Question

Imagine that you are an executive at a large bank. You have been tasked with overseeing your company's implementation of an entirely new mortgage review and approval process that must comply with complex, new federal laws. Creating and implementing this new process wl require intimate knowledge of the entire mortgage application and approval process, technology, the new legislation, bank operations and more. To work on this task, you are asked to assemble a self-managing team with the stretch goal to complete the process overhaul within six months. The team will be given nearly unlimited control over the budget and resources it needs to do the job, but it must still go through the normal approval process from management to make changes. In addition, the team will not be able to make changes to the bank's structures, policies, or practices without management approval. Your team's task is vital to your bank's compliance with federal law and survival. Given its importance, you will want to make sure you have only the most talented people available on the team. In other words, you will want: O An individualistic team O A diverse team O A low team level O A high team l As a team with a stretch goal, your team will struggle to succeed because it has not been given and Since this team will be new, your bank has decided to compensate the team members initially with non-financial rewards. By working well together, members could be part of a permanent team focused on improving operational efficiency. What type of team compensation system would work best for them? O Nonfinancial rewards O Team member of the month O Skill-based pay O Gainsharing program

Answer 1

Answer:

My straight answer is you need a Diverse team with somewhat a high level of management with Gain Sharing Program as the incentive programme.

Explanation:

Since the question is long, I'll make it shorter. The team is New, the goal is wide, the team's autonomy (working independence) is not much strong.

A Diverse team is required as the set of tasks needed to be done requires different skill sets. (like law, tax, etc.)

Although the team is highly talented, they are new and not much experienced. So, a high level of management is required at the beginning until the team stabilizes.

Since its a new and diverse team, team spirit has to be established. An unfitting rewarding system could be the very beginning of various conflicts, trust issues and jealousy among peers in the group. Eventually destroying the team altogether.

Gain Sharing program mainly focus on improving the team productivity through participation, involvement and creative innovation. Eventually the entire team's productivity goes up and then the entire team is rewarded.