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The report will review the organizational human resource processes and practices, with a focus on the selection and recruitment of employees in an organization. The report will also discuss the internal and external factors that influence human resource practices, to conclude HR resolution for escalating XYZ bank's ability management strategy. The report will highlight on comparison and explanation of the HRM department's contribution to sustainable performance(Stahl, et. al.2020). The report has stated HRM practices and process that XYZ Bank may use to retain and recruits workers to achieve business objectives and goals.
Ethical thought around the role of human resources is significant and focuses on getting the utmost commitment from employees. Recently, the idea of sustainable development has been in advance in all organizations. The idea of sustainability in a company is described as a process that connects social and economic aspects while taking into account environmental protection and ecological balance. The strategic role of human resources associates corporate social responsibility, ethical principles, and human resource functions, creating a path to a sustainable organization. On the other hand, HR functions aim to create a pleasant and sustainable workplace that focuses not only on cost-effective factors but also on HR and its association with the surrounding environment. Human resource staff can use different tools and techniques to support sustainability through motivational theory which is based on intrinsic and extrinsic values. The banks engage techniques focusing on transparent and open communication within an organization. The organization can conduct regular meet-ups and apply analytical skills that align with the direction the bank needs to take. The human resource department of XYZ Bank provides work global by following green practices. The XYZ banks include the environment-saving responsibility in each job description. Thebank'semployee’s skills are even more important for a sustainable organization. The XYZ bank has already adopted the green concept to conduct its functions(Roscoe, et. al.2019). As the main body of all banks, XYZ Bank has made green policies mandatory for a sustainable company and has advised all commercial or government banks to use the green idea in their activities.
The importance of human resource management has grown diversely because of the nature of the banking industry, which is mostly service-based. The managing of employees in the organization along with management of economic and financial risks at the wider stage is the strongest challenge in front of the banking sector in any given time frame. A new pattern of work in the workplace is rising as the information market realizes the full potential of both organizational models and new advanced technologies. The changes include social and interactive capability, an emotional contract between employers and employees, and change in place and process. Skilled and efficient manpower in the banking sector can only handle the financial risk that XYZ Bank needs to take regularly. The HR department is accountable for finding such brilliant employees and placing them in the right positions in the banks. The employees working at the frontage office become the face of the bank and it is the responsibility of the human resources to make sure qualified people are working up front(Scully-Russ and Torraco, 2020). The XYZ bank needs to make sure that the candidate selected in the bank goes through essential training programs before they begin their job so that HR is aware of the shade of the core banking sector and maintain better customer relationship. Human resource management needs to think both about the quality and quantity requirements in the banking industry and compact with the scarcity in the skilled workforce supply in the industry efficiently. (Alfes, et. al.2019). The HR management group is responsible for any particular bank to examine the prospect requirements of their organization and progressively standardize the recruitment process. Empowering the employees with effective training and concluding their performance later helps the organization to improve their performance.
The banking sector is exposed to the opportunities and challenges posed by the increasing change and complexity in the business environment. The appearance of technical advancements, globalization, the telecommunications revolution, and expansion of knowledge-based employees, and strong competition have mandated that organizations transform human resource management. Human resource professionals have a key function in helping a bank to achieve its Corporate Social Responsibility (CSR) objectives. Worker involvement is a vital success factor for CSR performance. Human resource managers have the tool and the opportunity to leverage worker commitment to, and commitment in, the firm’s CSR strategy(Fenech, et. al. 2019). The changing situation of human resource management includes effective workforce diversity, technological and economic changes, organizational restructuring, changes like jobs, globalization, and other factors. The enlarged range of the workforce will put wonderful demand on the HR management function. Expertise and technologies have become the characteristic of the modem organization (Podgorodnichenko, et. al. 2020). As such, Globalization has given origin to multinational corporations. The MNCs are characterized by their intensified competition, cultural diversity, variations in business practices, and others. One of the biggest challenges that human resource management faces with organizational reformation is dealing with the human cost of change.
Human resource management methods that an organization might utilize to retain and recruit people to meet business objectives
Human resource policy should line up with the business strategy of an organization. The organization's human resources should focus on both the needs of the organization and its employees. There are definite bundles of HR activity that hold up the banking sector in reaching a competitive advantage despite the organizational setting (Stoyanova Stoyanov, 2019). The retention of workers is important in the achievement and development of the organization’s objectives and goals. The challenge the managers face is the problem is retaining employees in their work and with the bank for a relatively long period. The manager has to organize all intelligence and skills in retaining the workers. The development and growth of the banking industry are providing an opportunity for management and helping employees face challenges. Recruitment practice can powerfully influence earnings, and substantial research shows that presenting the candidate with a sensible work preview during the recruitment process has an optimistic effect on the retention of new hires. Socialization practice brings means of strategic incorporation and onboarding programs which can help new employees to become surrounded in the bank and more likely to resolve (Akunda, et. al.2018). These practices contain individual and shared learning experiences and official and unofficial activities that help employees to know one another. Benefits and compensation are also significant in HR practices which improve the performance of the employees. Before hiring employees, a manager has to investigate the market pay rates for the suitable position and propose to an employee the pay that is suitable for business budgeting. The administrator is the most important determinant of retention which leads banks to center on management development and communication skills-building enhancement.
The significance of the labor market in human resource strategies in retention and recruiting
The recruitment and selection process used by XYZ Bank is based on retention and HR planning as a key mechanism that must include successful recruiting and retention efforts. Recruitment is the procedure of producing a group of qualified candidates for organizational jobs. The number of available applicants equals the number of employees to be hired. The organization must moreover leave some openings vacant or take all the applicants. Recruiting and retaining are becoming more important as labor markets change (Bilan, et. al. 2020). Though recruiting can be costly, an offset concept that must be measured is the cost of the empty job. Staffing takes place in the different labor markets that can differ a great deal, informing some basics about the labor market aids in understanding employment. The labor market is an external supply pool from which human resource attracts employees. The candidate population is a subset of the labor force population that is available for selection if a certain recruitment strategy is applied. The candidate pool is made up of everyone who is being considered for selection. Many factors could influence the overall size of the applicant pool, including the bank's and industry's reputation as a place to work, job criteria, the organization's filtering effort, and the knowledge provided. One ordinary way to categorize labor markets is based on geographic place. Markets can be area local, regional, international, or national. Area labor markets are very significant in term of labor force quality and availability, and change in a geographic labor market may force changes in recruiting effort.
HR is a powerful asset for various firms and it is a source of attaining competitive advantage. Administrating human resources is very difficult as compared to managing technology and for their effective organization; the bank requires an efficient HR management system. The structure should be backed up by sound HRM practices. HRM practice refers to a bank's activities directed at supervising the pool of HR and ensuring that the resources are engaged toward the fulfillment of organizational goals. Though there are some strengths and weaknesses in human resource management(Díaz-Fernández, et. al. 2020). The first strength is employee development and promotion through effective training, teaching of advanced software, and using techniques that would help the employees become successfully incorporated into their roles.XYZ bank’s human resource department activist for organizational coaching and mentorship program that helps workers and enlarge engagement. HR has the status of being a resource for employees to turn to with concerns and feedback. The bank’s HR department is built to connect the gap between employees and employers. Human resources are sometimes viewed by corporate leaders as the employee's impact. Employers are also gaining protection through their existence. Managers rely on HR to make sure the organization is meeting regulations and enduring current national and local expectations. A common weakness in managing human resource is a status for being a bit slow to accept new processes and this turn into a slow process to get the task completed. HR is strategic but the incorporation of human resource analytics and data is also a significant step to involve HR in the company's planned direction.
A good induction curriculum makes an organization sense, whatever the range of the bank and whatever the work. The nature and length of the induction curriculum depend on the difficulty of the work role and the surroundings of the new employee. For workers who are moving to diverse areas within an organization, it becomes important to introduce them to banking culture. All organizations need to spend time in the induction of new employees which helps them to become productive more rapidly, and to help avoid new workers leaving within their first 6 months on the job. If new workers do not feel well welcomed and supported on arrival, they never understand the bank culture itself and their job role in it. This will result in slow integration into the group and low morale of the workers(Rosendale, 2019). This will also loss in productivity, low potential, additional cost for retaining and recruiting, and waste time for the inductor. This will also damage the reputation of an organization in the market. An effective induction program should offer the new employees with information about an organization's culture, history, and values, and their products or services.
Induction creates an opportunity for an organization to greet their new hires which helps employees to settle into the bank’s culture and make sure that they have the support and information they need to perform their job role. For a manager, good induction may also influence employee absenteeism, employer brand, and turnover. An effective induction program comes with a positive experience for an organization. That helps the workers to settle quickly into the bank's culture. This also helps the employees to settle themselves into the team, which will increase their performance (Gibbs, 2022). A good induction program helps the employees understand the bank's culture and values so that they feel supported and become more productive. Without a strong induction program, new workers might have a rocky start and lack clarity on their job position, which is directly related to a company's success. This might affect an employee's desire to stay in their position and increase output. Transition incurs additional costs and takes time to find a successor. This will additionally waste the company inductor's work and undermine morale among the surviving team members (Atrizka, et. al.2020). This will also damage the employer brand within an organization. In addition, as the banking industry is working remotely because of the COVID-19 pandemic, it is mostly significant to modify induction programs, so that new employees have additional support and a positive experience to connect with a new team.
The report has evaluated the weaknesses and strengths of human resource management which has critically evaluated factors that contribute to decisions making in an organization. A report is prepared which gives a clear vision and path to success. The main concern of XYZ Bank is to improve their employee engagement, recruitment, and motivation which will grow the internal skills and talent of employees. The report has reviewed internal human resource management practices by focusing on selection and recruitment, and outside influences on human resource management practices, to establish human resource solutions for escalation the of XYZ bank's talent management strategy.
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Scully-Russ, E. and Torraco, R., 2020. The changing nature and organization of work: An integrative review of the literature. Human Resource Development Review, 19(1), pp.66-93.
Alfes, K., Shantz, A.D., Bailey, C., Conway, E., Monks, K. and Fu, N., 2019. Perceived human resource system strength and employee reactions toward change: Revisiting human resource's remit as a change agent. Human Resource Management, 58(3), pp.239-252.
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Stoyanova, T. and Stoyanov, P., 2019, March. Corporate social responsibility in the human resources management practice. In 2019 International Conference on Creative Business for Smart and Sustainable Growth (CREBUS) (pp. 1-4). IEEE.
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Rosendale, A.M., 2019. Mentoring Mentors: Considering the Supports Necessary to Create Effective Induction Programs (Doctoral dissertation, San Diego State University).
Gibbs, L., 2022. Leadership emergence and development: Organizations shaping leading in early childhood education. Educational Management Administration & Leadership, 50(4), pp.672-693.
Atrizka, D., Lubis, H., Simanjuntak, C.W. and Pratama, I., 2020. Ensuring Better Affective Commitment and Organizational Citizenship Behavior through Talent Management and Psychological Contract Fulfillment: An Empirical Study of Indonesia Pharmaceutical Sector. Systematic Reviews in Pharmacy, 11(1).
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