HRM 301 Individual Assignment: Royal Bank of Canada Report

This report provides a comprehensive analysis of the Royal Bank of Canada's Human Resource Management (HRM) practices. The report begins with an overview of the bank, its operations, and global presence. It then outlines an ideal HRM department structure, emphasizing employee engagement, integrity, and alignment with business goals. The core of the report focuses on technology implementation, proposing strategies like AI integration, open banking, and cloud-based solutions to enhance efficiency and customer service. A SWOT analysis is conducted to assess the bank's strengths, weaknesses, opportunities, and threats, highlighting the need for technological advancements to remain competitive. The report concludes with recommendations for implementing these changes, emphasizing the importance of adapting to the evolving banking landscape. This report is designed to help students learn and understand how to analyze and suggest improvements for HRM in a real-world company.

Running Head: HUMAN RESOURCE MANAGEMENT
HUMAN RESOURCE MANAGEMENT
Name of the Student
Name of the University
Author Note:

1HUMAN RESOURCE MANAGEMENT
Response to question no 1.
The Royal Bank of Canada is one of the largest earning public organizations of Canada.
The headquarters are located in Ontario, Toronto. The organization provide the banking and
financial services to multiple nations covering the entire globe. Apart from Canada, the bank
deals with approximately forty other countries (Garrod, 2019). The net profit of the company
was CAD $10.5 as per the record of the year 2015. The organization is existing in operation from
more than 150 years. They provide the services including personal banking, commercial
banking, wealth management, and insurance.
Response to question no 2.
The human resource strategy should reflect greater sustainable value for the stakeholders.
There should be a positive link between the business, employees, and the metrics of customer
performance. The banking sector should structure the information consistently. There should be a
toolkit to maintain employee engagement throughout the tenure. It should be remembered in this
regard, that the monetary reward and the employee engagement should be distinguished from
each other. There should be an extreme integrity and trustworthiness between the employees
(Chadha & Parimoo, 2017). These are the core responsibilities of the HR department of a public
banking sector.
Response to question no. 3
Introduction of innovative technologies in banking industry changing the working
procedure in a big way. It provided a promised the entire industry a more secure and safe way of
functioning.

2HUMAN RESOURCE MANAGEMENT
 Introducing artificial intelligence to promote custom services. It means that the clients
will be clear about their requirement. Incorporation of AI is the way to show the
customers that the bank is well concerned about their activities.
 Introducing the technology called open banking. It will help the banking sector to fulfill
the technical inefficiency.
 Incorporating cloud-based solution. Recent researcher states that the American Banker
Association provide receptive attitude towards the cloud-based core banking.
Response to question no 4.
SWOT analysis
Strength Weakness
 Large number of outlets throughout
the globe.
 They possess low cost structure.
 The bank possess a strong relationship
with their dealers.
 RBC has a strong financial position
(SINGH, 2017).
 They are successful to draw complete
return from their investments.
 Spending much time in research and
development.
 Exhibit high rate of day inventory of
sales.
 Lower level of recent assets.
 They exhibit a concentrated nature of
workforce culture.
Opportunity Threat
 Infusion of internet and technology.
 Merging with e-commerce businesses.
 Marketing through social media to
promote the business.
 Lowering the rate of interest.
 Steeping into green governing drive.
 The competitors are highly advanced
with technology.
 The increased rate of bargaining
power of the suppliers (Jain & Jain,
2017).
 New entrants into the banking
industry.
 Fluctuating rate of exchange.
Response to question no. 5.

3HUMAN RESOURCE MANAGEMENT
The SWOT analysis of Royal Bank of Canada observed various weaknesses of the
company. The mentioned weaknesses can increase the threat for the company. The competitors
are highly advanced in technology. At the same point, RBC is spending much time in research
and development. Hence, the banking sector should incorporate some technical changes as soon
as possible to avoid any negative consequence.

4HUMAN RESOURCE MANAGEMENT
Referencing
Chadha, S., & Parimoo, D. D. (2017). Human Cap ital Management in Banking Sector-A
Conceptual Framework. International Journal of Management, 8(6).
Garrod, J. Z. (2019). From the National to the Global: The Transformation of the Royal Bank of
Canada, 1864–2014 (Doctoral dissertation, Carleton University).
Jain, V., & Jain, P. (2017). A journey towards a cashless society. Banking Sector in Oman:
Strategic Issues, Challenges and Future Scenarios, 61-73.
SINGH, A. P. (2017). Merge or Acquire-A Strategic Framework. Annals of the University
Dunarea de Jos of Galati: Fascicle: XVII, Medicine, (3).