Professional Documents
Culture Documents
Jordan, Reynier I - Mba - SMBP - Final Output
Jordan, Reynier I - Mba - SMBP - Final Output
Jordan, REE
Student
STRENGTH Technology affects several jobs in the company that cause Expand the business that will increase revenue
MBA Trust Company had grown quite elimination of job responsibilities of employees. Since and sales
rapidly and adapted technology there is an existing company policy in regard to the firing Realignment of all outdated job responsibilities
of employees. The new president wants to revise the affected by technology.
Established company that had almost existing policy and implement the two new policies. Reorganization if most of the job
25 years of operation responsibilities are outdated
It is difficult for department heads to make early Implement scorecard system and evaluate the
WEAKNESSES retirement decisions for outdated employees neither performance of the employees
because most of the longtime employees are
There are two largest expense items on the Implement the Policy to achieve the following
balance sheets of most banks are interest experienced in the field. Work.
objectives:
expense and salary and fringe benefit 1. Reduce salary and benefit costs.
expenses In addition, they are often the people holding key
2. Redirect positions to focus on priorities,
positions in the company. Unlike their younger and
changing needs or strategic objectives.
Technology caused several job changes and sometimes indecisive counterparts, older employees are
3. Achieve cost savings and organizational
the elimination of others responsibilities. known for their strong work ethic, loyalty, and increased
efficiencies
tenure. They also bring a different perspective,
4. Early retirement would create internal job
experience, and strong communication skills, meaning
opportunities or unblock promotion channels
their contribution is valuable and can complement
which succession planning could fill through
younger members of the team nicely.
OPPORTUNITIES an internal appointment
Less time required to accomplished work
As the workforce ages, it becomes more experienced,
output due to technology • Top management shall ensure that the
and greater experience is generally associated with
Early retirement would create internal job responsibilities and authorities for relevant roles are
higher earnings and productivity. But an aging workforce assigned, communicated, and understood within the
opportunities or unblock promotion
might also experience deterioration in the relevant skills organization. Top management shall assign the
channels which succession planning could
if job requirements change over time or if people's skills responsibility and authority for ensuring that the
fill through an internal appointment
decline. integrity of the quality management system is
Employee can receive some significant tax maintained when changes to the quality
Retirement plans will affect the mindset of all employees management system are planned and implemented.
advantages comes from MBA Trust
since it is a valuable benefit that impacts the present and
company because Government wants to
future employees, and it also impacts the company too. Ensure that the quality policy and quality
encourage employers to provide retirement
benefits to employees. If the plan is based objectives are established for the quality
on profits, the plan may enhance employee OPTIONS management system and are compatible with
motivation and productivity the context and strategic direction of the
There must be a realignment of all outdated job organization;
Retirement benefits may give you a responsibilities affected by technology.
recruiting advantage. If your business has Communicate the importance of effective
high start-up costs or little cash on hand, Identify the new job required by the company. quality management and of conforming to the
you can use a retirement plan to quality management system requirements;
supplement your compensation package. Condition: If the company identified most of the
Again, you can use the plan to save for your departments needed a realignment, then it required to
own retirement implement a reorganization
Ensure that the responsibilities and authorities
for relevant roles are assigned, communicated
THREATS Create a process and job requirements in the and understood within the organization.
realignment/reorganization. It will motivate the
The president wants to implement the two Employees to expand their learnings
new policies. One of these he thought of as
Promote the use of the process approach and
risk-based thinking;
a short-term policy subject for new
employees. The other, which he wanted to
be a permanent policy, was an early Implement scorecard system/strategic planning per
retirement program designed “to eliminate department to scrutinize the needs of the company.
obsolete older employees”.
• Providing a plan can (and most likely will) Implement some incentives program to address the
require professional assistance, which can be plans and goals of the company also to motivate all
expensive. Pension rules are complex, and the employees
tax aspects of retirement plans can also be
confusing if not analyze prudently.
STRATEGIC CHOICE
SWOT analysis
Corporate strategy
Directional strategy
Financial Strategy
Human Resource Management (HRM) Strategy
Growth Strategy
EVALUATION & CONTROL
1 Definitions. For purposes of this Policy, the following terms shall have the meanings set forth below:
A. “Benefits” shall mean those benefits provided under this Policy
C. “Eligible Employee” or “Employee” shall mean an employee who has satisfied all of the conditions and
requirements.
D. “Final Monthly Salary” shall mean an Employee’s taxable wages for the last full calendar month of
employment with the Company prior to retirement, as determined by the MBA Trust Company.
E. “Release and Separation Agreement” shall mean the release and separation agreement the
Company provides an Employee as part of this Policy.
G. “Years of Service” shall mean consecutive twelve (12) calendar month periods during which the
Employee has been continuously employed by MBA Trust Company. full-time (at least 40 hours per week), as
determined by MBA Trust Company. A full-time Employee shall be given credit for a full Year of Service for
the last year of service with the Company, regardless of the actual time employed with the Company during
that last year. For example, an Eligible Employee who has consecutively worked five (5) years and three (3)
months for the Company will be given credit for six (6) Years of Service. In addition, an Eligible Employee who
has worked less than one (1) year with the Company will be given credit for one (1) Year of Service. For
example, an Eligible Employee who has worked three (3) months for the Company will be given credit for
one (1) Year of Service.
1 INTRODUCTION
1.1 This policy is designed to assist employees who are considering or have taken the decision to retire from service and outlines the
options available and support that can be expected from management.
1.2 This policy applies to all employees of the MBA Trust Company regardless of their length of service, and should be read in
conjunction with the MBA Trust Company Discretionary Policy Statement.
1.3 In line with legislative changes which came, MBA Trust Company does not have a normal retirement age for its employees.
There are however, a number of options available to staff from the age of 55+ years, in terms of the pension benefits they may
be eligible to receive.
2. EQUALITY STATEMENT
2.1 In applying this policy, the organisation will have due regard for the need to eliminate unlawful discrimination, promote
equality of opportunity, and provide for good relations between people of diverse groups, in particular on the grounds of the
following characteristics protected by the Equality Act age, disability, gender, gender reassignment, marriage and civil
partnership, pregnancy and maternity, race, religion or belief, and sexual orientation, in addition to offending background,
trade union membership, or any other personal characteristic. An Equality Impact Assessment is used for all policies and
procedures.
2.4 If employees retiring under this condition are 60+ years old there will be no additional charge made to the employer.
2.5 For employees under age 60 MBA Trust Company may consent to the immediate payment of retirement benefits. Augmented years will not be
awarded.
2.6 Any request to retire under this condition must be made in writing to the Head of Human Resources and Organisational Development.
3 BENEFITS. Benefits under this Policy will be paid only if the Company decides in its discretion that the Employee is entitled
to them.
A. Basic Benefit. Under this Policy, an Employee shall receive Benefits equal to one (1) times Final Monthly Salary for
every Year of Service, subject to the following minimum and maximum. An Eligible Employee will receive a
minimum of six (6) times Final Monthly Salary under this basic Benefits option, regardless of his or her Years of
Service. For example, an Eligible Employee who has only one (1) Year of Service will still receive six (6) months of
Final Monthly Salary under this basic Benefits option. Notwithstanding the above, an Eligible Employee will
receive a maximum of twenty-four (24) times Final Monthly Salary under this basic Benefits option, regardless of
his or her Years of Service,
B. Bonus Benefit. Under this Policy, an Eligible Employee shall receive any bonus earned but not yet paid under the
Company Bonus Plan at such time as any bonus is paid to Company employees. This bonus payment will be paid
to each Eligible Employee even though not a Company employee at the time of actual payment.
4. RETIREMENT SCENARIOS
4.1 The following scenarios are designed to illustrate the pension benefits/ entitlements available to staff retiring on the following grounds:
(i) Scenario 1 (Early Retirement):
Employee A is aged 62 and has 20 years service. They have expressed an interest to retire on their 63rd birthday. Employee A is required to give their
contractual notice period to do so. The employee will bear a reduction in their lump sum and annual pension to account for the early withdrawal
from the pension scheme because they do not meet the 85 year rule.
5. Payment of Benefits. An Employee must choose on the Election Form a Benefits payment option. This election will be irrevocable and must be
made before the Employee signs the Release and Separation Agreement. The Employee must choose one of the following three payment options:
A. Lump-sum Payment. The Employee may elect to receive a single, lump-sum payment of his or her Benefits as soon as
administratively feasible after the Employee’s retirement, but no sooner than seven (7) days after the Employee returns to the
Company the Election Form, Release and Separation Agreement, and Non-Compete Agreement (for enhanced Benefits).
B. Lump-Sum Payment at Future Date. The Employee may elect to receive a single, lump-sum payment of his or her Benefits at a
date the Employee designates on the Election Form, but no later than twelve (12) months after his or her retirement date from the
Company. The Company will not pay interest on this lump-sum amount.
C. Installment Payments. The Employee may elect to receive his or her Benefits in equal, monthly installments over a period of
months the Employee chooses. This period may not extend beyond twelve (12) months after the Employee’s retirement date from the
Company. The Company will not pay interest on these installment payments.
All payments made under this Plan are subject to applicable income, employment and other taxes as may be required under any law or regulation.
8. PROCEDURE
8.1 In the first instance any employee wishing to apply for any of the flexible retirement options detailed above should discuss this with their
manager.
Following initial discussions the Pensions Officer should be contacted to verify current details of a member’s contributions and to obtain information
of the financial implications for a flexible option for the member.
8.2 If the employee decides to apply for flexible retirement they should submit a formal request in writing to their line manager (under the flexible
working policy where appropriate). The organisation would then examine the facts and try and reach a solution that would:
a) meet the needs of the individual.
b) ensure service requirements are maintained.
MBA TRUST COMPANY TEMPORARY EMPLOYEE POLICIES AND PROCEDURES
The service of a temporary employee may be discontinued by the employing supervisor at any time.
Temporary Employees are not in a collective bargaining unit and do not enjoy any of the contract rights granted to
unit employees. Specifically they are not eligible for MBA Trust Company fringe benefits (vacation, paid holidays, comp time,
etc.), salary increases, reclassification, or for shift differential pay.
Temporary Employees are not granted preferential treatment based on their employment with the MBA Trust Company if they
apply for a permanent position.
Temporary Employees shall be provided rest periods and non-paid lunch breaks as required by law.
II. DEFINITIONS
All Temporary employees:
o in paid status for more than 124 work days or 1000 hours
o may work no more than 180 days in a fiscal year or whichever comes earlier depending on the limitation specified
in the types of assignments (see below).
TYPES OF ASSIGNMENTS
Temporary Substitute (T4) - any person employed to replace a classified employee who is temporarily absent from duty. (i.e. Working-out-of-class,
staff development leave, leave of absence, medical leave).
o The temporary employee filling the position must meet minimum qualifications specified on the regular classified job descriptions of the
permanent position.
o There must be an employee who is temporarily absent from the position - on paid or unpaid leave.
o A substitute can be employed for no more than 180 work days. However if the permanent employee is absent for more than a fiscal year, the MBA
Trust Company may hire another substitute employee to replace the substitute employee who was terminated prior to reaching the 180 work day
limit
o The substitute cannot exceed the period of absence of the permanent employee.
Temporary-in-vacancy (T2) - any person who is employed to fill a vacancy. An hourly person cannot fill the
vacancy for more than 90 calendar days.
o the temporary employee filling the position must meet minimum qualifications specified on the regular
o A Temporary-in-vacancy, assuming all of the duties of the vacant position, is paid at the designated
classification level of the position at
• Each Supervising Manager must establish guidelines regarding employee conduct, performance standards/evaluations, procedures for collecting
time cards, etc. as long as guidelines are reasonable and do not conflict with overall MBA Trust Company policies. A Supervising Manager may dismiss
a temporary employee at any time without cause.
• The Supervising Manager is responsible for communicating and enforcing department and MBA Trust Company safety
practices. General safety guidelines are attached to the Temporary Employee packet.