HSBC BANK (Motivation, Recruitment and Selection, Culture, Learning and Development, Change Management) - Assignment Example

HSBC BANK (Motivation, Recruitment and Selection, Culture, Learning and Development, Change Management) Table of Contents Introduction 3 Motivation 3 Recruitment and selection 5 Learning and development 7 Culture 8 Change management 9 Conclusions and Recommendations 10 References 12 Introduction HSBC Holding Plc is recognised as one of the most reputed multinational banking and monetary service presenter, operating successfully from 1991. Being headquartered in London, it offers varied types of banking and financial services in the entire globe as compared to others. In a very time period, it expanded its wings in almost 90 countries in, North America, Asia, Africa, Europe and South America and many others that amplified its total assets by $2.693 trillion by the end of 2012. Moreover, due to the presence of wide range of customer bases, the operating income of HSBC increased by US$ 22.6 billion and total equity improved by US$ 175.2 billion by 2012. Such type of popularity and competitive position is attained by HBC due to its remarkable services like consumer banking, investment banking, mortgage, private banking, credit cards, and many others. Due to these underlining reason the organization of HSBC is recognised as the sixth renowned financial institution by another magazine, Forbes. However, the entire prosperity and popularity of the organization of HSBC is due to its highly talented, skilled and motivated human resources. It is mainly due to its remarkable human resource policies and strategies that enhanced the inner morale of the employees and helped in improvement of the profit margin of the organization. Motivation In this age of globalization, effective human resource polices and strategies play a vital role. This is because; implementation of such policies helps an organization to operate effectively in any sort of complicated situation. However, absence of such polices might make the situation complicated. Therefore, it is extremely essential to implement standardized human resource policies so that the human resources or employees of the organization of HSBC become highly motivated towards their assigned tasks and duties. According to Brown (2007), motivation is described as a sort of enthusiasm or stimulus that arises due to the implementation of certain types of policies and strategies. Implementation of such type of policies helps an employee to reduce his or her dissatisfaction or mental frustration thereby motivating him towards the assigned tasks. Along with this, such type of policies also enhances the inner morale of the employee that improves his or her level of performance as well (Brown. 2007, pp. 324-334). However, motivation may be of two types, namely monetary or non-financial motivation. But both of these types lead to the following results: improvement in employee performance (Dibble, 1989, pp. 456-467) improvement of organizational image improvement of productivity improvement of profitability Retention of employees (Deb, 2006, pp. 345-356) Similar scenario is observed within the organization of HSBC after implementing the Herzberg’s two-factor theory. It is one of the most popular motivational theories and as per this theory satisfaction in job might be attained only by improvement in motivational factors such as achievement or reward, recognition, responsibility, personal growth and many others (Finnegan, 2010, pp. 678-689). On the other hand, improvement in hygiene factors may lead to dissatisfaction in job related matters such as improvement of working conditions, policies and regulations and many others. Similarly, in order to enhance the inner morale of the employees towards the responsibilities and duties, the management of the organization of HSBC also implemented the system, ‘Rewards’. It acts as a stimulus that improves the inner satisfaction and devotion of the employees towards their functions that amplified their level of performance and productivity. HSBC offers both intrinsic and extrinsic type of rewards to its employees to improve their stimulus towards work. This type of rewards helps the organization of HSBC to attract a wide range of talented employees thereby amplifying its popularity and image in the market of UK. Furthermore, in order to achieve the rewards such as bonus, extra pay or increments, the employees of HSBC offer high-level of dedication towards their assigned tasks (HSBC, 2014) as presented in the below figure. Along with this, the employees also remain inclined towards the extrinsic rewards such as retirement benefits, pension benefits, medical claim facilities and many others. EFFORTS Additionally, the organization of HSBC also desires to offer non-financial benefits such as promotions, status, work responsibilities etc to its employees in order to retain them for longer period of time (Beck, 2003, pp. 123-134). Moreover, implementation of the type of motivational theories or policies is extremely easy to understand and so the employees may easily calculate its benefits in long run. Therefore, due to these above mentioned benefits, the implemented motivational policies proved extremely effective in enhancing its profitability and market share by 65 percent as compared to other financial institutions. Recruitment and selection According to Compton & et. al. (2009), the procedure of recruitment is extremely tough as it helps an organization or an individual to identify or judge the best possible employee for a specific position among a wide range of applicants. It is extremely essential for each and every organization, operating in any segment to comprise of a specific sort of recruitment and selection policies. Only then, it might judge the best candidates for its vacant positions that may improve its prosperity and image within the market of UK among many other existing contenders. Similarly, the organization of HSBC also implemented ethnocentric approach in its recruitment and selection process (HSBC, 2014). This is done, in order to find the skilled and talented employees for their vacant positions. However, such an approach do not lasted for long as it had to face, huge difficulties at the time of expansion in Easy Asia. This is because; in these nations, maximum extent of the employees is either inexperienced or semi-skilled n terms of varied activities of the job. This proved extremely problematic for the organization of HSBC that declined its market demand and value as compared to other rival players. However, in order to resolve such type of problems related to recruitment and selection processes, the organization of HSBC decided to implement international talent management process as presented in the below figure. By implementing this process, the organization of HSBC became able to attract a wide range of interested employees for various positions. Apart from this, in order to retain and motivate the employees towards the assigned tasks, the organization of HSBC implemented 360 degree feedback systems, interviews, self management approaches and many others so as to attain the best employees for the organization. This might enhance the productivity and effectiveness of the group in the region of UK within many other rival players. International Talent Management process Learning and development Learning and development is an important part of Human resource management and is extremely essential for the employees and the organization. This is mainly because; most of the organizations in this age are exposed to complicated situations and so they try to constantly improve their internal policies and strategies. Along with this, the organizations also try to implement varied types of training and developmental programs so as to amplify the inner talents and morale’s of the employees. By doing so, the performance of the employees might get enhanced thereby amplifying the productivity and dominance of the organization in the market of UK among many other rival players. Keeping this fact in mind, the organization of HSBC tried to implement the soft human resource management model. As per this model, the organization offer more attention over the employees thereby amplifying their inner skills and talents (Sims, 1998, pp. 389-390). By doing so, the employees might get highly motivated towards the organization and its assigned tasks. As a result, it might lead to improvement of the profitability and brand value of the organization among others. So, the organization of HSBC also offered high attention over implementation of varied types of learning and development programs such as management trainings, language trainings, development of inner skills and talents and many others. By doing so, the level of knowledge and talent of the employees get enhanced that improves their motivation towards the assigned duties (Swart & et. al. 2012, pp. 567-578). Due to which, their level of performance might get increased leading to augmentation of the profit margin and brand image of the group of HSBC. Along with this, varied types of job-related trainings are also developed within the organization so as to improve the efficiency as well as the skills of the employees. By doing so, both individual as well as organizational performance may be enhanced that might amplify the reliability and trust of the customers as well. In addition, the level of loyal of the organization of HSBC within the minds of the customers may get increased that may develop its effectiveness in the areas of UK. Hence it might be stated from these information presented above, that implementation of soft HRM model proved worthy for the association of HSBC among others. Culture Culture is also another important aspect that is directly related with the success of the organization. This is because; it is the diverse cultural employees that help the organization in introducing varied types of inventive products and services that may improve its profitability and productivity in future age. Similarly, the organization of HSBC always tried to implement a meritocratic culture including a pool of talented with diverse cultural backgrounds (Schneier, 1994, pp. 719-724). In order to do so, the organization implemented international talent management system. By doing so, the organization may attract a wide pool of talented and skilled individual of various cultural backgrounds. This might prove effective for the organization to enhance its profitability and loyalty in the market of UK among other contenders. Along with this, by attracting individual of different cultures, the inner skills and talents of the existing employees might get enhanced. Due to which, their rate of performance may be increased that reduced the rate of mistakes to a considerable extent. This might improve the status and portfolio of the group in the market of UK (Beatty & Schneier, 1997, pp. 256-267). Furthermore, the organization of HSBC is open to the individual of all cultures so as to improve its values and reputation in the global market among others. By doing so, the organization might attain varied types of ideas to introduce new products and services to handle with the changing requirements of the customers. This might improve the loyalty and dependency of the customers over the brand of HSBC thereby amplifying its net income and total equity. Other than this, in order to maintain a unique culture with a diverse workforce, the organization of HSBC tries to offer high attention over communication. This is because; communication might help an individual to reduce all sort of internal barriers and develop an effective interpersonal relationship. Effective interpersonal relationship among the employees of varying cultures might reduce dilemmas and conflicts thereby amplifying their inner morale and motivation towards work. Along with this, good relationship also helps in enhancing the level of coordination and cooperation of the employees that may result in improvement of their performance and efficiency. This is extremely effective for an organization in this age of competitiveness (Adair, 2010, pp. 234-245). Thus, it might be clearly revealed that the organization of HSBC tries to maintain a uniform culture with highly experienced and talented staffs. So that the brand image and market value of the group might get improved to a considerable extent. Change management In the year 2000, the financial institution of HSBC expanded to continental Europe. However, such an expansion took place only with the help of the acquisition of another reputed financial institution of France, named Crédit Commercial de France. Then, it proved extremely problematic for the employees of Crédit Commercial de France to get adapted to the rules and policies of HSBC and vice versa. After that, the bank of HSBC also acquired Demirbank in the year 2001 and the level of controversies and internal conflicts among the employees continued. However, as the institution of HSBC highly focuses over soft model of human resource management, i.e. higher concentration over employee benefits. So, the institution of HSBC resolved the dilemma by communicating with the employees of the organization. By doing so, the employee might present their desires and suggestions in front of the management and might improve their level of prosperity and performance in the organization. Due to which, the interpersonal conflicts and clashes within the employees and the management might also get resolved thereby amplifying their efficiency towards work. Moreover, good interpersonal relationship might also enhance the ratio of commitment and fidelity of the workforces towards work thereby amplifying the profitability and productivity in long run. Furthermore, in order to resolve any sort of conflicts and clashes, the organization implemented fair policies and strategies for the employees. As a result, it enhanced the inner morale and motivation of the employees of varying cultures that improved their motivation towards work. This improved the productivity of the organization in the market of UK among many other existing contenders. Conclusions and Recommendations Conclusively, it might be stated that in this age, sustainability and competitive advantage might be attained only if the employees might be managed effectively. Only then, the organization might preserve the workforces for a long run thereby enhancing the profitability and productivity of the group. Moreover, the association might try to implement effective policies and strategies so that it may prove effective in future. As a result, it might enhance the inner morale and motivation of the employees thereby amplifying its performance in the region of UK among other contenders. Moreover, implementation of unique culture within the organization might also prove effective in retaining the employees for a longer period of time. As a result, it might also reduce the attrition rate of the employees. Apart from this, the organization of HSBC might try to offer more concentration over implementation of training and developmental programs so as to improve their inner skills and talents. Then, the equity and reputation of the group may get improved significantly in the area of UK among other contenders. Similarly, in order to improve the sustainability in the market of UK, the organization of Samsung might try to offer the similar strategy as HSBC. This means, it might try to offer more concentration over learning and development programs in order to improve the inner talents and morale. This may prove effective in introducing numerous new goods and services in order to cope up with varied challenges. Such type of strategies might also be used for the organizations, operating in IT segments so as to increase the level of devotion of the employees towards the assigned tasks. This might improve their performance and efficiency thereby amplifying the profitability and market share of the group in the regions of UK among other contenders. Moreover, execution of such types of policies might also increase the popularity and loyalty of the organization operating in the segment of IT that declines its business risks and threats to a certain extent. Therefore, it might be revealed that to maintain the operations and functions effectively, proper management of the human resources is extremely essential. References Adair, J. 2010. Effective Motivation: How to Get the Best Results From Everyone. New York: Cengage Learning. Beatty, R. W. & Schneier, C. E. 1997. New human resource roles to impact organizational performance: From "partners" to "players.". Boston: Harvard Business School Press. Beck, R, C. 2003. Motivation: Theories And Principles, 4/e. New York: Cengage Learning. Brown, L, V. 2007. Psychology of Motivation. London: Springer. Compton, R. L. & et. al. 2009. Effective Recruitment and Selection Practices. London: Sage. Deb, T. 2006. Strategic Approach to Human Resource Management - Page 16. New York: Springer. Dibble, S. 1989. Keeping Your Valuable Employees: Retention Strategies for Your Organization most resource. . New York: Cengage Learning. Finnegan, R, P. 2010. Rethinking Retention in Good Times and Bad: Breakthrough Ideas for Keeping Your Best Workers. London: Nicholas Brealey Publishing. HSBC. 2014. The values. [Online]. Available at: http://www.hsbc.com/citizenship/our-values [Accessed on March 7, 2014]. Schneier, C. E. 1994. The Training and Development Sourcebook. New York: Springer. Sims, R. R. 1998. Reinventing Training and Development. New York: Springer. Swart, J. & et. al. 2012. Human Resource Development - Page 79. New York: Cengage Learning. Read More