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

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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…
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Human Resource Management of organization in Commonwealth Bank of Australia
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Download file to see previous pages 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’ ...Download file to see next pagesRead More
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