RBS data unlocks staff satisfaction with pay and benefits

The Royal Bank of Scotland (RBS) has found that employee satisfaction with their pay and benefits has risen by more than a third over the past six years.

The finding is part of the results of the financial services firm’s global annual employee survey, which is being analysed.

Greig Aitken, head of human capital strategy, explained that the proportion of staff which stated that they liked the firm’s reward strategy or liked it very much, has increased by 36% over the past six years.

He added that the number of employees who stated that they understood how their pay was determined, meanwhile, was 11% above the industry norm when benchmarked against data provided by an external agency.

The survey is also used by the company to benchmark its practices against its global peers and the 30 top-performing firms worldwide. It found that employees believe they are well paid compared with their perception of pay levels across the rest of the industry.

“We asked whether staff thought the pay was better than, or as good as, other financial services [firms] and the response we got was [that it is] 12% above our peer group,” said Aitken.

The headline results of the survey have been communicated to staff, but the company has yet to decide if it will make any changes to its reward package as a result.

The survey, which received 125,000 responses from staff spread across 30 countries in 4,500 business units, also produces data that enables RBS to benchmark its business units against one another.