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Human Resource Management in Multinational Banks in Tanzania - Research Paper Example

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The Standard Bank opened its operation in Tanzania in the 1995, right around the time that t he government had shifted away from its Ujamaa policy based on collective socialist ideas and instead opened up the market to competitive practices in order to boost the economy. The…
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Human Resource Management in Multinational Banks in Tanzania
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Download file to see previous pages Standard Bank provides a variety of specialized financial services to the local population and is focused on the small business needs of the area. They have a formal hierarchy and channels of communication which run from top to bottom; making use of specific technology and softwares to manage their transactions smoothly. The strategic decisions, including HR functions are made in the Head Office with full operational control of all the activities taking place in each regional branch. The directives from the Head Office are issued to the regional Head Office and then passed on to the country branches. The Branch representatives are responsible for monitoring and implementing all the directives and for maintaining the company culture. Utilizing traditional African ideas and values the bank has a team based approach which fosters collective work mindset and a relaxed work environment. There is a structure enforced through physical space but communication is free flowing and relaxed with a mix of Swahili and English.
The company is concerned with the personal and professional satisfaction of its employees stating that “The more we treat our employees fairly, the more they will work well for us” (Newenham-Kahindi, 2007). Standard Bank has strong training and development programs, bringing in expatriates for extensive training with smaller in-house training programs available as well. These training sessions incorporated input from the employees and allowed local participation. A worker’s committee made up of bank representatives also serves to protect employee welfare; even though it does not have autonomous decision making. In many ways the bank is attempting to be mindful of the local needs and the traditional work expectations. However some areas of improvement have to be management correctly as the bank moves forward.
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