Human Resource Management in HSBC Bank plc

Human Resource Management

Section 1

Introduction

HSBC Bank plc is a multinational financial service holding and investment bank. It is the largest bank in the world. Their headquarter is in the United Kingdom. They have several offices in the

Importance of workforce planning to the goals of the HSBC. This is organised within four business groups such as global banking, commercial banking, retail banking, global private banking, and wealth management. They provide all types of finances by which they can able to connect with several people. They also listed on the London, Bermuda, New York, and Hong Kong stock exchange shares in HSBC holding exchange shares. They also plan to open more offices around the world.

Workforce planning

Workforce planning is important and also gives a contribution to achieving the goals of the HSBC bank plc. Workforce planning is so important because it makes attention to the future from everyone’s attention. It wants team leaders and managers to plan and to consider all business possibilities. It helps the staff to push themselves towards the success of the people. The goals of the HSBC bank plc are to mature economies, balance earnings between stable and fast-growing but more emerging markets and volatile. Workforce planning plays an important role in achieving the goals of the bank (Sing et al., 2016). Workforce planning enables the development of evidence-based workforce strategies using the combined input from finance, business analytics, recruitment, and HR.

There are some reasons to implement the workforce planning:

• Prevention and problem solving: The high-stress situation wants some ideas of problem-solving in which workforce planning plays an important role to solve the problems through skills and hard work.

• Forecasting: They can predict things for the future by which they can easily assess the opportunity for the company.

• Leadership planning: Leadership planning is also the reason that workforce planning is beneficial in achieving the goals of the HSBC bank plc (Doumic et al., 2017).

• Reputation management: The reputation of the management is necessary for the company. Workforce planning helps the management in maintaining their reputation by which they can complete their goals.

Strategic role of HRM

Human resource management plays an important role in the resourcing needs of a global business. At a global business, HRM needs to hire the best candidate as per the requirements of the HSBC bank plc. The supply chain of the bank is supplier, anchor, and dealer. All want that they have their best talent by which they can enhance the productivity of the management by recruiting and selecting.

There are following specific examples of strength and weakness of the different approaches to the selection and recruitment:

• HSBC Bank plc provides a training and development program by which employees can enhance their skills in their area and work according to the requirement and always want to do personal development (Mirzapour et al., 2019).

• The selection process is complicated for the employees in which they have to pass the all criteria of the bank by which they can show their skills and capabilities.

• They have some tough criteria for the recruitment process by which some of the candidates can give in the half.

• They can allow the internal employees first for their vacant place by which employees can make extra efforts to gain that post.

Section 2

Benefits and limitation of HRM practices

Reward management for HSBC

The HSBC bank plc encourages their employees by benefit, compensations, and reward policies to support them. The rewards can help the employees and employers but it also creates various things by which they can make a negative effect on the potential capabilities. There are following benefits of employees are:

• It can increase the productivity of the employees for example HSBC bank plc can provide rewards by which they can enhance the performance and productivity them.

• It helps to build an optimistic workplace culture.

• It can create a collaborative work environment.

There are following benefits of the employer are:

• It can increase the performance of the company (Diaz-Fernandez et al., 2017).

• It can increase the job satisfaction by which they can increase their performance and capabilities.

• It can help them in increasing the profit of the HSBC bank plc by which they can increase their goodwill in the market.

There are following limitations of reward management to employees:

• It gives pressure on the employees to do the hard work every time.

• It can create tension in the environment.

• There is lack of long-term benefits

• It creates motivation issues by which can hamper their productivity.

• It increases the expectations of the employers by which employees can ignore their work to not face the higher authorities.

There are following limitations of reward management to employers:

• The reward and recognition can increase the cost of the HSBC bank plc.

• It can create biasness between the employees by which some employees cannot accept the bias environment.

• The competition can increase with their Sid effects that employees cannot do their work properly they just want to complete and with the other employees. It can decrease the quality of work (Likhitkar and Verma, 2017).

Performance management for HSBC

The HSBC bank plc adopt the everyday development and performance culture to give a contribution in the reveal of high performance and achievement culture effectively. There are several approaches which are given by performance management by which employees can enhance their performance and give attention to the personal development. It can help the employee to increase their skills and productivity. They have some approach in the development and performance is to improve behaviour, contributing to holistic development and individual and ensuring continuity. For this, they have the benefits that it helps the employees in enhancing their behaviour and give a contribution in the development of them. They can improve the behaviour but it is only for the individuals it cannot work on the group of people (Cappelli and Tavis, 2016).

Another approach is to establish clear expectations by considering personal development and professional plans. It can set the criteria for the development of the employee and professional plans by which they can create their criteria for their personal development. But they are not always successful in fulfilling the set criteria in which they spoil their performance because they only focus on completing the task, not on personal development.

Evaluate HRM is to organizational effectiveness, profitability and efficiency

Organizational efficiency/effectiveness: The human resource management practices can enhance the HSBC bank plc performance by increasing employee abilities and skills. Human resource management can increase the quality of productivity and products. Human resource management is relevant to the efficiency of HSBC bank plc because it gives the best candidate to the bank by which they can give an extra contribution in the development of the bank. Recruitment and selection are the important part of the bank because they create a strong workforce by which they can increase the bank’s productivity and performance (Agarwal and Lenka, 2018). It increases the engagement of the customers because the new candidates can increase the productivity innovation in their work.

Human resource management can enhance the performance of the employees in the HSBC bank plc. Efficient HRM policies are being designed in the bank to increase the level of performance to their maximum. Human resource management is the process of concerning the human resource functions with the strategic objectives of HSBC bank plc performance. The aspects they include which can help the bank to improve their performance of the bank. Human resource management has their important role in the bank which can directly impact the productivity and goodwill of the bank. Because they hire the workforce as per the requirements of the bank which sets a particular criterion for the expectations of the employees. The other activities of the human resources can help the employees to enhance the skills and help them in personal development by which they can improve their productivity (Findikli and Rofcanin, 2016). There are following points which clears that human resource management is linked with the HSBC bank plc efficiency and effectiveness:

• They hire an effective and efficient workforce which enhances the productivity of the HSBC bank plc.

• They fulfill the requirements of the bank related to the workforce, training, and development and provide some particular skills which help them to give a proper contribution to the development of the bank.

• They manage the activities of the employees to ensure that they doing well in their work or not.

Organizational profitability: Human resource management has a positive impact on the profitability of the HSBC bank plc if it is used effectively. The workforce they hire and manages their activities can help the HSBC bank plc to improve their profitability. The ban can generate profit from their interests, commissions, fees, and other sources. By which they can maintain their image and their profit from the various sources. Human resources also can enhance profits by the initiative of workforce optimization (Stankevi?i?t? and Savanevi?ien?, 2018). Human resources can increase the strength of the bank’s people assets through the initiatives of sound hire. Human resources can boost productivity through initiatives of employee engagement, managing turnover, and enhanced onboarding. Profitability is the main outcome of the human resource management activities which can be done through the practices. The human resource management helps the HSBC bank plc to increase their profits by making a strong workforce through training and development. Their efforts can give them opportunities to the company they can able to grab their all opportunities which are surrounded by them (Ren and Jackson, 2020).

Section 3

Analysis the importance of employee’s relation concerning influence on HRM decision making

The employee’s relations are important for the company because when they have good relationships with the company then they get the best benefits from them. Human resource management influences the employee’s relations because they have to take care of each and every aspect of the employees. The bank has the responsibility that they maintain its relations with the employees because their productivity is dependent on the employee’s performance and capability. The employees can be loyal and effective with the bank which can benefit for the long term because a loyal employee can give their contribution in the banking development. The employee’s relations can relate with the human resource because of their activities and practices (Hassan, 2016).

Key elements of employment legislation

Health and safety legislation

The health and safety legislation can give the contribution to human resource decisions making. The decisions of the human resource affect by the legislation because it is a department that has a concern about the employees so the health and safety have come under the human resource which they want to care about for their employees. The health and safety legislation is for the employees by which they can work freely without any dangerous activities. So, the human resource can show the concern about the safety of the employees in the decision making (Jonathan and Mbogo, 2016).

Anti-discrimination legislation

Anti-discrimination legislation is important for the employees because it shows their rights them. The HSBC banking group has the responsibility that they give equality to the employees they cannot bias with anyone. The human resource can play their important role in this legislation because they have the responsibility to give them equal opportunity to the employees and they cannot discriminate against anyone. Human resource management can influence this legislation because they are the ones who can follow this law in the banking group which is very important for the company. This legislation more helpful to the bank because it saves the employees’ rights and gives them equal opportunity. The human resource management can give their full contribution to solving this problem in the bank if they do any discrimination in the working culture (Kim, 2016).

Application of HRM practices

The Human Resource Management practices help the company to find out the capable candidate for the particular job post. The HRM practices of training, reward, recruitment, workforce planning, management focuses, and appraisal. It focuses on workforce development in terms of making sure the development of regular professional, enhanced efficiency, and productivity. The HSBC banking group has strong human resource management practices by which they can make their team effective and strong (Manzoor ET AL., 2019).

Documents

Job advertisement: It is an announcement that informs the people that a particular job post is available for capable candidates. It contains the information not only about the position of the job but also about the company by which it can spread knowledge about the company and also offers some benefits to the people (according to appendix 1).

Job description: It is an important part of the process of job application with the correct information. It can help the applicants to determine the roles are in line with the set of skills and whether it is a job they usually require to do (according to appendix 2).

Person specification: The person specification is the description of the skills, experience, qualifications, and knowledge that a candidate must process to perform the job duties (according to appendix 3).

Sample interview questionnaire: This is the sample question that contains the information of the candidates which shows their capabilities and essentials (according to appendix 4).

Appointment letter: It is a letter which confirms the job post within the company. It contains all rules and regulations under which they hire and have information about the applicant (Appointment letter 5).

Conclusion

The report concluded that human resource management had an important role in the HSBC banking plc. They played their important role in all areas of the bank. They give a high contribution in maintaining the productivity of the bank. The employees are the main part it can be defined by the human resource management practice and activities. They should make proper planning in giving reward and recognition to the employees because they can harm the company had a negative influence on the bank which can be most dangerous for the future.

Reference

Agarwal, S. and Lenka, U., 2018. Managing Organization Effectiveness Through E-Human Resource Management Tool-E-Learning: Indian Cases A Qualitative Approach. PEOPLE, 4(1), pp.298-312.

Cappelli, P. and Tavis, A., 2016. The performance management revolution. Harvard Business Review, 94(10), pp.58-67.

Diaz-Fernandez, M., Bornay-Barrachina, M. and Lopez-Cabrales, A., 2017. HRM practices and innovation performance: a panel-data approach. International Journal of Manpower.

Doumic, M., Perthame, B., Ribes, E., Salort, D. and Toubiana, N., 2017. Toward an integrated workforce planning framework using structured equations. European Journal of Operational Research, 262(1), pp.217-230.

Findikli, M.A. and Rofcanin, Y., 2016. The concept of e-HRM, its evolution and effects on organizational outcomes. Technological challenges and management: matching human and business needs (1st edition), CRC Press, Boca Raton, pp.35-51.

Hassan, S., 2016. Impact of HRM practices on employee’s performance. International Journal of Academic Research in Accounting, Finance and Management Sciences, 6(1), pp.15-22.

Jonathan, G.K. and Mbogo, R.W., 2016. Maintaining Health and Safety at Workplace: Employee and Employer's Role in Ensuring a Safe Working Environment. Journal of Education and Practice, 7(29), pp.1-7.

Kim, C.Y., 2016. Presidential Legitimacy Through the Anti-Discrimination Lens. Chi.-Kent L. Rev., 91, p.207.

Likhitkar, P. and Verma, P., 2017. Impact of green HRM practices on organization sustainability and employee retention. International Journal for Innovative Research in Multidisciplinary Field, 3(5), pp.152-157.

Love, M.C., Edwards, P.E., D.J. and Liu, J., 2016. Dynamic modeling of workforce planning for infrastructure projects. Journal of Management in Engineering, 32(6), p.04016019.

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.

Mirzapour, M., Toutian, S.S., Mehrara, A. and Khorrampour, S., 2019. The strategic role of human resource management in crisis management considering the mediating role of organizational culture. International Journal of Human Capital in Urban Management, 4(1), pp.43-50.

Ren, S. and Jackson, S.E., 2020. HRM institutional entrepreneurship for sustainable business organizations. Human Resource Management Review, 30(3), p.100691.

Stankevi?i?t?, Ž. and Savanevi?ien?, A., 2018. Raising the curtain in people management by exploring how sustainable HRM translates to practice: The case of Lithuanian organizations. Sustainability, 10(12), p.4356.

Appendix 1: Job advertisement

Appendix 2: Job description

Appendix 3: Person specification

Appendix 4: Sample interview questionnaire

Q1 Why are you join our banking group?

Q2 what do you know about job posts?

Q3 what is your greatest strength?

Q 4 Which human resource practice beneficial for our bank?

Q 5 On which basis do you hire the people in our banking group?

Q 6 What do you know about the multinational banking group?

Q 7 Have you any experience in the banking sector?

Q 8 Are you a dynamic person or a multitasker?

Q 9 What do you think about the company in the future?

Q10 In which level do you see yourself in the last 5 years?

Appendix 5: Appointment letter