Compensation and Benefits of banks at Canada Research Paper

Compensation and Benefits of banks at Canada - Research Paper Example Scotia Bank follows a systematic recruitment program to get the best workers within the Canadian job market. The HR policies and procedures are followed strictly when procuring candidates for positions within the bank. A job evaluation exercise is initially carried out by the HR department for any vacant post that arises, which is subsequently followed by an advertisement process. The bank believes in grooming its employees to take up positions in the bank as they arise (Carmona, 2009). Therefore, it means that a suitable candidate will first be sourced from within the bank and its subsidiaries. Upon issuing an internal advertisement within the bank, internal staff members are allowed to apply, subject to a rigorous interview process aimed at finding a suitable candidate. Therefore, for staff members already with the bank, there are added chances for securing positions in better departments, if qualifications warrant so. Failure to find a prospective candidate within a stipulated per iod prompts the HR department to advertise externally, with local media and other public media outlets (Scotiabank, 2015). The process is carried out just like any other recruitment process.HSBC Canada is a subsidiary of the larger HSBC Bank Plc., which is one of the biggest banks in the world regarding assets and market capitalization. Therefore, HSBC Canada compensation and benefits system is a replica of the bigger bank headquartered in London. The methodology applied by the bank in rewarding its employees.