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Human Resource Management Assignment : Lloyds Bank

   

Added on  2020-01-06

24 Pages8075 Words252 Views
HumanResourceManagement

Table of ContentsINTRODUCTION......................................................................................................................4TASK 1......................................................................................................................................4QUESTION 1........................................................................................................................4QUESTION 2........................................................................................................................9TASK 2....................................................................................................................................18Conclusion................................................................................................................................21References................................................................................................................................22

Illustration IndexIllustration 1: Four indicators of commercial banks................................................................13

INTRODUCTIONLooking into the current business scenario of competitive global marketplace,corporate bodies are continuously making their significant efforts to adapt changes accordingto revolution in the business industry. Every organisation is keen to focus to attract large poolof talented and high-skilled human resources, who can contribute to the success of anenterprise. Thus, in accordance to the market needs and requirements and sustain in thecompetitive market, it is necessary to adopt the HRM practices and theories in a significantmanner. The present report introduces and examine the different perspective of humanresource management within an organisation, along with the assessment of various processesof employee development, resourcing, relations and rewards. For a while now, it has beenseen that performance management is becoming an augmentative bureaucratic process underthe provision of HR, which is why Lloyds Bank is taking sharp upturn to change their currentperformance management along with reward system (John, 2012). To make this system inline with the corporate strategy and culture, it is necessary to improve the employeeengagement system and focus on the numerous factors which can converge the performancemanagement of HRM within the workplace. In the present unit, emphasis is done on theaspect of performance management and its contribution to the success of the Lloyds Bankwith the context of Lloyds Bank, which is a British commercial bank, along with a retailerand considered as one of the 'Big 4' clearing banks. The report hereby, lay its concern overseveral business issues, which have great impact on the formulation of HRM activities of theLloyds Bank. With the assistance of various HRM theories and methods, performancemanagement approach will be analysed in this module.TASK 1QUESTION 1Performance management and its contribution to the organisational success As per the provided case scenario, the HR director of large bank has analysed fromthe annual performance appraisal interviews that there are many complaints arising regradingperformance appraisal systems within the workplace (Allen, Lee and Reiche, 2015). Themain reason found to be unfair judgements and assessment of employee's performance madeby line manager of the bank. Thus, it has become necessary to undergo with various factorsand issues that are pushing the aspect of performance management on the top priority ofevery Lloyds Bank. Performance management can be defined as an effective process forestablishing an understanding of workforce' needs and demands and about what is to be

attained according to organisational purposes goals and objectives. In other words, it is adistinctive procedure of alignment of organisational strategies and objectives with the skills,competencies, requirements, development plans and agreed measures of employees withinthe workplace. In the context of present scenario, it is the responsibility of the Lloyds bank tobring improvements and developments in the performance management strategy (Importanceof Performance Management Process & Best Practices To Optimize MonitoringPerformance Work Reviews/Feedback and Goal Management. 2016). The Lloyds Bankshould effectively manage the performance of employees in the workplace, as it:contribute to the success of business by ensuring the alignment of efforts ofemployees with specific organisational objectives;improve the motivation level of employees and enhance their performance byproviding them positive reviews and further opportunities for development andtraining;avail a basis for linking rewards to employee's performance;provide more information about employees and their needs;Establish focus for the development and learning activities for employees to acquireskills and knowledge;provide accessibility to clarify accountability related to performance and othermeasures. In accordance to the provided case scenario, the success of Lloyds bank is not justdependent upon having right strategy and appropriate resources, it is also rely upon themanagement skills of managers of the Lloyds Bank to support, direct and harness the groupsand individuals (Bloom and Michel, 2012). HR managers possess great role andresponsibilities to manage and arrange its human resources in an effective manner and get thebest results from the employees. Performance management process comprises of many steps,which can be adopted by the Lloyds bank in its workplace in an effective manner. There aremany practices of reward systems can support the performance management system and alsoimpact on employee retention, job satisfaction and employee engagement level within theLloyds Bank. Some of these practices are mentioned below:By delivering feedbacks and reviews to individuals and groups Communicating and defining clear objectives and standards related to performance.

Identifying the career paths for employees and providing them more responsibilities.By linking performance of employees with compensations and rewards.Providing learning and development opportunities to employees, so that they cangrow and prosper (Bloom and et. al., 2012).Identifying strengths and weaknesses, so that they can be availed with betteropportunities (Importance of Performance Management Process & Best Practices ToOptimize Monitoring Performance Work Reviews/Feedback and Goal Management.2016).Performance management process: 1.Set goals effectively: In performance management process the first step is set goaleffectively. In this step the two element are focused when developing goals. The goalsare written clearly and objectively and the goals are directly contributing to theachievement of organization strategy( Certo, 2015). When organization setting goalsthey not only address what is expected but also address how it will be achieved. Thejob expectations and responsibilities should use as main guide when setting goals. Theobjective of setting goals in organization to identify purpose of Lloyds company. 2.Begin with Performance Planning:This step is cooperative process betweenemployers and employees. In this step start with job description and analyse jobexpectation then clarified expectation of job for each major area. In the performanceplanning it is important to identify short term and long term objective of every job andalso understand that how they will be achieved. After identify goals analyse thedifficulties which would stand in the way of these goals being achieved. If anydifficulties then overcome through training, coaching and mentoring (Myers,2013. ).The performance planning is design according company goals because it helps toachieve objectives effectively and efficiently manner.3.Ensure an Ongoing Process: Goal setting, performance planning, monitoring,feedback, training is ongoing process which supports performance appraisal,performance rewards and development. The ongoing process of performancemanagement helps to understand future goals and achieve individual objective orLloyds goals.

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