Performance Management in Banking Industry of UK

In this assignment we will discuss about Performance Management inb banking industry of UK and below are the summary points of this assignment:- The research focuses on performance management in the banking industry of the UK. The introduction describes the role of human resources in enhancing workforce performance and the importance of performance management in sustaining competition and leadership. The literature review covers the meaning and significance of human resource management and performance management. The research methodology, data analysis, and findings are presented in chapters 3 and 4. The conclusion and recommendations are provided in chapter 5. The research also includes a reflective statement. A performance management model is included in the figures section.

Performance Management in
Banking Industry of UK

ACKNOWLEDGEMENT

ABSTRACT

CONTENTS
CHAPTER 1 – INTRODUCTION...........................................................................................................1
1.1. Overview...........................................................................................................................1
1.2. Structure of the research...................................................................................................3
1.3. Focus and Purpose of research..........................................................................................5
1.4. Research Question.............................................................................................................6
1.5. Framework and Analysis..................................................................................................6
1.6. Potential significance of research.....................................................................................7
CHAPTER 2: LITERATURE REVIEW...................................................................................................9
2.1 Introduction............................................................................................................................9
2.2 Meaning of Human Resource Management.........................................................................10
2.3 Significance of HRM...........................................................................................................11
2.4 Meaning of Performance Management................................................................................13
2.5 Significance of performance management...........................................................................14
CHAPTER 3: RESEARCH METHODOLOGY.......................................................................................16
CHAPTER 4: DATA ANALYSIS AND FINDINGS................................................................................17
CHAPTER 5: CONCLUSION AND RECOMMENDATIONS....................................................................18
CHAPTER 6: REFLECTIVE STATEMENT...........................................................................................19

TABLE OF FIGURES
Figure 1: Performance Management Model..................................................................................21

CHAPTER 1 – INTRODUCTION
“The process of motivation for employees is designed by setting goals, analyzing
progress, coaching for enhancement of performance, providing feedback and offering rewards
for achievement. Performance management is both an integrated and strategic approach to
deliver successful outcomes in corporate by enhancing the performance of the workforce and
developing capabilities in team and individuals” (Davidson, 2011).
1.1. Overview
The roles and responsibilities of human resource in the current scenario has undergone
with massive amount of change and its main focus is now on evolving such functional strategies
that enable effective enforcement of major corporate strategies. Human resource management
today work towards enhancing and facilitating the performance of workforce by designing a
favorable work environment and offering maximum opportunities to employees to participate in
organizational planning and decision making process (Chadwick, 2008). In the present era, all
the major activities of human resource are directed towards development of efficient leaders and
encourage employee motivation.
In organizations, performance management is the current buzzword and is the main need
in current times to sustain in the cut-throat competition and the organizational scuffle for
leadership. Performance management is a much broader concept and a complicated function of
human resource management as it includes several activities such as communal goal setting and
regular progress (Avery and et. al., 2007). The process of performance management begins with
aligning up of a new incumbent in a system and ends when an individual leaves the organization.
Performance management in today’s era is considered as a systematic process through which the
overall performance of a firm could be enhanced within a team framework. It is basically
considered as a means to promote superior performance by meeting the anticipations, explaining
the roles and setting an achievable target (Locke and Latham, 2001). According to Armstrong
and Baron (2005) – Performance management is an ongoing consistent process i.e. carried
between the senior level personnel’s and employees throughout the year. This terminology has
acquired popularity in the late 80s when several different quality management programs received
utmost significance for the achievement of superior level standards and manage quality in
performance (Dent and et. al., 2010).
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The chief purpose of performance management in organizations is that it aids in assessing
the effectiveness of performance in the company and also evaluates the need for training and
majorly encourages motivation towards work (Principles of Management, 2012). Every firm has
a set of functions and the main goal is to achieve the desired functions and objectives. It can only
be attained if the workforces are well acquainted with their roles and responsibilities and acts as
an asset for the organization. In the past few years, firms were very much concerned about the
growth and development of their employees and also considering the benefits of performance
management (Bakker and et. al., 2006). Now, companies are following the novel pattern of
working and in order to achieve the best in technological revolution many of the firms are
enforcing the importance on the implementation of new methods for performance management.
Corporations have identified the significance of performance appraisal and it has been
observed that many of the global companies have implemented the performance appraisal system
to enhance the productivity of its workforce (Frey and Jegen, 2002). There is range of situations
available of distinguished perspectives that give confirmation on the usefulness of performance
management and its measurement. Every organization should present an accurate and fair view
of performance management to acquire trust of the workforce, their job satisfaction and loyalty,
which is the main core in organizational success. However, even today many firms and their
seniors do not get the conception of performance management appropriately (Guest, 2007).
Several authors like Douglas McGregor, Abraham Maslow and Philip Kotler have analyzed its
significance and developed many theories and models to spread the benefits of this term in the
current workplaces.
Nevertheless, the enormous amount of changes had taken place in both employees and
the work associated policies and practices of companies. All these changed factors manipulate
the perceptions and anticipations of the employee of 21st Century. These include the growing
focus on employee commitment, empowerment, job satisfaction, professional development
prospects and work life balance (Work motivation overview, 2002). The current research paper
aims to explore the performance management system adopted in the banking sector of London
with respect to the expected fairness system. This research paper will also analyze the effects of
performance appraisal on the workforce considering job satisfaction, motivation and loyalty of
employees in the human resource functions. Managing the performance of employees effectively
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has become a critical factor in the present dynamic business conditions (Garg and Rastogi,
2006).
In order to achieve increased productivity, firms must consistently monitor the team
performance and offer their subordinates meaningful suggestions. This research focuses on
acquiring the significance and method adopted by the UK banking sector for performance
management of its employees (Kirstein, 2010). The present research study will play a major role
in determining the aligned elements with perceived justification for performance management
system, which will aid in better accomplishment of this practice. Many of the articles and reports
define that several banks in UK have implemented the performance management system, which
is specifically designed with well accepted practices and procedures and structure that have been
formulated (Griffin and Moorhead, 2009). The primary research will be mainly done in one of
the leading banks of UK i.e. Standard Chartered bank.
The banking industry of UK has a strong international orientation and is represented by
significant number and considerable assets of foreign banks i.e. operating in London in both
investment and commercial banking sector. The banking industry of UK represents a major and
essential component of the UK economy and contributes significantly to the growth of this sector
(Morgan and Harmon, 2001). Standard Chartered has developed and put into practice a well
documented and complete deployment, offerings and selection policies i.e. oriented towards
analyzing the most suitable talent and providing opportunities for growth and development. The
bank is also well acquainted with the effectiveness of performance management and a complete
process is being included in its management to monitor the performance of its workforce (Deci
and Ryan, 2008).
The performance management system sets the platform for rewarding excellence by
associating every individual employee’s accomplishment with organizational objectives and
mission with specific job requirements to realize the consequences. By setting up clear
performance anticipations, the behaviors and action will help in the employees to comprehend
the exact expectations from their job.
1.2. Structure of the research
The present research moves ahead in a sequential manner as every chapter is associated
to each other and the succeeding chapter can only be accomplished after its preceding chapter.
The structure of the present report is as follows:
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Chapter 1: Introduction – This part of the research offers an overview of the topic of area of
study and covers an outline of focus and purpose, the framework and analysis and the importance
of research in other areas.
Chapter 2: Literature Review – This section of the report gives the significance on the previous
work done by other authors and researchers on the related topic. It majorly informs about
performance management, related methods and its importance in today’s organizations. Several
different academic and scholarly books, journals, articles and online materials have been
reviewed to compile this part of the report. Literature review carries huge importance as it aids
the researcher to understand the different perspectives of various authors and assessing the gap in
their path.
Chapter 3: Research Methodology – It represents about the diverse methodologies that have
been applied to accumulate information and analyze the data. It includes aims and objectives,
research question, data collection and analysis methods, approach survey, limitation and ethical
considerations of the study.
Chapter 4: Data Analysis & Findings – This part of study has been designed to analyze the
accumulated primary data and mainly involves the evaluation of outcomes so that conclusion can
be formed from it.
Chapter 5: Conclusions & Recommendations – It is the final concluding section of report and
includes the different conclusions drawn out from findings of research and accordingly
suggestions or recommendations are provided through which the firm can enforce practices to
enhance its overall performance.
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1.3. Focus and Purpose of research
Focus
The main focus area of research is to assess the performance management system in UK
banking sector. Here, the aim is to aid the UK retail banks in determining the perceived fairness
in performance management system and researcher specifically aims in, to help banks in making
their performance management more effective. This is done with the help of enhanced fairness
by assessing the elements that makes a system to be perceived as more clear.
Objectives:
 To ascertain effectiveness of adopted performance management practices in the UK
banking sector.
 To analyze the role of organizational procedural and adopted performance management
practices in the banking sector of London.
 To evaluate the role of consistency and the ethicality in perceived fairness of adopted
performance management practices at the independent British retail banks operating in
London.
Purpose
There are many studies which have been undertaken on performance management
system. In addition to this, many research works have reflected the strong relationship between
employee performance management and the motivation level. It has been found that highly
motivated employees are expected to perform to their maximum potential as compared to a
workforce that is not motivated and are beyond the job requisition. In business organizations,
performance management is considered as a proactive system for managing employees to drive
the individuals towards desired performance and outcomes (Thomas, 2009). It’s all about
striking a harmonious and pleasant relationship between individual and organizational aims and
objectives for the achievement of excellence in work.
It has been observed that since the credit crunch has occurred in the banking industry,
many banks faced huge loss and found challenges in retaining the employees within the
organization. Presently many of the bank’s human resource departments are actually working to
enhance the morale and motivation of its workforce. Performance management has its integrated
significance within any company and it is essential to use the diverse systems of performance
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measurement in a proper way to acquire the actual sense and wisdom in an organization (Amir
and Timothy, 2001).
The main purpose of this report is to analyze the effects of performance management tool
in the banking sector of the UK. This sector is evolving with time and is using different kinds of
tools to make its operations more refined. Banking industry focuses on to please their employees
as they are the main asset for a firm that helps in building a successful road map (Hays and Hill,
2001). Moreover, the banks should understand that if a performance management system is
essential, it is very much vital for banks to achieve success in the long run and also inform the
employees about the organizational systems.
1.4. Research Question
In order to conduct an inclusive research and evaluate solutions to the main issues
associated with employee performance management in Standard Chartered Bank, below depicted
research questions could be formulated;
 What factors influence the performance management system in both the banks?
 How the performance of employees could be managed in the bank?
 What is the importance of performance management system in the workplace
environment?
 Do the employees of the independent British retail banks operating in London perceive
the performance management system of banks as fair?
1.5. Framework and Analysis
This section of the research report mainly provides in details about the sequence in which
research will be undertaken. The framework division of the report presents information about the
several strategies and methodologies enforced for undertaking the research. It fundamentally
represents the actual framework of diverse research approaches i.e. used in the study and
descriptions related to tools and methods of research, method for data collection, sampling and
data analysis method (Chilisa, 2011). The significance of this part is substantial as the reliability
and validity of the survey will be assessed with the help of it. Below mentioned are the
techniques for research that would be employed in the present research:
 Research Design – This part covers all the process and method that has been adopted for
undertaking a research. It is mainly of two types i.e. descriptive and exploratory. In the
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current research report, exploratory design will be used as the main focus will be given to
analyze the actual factors affecting the performance level of employees in the UK
banking sector.
 Research Philosophy – It helps the researcher in identifying a particular pattern for
investigation. Here, both the methods i.e. positivism and interpretivism would be
included to derive a meaningful insight from the research.
 Research Approach – In this section the researcher will employ a deductive research
approach because the researcher will firstly formulate a hypothesis and would then
analyze the pattern, activities and concepts and then design a theory. Hypothesis testing
will be included in the current research.
 Research Type – The kind of research used in the present study will be quantified and the
results derived would be assessed on a statistical basis in the form of numbers.
 Data collection method – In the present report, data would be accumulated from both the
primary and secondary sources. Former would be gathered by means of conducting a
survey with the help of a questionnaire among employees of Standard Chartered Bank.
The questionnaire will include both open and close ended questions, other than this a
semi-structured interview with employees will also be undertaken. Secondary data would
be collected through scholarly books, journals articles and annual report of both the
organizations.
 Sampling Technique – In the research, convenience sampling method will be applied to
choose a sample of the population that can represent the entire population. The researcher
will design two questionnaires for each of the banks and each will be distributed among
50 respondents in both the banks.
 Data Analysis Technique – The accumulated data would be assessed with the help of
quantitative methods under which every question and its responses would be evaluated
numerically and finally will be represented in statistical basis. The graphical
representation of data will help in bringing out the element that are of statistical exactness
to the main findings.
1.6. Potential significance of research
The present research report carries huge significance in the area of both academic and
practical research area. The existing theories in performance management system are enforced
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and analyzed of Standard Chartered Bank. The performance management system differs across
various companies and it is vital to undertake research in different companies in order to
compare and contrast the results that has been acquired from the research survey (Heeks and
Bailur, 2007). However, the performance management system and factors influencing it have
been studied from both theoretical and practical point of view, the actual conceptual framework
is still not clear. It has been observed that not much is known reasonably regarding performance
management which can be associated with development and employee involvement (Haimes,
2002). Therefore, this research report will augment greatly to the existing literature and will help
in to analyze the similarities and differences that exist between actual process and authors
review.
The current research also have importance in practical framework because firms are
paying due amount of attention towards employee’s performance and motivation. Many of the
corporations are spending much of time and money to enhance the productivity of its workforce
and increase their engagement (Gitman and McDaniel, 2008). But, the knowledge base needed
for such kind of interferences is not enough and without an appropriate knowledge and
conceptual framework, organizations will not be able to achieve success in enforcing
performance management practices in their management and this will ultimately limit their
success (Powell, 2011). Hence, this study is aimed towards highlighting the knowledge base for
helping in development of human resource department and developing suitable comprehension
between employees and their performance level.
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CHAPTER 2: LITERATURE REVIEW
2.1 Introduction
Literature review section aids in to focus on the several research questions by examining
the knowledge gap and it gives value on analyzing the previously published literature and articles
on the specified topic. This chapter helps in seeking information from various sources and
undertakes a critical assessment in the area of research. In the current research report aim has
been give on assessing the significance of performance management program in banking sector
and the area of research selected is UK. In this context different scholarly articles and author’s
definition on human resource management and the impact of performance appraisal in
organizations will be reviewed.
Human resource management is the function within a firm that focuses on recruitment of
management and offering direction for the people who work in the firm. It is an organizational
function that deals with issues related to people such as hiring, compensation, development of
organization, wellness, safety, employee motivation, benefits, administration and training and
development. In business organizations HRM is a comprehensive and strategic approach to
manage people and the culture and environment of workplace (Lucero and Allen, 2006). By
enforcing suitable HRM policies employees of a firm cam contribute productively and
effectively to the overall direction of firm and aids in achievement of organizational goals and
objectives.
Employees in an organization have their own set of individual thoughts and ideas, aims
and diverse behaviors; hence it becomes the duty of human resource management of a company
to use both group and individual psychology to relegate people in attainment of corporate aims
and objectives. In this context human resource acts as a communal link between organization and
its employees. Hence, in this respect the main theme of this section would be analyze different
approaches of human resource and performance management, theories, models that are related to
topic of research (Roussaeau and Greller, 2006). In the first section of literature review a detailed
discussion would be undertaken on meaning and significance of human resource management in
present business environment. Moving ahead in the chapter the roles and responsibilities of
HRM would be stated. Other than this in the later section assessment would be made on
performance management where it’s meaning, importance and distinguished models in similar
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area would be examined. In the last section conversation would be made significance of
performance management in UK banking industry.
2.2 Meaning of Human Resource Management
Human resource management explains the set of interconnected activities i.e. associated
with employees of an organization and ultimately if reflects to the management of human capital
with the people who contribute in the achievement of organizational goals. Different human
resource functions and practices aids in management to acquire the attention and hire new
employees, undertake the work within the specified boundaries of state and federal laws and also
map the future needs of company (Mathis and Jackson, 2011).
In any of the unit of a company large numbers of people are employed to achieve
different activities and operations, it is considered as human resource. A business organization
needs material as well as human resource to undertake different works in the firm. Every firm is
comprised up of five main M’s i.e. Men, Money, Machines, Material and Methods; out of all
these factors Men is the most significant issue as other could be managed by men itself. It could
be defined that human resource contains the most essential and productive resource of business
unit. The HRM program builds a well trained and efficient workforce as in present environment
people are considered as the most vital asset for an organization.
According to Peter F. Drucker (2007) – “The success of any organization depends on the
level of performance of its employees; hence the human resource should be utilized for the
benefit of organization” (Drucker, 2007). The growth and stability of an organization depends on
the capability of a firm to achieve, utilize and develop human resource for the effectiveness of
company. In today’s businesses HRM is a highly useful and productive corporate asset and the
overall performance of a company depends on the level to which it could be efficiently utilized.
HRM is a continuous process and focus towards the achievement of organizational goals,
individual and society in an integrated manner. The vision and mission of a firm may include
survival, enlargement and development in acumination to innovation, prosperity, productivity
and differentiation (Werner, Schuler and Jackson, 2011).
Every individual employee working in an organization has their own set of goals that
include job satisfaction, fringe benefits, increased salary, self-respect, job security, appraisal and
equal employment opportunities. In this context human resource management is developed to
manage the issues of people in an organization as it is related with them in several dimension of
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a firm. HRM is mainly concentrated in four major activities i.e. acquirement, development,
motivation and maintenance of people. According to Gray Dessler (2010) – “The practices and
policies included in undertaking the people or human resource aspects of a management includes
recruitment, screening, training and appraising”. HRM is responsible for maintaining the positive
and effective human relations in an organization. It is also concerned with development and
growth of individuals and achieving the integration of goals of firm as well as individuals.
HRM is important in banking sector because it is a service based industry and
management of risk and people are two chief challenges that are faced by banks, these
determines the success in banking industry. Efficient risk management could not be possible
sometimes without skilled manpower. This industry has been and will be a people business
although pricing is a significant factor ad there could be valid reasons why employee chooses
and stay with a particular bank. Banking has been and will always be a people business and
hence it must try in to differ themselves by creating their own niche especially in apparent
situations with high level of competency. In coming time period it would be very much essential
to manage customer satisfaction and who do not meet expectations will find it difficult to survive
and this would be possible with effective human resource strategies.
Human resource management is the ultimate function within a workplace that focuses on
hiring and selection of people who work for company. From the above discussion it could be
stated that HRM is basically an organizational function that deals with several issues related to
people in respect of selection, training and development, compensation and performance
management and managing suitable communication. It is a strategic and broad approach to
manage workforce. Effective HRM system enables people to contribute prolifically and
efficiently towards the overall development and attainment of organizational vision. It has been
observed that functions of HRM are changing away from traditional roles of management. HRM
is now believed to add more value to strategic utilization of people who contributes in the
business in a measurable way (Kulik, 2004).
2.3 Significance of HRM
The practice of HRM must be seen through the prism of overall strategic goals for a
company instead of a separate shade that takes a micro or unit based approach. The main idea
here is to enforce a holistic approach towards HRM that ensures that there are no piecemeal
strategies and the policies of human resource lays emphasis itself on organizational goals. One
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of the essential factors behind firms focusing towards their people is the nature of organization in
the existing business environment. As, the economy is moving towards change which is based on
services it becomes important for companies to keep their workforce productive and motivated.
The transformed business environment has seen that a change is required in companies as
the employees have come just more than the usual resources. For instance if the need for
training of employees are fulfilled with general training on collective issues, the companies stand
without any direction and loses direction. One of the reasons behind companies giving a lot of
focus on its workforce is the nature of organizations in current business environment. In the
intense competitive business environment in which there has been steady movement towards an
economy based services, it becomes vital for companies especially in service sector to retain
their employees and encourage them to achieve the objectives. In this respect the significance of
HRM is lot more than managing people and some of them are as discussed below;
 Objective – HRM helps in an organization to accomplish its aims and objectives in the
definite period of time by creating a positive atmosphere and attitude among the
workforce. This function mainly aims towards diminishing the wastage and optimum
utilization of available human resources.
 Facilitates professional growth – HRM function helps in to develop effective qualities
among employees, which ultimately aids them for further development in their career.
The employees can be exaggerated not only in companies in which they are working but
for also in other companies in which they may work in future (Marchington and
Wilkinson, 2005).
 Employee welfare – Effective and vigorous practices of HRM aids a firm to manage the
communal relationship with members of union. HRM includes a wide range of
responsibilities and service for employees such as welfare funds, health and safety
services, social security and medical services. It also covers making of environment by
eliminating workplace hazards and establishing harmonious relationship with workforce.
Employee welfare is about explaining the employee’s actual needs and accomplishes
them with active participation of both employees and management (Roberts, 2010).
 Assists an individual to work in team – The practice of human resource management
trains an individual and group to work in team. Effective HR policies helps in to maintain
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a positive flow of work environment and makes people more comfortable in the
undergoing working situation that gets associated with working condition (Wood, 2009).
 Recognizes person for future progress – Employees are continuously trained so that they
are trained to fulfill the requirements of job. With the help of its organization is able to
identify the potential of employees who can be further promoted in future to any higher
level job position. Therefore, one of the benefits human resource management provides
is that it prepares people for future.
 Distribution of work to right person – Through appropriate recruitment and selection
method an organization could select the right kind of people for right job. This also aids
in reducing the attrition rate of employees in a company and talented personnel’s could
be retained in the business (Wright, 2004).
 Enhances the economic condition – Practices of human resource leads to a increased
achievement of income and better performance by companies due to this workplace can
attain better chance to enter into novel business and begin a new venture, hence these
industrial developments enhances the economic conditions.
Human resource management is the branch of an organization which is responsible for
focusing on all those aspects of operations which are primarily aimed towards the relationship of
workforce with its management and with the association of groups or individual (Thomas, 2007).
The human resource filed in banking industry us considered as one of the process of discovery
and transformation. The area of human resource can be defined as emergent and dynamic within
the cultural aspect of business in banking industry. Success of current banking business will
majorly depend on the HRM policies of organization that plays a crucial role in offering the
required services. The evolution of banking industry in UK is influenced with HR practices of
recruitment, selection and training system. It is very vital that details of human resource are
discussed along with employees to construct their own career planning, perception and
development. HRM approach is apprehensive with people both in group as well as in
individuals; it lays attention on emotional, behavioral and social aspects of personnel department.
It is also concerned with growth and development of human beings through wisdom, capability,
skills and achievement of employee aims and job satisfaction. HRM is involved with all the
levels of firm i.e. low, middle and top level management and also includes both organized and
unorganized workforce with numerous kinds of skills (Varkkey and Dessler, n.d).
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2.4 Meaning of Performance Management
Performance management is the process of evaluating an employee’s performance during
the preceding years and deciding where does an individual stands as far as their peers in the same
band are concerned. The process of assessing outcomes, arriving at a rating and then deciding
upon the level of hike to be done in salary is all about performance management. Managing
employee’s performance is one of the chief drivers for success of a firm. The roles and
responsibilities of HRM in the present business environment has noticed a severe change and its
aim is on development of different functional strategies that enables enforcement of major
corporate policies and plans efficiently (Price, 2011).
This term of management acquired much of popularity in early 1980s when total quality
management program received maximum of significance for achievement of superior standards
and excellent performance from employees. In this respect various other tools such as leadership
development, job design, training and reward system received an equal motion along with
traditional performance appraisal process in the new comprehensive in a wider framework. It is
an ongoing process that is mainly undertaken between employees and superiors throughout the
service tenure, it is cyclical and consistent in nature (Redman and Wilkinson, 2006).
In this era human resource department works towards assisting and improving the
performance of workforce by designing a positive and motivating work culture that could offer
maximum amount of opportunity to people to participate in organizational strategic decision
making area. All the major activities HRM are determined towards enhancement and
development of highly effective performance leaders and promote enthusiasm among workforce.
So, it could be stated that the role of HRM has developed from an appraiser to an enabler. In
current business conditions where there is intense amount of competition available in the
external market and employees easily look towards other option if they do not achieve job
satisfaction. In such situation performance management is the need of present time in intense
market competition and the organization’s battle for leadership (Martin, 2008).
According to Poole and Cook (2011) – “Performance management is a varied and
broader approach of HR as it involves numerous activities such as common goal setting and
consistent progress and suitable feedbacks, monitoring for increased performance
implementation of programs for development of employees and rewarding on the success”
(Poole and Cook, 2011). The process of performance management initiates with beginning of a
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new service in the entire system and gets finished when an individual leaves the company. This
system evaluates the useful variables and successful performance appraisal turns on the basis of
suitable usage of every kind of data (Komoche, 2006).
A transparent, fair and objective mechanism for performance management is a must for
all banks because it is the key to talent management and succession planning. Many of the banks
in UK have introduced a new performance management system that will work on goal setting,
probable appraisal of performers and development of potential talent. During the coming time
period this industry is going to face major challenge in terms of managing suitable talent and
workforce will become complex and there will be a need to cope with various people with
different needs and preferences that results into array of relationship between firm and those who
work for it. In this regard author Peter Drucker has expressed more than a decade ago the need
for nontraditional works relations with flexible working schedules, contract agreements and
virtual teams.
Performance management program has acquired much more significance over the past
decade; the idea behind this program is to simply manage work of employees. In order to
accomplish performance management program effectively the target and vision should be vividly
defined in much advance. The employees of an organization could be encouraged through this
program and consistency is the main core definition for managing the work efficiently in this
approach. According to Armstrong and Baron (2005) – “Performance management is both a
strategic and an incorporated approach to deliver flourishing results in an organization by
enhancing the performance and developing efficient capabilities among teams and individuals”
(Armstrong and Baron, 2005).
2.5 Significance of performance management
Performance management is considered as a systematic process through which the entire
performance of a company could be enhanced by the presentation of an individual within a team.
It is an approach through which superior performance could be endorsed by conversing
anticipations, defining roles within a definite competitive framework and setting up achievable
benchmarks (Vance, Vance and Paik, 2010). Managing the performance of employees is one of
the strongest challenges which the firms are facing today, because performance level entirely
depends on employees commitment, competence and understanding. If managed in a proper way
through a well planned reward practice and mechanism for feedback this system can serve as a
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significant tool for development and motivation of employee. The need for introduction of a
strong system of perfoamcne management was felt during the time when traditional performance
appraisal mechanism started failing. It is a strategic tool and is holistic in nature as it persuades
in every activity of the firm i.e. concerned with the management of individual, team and the
entire organizational productivity (Pinnington, Macklin and Campbell, 2007). The process is
indispensable and very significant for a firm as it is associated with establishment of culture in
which a team or an individual can excel by consistently improving them in terms of designed
skills and process of business.
It facilitates enhancement in quality of relationship among the members of a firm by
encouraging sharing of anticipations and creating a climate of empathy and honesty with strong
interpersonal skills. Todays corporate focuses on to retain the best talent within it hence they are
giving importance to these factors for betterment of business. A performance management
process designs the platform to reward excellence by associating individual accomplishment of
employees with organizational vision and missions. This system enables people of a firm to
appreciate the importance of specific job in identifying results. By setting up particular
expectations form employees that mainly includes results, behaviors and actions, it aids the
people in understanding what exactly is needed from their job and design efficient standards help
them to avoid those tasks which are of not use in long term success (Thomas, 2009).
The efforts of a knowledgeable and trained workforce are the chief factors in recognizing
and satisfying the needs of customer. Along with changing business environment, banks demand
more of specialized personnel with high caliber. This trend towards a more highly skilled staff is
anticipated to continue in the future, whereas the low level clerical component is due to decline.
Banking industry is a customer based oriented business and while new technology is available to
all competitors’ highly efficient and encouraged personnel becomes the trademark endowing
banks with a leading edge over their competitors. With the pace of technological changes a
reverse trend has been noticed in banking industry where machines and building are considered
as costs and people as assets.
Consistent response and mentoring offers a lot of benefit to assess the issues at a previous
stage and take proper actions. Therefore, performance management can be understood as a
practical system to handle performance of workforce by driving the individuals and firms
towards set of performance and results. It helps in associating action between sole and
16

company’s objective for achievement of organizational excellence. The system provides several
kinds of significance in the organizational success for instance it ensures that employee’s
understand the significance of their contributions to the firms goals and objectives. It makes the
roles and responsibilities of every employee clearly and equally ascertain whether the workforce
possess the essential skills and support for accomplishing the expectations (Price, 2011).
Performance management also carries importance in the area of setting up effective
communication channels between an individual employee and superiors i.e. based on trust and
understanding. It also aids in practicing a positive influence on the job satisfaction of employees
and regularly provide and open and transparent feedbacks from the employees. The system sets a
clear understanding between job undertaken and compensation, it also provides ample of support
system for learning and developing an individual by representing an employee in leadership
development programs (Kirstein, 2010). Hence, from the above discussion it could be stated that
performance management system carries huge significance in the area of research i.e. banking
industry.
Banking industry comprehend that in order to increase their revenue and profitability they
first have to move towards enhancing the performance of its employees to acquire the desired
level of productivity. This system has become essential in banking industry, because in banks
strive in to manage risk, enhance its operations, design and execute more suitable promotional
activities and attract and retain more people to join with them. Performance appraisal in banking
industry in earlier duration were mostly undertaken annually for evaluating the degree of
accomplishment of an individual and were enforced on a top down basis in which the superiors
used to play a major role in judging the performance of an employee without soliciting active
involvement of the workforce (Stanek, 2000). Previously, performance management were mostly
discredited as it involved looking backward and mainly required to concentrate on employees
inability and faults over a period of time instead of having a forward visualization by assessing
the developmental needs of employees and enhancing them. Conventionally, this system was
organized in banks in a bureaucratic way and suffered from avoidable delays in corruption and
delays.
In banking industry performance management were mostly narrowly focused and used to
function only in isolation without bearing any association with the overall organizational goals.
The side effect of this system was that it generated uncertainty among the employees and
17

managers on any novel imitative of HRM. But later on it was also realized by the banking
industry as well that performance appraisal system of an individual employees helps in to
monitor performance in an organized manner with factors such as job knowledge, co-operation,
judgment and includes factor that analysis should not be limited to past performance alone and
potential of the workforce for future performance must also be analyzed (Smith, 2003).
Performance management tools allows for individual metrics which then facilitates
management to provide achievable goals for enhanced productivity. Providing companywide
reporting and performance assessment initiates fact based identification of an issue and work
flow problems. Management coaching is enhanced when this system presents data on individual
performance of employees have clearer performance expectations. In banking industry it is
considered as a systematic assessment of an individual employee with respect to its performance
on the job and his potential for further development. In present business organizations the
management expects from all the employees to perform the defined task for payment it makes.
Once the work is delegated to the employees it is essential to measure the work done to view
whether the employee has done the work assigned to them in the manner it was anticipated
(Lertxundi, 2008).
Nearly, every organization looks in to monitor performance of its employees through an
assessment system. Employees who undertake their work are generally rewarded. There is
perhaps no single issue in personnel administration i.e. more significant to an employee that an
accurate or impartial appraisal of their contribution to the firm. UK banking industry has been a
driving force behind the nation’s economic development. The emerging environment includes
both threats and opportunities, mainly in the public sector banks as well as the human resource in
changing business conditions. The primary emphasis needs to on incorporating human resource
strategies with business strategy. Above the attributes of recruitment, selection, performance
management and employee relations with radical amount of transformation of existing personnel
structure in public sector banks like the seniority over performance is not the best environment to
attract best talent from the young competitive environment.
2.6 Techniques for performance assessment
A performance management process includes an analysis of factors what has been
acquired and develops a basis for potential development, planning for career and developmental
plans. According to author Douglas Mc. Gregor (2000) – “An organization should give emphasis
18

on evaluation and not on appraisal. This process involves forward looking approach and depends
on the capability to judge a performance that further depends upon specification of vivid
standards and eradicate unnecessary projections”. Perfect analysis can never completely be a
reality and is susceptible to numerous issues like halo effect that means the managers attains a
propensity of generalizing some of the experiences with other aspects of issues of poor
perception and interpretation.
In order to overcome these issues a management can implement some of the measures
like ensuring that all the employees and superiors comprehend the concept of performance and
learn to distinguish between effective performance with no so good ones. Measures should be
framed to ensure managers to define and agree upon the standards and establishing distinguish
measures for effectiveness (Khandekar and Sharma, 2005). It should also include training of
managers to base their evaluation so that judgments could be made after carefully scrutinizing
the relevant data.
The different techniques that could be adopted for assessing the performance of employees in
an organization are as follows;
 A holistic analysis of performance – The supporters of this approach believes that
performance management is all about evaluating the work done instead of assessing it.
This system focuses to reach up to an agreement for further action or development after
cautiously assessing the strengths or probable weaknesses. In this respect some of the
organizations like BP Amoco enforce this method for appraisal of its employees for
providing a feedback to the workforce where they are good at.
 Narrative assessment – It is in the form of written summary of ideas about diverse levels
of performance attained and is generally prepared by managers. This process lacks
consistency in the principle utilized for analysis as different mangers will consider
diverse aspects for perfoamcne (Wessels and Drennan, 2010).
 Ratings – This approach is mostly used in banks and other major industries as this system
focuses on ratings for analyzing the performance of its workforce for making decisions
related to pay. Through this method the quality of performance or the competency level
attained by an individual in a set skill can be analyzed by examining it on a scale against
certain parameters that could be qualitative or quantitative in nature. Since, performance
is a subjective concept it is difficult to acquire consistency in ratings that are presented by
19

different managers. In banking industry or other with the help of regular training and
reviews of peer could help in to promote uniformity in the ratings (Harris and Ogbonna,
2001).
 Forced distribution – In this method the supervisors are forced to provide their ratings
according to the pattern of a normal curve. This tool relies on the basic assumption that
the performance level of employees falls under the normal statistical distribution.
 Force ranking – In this approach the workforce is assigned ranking on the basis of
category as the concept of performance appraisal is a bit vague so the rankings level
should be associated with meaningful data to support.
 Quota system – This approach specifies the distribution of different ratings and also helps
in to accordingly adjust the ratings off managers after an event in order to ensure that the
quota in every level is met (Power, 2004).
Hence, in here in could be quoted that organizations are showing a high level of commitment
towards reinforcement of practices for reward which are associated with other human resource
practices and the aims of the firm to attract, retain and motivate employees. Effective rewards
system aids in to attract a result driven professional who can thrive and succeed towards
performance based environment. In organizations this approach has become a crucial motivator
towards enhancement of productivity of employees if enforced properly (Flamholtz and et.al.,
2004).
2.7 Performance management model
It is a process that associates the firm’s strategies and aims to individual and group
performance so as to enhance the efficiency of organization. It is a common process that involves
both their subordinates and leaders that commonly assesses objectives that are correlated to
higher vision of the organizations (Scullion and Starkey, 2011). This process ultimately results
into setting up of written anticipations of performance and is utilized in future to measure the
dimension of performance and appraisal.
This system is a way to achieve overall grip on what should be done in diverse levels in a
company and then evaluates whether it is indeed acting in the way required. In this respect a
model for this assessment as for proper comprehension;
20

Figure 1: Performance Management Model
(Source: Laforet and Li 2005).
The above depicted model is divided into four major sections i.e. planning, managing,
reviewing and rewarding of performance.
Planning performance – This is the initial step that measures the aims and objectives for
individual employees at distinct level and is commonly discussions with workforce are made
through face to face meetings and are directly reported to managers. These are ultimately put into
a formal written agreement of performance for every staff members; it could also be designed for
entire work teams in a company where joint teamwork is supreme (Dabic and et. al., 2011).
Managing performance – During this period of time the employees undertakes their prescribed
objectives in the manner so that they can manage their own performance, aided by line managers
who should focus at removing the hindrance of performance in working environment and offers
needed resources, coaching and training. Line managers are also responsible for integrating and
coordinating the aims of all employees with team and analyze their performance by taking proper
measures and solve the issues when required. All the additional benefits with utmost significance
are also provided like motivation, leadership, feedback and support (Laforet and Li 2005).
Reviewing performance – At this step formal appraisal system is conducted with appropriate
interview that are being undertaken with line managers to discuss regarding the achievement of
desired objectives. Problematic areas are analyzed and correct measures are put into practice,
including all possible training methods to the job holders. In this situation decision are taken
depending on kind of firms and its philosophies to the occurrence of appraisal that is done
accordingly.
21

Rewarding performance – The actual rating of performance sets the appraisal system, in this
respect rewarding employees for their effective performance and work done are offered. The
rewards offered could be in terms of financial or non-financial advantages, but the power of non-
monetary rewards could not be under estimated such as appreciation, promotion and recognition
that are enjoyed more purposefully with the workforce (Ibrahim and et. al., 2006).
In present business environment conditions where in organizations are showing a high amount
of commitment towards strengthening of reward practices that are associated with other human
resource practices and the visions of organization to attract, retain and encourage every
employee. An effectual reward system aids in to attract result driven professional that can thrive
and succeed in the performance based environmental condition (Garavan, 2001). Therefore, it is
a vital motivator and contributes majorly towards enhancement of productivity of employees if
enforced effectively. A suitable reward system should be associated with development of a
suitable system that focuses on performance based pay and presents ample amount of learning
opportunities along with a harmonious working environment.
2.8 Performance management system in UK banking sector
It has been observed that after the financial crisis that occurred in year 2008, many of the
banks are taking initiative to enhance their capabilities especially in the area of performance
measurement in light of changed economic and market situations and need for new management
structure. For instance the new regulatory structures are influencing the underlying economics of
this industry in payment card issuing and processing. Capital requirements are rising for many of
the banks and new channels like online communication are becoming more important. There has
been continuous difficult in revenue growth to achieve and due to weak economic conditions,
low rate of interest and restrictions in regulations (Beherey and Eldomiaty, 2010).
The banks of UK are trying to manage their cost better, enhance product mix and pricing
decisions and deepen the relationship with customers. These and other factors are causing banks
to re-analyze and improve the ways in which they evaluate and report performance of business.
In UK banks are reviewing and developing major organizational management profitability
reporting methodologies to reflect changes in business models and their underlying economics.
One focus is coordination with risk management definitions and methods. Many of the banks in
UK are now focusing towards performance appraisal of its workforce to help them to achieve
monetary and non-monetary rewards from the management, here it also provides the most
22

significant benefit for its employees that provides chance to acquire reasonable time for face to
face discussion on the performance over the period of time (Storey and et.al., 2007).
This type of discussion helps in employees and superiors to shed light on the main issues
that acts as a hurdle in the work concern matter and performance addressed. It could be observed
from the banking industry that the feedback of performance appraisal depicts that it creates a
strong bond between leader and subordinates only if the appraisal is undertaken properly and
fairly. It also aids in employees to attain opportunities to review their performances and discuss
the challenges and issues which they are facing in work and also gives direction to acquire aims
and objectives for the future time (Choong and et. al., 2010). Interaction during performance
measurement aids in subordinates and superiors to assist each other in future goals. Hence, it
ultimately enhances the productivity level and provides the best time to employees to chat with
supervisors without any instruction or obstacle.
The banking sector of United Kingdom occupies an important position in the global
economy and it provides basic financial services to larger segment of people by financing the
commercial enterprises and makes credit and liquidity available in the market. Since the
economic downturn faced by this nation many of the authors have tried to analyze the cause and
the underlying reason behind the financial crisis. Analysts found that careless lending, excessive
risk taking and the short term pressure placed by stakeholders on different organizational
directors for unsustainable ever rising earnings for growth that compelled managers to take
unnecessary risk are some of the essential reasons behind financial crisis to survive in market
(Salhieh and et. al., 2011). Hence, in order to remain competitive in the environment banks now
tries to achieve sustainability by building effective organizational structure and management of
employees.
Banks are undertaking a variety of system initiatives to reorganize and automate
components of their performance management process. It includes enforcing new financial
planning and system for budgeting, developing new techniques for stress testing and forecasting
other organizational requirements. The banking industry has promoted unitary motivating a
culture of teamwork, commitment of employees beyond the nexus and shared loyalty and
interest. Banks are today considered as having a passive approach to employee relations and
significantly a vital system for internal promotion between the major UK banks. According to
author Crouse (2011) – “Performance management aims at development of individuals with
23

required competencies and commitment for working towards the shared meaningful vision
within a company’s framework” (Crouse, Doyle and Young, 2011). In banks performance
management framework are mainly designed with an aim of enhancing both organizational and
individual performance by evaluating the requirements and providing regular feedback and
assisting the employees in their career development.
In banking industry performance management focuses to develop high performance
culture among individuals and team so that they can communally undertake the responsibility of
enhancing the business processes on a consistent basis and similarly raise the competency by
upgrading their own set of skills within a leadership framework. It lays stress on enabling clarity
of goal to make people do the right things at the right time and main objective in it is to achieve
the capacity of employees to the full potential for both organization and employee, by explaining
the anticipations in terms of roles, responsibilities and accountability that is required (Soliman
and Spooner, 2000). Performance management in banking industry requires the capability to
model multiple key drivers that directly influences the balance sheet of bank and the overall
profitability such as variable and fixed rate of interest along with time based investment and
deposit remaining balances.
The UK banking industry and its employment management practices had in numerous
ways been out of step with much wider UK economy. After the war this industry enjoyed steady
growth and high amount of profitability. It was an industry which was regulated and cartelized
by the government. The banks offered lifetime employment opportunity, structured career and
welfare oriented human resource policies. During the past few years there have been enough
amounts of signs of fundamental change with introduction of novel technology in companies.
Banks have been changing their human resource policies and approaches with the array of
management led initiatives which is found in many other sectors can be seen reflected here. It
includes several benefits for employees like flexible working hours, cultural change programs,
performance related pay, new appraisal system and increased forms of direct employee and other
components of novel management that are having huge evidence in banks today.
The major UK banking industry has experimented with flexible job pattern in order to
minimize cost and enhance productivity. This system provides the choice to employees of how,
when and where they pertain to work. Through this employees can vary in their job hours to
24

manage ease between work and family life. All these helped in to acquire improve employee
commitment and reduced employee turnover.
2.9 Performance management in Standard Chartered bank
Standard chartered is a British multinational financial and banking services company
having it’s headquarter in London, United Kingdom. The Standard Chartered group was formed
in the year 1969 with merger of two banks i.e. The Standard Bank of British South Africa in the
year 1863 and Chartered bank of India, Australia and China in 1853. Both the organizations were
keen to capitalize on the heavy expansion of trade and acquire handsome profits to be made from
financing the movement of goods from Europe to Middle East and Africa. It operates in a
network of over 1700 branches in more than 70 nations and employs more than 87,000 people all
around the globe (Standard Chartered UK, 2013). Standard Chartered is a universal bank and
provides services to consumers, corporate and institutional banking services. This bank has been
primary listed in London Stock Exchange and is a part of FTSE 100 index.
Standard Chartered has its secondary listings in Hong Kong Stock Exchange and
National Stock Exchange of India. The company’s largest shareholder is the government of
Singapore owned Temasek Holdings. In spite of its British base, the bank is having few
customers in UK and 90% of its profit comes from Africa, Asia and Middle East. The bank has
increasingly identified that it is increasingly significant to have a different, talented and engaged
workforce in with several growth opportunities that is available in the market. Bank has made
effective progress in three major areas as part of its approach to manage people, employee
engagement and health and safety (Harvey, Speier and Novicevic, 2000). Standard Chartered
took various steps as part of its ongoing commitment to create an exclusive environment for its
workforce, community and customers.
Strategy formulation and implementation is one of the major processes in bank with rapid
growth across its franchise and changing customer and employee demographics. Standard
Chartered believes in innovative and sustainable approach to manage its people and create
competitive advantage by considering people as an asset for the organization. As strength based
organization, the firm undertakes a unique concept and focuses entirely on its employees
individual talents and assists them with several opportunities to put these into practice. Standard
Chartered views the system of Management by Objective (MBO) very beneficially for its
25

operation mainly as it gives importance to compensation packaging and this is the most vital
factor to retain key employees (Collins and Clark, 2003).
The HRM system of Standard chartered bank has led their organization to collect the
most talented and performing employees through extensive recruitment programs all around the
world with structural corporate procedure of training, learning and mentoring newly employed
people for further growth and develop their skills and talent in organization. This program
includes three major intensive job rotations from different specialization that includes e-learning,
performance and talent development which is undertaken for 28 months training sessions
(Standard Chartered UK, 2013). It mainly assures that workforce is thoroughly equipped with
bets wisdom and is well aware with current trends in financial and banking services, customer’s
engagement, employee relation, risk reduction, personality development and human resource
management.
Standard Chartered bank by enforcing the strategic human resource management program
(SHRM) provides resources to global networks to establish HF functions. Through SHRM and
preparing every member in a consistent manner the bank is offering facilities to incorporate close
relationship with their original company and gets them acquainted with global economic
downturn and financial banking crisis. Economic crisis has influenced almost every company in
the entire world by creating a turmoil and crucial decline to organizations including financial
firms that creates a kiosk in banking, some of them even delimit their borrowing structure and
some drop down their insurance, pre lending and other financial institutions (Standard Chartered
Bank, 2011). But Standard Chartered bank remained rigid in their projection to extend and
promote their goods and services with the help of marketing and management approaches with
focused on long and short term goals working closely with shareholders and employing suitable
talent in organization.
The management of this bank ensures that effective human resource planning process is
being devised and properly skilled people are present to be organized in the management
structure to meet the future forecast work demands. The structure of this bank offers maximum
of opportunity for development of career and is perceived to contribute to valuable and proficient
work practices. Suitable workforce data is readily available to inform management decision
making on human resource issues (Richard and Johnson, 2001). Standard Chartered bank of UK
performs in a rigorous manner and every employee’s performance is being monitored and thus
26

rating is giving accordingly. In this bank no fixed hierarchy system is being followed and each
one is given equal opportunity. In order to manage the performance of employees in an effective
manner two types of process is being followed one is the individual and other team based
appraisal (Standard Chartered Bank and human resource management, 2013). The human
resource manager directly interacts with every individual about their performance and
achievements in the organization. In this regard they assess every employee on the basis of their
potential, enormity of work assigned and level of effort being given into it.
In individual appraisal process weekly flow meetings are organized but fully fledged
appraisal is done on annual basis. At the time of appraisal the salaries are fixed and name of
employees who are eligible for bonus are also fixed. To assess the performance of team monthly
appraisals are also done and campaigns are undertaken when every team is under strict
observation (Lengnick-Hall and Moritz, 2003). In this campaign whichever team performs the
best is rewarded. Performance of workforce is reviewed and discussed with supervisor in which
every objective has to be accomplished within a particular time frame. Bank also undertakes
employee recognition program and it acts as a motivating factor and mould employee towards
better performance in their work (HUMAN RESOURCE MANAGEMENT AT STANDARD
CHARTERED BANK, 2010).
Standard Chartered undertakes an employee of the month program that is focused to
highlight and identify the employee of the month. Apart from raising the performance of
employees it also aids in creating a competition among workforce where in every individual
would try in to achieve the title of performer of the month. Bank follows a transparent system
where in every employee can easily take their issues to the management including the top
management as bank has an open door policy (Talent Management at Standard Chartered Bank,
2012). The bank also follows a pay for performance system in its management structure and
increment are given to employees on effectual performance in which handsome amount is being
given on the basis of work done.
Therefore, it could be stated that performance management plays a crucial role in the
enhancement of employee’s productivity and in banking industry it has a major role in the
overall development of firm. Here, in a detailed discussion on performance management of
Standard Chartered bank has been assessed and it has been observed that it undertakes effective
measures to manage its workforce performance. Today Standard Chartered bank is a leading
27

organization and is known for its efficient management of employees and has achieved
maximum growth only with the help of its talented workforce whom it considers like asset for
the organization.
28

CHAPTER 3: RESEARCH METHODOLOGY
29

CHAPTER 4: DATA ANALYSIS AND FINDINGS
30

CHAPTER 5: CONCLUSION AND RECOMMENDATIONS
31

CHAPTER 6: REFLECTIVE STATEMENT
32

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