Human Resource Management of Organization in Commonwealth Bank of Australia - Assignment Example

? Human Resource Management of Organization in Commonwealth Bank of Australia Introduction Commonwealth Bank of Australia (CBA) had commenced its business in 1912 being formed under the Commonwealth Bank Act. However, with the development of the global market, CBA also has developed its functioning with expansion of its business in different territories. In the current scenario, CBA operates with the contribution made by more than eight lack shareholders and approximately with fifty two thousand employees. Furthermore, CBA is the second largest organization ranked under Australian Securities Exchange (Commonwealth Bank, 2012). Hereby, the paper aims at studying the overall business strategies considered by CBA for its long run improvements in order to fulfill the vision to serve customers with the best service in banking and to be reputed as one of the finest banking organizations in the Australian history. Strategies From a generalized point of view, it can be noted that the considered strategies of CBA focus largely on the primary functioning departments such as ‘customer service department’, ‘business banking dimension’ and ‘technology & operational excellence department’ which in turn can be learnt to amplify trust as well as team spirit within the employees. The strategic planning for the customer service states that it is considered in order to build a good relationship with the customers by serving them with best facilities as compared to other banks. The strategies considered under customer service mostly concentrate on redecorating the existing sales and services program with innovative benefits and features for the customers (Commonwealth Bank, 2006). CBA can also be identified to take certain measures to increase its customer base facilitating them with easy processing system. Under business banking, CBA also attempted to introduce CommSee and ComBiz to enhance its functioning with informational technology so that customers avail the services smoothly. CBA also introduced the business banking dimension in alliance with other institutions to facilitate the customers with tailored services. The strategies planned for developing the technology and operational excellence are by providing the virtues of Information Technology with group-wide leadership, applying smarter sourcing and simultaneously improving the lean process with innovative ideas. The organization also believes that to have an effective outcome from the strategies, employees need to have trust and team sprit among themselves for which CBA always considers new thoughts to build good relationship and collaboration within the workforce as well as with the customers. Furthermore, CBA frequently focuses on the process and the methods to develop their employees’ productivity, customer base along with their functioning. CBA also took certain measures to involve with the community by considering the safety for the people (Commonwealth Bank, 2006). CBA consequently tends to consider innovative strategies in order to become the best banking organization in the Australian history. For its profitable growth, CBA also planned certain strategies maintaining a good relationship with others along with the growth of agenda, simultaneously developing its traditional market by investing or expanding its target market. CBA also introduced a new strategy of insurance policy as CommInsure which facilitated the customers with life insurance policies. This particular strategy can be further observed as the organizational measure taken towards developing the services and reform the process so as to obtain better efficiency (Commonwealth Bank, 2006). Illustrations It is worth mentioning in this context that incorporating the aforementioned a few innovative customer-centric strategies, CBA was able to achieve the second position in the national banking sector under Australian Security Exchange. Furthermore, the growth of CBA also indicates the level of services owing to which, the organization has been able to satisfy the customers’ demand by a large extent. In this regard, the initial factor considered by the organization can be identified with reference to its customer service strategies which specify the services to be based on the distinct and rapidly altering customer needs. Based on this concern, the bank further attempted to augment the satisfaction level perceived by its employees so as to encourage them towards rendering better services to the customers and thus deriving greater customer satisfaction (Commonwealth Bank, 2011). Another innovative strategy considered by CBA can be identified as its strategy towards facilitating a separate dimension of business banking which specifies about the expansion of its strategies to the corporate banking sector, besides the commercial services. The development of CBA in 2011 can be observed in terms of its twenty three newly set-up branches across the country. CBA also introduced the 24x7 service for its customers for better assistance which mitigated many of the customers’ problems such as timely access to the banking services even on weekends. However, this was further observed to augment employee work load and thus required the instigation of a separate organizational dimension (Commonwealth Bank, 2011). Moreover, CBA’s development of technology and operational excellence states about the best and easy procedure to exercise upon the techniques and the policies that lay within the organizational environment. In this regard, net-banking can be identified as one of the leading solutions introduced by CBA to its customers. With the help of this solution, CBA’s customers were facilitated with the opportunity to access their respective accounts from their personal computers and mobile phones. With the virtues of this strategy, CBA currently holds near about six million customers in the national arena. CommBiz is another solution introduced by CBA for its customers which facilitate them to access net-banking services effortlessly. CBA also launched a financial service center to serve the customers with information related to their queries in a time efficient way. In order to serve the customers efficiently, the organization was also observed to facilitate the employees with adequate training assistance (Commonwealth Bank, 2011). From an overall point of view, concerning its human resource management strategies, it can be argued that adequate emphasis has also been rendered by the organization to facilitate employee growth through effective training facilities. Proper concern was also rendered by the management to augment employee morale by encouraging trust and team enthusiasm within the workforce which further assisted the employees to control their work stress despite of increasing pressure. Conclusion Since its inception, CBA’s primary objective can be identified to serve its customers with the best banking solutions accumulated with a friendly and supporting environment. With this concern, CBA had planned certain strategies largely based on the customers’ need and market competition along with employee productivity. With regards to its human resource management initiatives, the organization can be further noted to be quite competitive in identifying the stress level of the workforce and likewise encourage enthusiasm within the workforce to deal with such circumstances. The organization also emphasized on instigating separate departments so as to minimize the work pressure over employees and facilitate better services to the customers. However, with due consideration to the organizational aim of international expansion, it can be recommended that proper measures need to be taken in dealing with cultural diversity. References Commonwealth Bank. (2006). Commonwealth Bank Strategy. Retrieved from http://www.commbank.com.au/about-us/shareholders/pdfs/2006-asx/20060809-Commonwealth-Bank-Strategy.pdf Commonwealth Bank. (2012). Home. Retrieved from http://www.commbank.com.au/ Commonwealth Bank. (2011). Annual Report 2011. Retrieved from http://www.commbank.com.au/about-us/shareholders/pdfs/annual-reports/2011_Commonwealth_Bank_Annual_Report.pdf Bibliography Commonwealth Bank. (2010). Annual Report 2010. Retrieved from http://www.commbank.com.au/about-us/shareholders/pdfs/annual-reports/Commonwealth_Bank_2010_Annual_Report.pdf Commonwealth Bank. (2009). Annual Report 2009. Retrieved from http://www.commbank.com.au/about-us/shareholders/pdfs/annual-reports/2009_Annual_report.pdf Read More