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Strategic Human Resource Management - Research

   

Added on  2020-07-22

9 Pages3373 Words34 Views
Leadership Management
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Strategic HRM
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INTRODUCTIONStrategic human resource management refer to HR that is consistent and co-ordinatedwith the entire business objectives to enhance organisational performance. In addition, it is thepractice of developing, attracting retaining and rewarding for the advantage of both the workersas organisation and an individual as a whole. In this Essay chosen organisation is Barclays Plcwhich is a leading global multinational financial service provider involved in retail andcommercial banking. It was founded in 1960 by John McFarlane and Jes Staley. This Essay isbased on the choices of two questions in which selected question is 1. It is mainly related withindividual performance about pay and its links to motivation. MAIN BODYAs per the point of view of Kearns, (2015) it has been determined about the main reasonbehind selecting Barclays Plc in this essay is they has an international network of more than155000 people working crosswise a range of enterprises thus makes the human resource team ofBarclays face a new challenges. In such an international and divers spread firm, human resourceexperts work with each and every unit of business. It assist the Barclays Plc stay ahead of therivalry by retaining and attracting the best people. It is also essential for the company to makesure that they all are in the right job position and do the accurate work or activity. As it willdevelop sustainable advantages for the shareholders and customers across the globe (Arunprasad,2016). Focus of the human resource management team of Barclays is not only new recruit butalso bound up to raising its established co-worker. In this HR team play an essential andeffective role in monitoring employees performances and host of training programs. Humanresource management of Barclays plc is classified into various professional job titles. It mainlydeals with the HR related problem and plays a vital part in each and every unit of firm. The motive or significance of strategic human resource management in Barclays groupcannot be over focused, the failure and success of an firm relay on its HR management.According to the Kearns, (2015) the primary and main purpose related with HRM in Barclaysincludes job evaluation and recruitment, utilization and organisation of workers, measurementand appraisal of employee performance, application of reward system for workforce,maintenance of workers and professional development of workforce. Performance related pay of PRP is applied by employers to reward workforce onindividual and group basis. It is followed in a section of both private and public sector where it is1
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often sensed to be a form of providing an incentive or benefit to those at the upper of their paycircle. As per the Equal opportunities commission, a perfect and well designed PRP schemeshould have certain elements such as objective setting, consideration of performance againstobjective, translation of evaluation into performance rating, a link between determination andrating to pay, communication and understanding of objective etc. All these are applied by theBarclays Plc to provide accurate and fair salary to their workforce. It has followed to employeesin related with salary structures rates and a performance (Beer, 2015). There are different reasonsof implementing PRP system in Barclays such as strengthen the relationship between reward andperformance, maintain top performers by appreciating them for sustained superior performancelevel. Another common objective of the company for establishing this system is to necessitateand facilitate performance constructing resulting in performance assessments and reviews. Individual performance-related pay designed to encourage workers and to align theireffort and activity more closely with the goals and aims of the company. Any system that mainlyrelates with the reward of a worker to the performance of company that she or he works for iscalled PRP or performance related pay. There are different types of individual pay such asBonuses, Commissions, Profit-Sharing Plans and Piecework which are provided by the Barclaysto their all staff members (Beer, Boselie and Brewster, 2015). All these are essential andbeneficial for the workers to increase their performance level in the organisation. Bonuses are mainly made to workforce who reach particular level of performance. InBarclays, there are different departments such as sales, accounts and many other. All these arework with aim of increasing their performance level in the organisation. It is the role of managerto provide bonus to the salespeople so they can easily achieve sales goals. On the other handaccountants can gain bonuses for decreasing expenditure to a various level. Therefore, it is therole and responsibility of manager is to provide bonuses to the workers as per their performance(Brewster, 2017). Thus, it help them to maximise their performance level and achieve personaland professional goal within predetermined time period. Commissions is another essential part of the individual pay which may be applied as apart of incentive for employee. Those who employees work and perform on commissionatypically acquire income which is mainly based on the percentage of net income that theygenerate. As an output, workers of the Barclays who are highly encouraged by money may enjoy2
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