Professional Documents
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1.1 Introduction of Sbi: Type Traded As
1.1 Introduction of Sbi: Type Traded As
1 INTRODUCTION OF SBI
Type Public
Traded as NSE: SBIN
BSE: 500112
LSE: SBID
BSE SENSEX Constituent
CNX Nifty Constituent
Industry Banking, financial services
Founded 2 June 1806, Bank of Calcutta
27 January 1921, Imperial Bank of India
1 July 1955, State Bank of India
2 June 1956,[1] nationalization
Headquarters Mumbai, Maharashtra, India
Area served Worldwide
Key people Smt. Arundhati Bhattacharya
(Chairperson)
Products Consumer banking, corporate banking, finance and
insurance, investment banking, mortgage loans, private
banking, private equity, savings, securities, asset
management, wealth management, credit cards,
Revenue 257289 crore (US$38 billion) (2015)
Profit 17517 crore (US$2.6 billion) (2015)
Total assets 2700110 crore (US$400 billion) (2015)
Total equity 203417 crore (US$30 billion) (2015)
Owner Government of India
Members 286 million users with 450 million accounts (2016)
State Bank of India is one of the Big Four banks of India, along with ICICI Bank, Bank of
Baroda and Punjab National Bank.
The bank traces its ancestry to British India, through the Imperial Bank of India, to the
founding, in 1806, of the Bank of Calcutta, making it the oldest commercial bank in the Indian
Subcontinent. Bank of Madras merged into the other two "presidency banks" in British India,
Bank of Calcutta and Bank of Bombay, to form the Imperial Bank of India, which in turn
became the State Bank of India. Government of India owned the Imperial Bank of India in 1955,
with Reserve Bank of India (India's Central Bank) taking a 60% stake, and renamed it the State
Bank of India. In 2008, the government took over the stake held by the Reserve Bank of India.
State Bank of India is a regional banking behemoth and has 20% market share in deposits and
loans among Indian commercial banks.
1.2 HISTORY
The roots of the State Bank of India lie in the first decade of the 19th century, when the Bank of
Calcutta, later renamed the Bank of Bengal, was established on 2 June 1806. The Bank of Bengal
was one of three Presidency banks, the other two being the Bank of Bombay (incorporated on 15
April 1840) and the Bank of Madras (incorporated on 1 July 1843). All three Presidency banks were
as joint stock companies and were the result of royal charters. These three banks received the
exclusive right to issue paper currency till 1861 when, with the Paper Currency Act, the right was
taken over by the Government of India. The Presidency banks amalgamated on 27 January 1921,
and the re-organised banking entity took as its name Imperial Bank of India. The Imperial Bank of
India remained a joint stock company but without Government participation.
Pursuant to the provisions of the State Bank of India Act of 1955, the Reserve Bank of India,
which is India's central bank, acquired a controlling interest in the Imperial Bank of India. On 1
July 1955, the imperial Bank of India became the State Bank of India. In 2008, the
Government of India acquired the Reserve Bank of India's stake in SBI so as to remove any
conflict of interest because the RBI is the country's banking regulatory authority.
In 1959, the government passed the State Bank of India (Subsidiary Banks) Act. This made SBI
subsidiaries of eight that had belonged to princely states prior to their nationalization and
operational take-over between September 1959 and October 1960, which made eight state
banks associates of SBI. This acquisition was in tune with the first Five Year Plan, which
prioritized the development of rural India. The government integrated these banks into the State
Bank of India system to expand its rural outreach. In 1963 SBI merged State Bank of Jaipur
(est. 1943) and State Bank of Bikaner (est.1944).
SBI has acquired local banks in rescues. The first was the Bank of Bihar (est. 1911), which SBI
acquired in 1969, together with its 28 branches. The next year SBI acquired National Bank of
Lahore (est. 1942), which had 24 branches. Five years later, in 1975, SBI acquired Krishnaram
Baldeo Bank, which had been established in 1916 in Gwalior State, under the patronage of
Maharaja Madho Rao Scindia. The bank had been the Dukan Pichadi, a small moneylender,
owned by the Maharaja. The new bank's first manager was Jall N. Broacha, a Parsi. In 1985,
SBI acquired the Bank of Cochin in Kerala, which had 120 branches. SBI was the acquirer as its
affiliate, the State Bank of Travancore, already had an extensive network in Kerala.
There has been a proposal to merge all the associate banks into SBI to create a "mega bank"
and streamline the group's operations.
The first step towards unification occurred on 13 August 2008 when State Bank of Saurashtra
merged with SBI, reducing the number of associate state banks from seven to six. Then on 19
June 2009 the SBI board approved the absorption of State Bank of Indore. SBI holds 98.3%
in State Bank of Indore. (Individuals who held the shares prior to its takeover by the
government hold the balance of 1.7%.)
The acquisition of State Bank of Indore added 470 branches to SBI's existing network of
branches. Also, following the acquisition, SBI's total assets will inch very close to the 10 trillion
mark (10 billion long scale). The total assets of SBI and the State Bank of Indore stood at
9,981,190 million as of March 2009. The process of merging of State Bank of Indore was
completed by April 2010, and the SBI Indore branches started functioning as SBI branches on
26 August 2010.
VISION
My SBI.
My Customer first.
My SBI: First in customer satisfaction
MISSION
VALUES
ACHIVEMENTS:
AWARDS:
SBI was ranked as the top bank in India based on tier 1 capital by The Banker
magazine in a 2014 ranking
SBI was ranked 298th in the Fortune Global 500 rankings of the world's
biggest corporations for the year 2012
SBI was named the 29th most reputed company in the world according to
Forbes 2009 rankings
SBI was 50th Most Trusted brand in India as per the Brand Trust Report 2013, an
annual study conducted by Trust Research Advisory, a brand analytics company
and subsequently, in the Brand Trust Report 2014,
SBI finished as India's 19th Most Trusted Brand in India.
State Bank of India won the developer award for Central Plan Scheme
Monitoring System
SBI received the awards for retail core banking and overall retail
technology project of the year.
SBI, the only Indian bank to get the award, was among 250 countries.
1.5 SWOT ANALYSIS
Strengths
1. SBI is the largest bank in India in terms of market share, revenue and assets.
2. As per recent data the bank has more than 13,000 outlets and 25,000 ATM centres
3. The bank has its presence in 32 countries engaging currency trade all over the world
4. The bank has a merged with State Bank of Saurashtra, State bank of Indore and the bank
is planning to go further acquisition in the current FY2012.
6. SBI has recently changed its vision and mission statements showing a sign of
inclination towards new age banking services
Weakness
3. Customers SBI fails to attract salary accounts of corporate and many government sector
employees salary accounts are also shifted to private bank for ease of operations unlike
before
Opportunities
1. SBI’s merger with five more banks namely State Bank of Hyderebad, State bank of
Patiala, State bank of Bikaber and Jaipur, State of bank of Travancore and State bank of
Mysore are in approval stage
2. Mergers will result in expansion of market share to defend its number one position
SBI is planning to expand and invest in international operations due to good inflow of
money from Asian Market
3. Since the bank is yet to modernize few of its banking operations, there is a better scope
of using advanced technologies and software to improve customer relations
4. Young and talented pool of graduates and B schools are in rise to open new horizon to
so called “old government bank”
Threats
1. Net profit of the year has decline from 9166.05 in the year FY 2010 to 7,370.35 in
the year FY2011
2. This shows the reduce in market share to its close competitor
ICICI Other private banks like HDFC, AXIS bank etc
3. FDIs allowed in banking sector is increased to 49% , this is a major threat to SBI as
people tend to switch to foreign banks for better facilities and technologies in
banking service
4. Other governments banks like PNB, Andhra, Allahabad bank and Indian bank
are showing
Customer prefer to switch to private banks and financial service providers for loans and
mortgages, as SBI involves stringent verification procedures and take long time for
processing.
CHAPTER2
Research methodology
Wikipedia and also website of bank and previous research papers that had
Simple statistical tools and techniques like average, ratios, pie charts, tables
and graphs in addition to factor analysis method are used to analyze the data
Chapter No .3
Product Profile
Deferred Payment
Dealer Financing
Channel Financing
Equipment Leasing
Loan Syndication
Cash Management Products
Chapter No .4
Competitors
Of
State bank of India
Previous
Company Name Current Price High Price Low Price
Price
Assets
Cash & Balances with RBI 115,883.84 84,955.66 65,830.41 54,075.94 94,395.50
Balance with Banks, Money at Call 58,977.46 47,593.97 48,989.75 43,087.23 28,478.65
Advances 1,300,026.39 1,209,828.72 1,045,616.55 867,578.89 756,719.45
Investments 495,027.40 398,308.19 350,927.27 312,197.61 295,600.57
Gross Block 9,329.16 8,002.16 6,595.71 5,133.87 4,431.96
Revaluation Reserves 0.00 0.00 0.00 0.00 0.00
Accumulated Depreciation 0.00 0.00 0.00 0.00 0.00
Net Block 9,329.16 8,002.16 6,595.71 5,133.87 4,431.96
Capital Work In Progress 0.00 0.00 409.31 332.68 332.23
Other Assets 68,835.55 43,545.90 47,892.03 53,113.02 43,777.85
Total Assets 2,048,079.80 1,792,234.60 1,566,261.03 1,335,519.24 1,223,736.21
Type Public
BSE: 532461
Traded as NSE: PNB
CNX Nifty Constituent
Number of
62,392 (March 2013)
employees
Website www.pnbindia.in
History
Punjab National Bank was registered on 19 May 1894 under the Indian Companies Act, with
its office in Anarkali Bazaar, Lahore. The founding board was drawn from different parts of
India professing different faiths and a varied back-ground with, however, the common
objective of providing country with a truly national bank which would further the economic
interest of the country.[1] PNB's founders included several leaders of the Swadeshi movement
such as Dyal Singh Majithia and Lala Harkishan Lal, Lala Lalchand, Shri Kali Prosanna Roy,
Shri E.C. Jessawala, Shri Prabhu Dayal, Bakshi Jaishi Ram, and Lala Dholan Dass.[6][7] Lala
Lajpat Rai was actively associated with the management of the Bank in its early years. The
board first met on 23 May 1894.[1] The bank opened for business on 12 April 1895 in Lahore.
PNB has the distinction of being the first Indian bank to have been started solely with Indian
capital that has survived to the present. (The first entirely Indian bank, Oudh Commercial
Bank, was established in 1881 in Faizabad, but failed in 1958.)
PNB has had the privilege of maintaining accounts of national leaders such as Mahatma
Gandhi, Jawahar Lal Nehru, Lal Bahadur Shastri, Indira Gandhi, as well as the account of the
famous Jalianwala Bagh Committee
Vision & Mission
Corporate Mission
Vision
To be a Leading Global Bank with Pan India footprints and become a household
brand in the Indo-Gangetic Plains providing entire range of financial products and
services under one roof"
Mission
SWOT Analysis
1. Diversified operations with 5100 branches
2. Strong I. T support with “best fit” approach
3. Schemes for small and medium scale businesses
Simple statistical tools and techniques like average, ratios, pie charts, tables and
graphs in addition to factor analysis method are used to analyze the data
Product Profile
Competition
Name Last Price Market Cap. Net Interest Net Profit Total Assets
(Rs. cr.) Income
Mar '15 Mar '14 Mar '13 Mar '12 Mar '11
Mar '15 Mar '14 Mar '13 Mar '12 Mar '11
Assets
Cash & Balances with RBI
Balance with Banks, Money at Call 24,224.94 22,245.58 17,886.25 18,492.90 23,776.90
Contingent Liabilities
References
1. https://www.sbi.co.in/
2. http://rbidocs.rbi.org.in/rdocs/content/PDFs/90028.pdf
3. "Annual Report 2012-13" (PDF). SBI. 23 May 2013. Retrieved 10 October 2013.
4. "Fortune 'Global 500' 2013:State Bank of India". CNN. Retrieved 10 October 2013.
5. http://www.dnaindia.com/money/report-sbi-lays-foundation-for-csr-actions-launches-e-
wallet-2115877
6. As India's Banks Wait In Fear Of The Rupee Hitting 70 To The Dollar, Here's A List Of The
Best 10 Indian Banks By Revenue. Ibtimes.com (2013-09-04). Retrieved on 2013-12-06.
7. History of the Evolution of SBI volumes 1, 2 and 3 and Banking Beyond Boundaries
(Penguin, 2011)
8. "SBI Annual Report 2014-15" (PDF). State Bank of India. Retrieved 14 January 2016.
10. Banking Theory Law N Practice. Tata McGraw-Hill Education. p. 8. Retrieved Nov 4, 2014.
11. "SBI accounts for one-fifth of country's loans". Livemint.com. 25 January 2009.
Retrieved 20 August 2010.
12. "Indian Banks' Association". Iba.org.in. 23 April 2005. Retrieved 21 December 2010.
13. Business Standard (21 June 2010). "Approvals for State Bank of Indore merger by July: SBI".
14. Economic Times (26 August 2010). "State Bank of Indore branches to become SBI units from
Aug 26 : SBI". The Times Of India.
16. "SBI takes lead in opening bank accounts under Jan Dhan Yojana". The Economic Times. 11
Sep 2014. Retrieved 2014-09-30.
17. "State Bank of India to set up branch in China's Tianjin". Forbes. 21 November 2007.
17. "State Bank of India Acquired 76% Shareholding in Giro Commercial Bank In
2005". Accessmylibrary.com. 8 October 2005. Retrieved 21 December 2010.
18. http://deshgujarat.com/2014/02/19/sbi-logo-was-inspired-by-kankaria-lake/
19. "Shareholding Pattern as on 30 June 2013". MoneyControl.com. Retrieved 10 October 2013.
21. "Scripwise Weightages in S&P BSE SENSEX". BSE India. Retrieved 11 October 2013.
23. "Download List of CNX Nifty stocks (.csv)". NSE India. Retrieved 11 October 2013.
24. "SBID State Bank of India GDR (Each Rep 2 SHS INR10)". London Stock Exchange. 11 Oct
1996. Retrieved 11 October 2013.
25. "The top five banks in India". thebanker.com. 10 April 2014. Retrieved 11 April 2014.
26. Kneale, Klaus (6 May 2009). "World's Most Reputable Companies: The Rankings".
Forbes. Retrieved 20 August 2010.
27. "Brand Mahatma lags behind Sachin, Aamir: Study". India Today. 28 January 2011.
Retrieved 10 October 2013.
1) https://www.pnbindia.in/
5) "Financials Information for Punjab National Bank". Hoover's. Retrieved 18 February 2014.
8) Tandon (1989).
10) "Punjab National Bank acquires 30% stake in Metlife, company to be re-branded". The
Indian Express. 4 January 2013. Retrieved 18 February 2014.
13) "Download List of CNX Nifty stocks (.csv)". NSE India. Retrieved 18 February 2014.
15) "Punjab National Bank on the Forbes Global 2000 List". Forbes. May 2013. Retrieved 18
February 2014.
16) "13 Best Banks of India". Silicon India. 19 November 2012. Retrieved 18 February 2014.
17) "IBFA awards the best in banking, insurance cos". MoneyControl.com. 17 October
2012. Retrieved 18 February 2014.
19) "A Shining Account". Business World. 16 November 2012. Retrieved 18 February 2014.
Product:
The product strategy and mix in Punjab National Bank marketing strategy can be explained
as follows:
Punjab National Bank is a widely present bank in India, with operations spread in personal,
rural as well as corporate banking. Punjab National Bank offers the following plethora of
products to its customers:
• Corporate- Corporate Loans, EXIM finance, Cash Management Services, Gold Card
Scheme for Exporters, Doorstep Banking Services
• International - Schemes / Products / Services, NRI Services, Help Desk For Forex Services,
World Travel Card, Foreign Office Details, Offshore Banking Units
BHIM, PNB Kitty, PNB Yuva, Unified Payments Interface, Retail Internet Banking,
Corporate Internet Banking, RTGS/NEFT/IMPS/ECS/NACH, Mobile Banking, Green PIN -
Debit Card.
Image: company website
Price:
Even though Punjab National Bank is stated owned corporation it faces a strong competition
from the like of State Bank of India, Corporation Bank, Bank of Maharashtra, State Bank of
Mysore, etc. As a major holding in the bank is of the government, the interest rates set by
PNB are comparably lower to private banks, as these private banks only function for profit.
Public banks while pursuing profit have to ensure to be the bank to the masses, promoting
growth in the country. The pricing decision its marketing mix are governed by the RBI
guidelines, competitor offerings and interest rates in the industry.
Place:
Promotion:
The promotional and advertising strategy for Punjab National Bank marketing strategy is as
follows:
Punjab National bank has won many awards and accolades. Some of these recent awards are:
• Assocham Social Banking Excellence Awards 2015 (Under Rural Banking Category)
Other than these awards, Punjab National Bank also conducts many corporate social
responsibility activities like health check-up camps, plantation drives, donation camps,
setting up of dustbins, sponsoring uniforms, adopting villages, etc. For promotion on
audio/video media, print media and website, Punjab National Bank has partnered with
cricketer Virat Kholi to gauge the attention of youngsters, given his wide following in India.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps
marketing mix of Punjab National Bank.
People:
Punjab National Bank is a huge organisation which has more than 70,000+ employees. PNB
is known to be employer of 919 employees with disabilities. The human resource
management software package is called PNB Parivar, so as to call the employees a family. It
was launched in 2006, to make pay roll processing, salary payment, tracking employee loans,
etc. transparent. It also serves as dashboard for all internal news and transfer & posting
related queries.
Process:
Punjab National Bank has grown in a robust manner over the last hundred twenty-two years
in both organic and inorganic way. Seven different banks merged into Punjab National Bank
to make it of the scale that it is now. Some these banks were:
Physical Evidence:
Punjab National bank infrastructure is still less technology centric as it is a public sector
bank with less investment on customer experience. Public sector enterprises are plagues with
bottlenecks and bureaucracy which hinder superior customer experience. Yet, services of
Punjab National Bank are comparable to that of a private bank in terms of speedy
transactions, wide array of products, extensive network of branches and ATMs. Hence, this
gives an insight in the marketing mix of Punjab National Bank.
Punjab National Bank is a government bank which is registered at New Delhi. Punjab
National Bank was found in 1894 as a private bank and the first to start up with Indian
capital and survived till date. Punjab National Bank is the known for being the bank to
dignitaries like Mahatma Gandhi, Nehru, Lal Bahadur Shastri, Indira Gandhi, etc. After a
hundred of its inception, PNB has reached a revenue of US $7 billion in the financial year
2015-16.
State Bank of India Marketing Mix (4Ps)
Marketing Mix of State Bank of India (SBI) analyses the brand/company which covers 4Ps
(Product, Price, Place, Promotion) and explains the State Bank of India (SBI) marketing
strategy. The article elaborates the pricing, advertising & distribution strategies used by the
company.
Product:
The product strategy and mix in State Bank of India (SBI) marketing strategy can be
explained as follows:
State Bank of India offers services in various sectors such as personal banking, rural banking,
corporate banking, International Banking. Rural & Agricultural Banking has many services
such as Kisan Credit Card, Farm Mechanization loan, Poultry Loan, Gold Loan, Fisheries
Loan, Dairy Loan, Micro credit, Pradhan Mantri JanDhan Yojana, Direct Benefit transport.
Personal Banking by SBI includes deposits such as Savings account, CC account, Salary
account, Fixed deposit, Recurring deposit. SBI Loans are available such as Gold loans, car
loans, education loan, personal loans, home loans, etc. SBI gives corporate services such as
Corporate account groups, mid-corporate account groups, Project finance, etc. International
banking of SBI consists of wholesale banking, retail, banking, Global trade service,
correspondent banking, treasury management. Other services offered are, Aadhaar seeding,
ATM services, mobile banking, Internet banking, Cash deposit machines, Demat services,
Invest Bonds, etc. This covers the product strategy in the marketing mix of State Bank of
India.
Image: Wikimedia
Price:
Below is the pricing strategy in State Bank of India (SBI) marketing strategy:
State Bank of India has a pricing strategy based on competition, RBI guidelines and
customer demand. The marketing mix pricing strategy governs the operations of SBI bank as
follows. Services provided by SBI follow the guidelines provided by Reserve Bank of India.
SBI competitively prices its services because Banking sector has become highly competitive.
Government policies heavily affect prices of the services provided by the bank. Since loan is
highly risky pricing also depends on the total to which the assets and liabilities amount to.
Place:
SBI operates in over 18 thousand branches in India. Majority of its banks are in rural areas
since it is a public sector bank and aims to serve the whole of India. SBI is present in 36
countries with over 190 branches overseas. SBI also provides its services through mobile
banking and Internet banking. It also has cash deposit stations and a huge network of ATMs.
It also has its presence through associate banks such as State bank of Hyderabad, State Bank
of Patiala, State Bank of Mysore, State Bank of Travancore, State Bank of Bikaner & Jaipur,
Bhartiya Mahila Bank, etc.
Promotion:
The promotional and advertising strategy for State Bank of India (SBI) marketing strategy is
as follows:
State Bank of India (SBI) promotes itself through various media such as Print media and
audio visual media such as Radios, Hoardings, Newspaper advertisements, TV-commercials,
movies, etc. Its tagline, ‘The Banker to every Indian’ turns out to be perfectly apt given its
presence across India. SBI smartly conveys its policies through its advertisements. Recently,
it has been adapting to the modern approach and devising its advertisements accordingly.
Thereby, it has employed famous personality to reinforce the idea of trust and SBI in
customers’ minds. Being affordable and present at almost every town, village and city has
been its indirect promotion due to its increased presence.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps
marketing mix of State Bank of India (SBI).
Process:
All the activities of SBI are governed by the RBI. It has to follow its regulations and
principles. SBI follows standard formats like any other bank because it has to abide by the
rules of RBI. Even though the documentation and forms are standardised, the bank has
customized approach for every customer based on the customer needs. Customer
involvement is ensured through ATMs where the employees are not present and only
customers are involved in the process. For simplicity, the functions of the bank are carefully
segregated based on their inter-connections.
People:
Every Indian is one or other way connected to the State Bank of India. The primary reason
being, every bank is directly related to SBI. Hence, customers, employees, management,
workers, everyone contributes to the prosperity and growth of the bank. Every worker and
employee adds to the profitability of SBI bank.
Physical Evidence:
SBI has its physical evidence through websites. The Business cards, paperwork, brochures,
furnishings are a source of physical evidence. Banks provide tangibles such as diaries, pens
to employees. The passbooks, checkbooks also are a medium of physical evidence.
Furnishings, financial reports, signage also reduce intangibility of the services. This covers
the marketing mix for State Bank of India (SBI).
Founded in 1802 as Bank of Calcutta it was later renamed as State bank of India after
independence. This public sector banking and financial services company is a government
owned corporation and generated revenue of US $41 billion in 2015. Employing more than
293,459 employees, SBI secured 232nd rank amongst world’s biggest corporation as listed in
Fortune Global 500 list. State Bank of India has 18,000+ (as on 2016) branches in the
country and conducted over 11,300 nationwide camps opening over 3 million accounts under
Pradhan Mantri Jan Dhan Yojana. Among Indian banks, SBI has largest presence in foreign
market spreading its network across 36 countries through 191 overseas offices which
includes major cities like Moscow, Los Angeles, Tokyo, Sydney, Colombo and even in Cape
Town. SBI has associations with few other banks which now are named as State Bank of
Patiala, State Bank of Mysore etc. Its major competitors in private and corporate banking
include ICICI Bank, HDFC Bank, Axis Bank etc. This India’s largest public sector bank it
also the largest mortgage lender (home loans), even bigger than HDFC.
SBI Financial Data Analysis
Mar 2019 Mar 2018
Banking in India in the modern sense originated in the last decades of the 18th century.
The first banks were Bank of Hindustan (1770-1829) and The General Bank of India,
established 1786 and since defunct.
Banking in India was generally fairly mature in terms of supply, product range and reach-
even though reach in rural
State Bank of India (SBI) is a multinational banking and financial services company based in
India. It is a government owned corporation with its headquarters in Mumbai, Maharashtra. As
of December 2013, it had assets of US$388 billion and 17,000 branches, including 190 foreign
offices, making it the largest banking and financial services company in India by assets.
The Company recognises that its future success continues to depend upon the capacity of our
staff and is committed to supporting the Company‟s Performance review process with a fair and
equitable reward and recognition system. The Company aims to create a climate for performance
excellence at every level for individual and team performance. The Company also recognises the
need for supervisors and employees to discuss and negotiate possible reward mechanisms both
when planning performance expectations and during the performance review as part of the
process.
This policy provides a guide for supervisors to objectively and fairly make decisions about
appropriately rewarding performance excellence. The Policy also acknowledges that employee
performance is often dependent on team efforts and the ability of an individual to operate
effectively as part of a group and as a member of the wider Company community. This policy
provides access to rewards where there is a consistent standard of performance in both
meeting/exceeding performance objectives and across the areas of professional competence
(i.e. Quality Service, Working Relationships, Professionalism and Leadership).
Any costs associated with the Reward and Recognition policy are to be met from the
Company operating budget. It is the responsibility of supervisors to ensure that
recognition rewards are only awarded to those staff who clearly and consistently exceed
expectations, have undertaken all work activities beyond the level required, exceeded
Performance Objectives as agreed by management and shown strength in all areas of
professional competence at their current level of classification.
When awarding recognition rewards the supervisor must consider the collective
contributions of other employees who may have facilitated the achievement of an
employee standard of performance. In recognising such contributions consideration should
be given as to whether it is necessary to extend an award allocation to other employees in
the work area.
The employee must be provided opportunity to respond and provide feedback to any
recognition reward recommendation including an opportunity to decline recognition or
to request recognition of the greater team. Staffs that clearly and consistently exceed
performance expectations can be rewarded through:
The provision of additional staff;
Provision of additional professional development funds for conferences,
professional memberships and related travel costs;
Nomination for organisation awards;
Presentation of in-house and other awards and/or letter of appreciation;
Opportunity to participate in career development processes such as:
Leadership
development programs; o
Accelerated Progression; or
o Access to higher duties opportunities that enhance the employee‟s career
development.
The Company can provide a range of awards for the purpose of recognising outstanding
contributions of staff in their specific roles. To be eligible for an award, a staff member
must have attained an excellent or exceptional standard of performance.