Understanding the compensation system at Zarai Tarqiati Bank Limited Pakistan (ZTBL)
The core aim of this research is to explore those ways through which employees at Zarai Tarqiati Bank Limited Pakistan (ZTBL) are being paid financially or non-financially for the work they perform or are asked to perform in tough routine. Therefore, those factors are under consideration which put immense influence over employees’ behavior & attitude besides the level of satisfaction of the workers. In order to go ahead in line of the purpose of this study, a number of recommendations are to be given to the management of Zarai Tarqiati Bank Limited Pakistan (ZTBL) so that the employees under different cadres and scales get satisfied with the practices and policies relating to the compensation rigorously followed by the bank under different circumstances which can prove to be a milestone in achieving success not only for the employees at the bank but also for the bank itself in the present arena of stiff competition in the banking industry of Pakistan.
For the sake of achieving results survey methodology is carried out and a questionnaire as an instrument has been used. The questionnaire form is an opted one and taken from Malik’s work, 2005 on compensation policies and practices being followed in foreign bank here in Pakistan. However, in order to have clear picture as what employees deliberate so as far compensation practices are concerned; percentage analysis technique has been used to have the clear understanding as what the respondents say about a particular phenomenon.
The results suggest that pay incentives in different forms are very meager in amount and so is the case with benefits given to the employees. Mixed results have been extracted as those who points out that employee earnings largely depends on organizational performance and those who don’t think so. Seniority has been observed as powerful criteria upon which employees get handsome compensation package & this is what employees aspire for as well. However, most of the employees highlighted that they need to be paid for the better performance they show up against their work assigned. Results also show that most of the employees think that ZTBL pay practices are well designed to have top performer at work along with the phenomenon that pay practices are smart enough to bring effectiveness even for the bank itself while at the same time most of them think this is not happening at all.
It is suggested to the bank policy makers that individual performance has to be taken into consideration and be rewarded accordingly. For better results for the bank; seniority should not be focused altogether but pay for performance is duly prescribed. The bank has to reshape its existing benefits package along with those non-financial aspects to be used as part of total compensation package. Pay practices need to be tailored in line of employees needs and lastly the alignment has to be there between organizational philosophy/objective & compensation strategy out there in ZTBL, Pakistan.
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