Human Resource Management Strategic Evaluation in HSBC Bank Plc

Unit 3- Human Resource Management

1. Introduction

Human resource management plays an important role in every area by providing efficiency and control in the management part. This report contains the HRM strategic evaluation in the association of HSBC Bank Plc. The importance of workforce planning and strategic HRM will be highlighted in the report. The benefits and limitations of HRM practices will be identified. The impacts of HRM decision making and the application will be provided to engage the validation factor. The different approaches of recruitment and selection will also identify in the report that considerably attains effective aspects of human resource management.

2. Section 1

2.1 Introduction to the Organization

HSBC Bank Plc is a British multinational banking and financial services organizations. The bank will offer personal and business banking to the people and serve clients globally with the different associations of work. The mission statement of HSBC Bank Plc is to provide products, solutions, and services of the highest quality and deliver the customer's most valuable products in respect to gain trust and loyalty. The business objective of HSBC Bank Plc is to achieve and develop the strategy for managing and value the design to attain the achievements. They also want to achieve major economies and fast-growing emerging markets with more valuable products that help in gain the customer’s attraction. They have developed long-term strategies to connect with the customers and develop opportunities around the world (Obeidat, 2016).

2.2 Purpose and Function of HRM applicable to workforce planning and resourcing an organization

The purpose and function of HRM workforce planning are aligned with new sources and pattern of work that leads to take out effective action planning and run organization with new factors. It helps in managing the workforce and employees in a beer way with developing their skills and competencies.

Purpose-

The workforce planning and resourcing of an organization is a better combination to put together with new changes that lead to developing new processes. The main purpose is-

• To analyze and forecast the demand and supply of the workforce with effective sources and functions that lead to defining new changes.

• To assessing the gaps and develop new formation in the workforce planning (John and Björkman, 2015).

• To determine the target talent management intervention that helps in ensuring the organization with the right people with the right skills, right place, and at right time.

Functions-

Performance Management- the HRM helps in analyzes the performance of the employees with the effective achievement of the workforce. It helps in analyzing the gap of the performance with the major outline of work.

Skill and Resource Management- It also help in define the skills of the workforce that can be helpful to the organization and resourcing out the effective outcome with deliberate options that leads to capture the functional position and data practice (Kaur and Dubey, 2020).

HR & Benefits administration- It helps in provides new significant benefits and features to the workforce to help in the planning. The resourcing will be kept on developing by knowing out the benefits and effectiveness in work progress.

2.3 Strengths and Weaknesses of different approaches to recruitment and selection

The process of recruiting and selecting an individual is to fill the job vacancy with a skillful person with the help of internal sourcing and External Sourcing.

Internal sourcing – Internal sourcing includes recruiting people from inside the organization. Within this source, the HSBC Bank adopts the available human resources from the employee’s inside the organization which meets the conditions and requirements of the job (Singh and Kamal, 2017). They will know about all policy and procedures of the company. Promotion, Selecting top talent and advertisement are some specified examples that will be used by the company for internal sourcing.

Strengths-

• Cheaper and quick to recruit

• Provide opportunity of promotion

• People are familiar with business norms and conditions

Weaknesses-

• Limited number of potential applicants

• No new ideas

• Does not hot to know about any outside talent

External Sourcing- External sourcing includes the recruitment process in which outside people from the organization will be selected. The HSBC Bank provides new associations in the working process in which they will get new talent in the organization and having the knowledge to determine the changes with an effective process. Media advertisement, social media posts, and use of the new working site will provide information to the candidate about the job vacancy (Albrecht et al., 2015).

Strength-

• Outside people bring new ideas

• People have wider range of experience

• Larger pool of workers and select best candidates

Weaknesses-

• Long process

• Selection process may not be effective

• More expensive process

3. Section 2

3.1 Human Resource Management Practices

HRM can be defined as the policies and practices that are required to perform the routines of the human resource in the organization. The HSBC bank plc perform all measures and tasks that are required to equipped with necessary changes and action that are decline to manage the respective policy with changes factors. The performance management, encouraging employees, and involvement in decision making will empower the position with effective HRM practices (Kianto et al., 2017).

Providing securities to the employees- HSBC Bank focuses on providing securities to the employees in a more effective way. It enlarges the effective position to grab the new knowledge with effective working aspects. For example, HSBC provides provident funds and securities that help their employees in the future and get the new knowledge to entitle the process with the effective enhancement of work.

Benefits-

• Stability in the organization

• Attract top talent

• Crate positive work environment

Limitations-

• When employee secure in job, they will start losing hunger in their work.

• Missed targets

• Poor performance of employees

Fair and performance-based compensation- It is the HRM practices that are aligned to develop and manages the features of working progress. HSBC bank will provide fair compensation to the employees according to their performance. It leads to redevelopment and enhances the position with greater opportunities and effective outcomes that can ensure the work performance of the employees. For example- they will use a dashboard in which employee’s performance will regularly manage and provide their key factors.

Benefits-

• Boost employee performance

• Enhancing skills and knowledge

• Get compensation and reward

Limitations-

• Decrease morale of other employees

• Does not satisfied with decisions

• Poor performance

Learning, development and training

This practice leads to develop effective planning in the organization. HSBC Bank Plc will provide training, learning, and development process that will join the bank and have no knowledge about products and services. They will intend to change the process with provide effective training and learning approach that leads to developing the skills and knowledge of the employees. It leads to embracing the position with effective action in work performance (Stone and Deadrick, 2015). They also provide internal and external features of the organization that leads to carrying out more change with effective functions in lead to outsource the effective features and their process that develop a new pattern of work with effective outcomes.

Job and Workplace design

HSBC helps in providing new opportunities and practices to the employees that lead to capture the effective process. The design of the workplace and their job leads to deliver on the job sites that can manage the work progress with new outcomes. They will tend to define the factors that develop new opportunities and practices in the selection and recruitment of a range of practices to define the new position and working outcomes. The design of the job and their workplaces will keep the new sources and sights that bring a position of work with effective changes process.

Performance Management

HRM helps in analyzes the performance of the employees with the effective achievement of the workforce. It helps in analyzing the gap of the performance with a major outline of work. It brings new outcomes and position that can capture the new data practices with developing new sources and patterns that are eligible to take new action (Santhanam et al., 2017). HSBC Bank has software in which the performance of the employees can be measured and it develops new opportunities that can lead to develop and manage future performance. It brings new sources and working outcomes with effective position and work practices.

3.2 Reward Management for both Employee and Employer in HSBC Bank Plc

Reward Management is the strategy that helps in rewards everyone in the organization for their effective performance and fair competence in the company. HSBC Bank provides a reward system to the employee and employer for their better contribution to the organization. They will lead to place strong contributions that are gathering for employing their performance in a better way. It helps boost up overall productivity of the organization and gets the success of the business. It leads to develop and enhance the capability with effective opportunity and get the chance to get a strong position with an effective advantage.

Benefits for employee-

The employee feels more motivated to work and give their full potential towards the work. They are committed to the work to get the rewards and lead to provide success to the organization by contributing their full efforts. They will help in increasing productivity and adopt the capability to increase the chance of an effective working position. The employee will also get new opportunities to get promoted in the workplace and lace their full potential in their work (Byrne et al., 2018).

Benefits for the employer-

The employer will appreciate the employee for being dedicated to the work and gain the full outsourcing pattern throughout the working position. They will lead to maintain and sustain the program the efficiency with full potential and gain the advantage to seek out the performance of the employee.

3.3 Relevancy of HRM to organisational efficiency, effectiveness and profitability

Human resource management is the process that helps in derives profits by the help of hiring, recruiting, on-boarding people into the organization. By developing their key performance areas the company can earn more profit for the organization and indulge to gain effectiveness by their working performance. Human resource management also develops new personalities with ideas that help in bring effective productivity with increases inefficiency in their work. They will lead to develop and enlarge the future activities that are very helpful for the organization (Chams and García, 2019). It is very important to give a review towards the HRM Practices because it provides effectiveness, efficiency, and profitability in the organization in a better way that leads to develop and enlarge the effective factors. An effective management system will provide the gain process to the business. It helps bridge the gap between employee performance and organizational objectives that leads to the functionally develop new areas of performance by building new opportunities.

4. Section 3

4.1 Importance of employee relations in respect to influencing HRM decision-making

Employee relation is the best aspects to build with an effective feature in the organization. It leads to develop and work for the effective features that help in build the relationship with employees and develop their decision-making power in the organization. They will lead to developing effectiveness in the company with leading opportunities and practices that can provide effective importance to the organization with new features.

The importance that is involved-

More inputs- When employee relations are being adopted with effectiveness in working then the employee will give their full potential in their work. They will put more effort into their work and develop their key features in developing effectiveness with working performance. The company will also get to know about their employee strength, weaknesses and their needs that will develop more sources and inputs (Piehler et al., 2016).

Improve Morale- the better employee relationship with the company helps in improving the morale of the people. They also get attracted to the organization's decision and get their efforts to put their mind and develop their consideration. It will develop the effective process to being willing to work and contain effective working to develop their morale.

Teamwork- Employee relation helps in build the teamwork with the greater advantage of the company. It also gets the involvement of employees in decision-making that will improve the functional opportunity with developing outcome. It is also fortunate to lying up the strategies and coordinated with the facts to develop more outcomes.

4.2 Key impacts of employment legislation and the impact it has on HRM decision-making

The employee legislation in the organization will lead to developing the effective features that lead to providing an advantage to the employee with new outsourcing of work. It provides various opportunities, rights, and activity to the organization that can develop their pattern of work with effective advantage. They can promote the key system by evaluating new process and functional thoughts that can develop own perspective with new features. The employee legislation that is involved in the organization are-

Equality and Diversity Act 2010- Quality and diversity are the legislation that has been adopted by the organization to provide the equal right to men and women who are working. They will get an equal opportunity to give their decision and get involved in the activity with effective features. They will also get the advantage of quantifying key features in building new practices that help influence the employee and develop HRM decision-making power.

Health and Safety- It is the main legislation in the organization that can be developed with full potential and area to reconcile the change and foster with new features. Health and safety factor is the main factor that affects the HRM decision-making process and enlightens the new ranges of pattern and work with effective features that develop to enhance the decision-making power in building new opportunities (Guest, 2017).

Data Protection Act 1998 - data protection leads to develop the new features in the organization to gather out new opportunities with enhancing the workplace. The HRM decision-making power is building and developing effective features that can grant the new opportunity with enhancing and develop new power of work. The legislation of the company will impact the most effective features that could provide data protection to the people.

4.3 Application of HRM Practices

Aligning business objectives with HRM plans- The business objective helps in incorporate the HRM policies with the help of recruitment, selection, performance management, and training and development process. It helps in developing the key aspects to intervene in the project with new outcomes.

Workforce Planning- It involves the performance management of the employees that leads to capture the new advantage features with tracking out all processes and their functions. Evaluating the employee performance will help in build the effective features that keep on developing and change the process effective factors (Manzoor et al., 2019).

Motivation, Retention, and Rewarding- It can be achieved through performance appraisal. It is the capacity that can be executed to the work that leads to alignment with new features and able to sustain new sources. They will represent a new advantage with the greater outline that can consider best sources with effective features of work. It helps in building the HRM practices to contain new sources and working outcomes that can develop the motivation of the employees and indulge with effective planning towards the HRM policies and practices.

5. Conclusion

From this report, it can be concluded that Human Resource Management plays important role in HSBC Bank Plc. The different approach of recruitment and selection has been discussed in the report win the context of the bank. The human resource practices, their application, and method has also highlighted with their benefits and limitation that could enlarge and develop the key potential areas of HRM practices.

6. References

Albrecht, S.L., Bakker, A.B., Gruman, J.A., Macey, W.H. and Saks, A.M., 2015. Employee engagement, human resource management practices and competitive advantage. Journal of Organizational Effectiveness: People and Performance.

Byrne, L., Roennfeldt, H., O’Shea, P. and Macdonald, F., 2018. Taking a gamble for high rewards? Management perspectives on the value of mental health peer workers. International journal of environmental research and public health, 15(4), p.746.

Chams, N. and García-Blandón, J., 2019. On the importance of sustainable human resource management for the adoption of sustainable development goals. Resources, Conservation and Recycling, 141, pp.109-122.

Guest, D.E., 2017. Human resource management and employee well?being: Towards a new analytic framework. Human resource management journal, 27(1), pp.22-38.

John, S. and Björkman, I., 2015. In the eyes of the beholder: the HRM capabilities of the HR function as perceived by managers and professionals. Human Resource Management Journal, 25(4), pp.424-442.

Kaur, T. and Dubey, R.K., 2020. Employee Review Websites as Source of Recruitment Communication: The Role of Source Credibility, Realistic Information, and Specific Information. Journal of Electronic Commerce in Organizations (JECO), 18(3), pp.74-94.

Kianto, A., Sáenz, J. and Aramburu, N., 2017. Knowledge-based human resource management practices, intellectual capital and innovation. Journal of Business Research, 81, pp.11-20.

Manzoor, F., Wei, L., Bányai, T., Nurunnabi, M. and Subhan, Q.A., 2019. An examination of sustainable HRM practices on job performance: An application of training as a moderator. Sustainability, 11(8), p.2263.

Obeidat, S.M., 2016. The link between e-HRM use and HRM effectiveness: an empirical study. Personnel Review.

Piehler, R., King, C., Burmann, C. and Xiong, L., 2016. The importance of employee brand understanding, brand identification, and brand commitment in realizing brand citizenship behaviour. European Journal of marketing.

Santhanam, N., Kamalanabhan, T.J., Dyaram, L. and Ziegler, H., 2017. Impact of human resource management practices on employee turnover intentions. Journal of Indian Business Research.

Singh, H. and Kamal, R., Recruitment Practices in IT Sector: A Study of Employees Perspective.

Stone, D.L. and Deadrick, D.L., 2015. Challenges and opportunities affecting the future of human resource management. Human Resource Management Review, 25(2), pp.139-145.

7. Appendices

7.1 Job Advertisement

Vacancy Announcement HSBC Bank Plc is a British multinational banking and financial services organizations. The bank will offer personal and business banking to the people and serve clients globally with the different associations of work. Position: Assistant Manager Qualification and Experience: MBA in finance, MCA or PhD 1 year experience required Associated with Accounting firm Job Description: To assist risk management and assess their knowledge Prepare working paper documents Draft segments in the report Operational and compliance audit Salary: 3- 5 LPA Application process: Applicants should submit their CV on hsbc12@gmail.com Address: HSBC Bank Plc, Ground Floor, Melbourne, UK.

7.2 Sample Interview Questionnaire

• Why should we hire you?

• Tell me about your experience?

• How you can draft the documents with all compliance information?

• Where do you see yourself in next 5 years?

7.3 Appointment Letter

Dear Candidate,

Congratulations!!

This is to inform you that you have been selected as the Assistant Manager in the HSBC Bank Plc. Please consider this as an official appointment letter. You are the best candidate and fulfill all requirements in attaining the objectives. You have met all criteria that are required for this position. I am very happy that you have been selected for this profile as you are much focused and hardworking in your related field.

All the best!

Thank You,

HR