Bank of Ceylon -which considered as the banker to the Nation and the leader in commercial banking sector in Sri Lanka tend to be provide host of facilities to its employees to create a keen interest towards the organization and to increase the retention and ultimately to improve the Organizational productivity through Employee satisfaction.
Out of the 05 needs explained by Maslow, employees are expecting Love, Affection, Belonginess. Esteem needs & Security needs from their working organization. Bank of Ceylon facilitating its lower and middle level employees with following which are come under Employee Benefits, to fulfill Security Needs. “Employee benefits are elements of remuneration given in addition to the various forms of cash pay. They also include items that are not strictly remuneration, such as annual holidays”.
• Ontime salary and bonuses: provide an attractive and competitive total remuneration package which both attracts and retains high-quality employees.
• Personal security: these are benefits which enhance the individual’s personal and family security with regard to illness, health, accident or life insurance.
• Pension schemes: these are generally regarded as the most important employee benefit.
The reasons for having a worthwhile pension scheme are that it:
-demonstrates that the organization is a good employer.
-attracts and retains high-quality people by helping to maintain competitive levels of total remuneration.
-indicates that the organization is concerned about the long-term interests of its employees.
• Financial assistance: loans, house purchase schemes, relocation assistance.
• Personal needs: entitlements which recognize the interface between work and domestic needs or responsibilities, e.g. holidays and other forms of leave, child care, career breaks, retirement counselling, financial counselling and personal counselling in times of crisis, fitness and recreational facilities.
• Promotions:
- Promotion vacancies are notified in the HR department.
-Vacancies are advertised internally.
- Departmental managers should not allowed to refuse promotions transfers.
• credit card facilities
• Intangible benefits: characteristics of the organization which contribute to the quality of working life and make it an attractive and worthwhile place in which to be employed.
• Positive organizational culture
• Overtime payments– most manual workers are eligible for paid overtime as well as many staff employees up to management level
Love. Affection and Belonginess needs
PROVISION OF EMPLOYEE WELFARE SERVICES
It seems obvious that the HR department provide employee welfare services. Inevitably, HR staff will be dealing with cases and providing advice because they are in constant contact with employees and may be seen to be disinterested. It is to be hoped that they will also have some expertise in counselling.
They are very close enough to each member of their team to be aware of any personal problems affecting their work
INTERNAL COUNSELLING SERVICES: Internal counselling services provided by full-time staff or volunteers
WORK-LIFE BALANCE:
providing scope for employees to balance what they do at work with the responsibilities and interests they have outside work .
These are providing By the Bank of Ceylon for the fulfillment of following.
• improved productivity and quality of work;
• improved commitment and morale;
• reduced staff turnover;
• reduced casual absence;
• improved utilization of new recruits
• provide for the personal needs of employees;
• increase the commitment of employees to the organization;
ESTEEM NEEDS-
To meet the needs of “Esteem needs “Bank of Ceylon gives followings to the Top ranked employees as a tool of recognition and motivation.
• Different forms of health Insurance Packages
• Separate Cafeteria area reserved
• Special Vacation plans
• Packages from 5-star hotels
• Luxurious Vehicles
References:
American Banker (2018) what banks can learn from Maslow’s hierarchy of needs, [online]Available from https://www.americanbanker.com/opinion/what -banks-can-learn-from-maslows-hierarchy-of-needs [Accessed 05 September 2018].
Armstrong, M. (2006) A Hand book of Human Resource Management Practice.10th edition. Philadelphia: Kogan Page.
Avneet ,K.((2013) Maslow’s Need Hierarchy Theory: Applications and Criticisms. Global Journal of Management and Business Studies,3(2248-9878) 1061-1064.
Hoy, W. & Miskel, C. (2008) Educational Administration: Theory Research and practice. New York: McGraw-Hill.
Jerome, N. (2013)’Application of the Maslow’s hierarchy of need theory; impacts and implications on organizational culture, human resource and employee’ performance’. International Journal of Business and Management Invention 2013: Department of Economics Taraba State University Jailing, Nigeria 2 (3) pp.39-45.