providing a direct link between pay and performance. Our pay policies support our local business objectives and reward the pursuit and achievement of individual goals. Pay progression is performance based and, combined with our variable pay opportunities, offers high performing individuals the opportunity to maximise their level of reward.
Be market-competitive. We have moved from a traditional, hierarchical culture and a one size fits all grading structure to approaches with fewer levels. For all employees, salary levels are benchmarked against the specific market for the business in which they work and the talents, skills and competencies they bring to the Group.
Allow for customisation. Our reward structure allows for customisation both at the business unit level and by each individual employee. As a result each business unit has its own salary and bonus or incentive arrangements, while for employees we provide increased flexibility through RBSelect, our benefit choice programme.
RBSelect - The Flexibility of Choice
Traditionally, a reward package is made up of pay and benefits, with very little flexibility around how the package is delivered. Under RBSelect, you get part of your Total Reward package in the form of two elements: Total Fixed Pay & Core Benefits. The Total Fixed Pay consists of the Basic Pay, Provident Fund, RBSelect and Supplementary Allowance. The Supplementary Allowance can either be divided into RBSelect or used to buy Top-Up benefits or taken as cash. The core benefits comprise Group Life Assurance; Personal Accident Insurance and Mediclaim Insurance.
The flexibility around how you choose to have your compensation is achieved through RBSelect. This also allows you to opt for top ups on your Core Benefits.
RBSelect offers a variety of benefit options to meet your needs. And, because of the Group’s bulk purchasing power and (where appropriate) the tax savings available, the costs of the benefits provided through RBSelect are typically lower than market prices.
What’s the advantage of this flexibility to you? As an example, you might choose increased insurance coverage or change your reimbursement allocations. There is flexibility to choose and, since your individual needs don’t stand still, there are opportunities to change your options as per the applicable guidelines.
