Why International Banking Corporation Views Their Talent as Their Best Asset - Essay Example

Why International Banking Corporation views their "talent" as their best "asset" Human Resource Management is one aspect that has value in the company or business setup. Being a Human Resource Manager creates awareness that somebody can manage a business or a company. This paper will give a detailed research on why the International Banking Corporation views their talent as their best asset. When a company believes in its assets, it means that the company has strategic plans to see it to great heights. Additionally, the paper will discuss how developing and managing these "assets" contributes to competitiveness. The international banking corporation has increased its trust in its talent; thus, increasing their productivity. The International Banking Corporation has its talent of giving services to international countries; thus, diversifying different services to different individuals from different countries. Basing its facts on the Human Resource Management theory, models and aspects, the international Banking Corporation utilizes its talent and values as important assets. No one can entrust an aspect, which has no advantage or no benefit. That is the reason as to why the International Banking Corporation treasures its talent of offering financial services to international customers including individual and organization customers (Armstrong, 1990, pp.456). Firstly, the International Banking Corporation believes in its talent since it is a major service provider in the world. The talent that the International Banking Corporation has given strategic plans for the future. The strategic Human Resource Management and Resource based theory has helped the International Banking Corporation to attain great heights. The talents owned by the International Banking Corporation are defined by the theories and concepts of the Human Resource Management. The international Banking Corporation has developed greatly by believing in the talents and resources. Resources available for the corporation have been well utilized to see the corporation reach great heights (Baughn, William and Donald, 1983, pp.555). Basing on strategic management, the resource based theory gives a change in the strategic management. This is thought from an outside-in approach. The international banking corporation has a strategic management that has the role of managing all aspects of management in the corporation. This means that the corporation has the talent of managing the corporation’s activities, thus; provide better services to clients. In this corporation, the internal resources of the corporation create a starting point for giving determination to corporation success, in contrast to the old paradigm of outside-in thinking. This theory applicable to Human Resource Management states “it is people that encompass the properties assumptions of value, rareness, inimitability, and non-substitution, – which are the necessary conditions for organizational success” (Wilkinson, 2009, pp.213). Fortunately enough, the corporation puts this in consideration. That is why it values its talent as its best asset (Wilkinson, 2009, pp.213). On the other hand, the International Banking Corporation takes different Institutional settings in consideration when setting up its assets and talents. This corporation takes the weaknesses of other institutions and builds them to become strengths of the corporation. The talent that the corporation has was another institution’s weakness. That is why the corporation gave its entire focus on the talent and thus values it as its best asset. The main reason as to why the corporation rates its talent as its best asset is because the corporation wants to be a bit different from other institutional setting. This creates a perfect competition for other institutions or other corporations offering the same services (Armstrong, 1990, pp.476). Additionally, the International Banking Corporation uses the major models of Human Resource Management to support its talent as its main asset. The first model used is the Baldrige model of Human Resource Management. The Malcolm Baldrige National Quality award is one award that is given to a corporation that gives quality services and better services to its customers worldwide. With this in mind, the International Banking Corporation won itself this award for its quality services to the public. This is why they value their talent of giving services to the public since it provides the corporation with honor and respect. The Baldrige model has helped the International Banking Corporation in focusing its attention on getting global or worldwide standards in quality of products and services (Baughn, William and Donald, 1983, pp.507). The second model is the Harvard model of Human Resource Management. With this model, the policies and the practices of an organization preference depend on the organizational vision, mission, strategy, goals and objectives. Most organizations adopt such practices from other institutions depending on the environmental factors. The International Banking Corporation has well stated its own vision, mission, strategy, goals and objectives. This helped them provide quality services to the public. By use of this model, there are two factors that influence the organization’s policies. These factors include situational factors and stakeholders’ interests. This model of Human Resource Management gives a helping hand to the Human Resource Managers in charting Human Resource strategies for their organizations. With this in mind, the International Banking Corporation used this strategy to upkeep their talent; thus, making it their best asset in the organization (Wilkinson, 2009, pp.203). Another important model of Human resource management is the Michigan Model of Human Resource Management. Using this model, it assumes that the employees in the organization are important assets as any other asset in the business. This model is harder and less humanistic in its own. It is obtained cheaply, used sparingly and develop and exploit it as much as possible. This model puts emphasis on the use of Human Resource Policies, systems and activities with the business strategy. This is commonly related to the strategy of the International Banking Corporation. The corporation utilizes this model to believe in every asset in the business including its employees and its talent. The reason as to why it believes in its assets is because assets are the major resources in a business. This model is differentiated from other employee Human Resource models since it is lauded in practical approach (Arthur, 1994, pp.783). The International Banking Corporation has seen its service emerge from a lower level to a higher level. This is mainly because the corporation believes in its assets. These assets include talents, employees and other important assets. Realization of the corporation’s talent has helped the corporation in using the theories and models of Human Resource Management. The effective use of the models of Human resource management has increased the competitiveness of the International Banking Corporation. It has increased its service from poor quality to better quality service provision to the public. Hence, they value their talent as an important asset in the business. References Armstrong, Michael, 1999, A handbook of human resource management practice. 7th ed. London: Kogan Page. Arthur, J.B, 1994, Effects of human resource systems on manufacturing performance and turnover, Academy of Management Journal, 3(37), p.670-87. Baughn, William Hubert, and Donald R. Mandich, 1983, The International banking handbook. Homewood, Ill.: Dow Jones-Irwin, 1983. Wilkinson, Adrian, 2009, The SAGE handbook of human resource management. Los Angeles: SAGE. Read More