Goals in Barclays Bank - Case Study Example

Table or contents 1.0 Introduction 1 2.0 Background 2 3.0 Mission statement 3 4.0 Goals in Barclays bank 4 5.0 Employee resourcing 4 6.0 Human resource development 5 7.0 Employee relations 6 8.0 Reward performance management 9 9.0 Vertical integration 10 10.0 Horizontal integration 11 11.0 Recommendations 11 12.0 Conclusion 12 13.0 Reference: 14 14.0 Appendix 15 1.0 Introduction In human resource management, there is simply the management of the people who are working in an institution or an organization. This has to be done because employees affect how far or how flourishing an organization will be. Human resource management involves the managers clarifying to the employees the organization goals. Any organization needs to attract, maintain and also manage its employees. The human resource manager mostly has the task to carry out the examination of the employees’ discipline. Among the other activities of the human resource management department is staffing. A manager needs to discern the needs of the organization in relation to this. He or she needs to certify that the best employees are hired. Their performance has to be high to ensure that the organization is successful. In the past 20 to 30 years, there have been tremendous changes in the human resource sector. Initially, it was just viewed as a department for ensuring that payments are made. It was also bestowed with the task of hiring the employees. Of late the department deals more with assisting employees to perform their level best. These tasks fall under the human resource department. Barclays bank is one of the largest banks in United Kingdom. This paper is looking at this organization’s business strategy, its mission and its goals. There is a critical analysis of the various components of human resource department. They include employee relations, Human resource development, resourcing and reward and performance management. (Armstrong, 2006) 2.0 Background Barclays bank was started in 1960s. It is the third largest bank in United States. Since then the organization has opened so many branches in United States, Middle East, Africa, Australia and Latin America. Since it was started, Barclays Bank has had very many acquisitions with Martins Bank and with other small English banks. This bank is actually a global financial service provider. It operates in more than sixty countries all over the world. Barclays bank deals with investment management, wealth management, investment banking, credit cards and commercial banking. (Druker, 1995) Corporate strategy in any organization is very important it sets out the basic direction that an organization has to pursue in relation to all its operations. This is normally defined by the human resource managers in the organization. A business strategy is therefore part and parcel of an organization’s corporate strategy. This is normally carried out by the human resource managers within an organization. Analysis of Barclays bank shows that it also has business strategies within that enable it to accomplish its goals and mission. Source; Chandler, A. (1962): Strategy and Structure; Chapters in the History of Industrial Enterprise; Cambridge; Mass; MIT Press; pp 36 3.0 Mission statement The mission statement of Barclays bank is to provide banking services at affordable prices and to financially empower customers financially. The mission statement in Barclays enables the human resource managers to be focused in their planning in relation to all the steps carried out in the bank. The mission statement has been well communicated in this bank among the employees such that they work focusing on achieving the banks vision and mission. (Beardwell and Holden, 1997) 4.0 Goals in Barclays bank To provide financial services at affordable price To improve economic status of its customers Ensure employees within the organization are viewed as business partners and not as juniors To help in community development Provide support in community and nationwide activities like Premier Leagues Giving customers quality financial services that efficient and effective. 5.0 Employee resourcing Employee selection is important as it is a way in which a company ensures that it obtains the right human resource for specific job. Employee selection falls in the broader perspective of employee resourcing. Employee resourcing is very important in organization. It consists of administration, performance and staffing. All these are interrelated activities that are carried out in an organization. With human resource rising as the primary asset of an organisation, human resources (HR) managers in Barclays bank are being faced with new challenges to come up with strategic approaches that can add value to the organisations when sourcing for new employees. To address this issue the human resource managers have to formulated sourcing strategies that will add value to an organisation in pursuit of identifying, recruiting, developing and retaining highly talented employees who can take the company to new heights and provide a competitive advantage to the bank. Management and staffing activities help in ensuring that employees with right or desired skills are recruited. The employees have also to be in the right numbers desired by the organization. Employee resourcing aims at ensuring that employees are at the right place at the right time. Management in this case is concerned with ensuring that employees perform their best. (Dainty, 2000) Research in Barclays bank reveals that the human resource manager carries out resourcing in the organization. The human resource manager in Barclays bank advertises for the posts that are vacant in the organization. The potential employees then apply and later on interviews are carried out. In Barclays bank the human resource manager ensures that employees are really qualified for the posts before they are employed in the bank. The various posts common in this bank include graduate clerks, credit controllers, auditors, financial analysts, marketers, cashiers and financial officers. 6.0 Human resource development Human resource development is mainly concerned with making training interventions, providing learning and development opportunities and general planning of conducting employee training in an organization. In human resource development, the concern is both in line with individual and organizational needs. This is essentially a very strategic process that needs to be incorporated in every organization. Human resource development in Barclays bank is carried out by the human resource managers. Employee learning and development is planned by the human resource managers. In Barclays bank, all the employees go through training and development. This is carried out both formally and informally. When employees in this bank are newly recruited, they go through training which they come to understand the organization’s goals and its mission statement. (Druker, 1995) This is carried out through seminars and workshops that are carried out in the organization. Training and development in Barclays bank is not just carried out when employees are newly recruited only. It is an on going process that ensures that the employees are well knowledgeable and that they are updated with technological advancement. Informal training is carried out by the human resource managers as they instruct employees on what to do on an individual basis. This has greatly contributed to the overall success in the organization. (Kaufman, 2004) 7.0 Employee relations Employee’s relations can be defined as, the relationship that exists between the employee and the employer. Or it can be seen as, processes by which employees and their companies contract of work. A good working relationship is required from both parties to maintain high production in the working place. For the employer to have a good relationship with his employees, the employer has to avoid disagreements with the employees. This can be achieved by both parties honouring their agreements. The main objective of employee relations is to protect the interests, rights and privileges of the employees. This provides information relating to policies and procedures of performing duties and facilitates the resolution of problems and complains through investigation and mediation. When a dispute arises in Barclays bank, conciliation, mediation and arbitration are used to resolve disputes depending on the nature of the dispute. Individual disputes usually involves the employee directly with the employer while collective disputes occurs when a common disillusionments among the employees arise and representatives of the employees in form of trade unions are used to air the grievances to the employer. Employee relations have broadened its definition from the initial industrial relations to such aspects as employer-employee relations, personal contracts, workplace environmental safety, and socio-emotional factors. Currently, human resource managers in Barclays bank are making efforts to improve their process in human resource management lifecycle. For instance, implementing latest performance management procedures or by implementing latest recruitment software. These changes have brought some positive results in this organization. However, in order for the HR to add more value to the organisation, human resource managers have developed a holistic strategy, which seeks to remarkably impact the organization. Research carried out in Barclays bank shows that the human resource managers in this bank are greatly concerned with maintaining a cohesive relationship between employees and themselves in workplace so as to have high morale and motivation amongst employees for satisfactory productivity therein. According to the chairman in Barclays bank, Mr. Marcus Agius, human nature can be simple, yet very complex thus an understanding and appreciation of this is an important factor for effective employee relations in workplace. (Gubman, 1998) For this to be achieved Barclays bank as an organization has defined rules and regulations pertaining as to how employees are to perform their duties, address personal issues, bargaining procedures, handle and resolve conflicts. This has played a big role in maintaining employee relations within Barclays bank. As earlier on illustrated, the human resource managers in Barclays bank do not see the employees as juniors but they are viewed as colleagues and business partners. Research in this organization reveals that there is mutual respect that exists between the employees and the employers. This has influenced the employees to perform their best. (Kaufman, 2004) 8.0 Reward performance management Every organization has to be concerned about the performance of its employees. The human resource manager has the responsibility of monitoring the performance of each and every employee in the organization. This is to analyze whether the performance of the employees is improving or whether it is declining. Another way through which human resource manager in Barclays bank uses reward to improve the performance of employees is through praise. This is also another form of reward that can be used in this bank. Research shows that when human beings are appreciated and praised then they always tend to improve their performance. Managers in this bank have strategised by ensuring that they keep the records of the performance of employees. Any employee who shows commendable improvement is praised in the organizational weakly, monthly and also the annual meetings. Through this employees always improve their performance so that they can also be praised. Human resource managers in Barclays bank carry out reward performance management. This is whereby employees with good performance are rewarded accordingly in various ways. There are various types of reward systems that are used in Barclays bank. They are as simple as a thank you statement from the management to employees. Reward systems used in Barclays include giving employees some tokens like free holiday trip. Human resource management in Barclays has rewards in form of payments which are given to employees that meet the set targets. Looking at this aspect in this organization, it is very clear that it is well planned and implemented. This has made the employees in Barclays bank to be motivated in their work. (Taylor, 1998) 9.0 Vertical integration The various components of human resource actually support and contribute towards achievement of goals and mission in Barclays bank. For instance reward and performance management in Barclays bank enables the organization to achieve its goal of serving the customers effectively. This is because when the employees are happy and they are motivated, they are in a better position to serve the customers well than when they are demoralized. (Legge, 2004) Employee relations as earlier on illustrated deal with the relationship between employees and the employer. The human resource managers in Barclays bank have ensured that there are good relations with the employees and this has made the organization achieve its goal of overall viewing of employees as business partners. This has also affected the reputation of the organization to the outside community. This aspect has improved the integrity in Barclays bank. This has also made the organization to be concerned with economic development. (Ulrich, 1996) 10.0 Horizontal integration All these components of human resource support each other in the overall achievement of the organization’s goals. Employee resourcing that is carried out in Barclays bank works hand in hand with human resource development in seeing to it that the goals in this bank are achieved. One of the goals in Barclays bank is to ensure that customers are given quality services. (Armstrong, 2006) During resourcing or recruitment, the human resource managers ensure that the employees are qualified. This makes it very easy to carry out training and development as they easily understand what they are taught. In the long run, the bank is in a position of offering customers quality financial services. (Ulrich, 1996) Employee relations deal with the relationship between employees and the employers in this bank. This highly relates or co-works with reward performance management. All these work hand in hand in ensuring that the goals in this bank are achieved. 11.0 Recommendations There are some few areas that this bank needs to improve on in its response to globalization. For instance Barclays bank has responded to globalization by opening up very many branches all over the world. This bank needs to carry out restructuring of the entire structure of the organization such that it is able to withstand this growth. When this bank opens up very many branches it means that it needs to increase the number of employees too. This venture has got its financial implications on this bank. As Barclays bank opens up many branches all over the world, it needs to put in place mechanisms that will prevent money launderers to carry out their activities. This is because there are chances that this bank may lose a lot of finances through this. As this bank carries out off shoring and outsourcing it increases the chances of outside people getting access to the bank’s confidential information. Barclays bank needs to put in place mechanisms such that these outsiders do not easily find out important information about the organization. This can be done by barring the outsiders from attending meetings where important internal matters are discussed. (Taylor, 1998) 12.0 Conclusion Barclays bank is the third largest bank in United Kingdom. It was started in 1960s and use of the right human resource strategies has seen it expand rapidly. Employee resourcing is well carried out in this bank such that qualified personnel are recruited. Another important component of human resource management is human resource development. This involves carrying out training interventions, providing learning and development opportunities and general planning of conducting employee training in an organization. All these are well carried out by the human resource manager in Barclays bank. Reward performance management is also carried out in Barclays bank. All these components of human resource management work towards achieving the organizational goals. This is called vertical integration. When these components work by complimenting each other so that organizational goals are achieved, it is referred to as horizontal integration. 13.0 Reference: Armstrong, M. (2006): Handbook of Human Resource Management Practice; 10th edition; London, 2006; pp76-83 Beardwell, I. and Holden, L. (1997): Human resource management; a contemporary perspective; London; Financial Times; pp 92-97 Dainty, A. (2000): Improving employee sourcing within construction organizations, Proceedings of the ARCOM 2000 Conference, Glasgow, Vol. 1; 2000; pp 43-46 Druker, J. (1995): Misunderstood and undervalued; Personnel Management in Construction; Human Resource Management Journal; Vol. 5, No. 3; pp 101-103 Gubman, E. (1998): The talent solution, New York; McGraw-Hill; pp 43-44 Kaufman, G. (2004): Bank regulation and foreign-owned banks; Barclays Bank Bulletin, vol. 67, 39-48 Legge, K. (2004): Human Resource Management: Rhetoric and Realities. Anniversary Ed. Hampshire: Palgrave Macmillan; pp 123-127 Ulrich, D. (1996): Human Resource Champions. Harvard Business School Press; pp 125-126 Taylor, S. (1998): Employee sourcing; London; CIPD; pp; 80-85 14.0 Appendix Read More