Strategic Plans of HSBC Bank
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Added on 2020-07-22
Strategic Plans of HSBC Bank
Added on 2020-07-22
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK...............................................................................................................................................1Strategic Plans of HSBC........................................................................................................1Regulatory Acts performed at HSBC.....................................................................................3Environmental Factors affecting HRM practices...................................................................4Analysis of Core position of CRM at HSBC..........................................................................5Recommendations..................................................................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONEvery organisation works to benefit its employees and shareholders. Managing talent isanother perspective of business organizations which is being adopted in the United Kingdom.Talent management helps in formulating business strategies and their implementation for thesuccessful working of organizations. It begins with the process of recruiting till employee isselected for a particular job. Hongkong and Shanghai Banking Corporation is formally known as HSBC which isamongst ten top banks of the United Kingdom found in the year 1865. The bank focuses ontalent management for retaining excellent and talented workers in organisation at all levels.Managers and leaders are continuously focusing on developing strategies to retain, train andattract employees to work for the organisation thereby fulfilling their desires. The official,organisational website states that they have exceptional training programmes as well as a globaltalent management strategy. TASKStrategic Plans of HSBCCompany focuses on the management of personnel based on strategies regarding talentmanagement. The organization has a global management plan where they offer employees a listof general talent management practices from which they choose the one they are best at.Company focuses on two main strategies which include increase in investment of retail businessand enhance its international network base. The organization's policies based on recruitment,selection, performance management, reward, training and development are critically done by themanagers to evaluate talent amongst employees and provide right job to the right candidate(HSBC group, 2018). RecruitmentIn general term, recruitment refers to various practices carried out by business firm so asto identify talented prospects for the organization. The recruitment process at HSBC includessubmission of online CV which is then evaluated by human resource personnel and potentialcandidates are invited for the ability test (HSBC Holdings plc, 2017). HSBC at the end of 2017has a total of three lac employees working full-time and part-time for the banking sector. At thebank, employees are encouraged to perform at their level best so as to fulfill customer’s needs.1
By using talent management strategy, organization focuses on recruiting best talent for the bankrather than recruiting a candidate for a particular position. In other words, it is known as a talentpool strategy. Bank emphasizes on positioning roles with workers rather than aligning workerswith the particular job. SelectionThe recruitment process is then continued with selection process. All prosperous peoplecleared at ability test are then called for an interview which is directed towards candidatesabilities and skills needed for the job (Boxall and Purcell, 2011). Potential individual ethics,values and culture should be in line with the banking atmosphere so as to make working a betterexperience (HSBC group, 2018). Formal education is not always the best way to judge a person'stalent. This thinking is followed at HSBC. Company follows a strict CSR policy which focuseson employee engagement. Employees are internal customers who should be retained and theirneeds and desires should be fulfilled. Reward and Performance managementThe bank has an effective reward management system which evaluates employee’sperformance and provides appraisal as well as recognition to boost employee’s morale.Company has a reward system which implies performance based pay and incentives whichencourage employees to perform better and thereby, improving their leaning objectives withcreating a healthy working environment. Linking rewards with the performance enhances teammanagement at the bank. When employees are rewarded and promoted in their job , they gain apositive feeling towards the company which motivates him to perform better.Training and developmentThe term training is defined as a systematic and planned efforts done by organizations soas to help workers and people learn the ways to perform jobs. Training and development ofemployees is a vital task performed by talent management persons. HSBC focuses on buildingtalent within organization so as to insist employees to perform at their level best. The emphasison training and ability development of people causes HSBC to offer promotions and incentivesfor strong performance of employees. Various training programs enhance employees to performbetter. Mangers also provide various coaching and instructions which help employees achieveorganization goals and objectives. 2
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