netrashetty
Netra Shetty
Citigroup Inc. (branded Citi) is a major American financial services company based in New York City. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate Travelers Group on April 7, 1998.[2]
Citigroup Inc. has the world's largest financial services network, spanning 140 countries with approximately 16,000 offices worldwide. The company employs approximately 260,000 staff around the world, and holds over 200 million customer accounts in more than 140 countries. It is a primary dealer in US Treasury securities.[3]
Citigroup suffered huge losses during the global financial crisis of 2008 and was rescued in November 2008 in a massive bailout by the U.S. government.[4] Its largest shareholders include funds from the Middle East and Singapore.[5] On February 27, 2009, Citigroup announced that the United States government would take a 36% equity stake in the company by converting $25 billion in emergency aid into common shares; the stake was reduced to 27% after Citigroup sold $21 billion of common shares and equity in the largest single share sale in US history, surpassing Bank of America's $19 billion share sale one month prior.
Citigroup is one of the Big Four banks in the United States, along with Bank of America, JP Morgan Chase and Wells
After employees have been selected for various positions in an organization, training them for the specific tasks to which they have been assigned assumes great importance. It is true in many organizations that before an employee is fitted into a harmonious working relationship with other employees, he is given adequate training. Training is the act of increasing the knowledge and skills of an employee for performing a particular job. The major outcome of training is learning. A trainee learns new habits, refined skills and useful knowledge during the training that helps him improve performance. Training enables an employee to do his present job more efficiently and prepare himself for a higher-level job. The essential features of training may be stated thus:
•Increases knowledge and skills for doing a particular job; it bridges the gap between job needs and employee skills, knowledge and behaviors
• Focuses attention on the current job; it is job specific and addresses particular performance deficits or problems
• Concentrates on individual employees; changing what employees know, how they work, their attitudes toward their work or their interactions with their co-workers or supervisors
• Tends to be more narrowly focused and oriented toward short-term performance concerns.
Training is needed to serve the following purposes:
• Newly recruited employees require training so as to perform their tasks effectively. Instruction, guidance, coaching help them to handle jobs competently, without any wastage.
• Training is necessary to prepare existing employees for higher-level jobs (promotion).
• Existing employees require refresher training so as to keep abreast of the latest developments in job operations. In the face of rapid technological changes, this is an absolute necessity.
• Training is necessary when a person moves from one job to another (transfer). After training, the' employee can change jobs quickly, improve his performance levels and achieve career goals comfortably
• Training is necessary to make employees mobile and versatile. They can be placed on various jobs depending on organizational needs.
• Training is needed to bridge the gap between what the employee has and what the job demands.
Training is needed to make employees more productive and useful in the long-run.
Training is needed for employees to gain acceptance from peers (learning a job quickly and being able to pull their own weight is one of the best ways for them to gain acceptance).
* Signal to employees the major objectives of the organization by emphasizing these through compensation and rewards
* Attract and retain the talent the organization needs
* Reward employees’ past performance
* Encourage employees to develop the knowledge, skills and abilities (KSAs) they need
* Reduce unnecessary turnover
* Support the type of culture the organization seeks to create
Merit Pay coupled with Skill-based Pay
In order to yield the best possible result, the Hotel must use both merit pay and skill-based pay. Merit pay is considered as an effective motivational tool. Merit pay is a raise in salary that is based on the employee’s individual performance (Sims 2002). The merit pay must be tied with performance in order to focus the employee’s attention on the link between performance and rewards. Skill-based pay according to Knouse (2002) compensates employees for the depth and breadth of skills they obtain that are valued by the organization. The emphasis is on skill mastery rather than on job performance, which is the focus of more traditional pay plans, such as merit pay. Skill-based pay programs tend to be found in high employee involvement organizations, where employees work in teams and actively participate in managing organizational processes. Skill-based pay is an innovative reward system that promotes workforce flexibility by rewarding individuals based on the number, type, and depth of skills mastered (Recardo and Pricone 1996). The aim of the skill-based pay is to encourage and reward employees who take the initiative to update their knowledge, skills and abilities. As employees acquire higher level of expertise, the organization must reward them in order to promote an environment of ‘continuous learning’.
Citigroup Inc. has the world's largest financial services network, spanning 140 countries with approximately 16,000 offices worldwide. The company employs approximately 260,000 staff around the world, and holds over 200 million customer accounts in more than 140 countries. It is a primary dealer in US Treasury securities.[3]
Citigroup suffered huge losses during the global financial crisis of 2008 and was rescued in November 2008 in a massive bailout by the U.S. government.[4] Its largest shareholders include funds from the Middle East and Singapore.[5] On February 27, 2009, Citigroup announced that the United States government would take a 36% equity stake in the company by converting $25 billion in emergency aid into common shares; the stake was reduced to 27% after Citigroup sold $21 billion of common shares and equity in the largest single share sale in US history, surpassing Bank of America's $19 billion share sale one month prior.
Citigroup is one of the Big Four banks in the United States, along with Bank of America, JP Morgan Chase and Wells
After employees have been selected for various positions in an organization, training them for the specific tasks to which they have been assigned assumes great importance. It is true in many organizations that before an employee is fitted into a harmonious working relationship with other employees, he is given adequate training. Training is the act of increasing the knowledge and skills of an employee for performing a particular job. The major outcome of training is learning. A trainee learns new habits, refined skills and useful knowledge during the training that helps him improve performance. Training enables an employee to do his present job more efficiently and prepare himself for a higher-level job. The essential features of training may be stated thus:
•Increases knowledge and skills for doing a particular job; it bridges the gap between job needs and employee skills, knowledge and behaviors
• Focuses attention on the current job; it is job specific and addresses particular performance deficits or problems
• Concentrates on individual employees; changing what employees know, how they work, their attitudes toward their work or their interactions with their co-workers or supervisors
• Tends to be more narrowly focused and oriented toward short-term performance concerns.
Training is needed to serve the following purposes:
• Newly recruited employees require training so as to perform their tasks effectively. Instruction, guidance, coaching help them to handle jobs competently, without any wastage.
• Training is necessary to prepare existing employees for higher-level jobs (promotion).
• Existing employees require refresher training so as to keep abreast of the latest developments in job operations. In the face of rapid technological changes, this is an absolute necessity.
• Training is necessary when a person moves from one job to another (transfer). After training, the' employee can change jobs quickly, improve his performance levels and achieve career goals comfortably
• Training is necessary to make employees mobile and versatile. They can be placed on various jobs depending on organizational needs.
• Training is needed to bridge the gap between what the employee has and what the job demands.
Training is needed to make employees more productive and useful in the long-run.
Training is needed for employees to gain acceptance from peers (learning a job quickly and being able to pull their own weight is one of the best ways for them to gain acceptance).
* Signal to employees the major objectives of the organization by emphasizing these through compensation and rewards
* Attract and retain the talent the organization needs
* Reward employees’ past performance
* Encourage employees to develop the knowledge, skills and abilities (KSAs) they need
* Reduce unnecessary turnover
* Support the type of culture the organization seeks to create
Merit Pay coupled with Skill-based Pay
In order to yield the best possible result, the Hotel must use both merit pay and skill-based pay. Merit pay is considered as an effective motivational tool. Merit pay is a raise in salary that is based on the employee’s individual performance (Sims 2002). The merit pay must be tied with performance in order to focus the employee’s attention on the link between performance and rewards. Skill-based pay according to Knouse (2002) compensates employees for the depth and breadth of skills they obtain that are valued by the organization. The emphasis is on skill mastery rather than on job performance, which is the focus of more traditional pay plans, such as merit pay. Skill-based pay programs tend to be found in high employee involvement organizations, where employees work in teams and actively participate in managing organizational processes. Skill-based pay is an innovative reward system that promotes workforce flexibility by rewarding individuals based on the number, type, and depth of skills mastered (Recardo and Pricone 1996). The aim of the skill-based pay is to encourage and reward employees who take the initiative to update their knowledge, skills and abilities. As employees acquire higher level of expertise, the organization must reward them in order to promote an environment of ‘continuous learning’.
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