Human Resources Issues and Strategies in Bank of England

Running head: HUMAN RESOURCES
HUMAN RESOURCES
Name of Student
Name of University
Author’s Note

HUMAN RESOURCES1
Table of Contents
Introduction................................................................................................................................2
Discussion..................................................................................................................................3
The current human resource issues that are emerging based upon analysis of the chosen
company’s business strategy..................................................................................................3
The impact that technology may have on the human resources.............................................4
Proposals to be included in an effective HR strategy that can address the issues.................6
Ways in which the HR strategy can be evaluated for its return on investment.....................7
Conclusion..................................................................................................................................8
Recommendations......................................................................................................................9
References................................................................................................................................11

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Introduction
The Bank of England is the central bank of United Kingdom. The main mission of
this bank is promoting the good of the citizens of United Kingdom. This is done by
maintaining the monetary as well as financial stability, supporting various financial markets
besides the settlement of transactions besides the regulation of prudential since the year of
2013. The bank had implemented updated strategies for the purpose of include that it actually
wants to obtain by the year of 2020. The vision 2020 of the bank tends to identify two vital
areas for the financial institute which could be used for improving the effectiveness, the way
it carried out its operations and how it communicates with various stakeholders of the
organization (Hamilton and Parker 2016). Besides this, the bank had approached in
committing publicly for containing numerous costs and had also set internal targets. The
central services division which also belongs to the bank has a certain important role in the
process of facilitating various changes required in enabling the Bank for working in a flexible
manner and hence control numerous costs. The central services are usually responsible the
technology of human resources, procurement, property, financial management as well as
security.
This essay discusses regarding the issues that have been emerging on the basis of
analysis of Bank of England. it further discusses regarding the impact that technology might
have on the bank’s human resources within the upcoming five years, besides this, it had
included various HR strategies which can address numerous issues which had been raised. It
also identifies numerous ways in which HR strategies could be evaluated for obtaining return
on investment. It further provides recommendations on how the human resource operations
could be improved using numerous strategies.

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Discussion
The current human resource issues that are emerging based upon analysis of the
chosen company’s business strategy
There are numerous issues that are faced by the human resources of Bank of England,
the issues are as follows
Employee retention: the Bank of England had transformed its operations since few
years. It had shifted from customer service oriented and transactional environment to a
completely aggressive environment. Here the competition on the revenue is its first priority.
Various employees who believe in long time banking had become disenchanted with the
organization and had been resistant in performing new expectations (Morris 2018). The
diminished morale among employees had resulted in reduced revenue. There exist close ties
among the clients as well as staffs, hence losing these employees would mean a loss in
customer relationships that are very valuable (Zhao, Harris and Lam 2019). Top level
executives as well as departments of human resources had been spending huge amounts of
effort, time as well as money in figuring out how to prevent their customers from leaving.
Skills gaps: the skills gap within the organization had been widening. As per a certain
survey, it had been found that around 70 percent of employees do not have the required skills
for working within the organization, this had been identified as a threat by the CEO of the
organization (Hamilton and Parker 2016). This threat is imposed towards the growth of the
business. This had been driven by the increased capabilities of the digital technology besides
emerging new roles within the Bank of England, like data scientist, software engineers and
artificial intelligence and many more. These had still not been enough developers who had
been versed in the field of finance (Zhao, Harris and Lam 2019). This particular problem had
been realized or detected recently after the Peak 10 had conducted a survey had found that