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Scotiabank Barbados is a truly international bank as it forms part of the Bank of Nova Scotia group of companies, Canada’s leading international bank, which has 48,000 employees in 50 countries around the world. The Bank of Nova Scotia has operated in Barbados since 1956 and with a staffing complement of over 300 employees, currently operates a network of eight (8) branches, offering retail commercial and cash management services to individuals, small and medium-sized businesses and corporations. Scotiabank has enjoyed a history of evolution and growth, what began in 1956 with a small branch in Bridgetown, has evolved into a conveniently located network of branches providing financial services to personal and business banking customers. The bank is committed to being the institution of choice – providing comprehensive products and services and being a good corporate citizen by supporting the community where they live and do business. Core strengths are – Risk Management, Diversification, Productivity and Customer Service.
The purpose of this research paper is to study the business and compensation strategies of a multinational organization. It is hoped the findings of the research will allow us to determine if there is alignment between the two strategies and also if the organization is following the best practices as proscribed by the available literature. In addition by examining the various elements of the compensation plan we can determine if the compensation strategy is being effectively implemented or if adjustments are required to ensure greater success in achieving organizational goals.
➢ Outline the Bank of Nova Scotia’s compensation strategy and describe the elements of its compensation system.
➢ To determine if there is a link between the Bank’s compensation strategy and the business strategy.
➢ To determine if the bank’s compensation strategy is successful.
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