Coutts has created a global career framework that clearly defines career levels and job roles to make its reward and pay more transparent across 12 countries.
The private banking and wealth management services arm of the Royal Bank of Scotland undertook a review of its framework in conjunction with consultancy Hay Group in 2011. It also held workshops to consult employees, who are based across Europe, the Middle East, Africa and Asia.
Jane Richards, reward technical partner, wealth at Coutts, said: “The starting point was that each country had its own set of career levels and job titles, so we did not have international alignment.
“We had a new chief executive officer [CEO] in September 2010 and launched a new business strategy, which was to work more internationally and have a more international client proposition. Therefore, we needed to have one approach for all countries.”
The review resulted in seven job families, each with its own job specifications and pay grades. “We now have a fantastic architecture to build our reward proposition, career development and learning,” said Richards. “We can build reward structures against this framework and have more consistency and transparency.”
The new framework became effective for Coutts’ 5,500 staff in April in line with its annual pay cycle.
The new job families were communicated via a dedicated intranet site, personalised messages from the CEO, an information booklet, and a one-to-one session for each employee with their line manager.
“It has been really positive,” said Richards. “There is much more clarity of what the deal is for people, where they sit, what their career path is and who their peers are.”
Read more on international reward