1MANAGING HUMAN RESOURCES Introduction The major purpose of the respective essay is conducting a proper research in identifying the issues in attracting and retaining the different employees in the banking or finance sector in Australian economy. There has been increased turnover among the different employees which has affected badly the growth of the finance sector in Australia, along with increased the cost of the management of the human capital to a large extent. As stated byTunji-Olayeni et al. (2017), there is direct proportional relationship between the monetary and non-monetary benefits along with employee turnover. The banking sector of Australia helps in strengthening the overall economic development of the country by increasing the overall GDP of the country to a large extent. As per the different financial records of the country, there is a huge contribution of $150 billion Gross Domestic Product in the year 2018. Moreover, there are more than 450000 workforce of the financial sector in Australia has been suitable in making a huge impact on the growth of the economy (Thibault Landry, Schweyer & Whillans, 2017). However, despite of the strength of financial sector, there has been huge level of turnover among the different employees over the last few years. The respective research essay will be based on analyzing various kinds of functions of Human Resource which includes career related development, Job Design, SHRM that are suitable in reducing the turnover among the employees. Issues While Attracting as well as Retaining Workforce in Finance Sector in Australian Economy There are different kinds of functions of the human resource management team in the different companies including the financial sector in Australia that leads to the enhancement of
2MANAGING HUMAN RESOURCES the overall performance of the employees. The job analysis along with design are the two crucial elements which is maintained by them that can be motivating the individuals in generating high performanceand achieve the professional goals and objectives sustainably(Stroup & Zheng, 2016). Motivation is the key element that is included in the process of motivating the different individuals suitable in enhancing the employee’s performance. According toSousa et al. (2017), thedissatisfaction related to salaryis the foremost element that is prevalent in the finance sector. Every employee working in the company has high expectation related to salary and it is one of the major reasons for the dissatisfaction among employees and increase in turnover among the employees to a large extent. As stated by Rönnqvist et al. (2015), in such scenario, the retention becomes a huge issue for the companies as there is a budget for each company and they cannot exceed the same for satisfying requirements of employees. Due to the same, it leads to the ineffectiveness in employees performance that decreases the productivity of the company. In addition, there isample of job opportunities in the finance sectorthat is affecting the employees retentionto a large extent. As stated byObeidat, Al-Khateeb and Abdallah (2019), there is cut-throat type of competition prevailing in the industry which provides the company with the different opportunities to attract best talent who are present in market. The different organizations go a long way in luring the talented resources from the different competitors. Availability of different lucrative offers make it difficult for retaining good talent in long way and it impacts the productivity of the company negatively. Moreover, as stated byMontague, Burgess and Connell (2015), there islack of job redesign in the organizations, there is boredom which occurs among the employees and due to
3MANAGING HUMAN RESOURCES the same, it becomes a huge issue for the company’s growth. The monotonous kind of work is the most ineffective element which leads to the boredom among employees that affects their growth prospects and there is lack of opportunity in finance sector. The employees look for the other avenues in the market in finance-related sector as they feel that they are talented and due to lack of opportunities, they leave the job that affects their growth (Mohan & Nalini, 2016). Moreover, according toMohan and Nalini (2016), there isdirect relation between the job redesign and the presentation of workersthat it can create both positive and negative impact on the growth aspects of subordinates and organization as a whole. Furthermore, according to Mohammed (2016),various issues in the recruitment and selection processeswherein it is seen that there is presence of cultural misfit among the employees due to which they are not involved in the process of selection. In the recent era, there are various issues related to cultural compatibility due to which many talented employees are not getting jobs and it affects their motivational approaches negatively as well. According toKamardeen and Sunindijo (2017),no learning and development processes for employees regarding financial aspects can impact the productivity. There are no on or off the job training procedures that affects their performance negatively as there are no vocational Education and Training programs that create inefficiency in the performance of employees’ and it leads to the loss of productivity negatively. Due to the same, there is a performance gap among the employees that is leading to the negative approaches in the entre process of the retaining employees. As stated byHattke, Homberg and Znanewitz (2017), the culture of the company is the biggest misfit that is creating huge pressure on organization to attract and retain the talent employees. More than 70% of the workforce in Australian economy is young generation who
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4MANAGING HUMAN RESOURCES prefers the flexibility and the job redesign as they get uninterested with similar tasks within a limited period. Due to the same, it is essential for employers in the companies to adapt a workplace culture which will be suiting the needs of employees as they are the main asset and their opinions is required to be valued. According toKatou (2016),job seekers have various choices and high level of powerthat can be difficult for the companies to match up to which leads to the negative implications on the generation of profit and revenue of the company negatively. Moreover, as opined byDhakal et al. (2017), the different job seekers have various job expectations which are unrealistic and it impacts the work culture of the companies. It is not possible for the companies to match up to the expectations of subordinates which is the main reason, employees search for job change in the competitive business environment leading to negative repercussions on the growth (Craig, 2017). Therefore, from the above analysis, these are the major aspects and challenges faced by employers in retaining and attracting talents in the finance sector in the Australian economy. Due to the lack of proper training and development, lack of flexibility and high choices among employees, the employers and the other higher level management of the companies need to incorporate the different strategies appropriate in improving the aspect and it can be assisting in analysing and understanding the prospects of growth suitably and helpful for managing the different effectiveness positively. Strategies in Reducing the Employee Turnover in Financial Sector in Australian Economy
5MANAGING HUMAN RESOURCES The appropriate strategies can be incorporated by the companies for improving their growth along with employees important for the success. The strategies which are included in the process of attracting as well as retaining them include the following aspects: Firstly,on-boarding along with orientationare the two aspects which should be adapted by the companies for retaining talented employees. As to make subordinates established within the organization, on-boarding is defined as the continuous process through which the employees are established from the first day of joining organization and it can be easier for them to commence the work without any difficulties (Clair, 2016). Job satisfaction is the critical element which is required for employees and the company needs to closely enhance the relationship between employer and employees. Moreover, it helps in depicting the day to day tasks and it is relevant to achieve the organizational goals in a successful manner as well (Bussin & Toerien, 2015). Reward and recognition programis the second aspect which is required to be adapted specially the finance sector in the Australian economy. Appreciation makes the employees happy and making them competitive in achieving the organizational goals (Bland, Church & Luo, 2016). The appreciation can be small, however, when the organization showcase that they care for their employees, it makes them feel happy will be reflected on tasks being executed. The recognition programs can include financial or non-financial rewards which will improve their relationship between the higher authority and the subordinates apposite for the workplace achievements. As stated byBigelow et al. (2016), thedevelopment of effective communicationalong with diversity management practices, the HRM can overcome the different challenges in
6MANAGING HUMAN RESOURCES retaining them. As argued byBarbara, Grolleau and Mzoughi (2019), the proper assessment of competencies and skills along with implementation of continuous learning environment, are the two significant functions of the HR department in attracting and retaining talented employees. As to engage the skilled workforce in financial organizations, the Human resource management teamrequirestomainlyfocusingonthedifferentstrategiesrelatedtoSHRMsuchas formulation, assessment, and control along with implementation of the factors suitably. Additionally, as stated byPresbitero(2017), for reducing the turnover in Australian finance sector, thefunctions related to HRMis designed and shaped according to the ethical guidelines. As per the research, the different policies of HR need to be transparent and implementation requires to be done in an ethical manner in financial companies in Australia. It will be resulting in motivation generation among the employees for a long span of time. It is related to inclusion of job redesign such as rotation of job can be decreasing the boredom caused to employees and plays effective function in creating work-life balance. With the inclusion of the strategies related to diverse-pay, the fair pay, the HR managers can motivate employees and there will be no such difference between the pay structures of employees. From the entire analysis of the different strategies of the Human Resource Management, the different roles and responsibilities of Human Resource Management plays a vital role in improving the association of subordinates with the company. One of the main findings of the process of the job design is the fact that HR managers need to take care and analyze the proper responsibility for identification of whether the different tasks that are being assigned to the employees are doable which will increase the motivation among employees and it will be leading to huge revenue generation of the entire company. In the current years of environment, the
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7MANAGING HUMAN RESOURCES differentAustralianbasedfinancialorbankingsectorcompaniestrytousethediverse motivational approaches for designing the different jobs for employees (Presbitero,2017). With the help of the same, the different subordinates are important and their opinions are being taken into consideration. The cultural fit is the major recruitment aspect or a criterion that needs to be present in the process of selection as there are different talented employees who are not receiving jobs for terms and conditions of culturally misfit. SHRM helps in overcoming the respective challenges and increase the productivity of the organization and employees as a whole (Clair, 2016). As to reduce the turnover among the employees, there are different HRM functions such as career development, onboard training and development practices, flexibility along with proper recruitment and selection that can enhance the effectiveness and the company will be performing the activities as per the ethical guidelines. Conclusion Therefore, it can be concluded that the researcher has been successfully discussing the diverse functional areas of the Human resource Management prospects for reducing the issue related to turnover among employees in the banking sector of the Australian economy. It has been noted that the proper job analysis along with job design helps in supporting the career growth. The flexibility in the workplace is effective constituent that can be implemented with the help of different companies as they are important and the young generation prefers to move from one to other job within a short span of time. The young generation employees do not like the same kind of job as they feel it is monotonous and they prefer to work in a suitable manner for themselves and the organization only when they see that there is flexibility and it can enhance their work prospects in a sustainable manner.
8MANAGING HUMAN RESOURCES Moreover, the career planning as well as job redesign are the two major elements which need to be incorporated in Australia as these will be helping in reducing the turnover among employees and there will be high level of increase in the revenue generation. As opined by the different authors, the employee turnover creates a huge negative impact on the workplace and it influences entire economy of the country in a negative manner. It helps in indicating the fact the organization needs proper modification as they are not able to match up with the industry standards and due to the same, there is decreased productivity level. Additionally, the retention helps in building the image and brand reputation that is appropriate for the future success of organization. In respective scenarios, the different companies undertake the various strategies for increasing employee retention such as generation of flexibility, orientation or on-boarding that will make them conscious that they are the most valuable part and their presence makes the company achieve greater heights in the competitive business environment as well. In scenarios, the different companies provide lucrative kind of offers and salary packages that make them analyze and they generate high level of revenues and productivity. The incentives and rewards are the other aspects are introduced by the companies for appreciating the work and the flexible duty hours has been suitable for employees as these will not create boredom and they will be enjoying the job which are being performed by them. The training as well as development related aspects needs to be present in process that is effective for making the company achieve the heights and make subordinates experience that their achievements are being appreciated and the productivity will be increased.
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