What and How Human Resources Strategies Can Be Implemented in Barclays Bank - Example

What and how human resources strategies can be implemented Table of Contents 0 Introduction of the company 3 2.0 SHRM HRM Planning in Barclays Bank 3 2.1 Steps in developing and implementing HRM planning in Barclays Bank 4 2.1.1 Assessing Current HR volume 4 2.1.2 Predicting HR requirements in Barclays Bank 4 2.1.3 Gap Analysis 5 2.1.4 Enhancing HR strategies to support organizational Strategies 6 2.1.4.3 Employment policies 6 2.1.4.4 Outsourcing Master plans 7 2.2 Organizational Benefits in HRM Planning 7 2.2.1 Organizational Developments in Barclays Bank 7 3.0 SHRM Compensation Strategy in Barclays Bank 7 3.1.0 Steps in Compensation Strategies 8 3.2 Strategic Compensational Benefits in Barclays Bank 10 4.0 SHRM Recruitment strategies 10 4.1 Barclays Bank Steps and Stages in implementing Recruitment Strategies 10 4.2 Organizational Benefits in Barclays Company Recruitment programs 11 5.0 Conclusions 11 Bibliography 13 Anonymous. Multinational Corporation – MNC, viewed 15 December 2014, 13 < http://www.investopedia.com/terms/m/multinationalcorporation.asp> 13 1.0 Introduction of the company Technological transformation has led to sophisticated techniques of conducting trading both at SME and MNC levels. The continuous internalization process has facilitated in consolidation and intensification of capital and convenience circulation (Piscitello & Rabiossi 2004). However, numerous firms have complied with contemporary strategic human resource techniques and thus, the transformation has facilitated them in realizing their stated objectives and goals. There are different types of enterprises diverging according to the manner of their goals, operations and desired strategic planning’s. For instance, Barclays Bank which is an MNC has its provisions and other properties in at least fifty states other than London, United Kingdom. These Multinational Corporations possess offices and/ or workshops in divergent nations and usually have amalgamated superior office where they normally correlate worldwide management (Anon 2014). International corporations mainly depend on technology to enhance aggressive postures in global marketplace (Cui et al. 2006). The increasing trend is due to the ability of changing competitive technologies to common derivatives. However, for Barclays Bank to work efficiently, diligently and in a more sustainable way, it ought to adopt some of innovative tactical planning’s in their sectors of human resource so as to promote the goodwill of the company. These strategic ideas are vital in overall management of companies, profits maximization and in the detection and elimination of ghost workers. This essay encompasses some of the HRM strategic planning’s to be established and implemented in MNC firms and also conclusions expounding on various useful techniques to enable such companies facilitate their growth in the next five years. 2.0 SHRM HRM Planning in Barclays Bank HRM entails a tactical and methodical technique to guiding people in a way that would increase their morale and subscription towards realizing the firm’s goals and objectives. A HRM plan is a divisional document which sets out what guides are needed in the continuous few years to exercise HRM in the sector. HR planning plays a vital role in connecting HR management directly to the tactical plan of the organization. Large firms of MNC possess strategic plans that facilitate them in successfully realizing their goals. There are various factors that are considered to be best when establishing the HRM plan. Whether the HR plan ought to achieve its stated justification relies on top management dedication to the reasoning that people are the drive to victory in facilitating aims and goals of company, strategic connection of branches HRM schedules to its mission and aims and also the possession of HRM plan to line leadership. 2.1 Steps in developing and implementing HRM planning in Barclays Bank 2.1.1 Assessing Current HR volume Depending on Barclays Bank strategic plans, the initial process in calculated HR arrangement activity is to assess new HR volume of the firm. The comprehension, prowess and potentials of the current staff need to be recognized. This can be achieved through expertise listings for each independent laborer. The skills checklist in the Bank should go above virtuosity required for specific positions. This can be particularly done through listing all the skills possessed by each employee for instance; entertainment or volunteer activities may require exceptional skills that could be pertinent to Barclays Bank. Schooling standards and documents or supplemental vocational training should also be categorized. 2.1.2 Predicting HR requirements in Barclays Bank This factor deals with forecasting HR needs for subsequent life based on the tactical targets of the firm. Pragmatic for human resources entails approximating both demands and repository. In this stage, there are certain queries which need to be formulated by Barclays firm and such includes; how many workers will be needed to facilitate the tactical goals of the firm? What duties will require to be filled? What skills will people required to be impacted? When predicting stipulations for HR, Barclays should assess the difficulties that will come across when meeting its staffing requirements which are grounded on external surroundings. To determine the surrounding effects, there are critical question factors that can be considered for Barclay’s multinational banking and such includes; what impact does the new economy have on work and potential to motivate new employees? How do modern technological or cultural movements affect the manner of duties and expertise work required? How are societies transforming in future? These inquiries are significant to enable MNC Barclays Bank plan for the future and thus overcoming premature over budgeting. 2.1.3 Gap Analysis For organizations such as Barclays Bank, knowing the differences between its present position and future expectations is the most pivotal process in aiding the company to realize its targeted performance level. The gap analysis entails recognizing the number of workers and potentials needed in the nearby future in collation of the contemporary conditions. Barclays Bank should also inspect on the organization’s HR management procedures to recognize practices that need upgrading or modern techniques required to enhance the company’s volume to progress ahead. In this step, there are fundamental queries that ought to be answered and such includes; what new works will the company required? What modern expertise will be needed? Are the managers adequate? Do current laborers have the specified skills? 2.1.4 Enhancing HR strategies to support organizational Strategies There are five techniques for Barclays banking realizing their desired organization’s obligations in future, these are; reorganization policies, training and progression strategies, employment policies and outsourcing master plans. 2.1.4.1 Reorganization policies These master plans entails; minimizing employees either by dismissal or attrition, recombining duties to produce well outlined jobs, rearranging work components to be extra efficient. If the Barclays Bank evaluation reveals that there exists a surplus of expertise, then there are numerous alternatives to aid in the configurations. Suspension of employees offers expeditious outcomes. Normally, there are costs incurred in this technique but, attention durations are guaranteed to all MNC companies. Attrition which is a process of not restoring workers when they vacate can be efficiently to Barclays Company especially when in need to minimize workers. Duties conducted in the firm would have to be regrouped so that crucial work of the diverged workforce is protected. 2.1.4.2 Training and Progression Strategies This policy encompasses; offering Barclays Bank employees with training to occupy new responsibilities and providing the contemporary workers with progressive chances to formulate them for future duties. Barclays Company can facilitate economic value and increase their work performance through sponsoring their workers to upgrade their competence and also through on-the-job training. 2.1.4.3 Employment policies This policy entails; hiring new workers with competence and potentials that Barclays Bank corporations will require in future and also realizing all the necessary alternatives for strategically enhancing work openings and motivating rightful applicants to apply. 2.1.4.4 Outsourcing Master plans This strategy comprises; utilization of exterior personnel’s or corporations to finish some specified duties. Barclays Bank can adopt this technique of seeking outside their workforce pool to engage certain expertise. It can be paying to Barclays in enabling achieving certain specialized duties that don’t need continuous full-duration work. After all the Strategic plans are done with, the next procedure involves implementing all the stated judicious plans. To enable effective implementation in Barclays Bank schemes, all protocols observed should be involved such as, executive directors, board chair and all senior personnel’s so as to get efficient feedback and their opinions. 2.2 Organizational Benefits in HRM Planning 2.2.1 Organizational Developments in Barclays Bank Strategic planning’s often involves transformations in job place schemes or processes. However, personnel departments usually become aware of communal initiatives and evolutions that have occurred in companies wide. This may be useful for Barclays Bank in addressing exceptional issues on how revolutions may affect systems and procedures already in existence (Bobinski 2004). 3.0 SHRM Compensation Strategy in Barclays Bank The compensation strategy refers to the position of the firm on the operation market, the standards of the overall cash, the dominant reward proposition in the organization and stipulations for the base remuneration backgrounds. The compensation strategies are the master plans, which are endorsed by the Board of the consortium as the possessor of the compensation programs are ever the top administrative management of the company. The compensation programs have a huge effect on the leadership agreements. The indemnity policies define the reward market, the corporation’s follows, the objected positions on the remuneration market and the way, how the desired standards and positions on the reward market will be facilitated. The remuneration programs states the fundamental compensation units used in the firms and the level regulations applied to each compensation unit. 3.1.0 Steps in Compensation Strategies There are various steps that can be used for scheming a pay-for-performance methodology in Barclays Bank and these entails; Step 1: Determining the Company reimburses philosophy. After the top leadership has determined the organizations reward philosophy, the other procedure is to outline it and evaluate it with pragmatic management. Step 2: Establishment of the gaps. MNC Barclays Bank ought to initiate with long-term plans of nearly three years and prioritizing what required to be ended first. If this is a brand current remuneration technique, or if it’s a paramount remodel, then the Company can initiate modifying the foundation pay plan first. Step 3: Updating Job descriptions. Since jobs transforms expeditiously, it is vital for Barclays Bank to update their job descriptions before executing on any part of remuneration system. Step 4: Deciding what sources will be utilized for exterior trading knowledge. Barclays Bank can at least utilized three salary consideration provenance for each tasks. By Barclays engaging in surveys, they can reserve almost 50 percent on the appraisal buying price. Step 5: Planning on how the Company’s surveys would be ended. If this is brand contemporary salary strategy, it may be a sagacious resolution for Barclays Company to collaborate with exterior specialists. Step 6: Assess market data and slot into salary classifications. Each unit of Barclay’s data points must be assessed to facilitate that there is a style with null statistical outlier. Step 7: Analyze starting salary survey outcomes with top leadership. Chief managements in Barclays Bank should be engaged untimely in the salary equivalent process to acquire management purchase-in at an early phase. Step 8: Match laborers positions to market analysis positions. Step 9: Inspecting financial effect of setting current salary differences. The complex enterprises of Barclays Bank can facilitate this process by taking an analysis of all the workers’ salaries dropping beneath the minimum. Step 10: Analyzing and modifying the execution evaluation process. Does the implementation system correlate well with the current salary-for- execution system? If the accomplishment assessment activity is due than two years and it has been at least that extensive for any management education, Barclays Bank can set apart duration to move this vital piece of the projects. Step 11: Establishing a pay-for-performance advantage matrix. To prevent overspending by Barclays Company, its significance to carry out shriveled journey using previous year’s workers execution results that benefits increases depending on a laborer discharge. Step 12: Review, survey and communicate. If conducted right, this vital process can have a durable indisputable impact on Barclays Company. 3.2 Strategic Compensational Benefits in Barclays Bank Barclays Bank HR seniors must assist to confirm that remuneration is equitable amidst its three basic labor pools of overseer’s seniors, but affordable in a manner that increases international workers performance. Efficient Barclays Company balance enterprise aims with the remuneration strategies such as base pay, taxes, allowances, cost-of-survival benefits (COSABs), housing and pay expenses. The standards of pay and natures of edge allowances offered to the three work pools of multinational managers are effectively described. International advantages and remunerations are deliberated to contemplate the unique status of the multinational managers (Haile 2002). Oversees seniors normally received exceptional benefits to accept such international titles. Some allowances and remunerations programs could be much overwhelming that the expenses could ultimately deteriorate Companies (Hanson 2002). Contemporary compensation techniques have been implemented to help acquisition of skills and staffs promoting to the achievement of firms goals for the company to achieve its future expectations (Odden, & Kelley 2002). 4.0 SHRM Recruitment strategies The recruitment activity is the process of attracting, interviewing and employing contemporary workers. It is the process of increasing and earning value in the HR process. The process entails the structuring of the task position, establishing the interesting employment message and providing the competitive reward to the shortlisted applicants. 4.1 Barclays Bank Steps and Stages in implementing Recruitment Strategies For Barclays Bank to benefit from the experience of recruitment, it ought to make use of sophisticated techniques such as online hiring systems, interior work posting service and various manager-branding starting’s. Job justifications and electronic auctions and ability referral strategies are some of the greatest techniques in Barclays Bank achieving their economic value and goals. Provided the ultimatum-supply difference in the market, Companies conceive numerous-prong programs to subdue competition. This entails campus hiring’s, interior work advertising and work portals. There are various methods that can be applicable by Barclays to compete internationally and these are; Head hunting-This refers to companies allowing the skilled organizations to look for competence applicants for executive titles. Business Alliances-Alliances for instance coalitions facilitates in getting employees. E Recruiting-This refers to firms advertising vacancies through internet thus, prompting candidates to send their applications and attachments through similar online platforms (Sekar 2014). Brilliant recruitment policies can save MNC Barclays Bank from circumstances such like premature productivities and non-presence of a competence applicants resulting from malformed strategies (Durai & Pravin 2012). 4.2 Organizational Benefits in Barclays Company Recruitment programs A miscellaneous employee will normally be able to offer better, extensive culturally effective customer relations. This is vital for Barclays Bank to promote their brands not only in London, United Kingdom but also compete in over fifty nations of their operations. Recruiting qualified employees is important for enhancing communications techniques to help MNC Barclays Bank communicate successfully especially with interested partners, donors and community leaders. 5.0 Conclusions Managing employees in international Companies can be a difficult issue. Barclays Bank should persistently toil to enhance their multinational HRM techniques. In recruitment exercise, training before job placement must be conducted to make an employee aware of the difficulties in future and laborer counseling so as to satisfy the levels of multinational HRM. By Barclays Bank implementing this strategy in an expectation of five years, the company would have developed into an extensive MNC where everyone in the world would wish to provide services and develop sense of belonging. The flawless compensation programs make employees possess the morale and motivations in accepting external assignments. When this is implemented in Barclays Corporation, employees in the next five years would promote and maintain service delivery, ethics and professionalism in their duties; thus, facilitating Barclays to achieve its future desired targeted goals and objectives (Tiwari 2013). Planning all the organizational structures is an essential factor in making Barclays Bank Corporation competitive to the global scale in future. When Barclays Corporation implements effective planning in the expected five years to come, it would facilitate efficient decision making, formulation of innovative ideas and reduction of hazards of uncertainty thus overwhelming against numerous competitors. Bibliography Anonymous. Multinational Corporation – MNC, viewed 15 December 2014, < http://www.investopedia.com/terms/m/multinationalcorporation.asp> Bobinski, D.2004, The role of HR in Strategic Planning, viewed 15 December 2014, < http://www.management-issues.com/opinion/1137/the-role-of-hr-in-strategic-planning/> Cui, S., A., Griffith, D., Cavusgil, T. & Dabic, M.2006, ‘The influence of market and cultural environmental factors on technology transfer between foreign MNCs and local subsidiaries: A Croatian illustration’, Journal of World Business, vol.41, pp 100–111. Durai & Pravin, D. 2012, Human Resource Management, Pearson Education, India. Haile, S.2002, ‘Challenges in International Benefits and Compensation Systems of Multinational Corporation’, The African Economic and Business Review, vol.3, no. 1, p.14. Hanson, P.2002, The M&A Transition Guide: A 10-Step Roadmap for Workforce Integration, John Wiley & Sons, Manhattan. Odden, A., & Kelley, C. 2002, Paying Teachers for What They Know and Do: New and Smarter Compensation Strategies to Improve Schools, illustrated, Corwin Press, USA Piscitello, L., Rabbiosi, L. 2004. The impact of MNCs’ foreign activities on the innovative, Performance of the parent companies, viewed 15 December 2014, Sekar, R.2014, Current recruitment Strategies being adopted by MNC’s in India, viewed 15 December 2014, Tiwari, N. 2013, ‘Managing Human Resources in International Organizations’, Global Journal of Management and Business Studies, vol.3, no.4 ,pp.355-360. . Read More