Assignment on Managing Human Resources 2022

Running head: MANAGING HUMAN RESOURCES
Managing Human Resources
Name of the Student
Name of the University
Author note

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 by Tunji-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
performance and 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 to Sousa et al. (2017), the dissatisfaction related to salary is 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 is ample of job opportunities in the finance sector that is affecting the
employees retention to a large extent. As stated by Obeidat, 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 by Montague, Burgess and Connell (2015), there is lack 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 to Mohan and Nalini (2016), there is direct relation between the job
redesign and the presentation of workers that 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 processes wherein 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 to Kamardeen 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 by Hattke, 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