Trends and Challenges of International Human Resource Management (IHRM) in Multinational Corporations (MNCs)

This report examines the evolving trends and challenges faced by multinational corporations (MNCs) in managing their human resources across borders. It focuses on the Commonwealth Bank of Australia as a case study, analyzing key trends such as technological innovation, increased scrutiny, and the need for flexible customer experiences. The report explores how these trends impact IHRM practices and provides recommendations for the bank to effectively navigate these challenges and achieve sustainable growth in the global market.

Trends and Challenges of IHRM in MNCs
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Executive Summary
While operating in the dynamic environment, there are series of the trends and challenges that
are required to be faced by the organization concern in order to attain suitable growth and
sustainability. These trends and challenges are required to be addressed in a proper manner so
that the activities and operation can be effectively managed. The assessment report embarks on
the series of the trends and challenges that are faced by the management of Commonwealth bank
of Australia while operating in the global market perspective. In addition, the report work
elaborates on the various practices related to the human resource that can be used by the
concerned bank in order to ensure smooth and systematic operations. With the understanding of
the aspects the report highlights on the series of the recommendations and suggestions that can
be used by the Commonwealth bank of Australian in order to gain suitable and strong position in
the market.
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Table of Contents
Executive Summary.........................................................................................................................2
Introduction......................................................................................................................................4
Main body........................................................................................................................................5
Trend 1: Interruption of the innovation...........................................................................................5
Trend 2: Increased scrutiny.............................................................................................................7
Trend 3: Flexible experience of the customer.................................................................................8
Conclusion and Recommendations................................................................................................10
Reflection.......................................................................................................................................12
References......................................................................................................................................13
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Introduction
The report work addresses and elaborates on the various trends and challenges that can be faced
by the work operation of Commonwealth bank of Australia while conducting its activities in the
global; market scenario. In addition, the report work embarks on the various practices related to
the human resources that can provide suitable and effective assistance to the authorities’ of the
concerned bank in dealing and managing with such trends and challenges. For the purpose of the
elaborated understanding suitable and effective review of the trend has been highlighted so as to
gain pros and cons that can be faced in the work operations. The overall report work provides for
the effective and suitable recommendations and suggestions that can be used by the management
of the Commonwealth bank of Australia in the better operations and activities leading to better
and strong position.
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Main body
While operating in the dynamic and competitive environment there are series of the changes that
are taking place in the market environment (Trendchart, 2012). These changes act as a trend and
provide series of the challenges in the work operation of the Common wealth bank of Australia.
As such it is necessary to understand all such trends and challenges so as to ensure better and
effective outcome that can better assist in the attainment of the objectives. In addition, with the
suitable command on such aspects will assist in dealing with the competition leading in the
realization of the strong position in the market. Some of the trends and challenges that need to be
addressed majorly include:
Trends and challenge
Trend 1: Interruption of the innovation
Changes in the aspects of the technology and innovation are the major trend that has
revolutionizes the working patterns in a great manner (Trendchart, 2012). With the emergence of
the new and latest technology such as real-time payments and mobile banking facilities tend to
provide series of the opportunities and threats that needs to be managed in an effective manner so
as to attain the objectives in a better manner (Busarovs, 2013).
Justification
The concerned trend is selected as it is a major factor that is continuously changing with the
series of the changes that are prevailing in the environment. Since the management of Common
wealth bank of Australia conducts its activities and operation on large scale and in the global
market perspective. IT is necessary that the management of the concerned bank focus on the
aspects of the technology and innovation so as to ensure suitable command on all the activities
and operations. In addition, the trend is selected in order to ensure the application of the latest
technology so as to ensure better and effective performance (Massard & Autant-Bernard., 2015).
This will assist in the attraction of the customer from a global market.
Application of Human Resource practices
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For the purpose, of suitable command on the trend of the innovation, the management of the
Common wealth bank of Australia focusing on the application of the suitable Human resource
practices (Klaus & Nguyen, 2013). This will assist them in the better and effective command on
the concerned trend. Various HR practices in this respect adopted by the Common wealth bank
of Australia include:
Training and development
The authority of the Common Wealth bank of Australia to ensure suitable command on the
aspects of the technological trends is focusing on the providing of the suitable training and
development sessions. This is done with the motive to enrich and enhance the knowledge of the
employees so that they can perform in the best possible manner (Ngo & Nguyen, 2016). In
addition with the proper training and developmental activities suitable technology can be
implemented by the concerned bank leading to better dealing with competitors and ensuring the
attainment of the suitable decision.
Performance management
Apart from that the authority concern of Common Wealth bank of Australia is also focusing on
the effective management of the performance of all the employees associated with the work
operations (Lee, et. al., 2012). Proper management of the performance will assist the concerned
bank in the effective dealing with the technology and innovation leading to greater level of
effectiveness and efficiency.
As such it has been addressed that the authorities of the concerned bank must focus on the
application of the human resource practice so that the efforts of all the employees associated with
the work operations can be integrated in a single direction (Massard & Autant-Bernard., 2015).
For the purpose suitable measures and procedures are required to be set such that all the activities
can be conducted in a systematic manner. With the innovation al trend practices of human
resource can also be enhanced that can better assist in the concerned bank in the dealing with the
challenges and trend in a better and effective manner.
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Trend 2: Increased scrutiny
With the changes that are prevailing in the market environment, there is a great challenge of
scrutiny in relation to the work operations of the Common Wealth bank of Australia. To enhance
customer from a greater market scenario, it is necessary on the part of the authority concern of
the bank to make appropriate measures for the command on the aspects of the scrutiny. This will
assist in the better satisfaction of the needs and requirement of the customer with respect to their
transactions. With the inappropriate command on the aspects of the scrutiny, there can be many
risk factors that can act as a barrier in the normal and smooth functioning of the organization
(Lee, et. al., 2012).
Justification
Scrutiny is an essential aspect in every organisation as it assists in the ensuring that weather the
transactions are conducted in the true and fair manner. This in addition, will lead to the greater
level of transparency (Mitic & Kapoulas, 2012). The main objective for the selection of the
concerned subject matter is that it will ensure that the activities are conducted as per the
standards set. These will provide suitable benefit in avoiding of all the complexities and issues
leading to the attainment of the objectives in a better and effective manner.
Application of Human Resource practices
In order to attain suitable and effective objectives, it is necessary that the suitable measures are
adopted that can keep an effective overview on the aspects of the scrutiny. For such purpose, it is
necessary that practices of the human resource are applied in an effective manner such that to
ensure suitable work operations (Bushman & Williams, 2012). Various HR practices in this
respect adopted by the Common wealth bank of Australia include:
Talent management and retention
Scrutiny is the aspect of major importance as it supports in the operations and activities to be
conducted in a smooth and effective manner. However, for the effective management on all the
activities of scrutiny, it is necessary on the part of the authority concern of the concerned bank to
have appropriate command on the management and retention of the talent available so that they
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can easily grasp the opportunities (Barros, et. al., 2012). Additionally, they will also be able to
manage with the series of the complexities and issues associated with the scrutiny leading to
better transparency on all the activities. This will as such assist in the attraction retention of the
customer from ma greater market scenario (Bushman & Williams, 2012).
HR planning
Apart from the talent management and retention, it is also necc4esaary on the part of the
Common wealth bank of Australia to focus on the devising of the appropriate planning
procedure. This will assist in proper gaining of all the particulars necessary for the aspects of the
scrutiny. This in addition will also assist in the gaining of the suitable and valuable points that
are necessary for the attainment of the suitable statistics that is necessary for the attainment of
the suitable objectives.
With the overall discussion, it has been identified that to manage with the trend and challenge
related to the scrutiny, it is necessary that the HR practices are properly applicable. This will
provide a great assistance in the attainment of the suitable and valuable outcome that as a result
will ensure in the concerned bank in the attainment of the strong and successful position in the
global market environment.
Trend 3: Flexible experience of the customer
With the changed parameters of the market environment, there is a significant and effective
change that is observed in the experiences and needs of the customer (Khanna, 2012). These
changes in the experiences of the customer tend to create a major challenge for the organisation
concern in order to satisfy their needs and requirements. As such it becomes quite essential on
the part of the Commonwealth bank of Australia to appropriately focus on the changing needs of
the customer so as to attract and retain them for the long prospects of time.
Justification
Customer is the most important and crucial asset in any form of organisation. As such it becomes
prime need on the part of the authority concern to address their needs in a proper and effective
manner. The main reason for the selection of the concerned trend is to better address the needs of
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the customer so that the activities and operations can be managed in a proper manner. This will
as such assist in the attainment of the suitable level of profitability. Apart from that it will assist
in the dealing with the strategies of the competitors (Barros, et. al., 2012).
Application of Human Resource practices
To identify and address the needs of the customer, it is necessary that the appropriate focus is
made on the subject matter so as to attain the objectives. In this respect, the management of the
Commonwealth bank of Australia focuses on the application of the human resource practices so
that to manage the flexible experiences (Jallow, et. al., 2012). With the aid of the human resource
practices suitable command and supervision on all the particulars can be attained. Various HR
practices in this respect adopted by the Common wealth bank of Australia include:
Recruitment and selection
The fist and the foremost practice that can be adopted by the Common wealth bank of Australia
is the focus on the process of the recruitment and selection. With the recruitment and selection of
the skillful employees proper command can be attained on the identification of the needs and
wants of the customer. Further provided, with the new and fresh talent suitable command can
also be gain on the aspects of the customer satisfaction that can better ensure in the attainment of
the strong and successful position in the market (Khanna, 2012).
Alignment of the strategies
In addition to the suitable command on the process of the recruitment and selection focus is also
required by the human resource department on the appropriate alignment of all the strategies that
can better assist in the addressing of the needs of the customer (Yousafzai & Yani-de-Soriano,
2012). Effective alignment of the strategies will assist the management of the Common wealth
bank of Australia in better integration of all the activities and operations such that objectives
associated with the work operation can be attained.
As such it is necessary that the process of the recruitment and selection and the alignment of the
strategies are done effectively so that it can yield to provide suitable and valuable outcome
(Jallow, et. al., 2012).
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Conclusion and Recommendations
Conclusion
From the overall study, it has been concluded and determined that it is necessary and essential to
understand the series of the trends and challenges prevailing in the environment of the market.
Series Apart from that the report work concludes on the trends and challenges that are faced in
relation to the work operation of Common Wealth Bank of Australia. For the effective and
elaborated understanding the report work also concludes on the need to effectively apply the
human resource practices that can effectively handle the complexities and issues that are
prevailing in the environment of the market. The overall report work determines for the suitable
recommendations and suggestions that can be used by the Common wealth bank of Australia in
order to gain a strong and successful position in the market environment.
Recommendations
To work in a dynamic and flexible environment there are various factors that are required to be
considered by the management of Common wealth bank of Australia in order to manage with the
series of the trends and challenges. This will ensure better and smooth conduct of the activities.
In this respect some of the recommendations that can be overview by the concern bank for the
management of the trend and challenges majorly include:
 These trends can be managed with the effective and appropriate scanning of the market
environment. This will assist in the gaining of the points of opportunities and threats that can
ensure in better decision with respect to the forthcoming activities.
 Apart from that suitable and effective understanding is recommended to be gain by the concern
bank in relation to the application of the HR practices. This will assist in the better conduct of the
activities leading to the suitable supervision on the various trends and challenges that are
prevailing in the market environment.
 In addition, it is also suggested that there must be suitable focus on the fact that with the
application of the HR practices command can be gain on the active and suitable participation of
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all the employees. This will as such provide a great assistance in the integration of the efforts of
all the employees in one direction.
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Reflection
From the overall study, I analyse that to work in the global market environment it is necessary to
understand the various trends and challenges that are prevailing in the market environment. In
addition, I gain suitable knowledge on the fact that these trends tend to be major factor of
challenge in relation to the work operation of the organisation. Further provided, I also gain
effective knowledge on the need of the human resource practices so that the issues and
complexities can be effectively handled.
Apart from that, I elaborated that technology and innovation is the major factor that provides for
the series of the challenges. This requires that suitable up gradation is required in terms of the
technology such that better and strong position can be attained in the global market environment.
IN addition, I also gain awareness that the aspects of scrutiny is also an essential parameter in an
organization as it supports in the attraction of the customer and building trust of the employees.
In this respect, I also gain knowledge that with the aspects of scrutiny aspects related to the legal
factors can also be avoided.
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References
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co-creation for organizational values. Management decision, 50(5), 817-831.
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1-8.
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Journal, 1(3), 153-163.
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11. Klaus, P., & Nguyen, B. (2013). Exploring the role of the online customer experience in firms'
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