HRM in Banking Industry in Britain Assignment
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Added on 2020-04-21
HRM in Banking Industry in Britain Assignment
Added on 2020-04-21
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Running head: HRM IN BANKING INDUSTRY IN BRITAINHRM in Banking Industry in BritainName of the Student:Name of the University:Author Note:
1HRM IN BANKING INDUSTRY IN BRITAINTable of ContentsIntroduction:...............................................................................................................................1HRM policies used across Britain in the banking industry:.......................................................1Selection and recruitment:......................................................................................................2Promotion:..............................................................................................................................3Compensation:........................................................................................................................4Training and development:....................................................................................................5Implications of the cultural theories for IHRM practices:.........................................................6Recommendation:......................................................................................................................8References:...............................................................................................................................10
2HRM IN BANKING INDUSTRY IN BRITAINIntroduction:The aim of the paper is to study the importance and implications of cultural awarenessin the HRM in the multinational companies. The assignment presents a picture where acompany seeks to enter a foreign market. The chosen company is HSBC Bank from thebanking sector. The first part of the paper deals with HRM policies and the second part dealswith implications of cultural theories in HRM. The paper ends with recommendations for theHR managers while employing in the foreign markets.HRM policies used across Britain in the banking industry:The human resources management policies in the British banks like HSBC Bankrevolve around four areas namely, selection and recruitment, promotion, compensationand training and development. Banking industry is one of the fastest growing industries inBritain and contributes to the growth of the service sector by a percentage of around 45percent. The banking sector in Britain is of high importance both within the country andabroad. This is because British banking institutions like the HSBC Bank are multinationalfinancial giants with operations all over the world (Armstrong and Taylor 2014). They servecustomers all across the world with their tailor made products and employs human resourcesfrom their host countries. This presence in host countries, serving their customers andemploying their human resources exposes the international bank to diverse culturaldifferences. The human resource management policies of HSBC Bank have to incorporatecultural differences in these host countries while employing their human resources. Thefollowing are the human resource management policies of HSBC Bank, which incorporatesthe cultural diversity in its human resources:
3HRM IN BANKING INDUSTRY IN BRITAINSelection and recruitment:The multinational British banks like HSBC Bank follow a very stringent selection andrecruitment policies while acquiring human resources in all their markets like North Americaand Asia. They process of the selection and recruitment starts with the human resourcedepartment identifying human resource needs in all the branches. The HR managers considerthe cultural aspects while recognising the criteria of recruitment. For example, the preferredcandidate for a branch in Britain is a Britain resident and that of an Australian branch is anAustralian. This recognition of the cultural background holds importance because the bank isa service-providing organisation. The employees have to communicate directly with thecustomers to know about the financial requirements and provide them with appropriateproducts. The cultural backgrounds of the customers like religions, social status and lifestylehave important bearing on their investment and financial needs. Thus, it requires the bankemployees to understand the cultural background of the customers to offer them appropriatebanking products. This offering of financial services to the customers earns huge revenue forthe bank, which is reflected through the high market position. This analysis clearly shows thathuman resources policies of HSBC Bank are aligned with the cultural profiles of thecustomers in the various parts of the world. The human resource department then decides onthe job responsibilities, competencies, educational qualification and job experiences requiredof candidates applying for the particular position. It publishes the advertisement on variousmedia like the official websites of the bank, newspaper and online job portals (Sparrow,Brewster and Chung 2016). This ensures that HSBC Bank obtain applications from a largepool of prospective candidates which enables it to obtain the most appropriate candidate. Thenext step is screening which involves the HR department consider all the application andshortlist the appropriate ones. Then the HR conducts interviews of the selected candidatesand recruits the most appropriate candidates whose fulfil all the job requirements of the
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