Human Resource Management Report of HSBC Bank
Added on 2020-07-22
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HUMAN RESOURCE MANAGEMENT
CONTENTSINTRODUCTION...........................................................................................................................1TASK – 1.........................................................................................................................................11.Purpose of and functions of HRM applicable to workforce planning..................................12.Strength and weakness of diverse methods of recruitment and selection in HSBC bank....3TASK – 2.........................................................................................................................................43.Benefits of diverse HRM practices to employer and employee of HSBC bank...................44.Effectiveness of different of HRM practices in terms of raising profits and productivity...6TASK- 3...........................................................................................................................................85.Importance of employee relation in influencing management decision making..................86.Key elements of employee legislation and its impact on HRM decision-making................9TASK – 4.......................................................................................................................................117.Application of HRM practices in work related context......................................................11CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTIONBecause of the increasing size as well as complexities in the business, human resourcehas emerged out as one of the most important factor in the business. There is a need of humanresource in business as owners, employees as well as customers (Hendry and Pettigrew, 2000).Thus, each and every organization requires personnel to carry out their operations. The mainfocus of human resource management is to manage and direct the human capital efforts towardsachievement of the overall organizational goals. Through human efforts and strategic policies,companies can achieve a competitive edge in the market. HRM should ensure that effectivepractices, policies and strategies are in place so that employee and employer both can seekbenefits out of it. In this, the current research is being undertaken to analyze the human resourcemanagement of HSBC bank in central London. As an Assistant Human Resource Manager of HSBC bank, the main role is to set up allthe human resource related activities of the organization. It is one of the largest banking andfinancial services companies all across the globe. Bank has established their operationssuccessfully in Asia-Pacific, Europe, America, Africa and Middle East region (HumanResources, 2018). HSBC is an international brand name and is achieving familiarity in variousother parts of the world. Since they have business all around the world, human resource rolebecomes more crucial and important. They have flexible working conditions and employeeengagement is considered quite critical for the company’s success. Therefore, as an assistantmanager, the analytical report will be developed in order to provide HR related help to the firmso as to support the bank in achieving competitive advantage. Furthermore, the current study willalso evaluate the effectiveness of HRM practices in increasing the output and revenue of thebank. Importance of employee relation in HSBC bank will be analyzed and employmentlegislations that affect the decision making of HRM will be scrutinized. TASK – 11.Purpose of and functions of HRM applicable to workforce planning Seeking help from the human resource management of the department, the human assetwithin the firm can be developed, managed, trained and made efficient so that overall objective1
of the organization can be achieved (Kane and O'Reilly-de, 2001). Further, this department isalso responsible in regards with the better use of the resources which are made available to themby the firm. They have to use them in such a way that maximum results can be extracted. Forbetter productivity and efficiency, good and healthy relations between the workers are quiteessential. Thus, the main purpose of human resource management is discussed below: Improving the overall competency of the human resource of the firm Achievement of the overall stipulated goals and objectives (Legge, 1995)Maintaining good and healthy relations among the workers, employers and co-workersDeveloping every individual in the organization through strategies, plans and policies In HSBC bank, each and every employee at varied levels and departments are beingmonitored by effective human resource department. The HR department is performing theimplied authority within the organization. All the internal as well as external situations andconsiderations are being monitored and operated by only one department, i.e. HR department. Indue course, HSBC bank adopts all the general functions of human resource management tooperate the successful organization (Mackay and Torrington, 2006). Further, the bank also takesinto consideration specific HR methods and approaches to recruit the most effective and logicalcandidates. The basic functions of HR of HSBC bank are as follows: Recruiting the candidates Selecting the appropriate candidates (Company history, 2018)Training and development to employees International market competitive Compensations Human resource planning Maintaining employee relation (Thorpe and Homan, 2001)Performance metricsProficiency development programs Advance human resource information system (HRIS) Hard and soft model approaches 2
Hard HRM features The communication with the higher authority is less Enough expenditure towards recruitment and selection process Tall organizational structureLeadership style in such model is autocratic (Voss, Tsikriktsis and Frohlich, 2002)Performance appraisal is related with the behavior of the workers Soft HRM features Strong level of communication among both the sidesOrganizational structure is flatterEach and every employee within the organization is encouraged to delegate authoritiesand responsibilities (Walters, 1995)The style of leadership is democratic Rewards are related with the performance2.Strength and weakness of diverse methods of recruitment and selection in HSBC bank Almost every company invests more towards the recruitment and selection processes.Thus, if the employees are sustained within the organization for long term then this will decreasethe expense of the firm towards recruiting new employee. The performance of the company isresult of its experience in the market. HSBC always make significant efforts in recruitingefficient employees for longer period of time so that the skills of the employees as well as thecompany’s experience combines together to deliver a better performance (Yin, 1994).Recruitment is the process through which the pool of applicants are made available in front ofthe HR and further, evaluation needs to be undertaken to select the best skilled candidate. Afterselecting the employee, it is the responsibility of the Human resource team to check and monitorthe status of the workers and should provide guidance if they are facing any trouble performingthe tasks.HSBC bank adopts various methods to recruit the best candidate within the firm.Generally, they take into consideration external methods of recruitment such as collegerecruiting, off shoring, internet, referrals and advertising. Through this large number of3
applications are in the hands of the HR and then further, selection process is adopted to have thebest candidate in place (Smith, 2017). Firstly, the applicant is required to submit his or her CVand then the applicants are evaluated by the HR department in terms of the requisite abilities andskills. Furthermore, the potential applicant is invited to attend the aptitude tests like numerical,psychometric etc. Those applicants who are successful in the above tests are invited to attend theinterview session, where personal discussion is held by the employer and the candidates. Afterthat the candidate is requested to wait for the rely letter. If it positive than job offer is issued bythe HR department. Strength and weakness of recruitment and selection approaches adopted by HSBC bank StrengthWeaknessThrough external method, Bank will be able tohave number of applicants to choose the bestemployee for the requisite job (HSBC Bank,2009)External methods is adopted for recruiting thebest candidates might prove costly affair to thebankWith campus recruiting and off shoring, newand innovative abilities and skills can be madeavailable Sometimes candidates selected are mismatchedand lack qualities needed to perform the job Overall performance level of the firm willimprove Time consuming method TASK – 23.Benefits of diverse HRM practices to employer and employee of HSBC bank Organization to operate successfully needs intervention of the human resource whether interms of owners, customers or employees (Adler and Boyacigiller, 1995). They further require4
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