Current Talent Management Strategy of LLOYDS Bank

This study discusses the current talent management strategy of LLOYDS Bank and its impact on HRM practices. It also identifies relevant regulatory factors and environmental factors that affect HRM practices. Additionally, it analyzes a current core position being advertised within the organization.

LLOYDS Bank

Contents
INTRODUCTION...........................................................................................................................3
PART 1............................................................................................................................................3
Current talent management strategy of LLYODS Bank..............................................................3
PART 2............................................................................................................................................5
Identification of relevant regulatory factors which impact on organization and HRM practice. 5
PART 3............................................................................................................................................6
Identifying any environmental factors that might impact on HRM practices.............................6
PART 4............................................................................................................................................7
Identifying and analysing a current core position which is being advertised within the
organisation..................................................................................................................................7
PART 5............................................................................................................................................9
Recommendation.........................................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
HR strategy refers a long term plan which is being created by companies in order to accomplish
objectives and developing company in an effective manner (Ulrich and Brockbank, 2016). This
study is based on LLOYDS Bank which s a major British financial institution. It serves in the
UK. This present study is going to show important of an effective business and HR strategy as
well as all functions plays by HR. Talent management is one of the main function which consists
of several other functions of HR and allow banking sector to retain their employees within an
organization for the long run. Further, this study discusses all effective legislations which needs
to be followed by banking sector in order to have effective impacts on HR practices and
improving performance of employees, motivating them and preventing themselves against
lawsuit. It will also show some external and environmental factors as how it affects performance
of employees and HR practices.
PART 1
Current talent management strategy of LLYODS Bank
Talent management is a process of improving skilled workforce and it includes several
functions of HR such as: attracting employees, selecting, on boarding, training, evaluating and
retaining them within the company and make them able to support company in accomplishing
their goals. Talent management strategy can help banking sector in taking competitive
advantages. In the context of LLOYDs Bank it can be said that it is one of the well-known
British retail bank who has its branches across England and Wales. This bank mainly focuses on
rewarding and retaining talent management strategy because it believes that motivation is one of
the main key of the success and talent management (Awan and Farhan, 2016). For motivating
skilled workforce and retaining them, HR of this bank have to play several functions which all
help it out in managing talent such as:
HR/business strategy: In this context, it is analysed that business strategy is being selected by
LLOYDS bank on the basis of its goals which is addressing its customers’ banking as well as
insurance needs and improving their experience. For this purpose, it makes an effective use of
competitive model. It makes or develops 3 year strategy in which it focuses on selected areas
who can help it out in leading customers’ experience, minimizing group capabilities,
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transforming ways of working for increasing productivity and digitising group
(https://www.lloydsbankinggroup.com/investors/our-strategy/).
Recruitment and selection: Recruitment and selection is one of the main and preliminary
functions which need to be played by HR of LLYODS bank in an effective manner in order to
get skilled workforce in an organization. For an effective recruitment it makes effective job roles
and give advertisement in newspapers and others. Among all candidates, it selects the best one
by asking questions in interview process. It selects skilled workforce who meet all requirements
of job role and who have knowledge and experience of working in banking sector. It is stated
that sometimes it focuses on internal recruitment whenever required. By providing promotional
opportunities and transfer, it employs their existing staffs which help it out to accomplish its
goals and becoming cost effective (Hosen and et.al., 2018).
Performance management: For performance management of employees, it sets parameters in
which investment, programs and acquisition reach their goals. It is one of the important function
of LLOYDS bank to measure effectiveness of performance as it helps it out in selecting the type
of rewards provided to employees. Promotional opportunities and other benefits also depend on
performance measurement and management. It is also stated that HR of this bank focuses on
feedbacks and by taking feedbacks from other workers it analyze, measure and manage
performance of employees.
Reward: After selecting employees and performance management, HR of this bank focuses on
this function to the great extent because it is one of the main factor and key of its an effective
talent management. In this context, it is stated that by providing financial and non financial
rewards to employees as per their needs and requirement like bonus, incentives, promotional
opportunities, celebration of their success, they motivate them and retain them in an organization
for the long run. In addition, in the context of motivation it also makes an effective use of
consistent leadership who supports all employees and led them by examples by using clear words
and communication. By creating visible leadership within an organization it supports all
employees; motivate them towards accomplishing their goals (Kanwal and Syed, 2017). So, it
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can be said that rewarding and motivation is one of the most focused area and function play by
HR for talent management.
Training and development: In this context, LLYODS bank believe that lack of skills and
having improper knowledge of working increase stress and tension among employees and it
become the main reason of their turnover and leaving the company. So, for solving this problem,
HR of this bank focuses on training to employees in which they teach different and effective
ways of performing activities, ways to deal with customers and all other skills which are required
for them to work effectively. By getting training, employees feel motivated and it helps the, out
in increasing productivity by reducing errors in processes.
So, from the above discussed all functions and effective strategies of each function, it can
be said that LLYODS bank use effective talent management strategy which helps it out in
solving problem of staff turnover.
PART 2
Identification of relevant regulatory factors which impact on organization and HRM practice
There are some external regulatory factors which can affect HRM practices of LLOYDS
bank and other companies so, it is important for them to consider all those factors and follow
rules of them. Some external regulatory factors which can affect HRM practices to the great
extent include:
Equality legislation: There are several laws which needs to be followed by all companies and
equality legislation is one of the main external regulatory factors. As per this legislation,
companies need to treat their employees fairly and equally. They cannot discriminate their
employees on the basis of their gender, age, race, ethnicity, working experience, disability and
others. If company do not follow rules of equality legislation or discriminate their employees
than it can affect their performance and image in a negative manner. There are some HRM
practices such as providing safe and healthy working environment to employees, fair evaluation
system and others (Santangelo, Dellestrand and Andersson, 2019). So, it can also be said that if
company does not follow this legislation then it can affect these HRM practices and also become
the reason of staff turnover.
Gender pay gap: It refers a report which shows gap between the average earning of men and
women. This legislation requires employees to have with around 250 or more employees to
publish statutory calculations every year with the main aim of showing that how large the gap of
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earning is between their male and female employees. It shows that on some basis and on the
basis of gender companies are making differences between their employees. It can affect their
performance in a negative manner. For having positive impacts ad retaining skilled workforce in
an organization, LLOYDS bank need to follow all rules of employment legislations and treating
their employees in an equal manner (Zhu and Lin, 2019).
Rather, these regulations and regulatory factors there are several other laws such as:
minimum wage, privacy protection of employees and others which all can affect HRM practices
and overall performance of banking sector. So, it is important for this bank to protect themselves
against lawsuits and improving image by following all these legislations
PART 3
Identifying any environmental factors that might impact on HRM practices
Th human resources managements which have the several factor which have the effect in day to
day operations. It is the important for the department to have adoptions of the new level of notice
and legation which can be implemented with immediate effect o the change in corporate policies
have been changes. The human resource managements have the need to developed strategy
which is been influenced due to the factor as-
Government regulations
With the introduction of the new workforce compliance provides the standard of the HRM
department which tends to work in constant pressure in order to stay within respective law
mentioned by the government for banking industry (Pourghasemi and Rahmati, 2018). The
regulation has the influence of every process which have inclusion of hiring, training,
compensation, termination, and much more.
If the HRM of Lloyd bank fails to follow the regulation, then firm will be extensivity fined
which is considered to be bad enough cause to make company shut down.
Economic conditions
The current economy has the major influence is shaping culture of as it not only effects the talent
pool but also effect the ability to hire HRM department have the major responsibility to prepare
the firm against the prevailing economic conditions by creating the plan for economic turndown.
Hence all the company can be successful in making the due in bad companies if there is
consistency of the rainy-day funds in order to have combating the harsh environment.
Technological advancements
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The more level of new technologies which are introduced in the world of HR department is
considered to be helpful in downsizing different methods for saving the money in perfect manner
(Lopez-Cabrale, Bornay-Barrachina and Diaz-Fernandez, 2017). there is more level of
innovation have been taking place in the asking industry which is making Lloyd banks to down
size the work which are required 4 people by the utilizing the technology over the place. Hence
the technology is considered to be revolutionary for making the way of doing business from the
different consumer points but form the internal cost saving aspect.
Workforce demographics
As role of the HRM is to have the responsibility to work in area which have inclusion in
workforce planning, employee and labour relations, training and development and legal
compliance within their organizations. As the older generations retire and new generation enters
looks the way to attracts their new set of candidates. The firm tries to have the hiring of different
ways by offering different level of compensations in order to have the working with younger
generation in perfect manner. This procedure has been enlisted with proper level of procedure
which is been followed by the avoidance of lawsuits and sanctions.
Company culture
HR have the major sense of responsibility to have the analysing of deferent external factors
impacts on the respective company culture along with degree plans to cope with it. The HR may
have the need to address the facility which have to work outside the corporate facilities, keeping
the motivation level high by contenting the multi-generational staff (Hu and et.al., 2016). The
firm have the corresponding the policies which is about the confidentiality by accessing social
media to have the shape the business environment.
PART 4
Identifying and analysing a current core position which is being advertised within the
organisation.
 The job description
Job description
Roles and responsibilities
 Developing and implementing more of HR strategies along with initiative aligned
with overall business strategy
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 To have birdieing the managements along with employee relationship addressing
the demand and grievance
 To have management of requirement and selection process.
 To have performance appraisal systems
 Maintenance of pay plan and benefit programmes
 Assessing of training needs an order tp apply and monitoring of training
programmes.
Skills required
 To have the bachelor degree in human resources or the related business
 To have 1-year experiences in the HR supervisory position.
 To have the demonisations with ability to improve employee morale.
 To have compressive understanding regarding the local, states and federal level of
employment laws.
 To have exceptional interpersonal communications and relationship building
 To have strong understandings the HRS software .
 The person specification
Key skills Specification Necessary Desired
Knowledge Organisational strategy. Desired
Regrading business practice, along with politics and
culture.
Desired
Experience 1-year experience in managing people and projects. Necessary
Responsibility for maintaining the budgets and
campaigning planning.
Necessary
Skills The skill for strategically analysis for plans to meet
the targets.
Necessary
Excellent level of verbal communication along
development of customer centred approach in way
collaborative working and problem styling.
Necessary
Behaviours To be centre & more level of imaginative. Necessary
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To be commercially aware along with financially
literate.
Desired
Collaborative and responsible. Necessary
 Recruitment channels
The channels which are more considered to be effective as the latest trends in making the
perfect sense for the business in perfect manner. the channels are such as the
Employer branding is the which the firm is referring to have the promotions of firm
itself in order to be the choice o the preferred level of network which have the desire to
recruit and retsina in perfect manner.
Progress of online candidate assessment towards the mainstream which is done
through having the online assessment in terms of acknowledging the is high owing to the
fact that it lessens unnecessary interviews and can considerably better the quality of hire.
Selection methods
The method will have the follow up with the typical level of standard pattern which have
the involvement if the initial level of screening along with interview conducting the final
level of employment decisions (Khashram, M a and et.al., 2016).
There will be following up their background level of investigations by making
conditional job offering. There will be conducting of physical and medical examinations
and have the successful completion of preceding activity job letter will be given.
 Performance management criteria
HR KPI’s are the strategic level of metrics which have the direct level of linkage in
developing the organization strategy. This helpful mirror the organization performance
outcomes which is relevant to have the cavemen of the business goals in perfect manner.
PART 5
Recommendation
As per the part of recommendation the company-
The first aspect that company should be completing the 1-9 form all employers which have the
inclusion full time and part time employees. This is helpful in situation when error is found on
the form, then the immigrations and custom enforcement have the requirement of connection
done in more specific way.
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The HR should have the develop and revising of employee handbook when there are more than
10 employees which have the providing of information regarding company policies, procedure
and other level of benefits in perfect manner. it has the efficient level of outlining of
managements and hum resources with practices and providing the employee with understanding
the company expectation.
Third develop or update respective job descriptive within position of company in filing the
employer personnel which have inclusion of the hiring, orientation and employee performance
management (Marler and Boudreau, 2017). The current job description has helped the
employees by understanding the job duties on the basis of performance evaluation.
As part of recommendation in developing the interview and provide the training for managers by
ensuring the company to have the qualified to develop the guidelines and procedure of the
process by asking the discriminatory question which is not relevant to positions. Hence the
training in the behavioural of beneficently in selecting the applicants by most skills to fit I best
position to company.
Developing for revising the performance evaluation which is win to win for the company in
order to receiving the feedbacks on theory performances by positive feedbacks and constructive
feedbacks. Hence this is the challenging the evaluation system if the manager is no trained
which is consistent for improving the employee performance and employee manager tertianship
in perfect manner.
CONCLUSION
From the above study, it has been summarized that HR strategy played a vital role as it
helps companies to accomplish their goals by retaining their employees and making them able to
support company in achieving their objectives. This study has discussed importance of having an
effective talent management strategy along with recruitment, selection, motivation, rewards,
training and development functions played by HR. Further, this study has also shown some
regulatory factors like gender gap reporting, equity legislation and others which needs to be
followed by companies especially to banking sector organizations in order to protect themselves
against lawsuit, improving image and making their HR practices successful. This study of HR
strategy has discussed reasons of developing Job description and personal specification in order
to get an effective job and employing people as per requirements.
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REFERENCES
Books and Journals
Online
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satisfaction of employees: A case study of Banking sector in Pakistan. Science
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Hosen, S. and et.al., 2018. Talent management: An escalating strategic focus in Bangladeshi
banking industry. International Journal of Academic Research in Business and Social
Sciences. 8(1). pp.156-166.
Kanwal, K. and Syed, M., 2017. Impact of reward system on employee performance in banking
sector. RADS Journal of Social Sciencess & Business Management, 4(2), pp.82-103.
Santangelo, G.D., Dellestrand, H. and Andersson, U., 2019. Institutional antecedents of
subsidiary external embeddedness: Coping with regulatory competitive
constraints. Long range planning. 52(4). p.101851.
Ulrich, D. and Brockbank, W., 2016. HR Business Partner model: past and future perspectives:
international waters-HR strategy. HR Future, 2016(Dec 2016). pp.16-21.
Zhu, X. and Lin, S., 2019. Multiple Equality Indexes Related to the Wealth Gap. In Equity Index
Construction and Research on Wealth Gap (pp. 61-96). Palgrave Macmillan, Singapore.
Marler, J.H. and Boudreau, J.W., 2017. An evidence-based review of HR Analytics. The
International Journal of Human Resource Management, 28(1).pp.3-26.
Khashram, M a and et.al.,., 2016. Systematic review and meta-analysis of factors influencing
survival following abdominal aortic aneurysm repair. European Journal of Vascular and
Endovascular Surgery, 51(2). pp.203-215.
Hu, H.J., and et.al., 2016. Prognostic factors and long-term outcomes of hilar
cholangiocarcinoma: a single-institution experience in China. World journal of
gastroenterology, 22(8), p.2601.
Lopez-Cabrales, A., Bornay-Barrachina, M. and Diaz-Fernandez, M., 2017. Leadership and
dynamic capabilities: the role of HR systems. Personnel Review.
Pourghasemi, H.R. and Rahmati, O., 2018. Prediction of the landslide susceptibility: Which
algorithm, which precision?. Catena, 162, pp.177-192.
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