Diversity Management & HR Practices
Added on 2020-02-19
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Running head: TALENT MANAGEMENT PLAN FOR HSBC AUSTRALIATalent Management Plan for HSBC Bank Australia+Name of the Student:Name of the University:Author Note:
1TALENT MANAGEMENT PLAN FOR HSBC AUSTRALIATable of ContentsIntroduction:....................................................................................................................................1The three most important sub factors pertaining to banking industry:............................................1Knowledge economy:..................................................................................................................1Globalisation:...............................................................................................................................2Skill gaps and structural unemployment:....................................................................................3Talent management plan at HSBC Bank Australia:........................................................................4Align performances of employees with the business strategies and the industry practices:.......4. Create highly skilled pools of internal talents:..........................................................................5Create a performance linked payment(PLP) structure:...............................................................5More efficient knowledge management:.....................................................................................6Conclusion:......................................................................................................................................6References:......................................................................................................................................7
2TALENT MANAGEMENT PLAN FOR HSBC AUSTRALIAIntroduction:The aim of the assignment is to create a talent management plan for HSBC BankAustralia to align their current practices with the best practices of the banking industry. Theassignment has two sections which delve into the banking sector of Australia and its bestpractices in detail. The first section points out the three sub factors impacting the HSBC bankwhile the second section contains steps of talent management. The talent management sectionoutline ways in which the international bank can acquire and manage talents to retain its positionin the banking industry.The three most important sub factors pertaining to banking industry:The three most important sub factors in the banking industry in the field o talentmanagement are the knowledge economy, globalisation and skill gaps and structuralemployment. These three most important factors can be linked to key factors drivingorganisational and economic changes like demographic factors, technological factors andeconomic factors. These factors play a very significant role in talent acquisition and managementin international banking organisations like HSBC Bank Australia. The three important subfactors and their relation to the key factors are discussed as follows:Knowledge economy:The developed knowledge economies like Australia and their international bankinginstitutions like HSBC Bank Australia consider knowledge as an important form of capital. Theyemphasise on talent acquisition and retention to maintain their strategic position in the market.HSBC Australia is a subsidiary of the leading British international bank chain, HSBC
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