Effective Management and Application of Human Resources in HSBC

Effective management and
application of human respurces
in HSBC

TABLE OF CONTENTS
SECTION- 1....................................................................................................................................1
About HSBC bank.......................................................................................................................1
Mission Statement of HSBC bank...............................................................................................1
Core objectives of HSBC bank....................................................................................................1
Importance of workforce planning...............................................................................................1
Approaches of recruitment and selection.....................................................................................2
SECTION 2......................................................................................................................................3
Benefit and limitation of HRM practices for HSBC and the employees.....................................3
Relevance of HRM to the organizational efficiency, effectiveness and the profitability............4
SECTION 3......................................................................................................................................6
Analysing the importance of employee relations in influencing the HRM decision-making......6
Key elements of employment legislations and its impact over HRM decision-making..............6
Application of HRM practices.....................................................................................................7
REFERENCES................................................................................................................................8
APPENDIX......................................................................................................................................9

SECTION- 1
About HSBC bank
HSBC bank stands for The Hong Kong and Shanghai Banking Corporation. It is established in
1850 in USA and headquartered in New york. It is a British multinational bank having its
subsidiaries around the world and is famous for its services in investment banking and the wealth
management services. The success of the bank is determined by its ability to reach the mass
population with the help of digital marketing campaign strategies (Masum, Azad and Beh,
2016). It also believes in expansion through the market penetration strategy wherein it offers
discounts, lowers down the interest rates for the borrowers and allows rebates.
Mission Statement of HSBC bank
The mission of the bank states that it wants to establish as a leading international bank and
expand its network with the use of rapidly increasing technology (Nankervis and et.al., 2019.). It
desires to provide wide range of customized services like the investment, commercial, retail
banking and other financial services like the wealth management and portfolio management
services.
Core objectives of HSBC bank
One of its major objectives is to maximize the wealth of shareholders which is to return
maximum benefits on the investment made by the shareholders. Another major objective of the
bank is to establish a global footprint and expand its customer base. It also wants to generate
expertise in the tailor-made financial services (De Silva, Opatha and Gamage, 2018).
Importance of workforce planning
Workforce planning refers to the process of allocating the right person at the right position on the
right time so that the organizational objectives of the bank can be fulfilled. The recruitment and
selection of the employee is based on the qualifications and the specializations acquired which
shall ultimately boost the morale and efficiency of the workforce (Serengil and Ozpinar, 2017).
Major importance of the workforce planning to the goals of the organization are:-
 Proper workforce planning is essential for HSBC for boosting its operational efficiency
through attaining the economies of scale, limiting the wastage of resources, cutting down
the cost per unit etc.
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 It improves the human resource management with the help of taking efficient decisions
related to them and helping them build skills and competencies that are required to
achieve the personal and professional goals.
 Strategic workforce planning is also essential because it creates the scope for future
forecasting and also allows to prevent the unnecessary issues and conflicts among the
workforce of the company.
 It also helps in building the leadership qualities as if an employee is present in the interest
sector then they are willing to take initiatives and also contribute more towards the
success of the organization.
Ultimately workforce planning is very essential for the achievement of its objectives and the
prospects of its future growth.
The strategic HRM plays a crucial role in the globally undertaken business where the
competitiveness is identified by the efficiency of employees (Knevel, Gussy and Farmer, 2017).
While performing the business globally it is very essential to manage the human resource as they
belong to the diverse culture and beliefs.
Approaches of recruitment and selection
 Equality and diversity- One of the approaches to recruit and select the employees is by
maintaining the equality and diversity amongst the various applicants. In this approach all
the candidates who apply are considered based on their merits and this removes the bias.
After being approached then they can be shortlisted based on their performance in the
interview.
The merits can be that such approach is not biased, helps in selecting the most skill-full
candidate and positively publicize the brand. Whereas the demerits can be it is time-
consuming and complex process. Example walk in interview.
 Short-listing based on the applications- This is an approach used by HSBC bank where
the applications are detailed and self-explanatory and on the basis of that the candidates
are selected and accordingly rejected. The merits can be its less complex and time-
consuming. The demerits are it is an inefficient way of selection.
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