Why Is Assigning the Right Person for Each Job Description So Important - Research Paper Example

Difficulties in Recruiting, Training, Motivating & Rewarding of Staff in NatWest Executive Summary The research objectives for this report will concentrate on enabling the researcher gain more ideas on how financial institution like NatWest handles the company’s recruitment process, develop training programmes that would be interesting for its employees, and the use of effective motivating and rewarding strategies to encourage its staff to become more inspired not only in delivering good service to its customers but also in terms of staying loyal to the company. Upon conducting a quantitative and qualitative survey analysis to a total of 8 NatWest current employees, the research findings revealed that employees are very much satisfied with NatWest’s training and development programme including its motivational strategies and reward system. However, there is a need for NatWest HR manager to consider the importance of job analysis to increase the company’s ability of hiring the right person to perform a specific role and responsibility within the financial institution. Introduction A member of the Royal Bank of Scotland Group – the Group, the National Westminster Bank also known as “NatWest” was established back in 1968 when the National Provincial Bank and Westminster Bank decided to enter a merger contract (NatWest, 2009a). Since then, NatWest managed to establish 3,600 branches that provide the people with a wide-range of personal, business, and commercial banking services such as the use of debit and credit cards, telephone banking, home, car, and commercial loans, corporate bonds, Wealth management services, and the touch-screen share dealings which assists the UK government’s privatization programme among others (NatWest, 2009a, b) The application of effective recruitment process, training programmes, motivational strategies, and rewarding of staff are among the key issues that needs to be addressed to enable NatWest’s HR manager to keep employees satisfied with their current job. In line with this, a quantitative and qualitative research survey will be conducted to examine NatWest’s employees’ perception with regards to the company’s recruitment process, training programmes, motivational strategies and reward system. Based on the research findings, difficulties and challenges NatWest is facing will be identified. Research Aim Considering the global crisis, financial institutions around the world are facing tight competition in terms of being able to capture a bigger market share as compared to other financial institutions. In line with this, the HR manager of NatWest plays a crucial role in terms of keeping their employees satisfied with their current job. Several studies revealed that satisfied employees could deliver a better customer service as compared to employees who are not happy with their job. For this reason, it is necessary to examine the actual recruitment process, training programmes, motivational strategies used within the business organization and the company’s reward system in order to determine whether or not NatWest employees are satisfied with the treatment they are receiving from the said financial institution. Given that NatWest employees are not satisfied with any of the four HR strategies used by the company, the recommended solution highlighted in this report is useful in terms of enabling the target readers to have a better idea on how HR managers who are working in a financial institution could be effective in terms of improving the company’s retention and employees’ turnover rate. Research Objectives The research objectives for this report will concentrate on enabling the researcher gain more ideas on how financial institution like NatWest handles the company’s recruitment process, develop training programmes that would be interesting for its employees, and the use of effective motivating and rewarding strategies to encourage its staff to become more inspired in delivering good service to its customers. With regards to the quantitative and qualitative research survey that will be presented in this report, the researcher aims to determine whether or not NatWest employees are satisfied with the company’s recruitment process, trainings provided for the employees, and the use of internal motivational and reward system. Based on the research findings, the researcher will develop strategic ways on how NatWest’s HR manager could effectively improve the company’s existing recruitment process, training programmes, motivational and rewards system. NatWest’s Selection and Recruitment Process Stone (2005) explained that job analysis is actually the process of defining a part specifically when it comes to determining a particular task and responsibilities aside from being able to identify the human abilities, skills and/or educational qualifications and experience needed in enabling a person to successfully perform the job. (Stone 2005, p. 10) Basically, job analysis focuses on identifying the specific work requirements that needs to be performed (Bartlett, 2000). As soon as the job analysis data has been gathered, the HR manager of NatWest will write down the job description, job specification, and behavioural competencies that are suitable to what the specific skills and knowledge that company needs (Bach 2005, p. 119 –121). To attract competitive individuals to join the team, the Royal Bank of Scotland Group aims at improving their selection process (NatWest, 2009d). As part of the company’s selection process, HR manager of NatWest assess the applicant’s skills and past experiences in performing the demands of the available job position. In line with this, Nelson (1997) explained that one of the prerequisite of having a group of highly competitive employees is to analyze a particular job description such as the skills and personal traits the needs to be fulfilled by the applicants (p, 40). Applicants who wish to establish a career with NatWest are encouraged to submit an online application which requires the applicants to undergo an online assessment process. Given that the applicant is qualified for the job position, the recruitment team would get in touch with the applicant for a telephone or a one-on-one interview (NatWest, 2009d). The importance of equal opportunity in UK is highly recognized by employees. In order to stay focus on selecting qualified applicants to join the team, the HR manager of NatWest will refrain from discussing any information concerning equal opportunity during the selection process (NatWest, 2009e). NatWest’s Training Programmes NatWest’s selection and recruitment process is crucial in terms of establishing a long-term relationship with its employees. Because of the risk that the company will lose some of its loyal customers, the high cost associated with the provision of training programs, advertising costs, recruitment fees, and lower productivity level (Bach 2005, p. 115), Hacker (1997) reported that “a poor recruitment decision can cost a company the amount equal to 30% of the company’s First-year earnings”. Offering competitive and flexible training and development programmes is one way of encouraging competitive employees to stay employed at NatWest for a long period of time. For this reason, NatWest offers its employees a wide-range of benefit programme such as lifestyle packages and development and learning programmes. To enhance the skills and knowledge of NatWest employees, the company offers its employees the option to undergo an on-the-job training, online training, face-to-face training, financial support for further studies, personal coaching and guidance depending on the preference of each employee (NatWest, 2009c). NatWest’s Motivational and Reward Strategies Aside from listening to employees’ ideas and personal opinion on how the financial institution could improve the services they provide to their valued customers, an important part of NatWest’s motivational strategy is giving its employees the opportunity to enable themselves to develop their potential and advancement in their chosen career (NatWest, 2009c). On top of the variable pay, each employee will receive additional financial benefits based on pay progression (NatWest, 2009c). Likewise, NatWest is offering its employees an excellent benefit programme based on the individual needs and preference of its employees to reward employees for their outstanding work performance (ibid). Information Gathering / Research Design The researcher will make use of ‘explanatory non-experimental research’ questionnaires which will be distributed to selected participants. As explained by Johnson (2000), ‘explanatory non-experimental research’ is a type of quantitative questions the normally use ‘yes’ or ‘no’ questions followed by asking ‘how’ or ‘why’ to enable the researcher to gather some explanatory information from the selected participants. Basically, allowing the research participants to state their own personal opinion by answering the survey questions like ‘how’ or ‘why’ will give the researcher the opportunity to determine whether or not the particpants is answering the survey questions in a logical manner. When formulating the research questions presented on the research survey questionnaires, the researcher should have a clear idea on the type of questions asked because a strategic questioning is highly correlated with the accuracy and validity of the survey results (McDonough & McDonough, 1998). Given that the research topic focuses on determining whether or not NatWest employees are satisfied with the HR strategies used by the said financial institution, the type of research questions that needs to be asked should focus on the type of recruitment strategy, training and development programmes offerd to NatWest employees, motivational strategies, and reward system. Keith Richard (2006) stated that ‘understanding the research process is important when a researcher has chosen to adopt a qualitative research study in order to avoid heading into a wrong direction.’ In other words, one of the best ways to achieve good quality survey questionnaires is to properly understand and analyze of the main purpose of the study. Research Questionnaire Design The research questionnaire was designed to give the researcher a basic information related to the research participants’ demographic information like age, gender and civil status. The major research questions will focus on determining whether or not NatWest employees are satisfied with the financial institution’s recruitment process, training and development programmes, motivational strategies and rewards. Specifically the last question will seek to determine the types of extrinsic rewards like cash and bonuses, gift items, shares of corporate stocks, and profit sharing and intrinsic rewards like words of praises and recognition, development and career opportunities, and work-life balance option offered by NatWest to its employees. (See Appendix I – Research Survey Questionnaires on page 13) Research Target Site, Sample Size and Method of Measurement Target site for the research study will be limited to NatWest branches close to the researcher’s geographic area. To satisfy the requirements of the research study, the researcher will randomly select a total of 8 NatWest employees regardless of their job description and the number of years employed by the financial institution. The gathered data will be analyzed by combining the quantitative and qualitative survey results. In line with computing the quantitative research survey result, the researcher will make use of basic statistical measurements using Microsoft Office Excel software in computing for the survey frequency and percentage. Data Analysis and Findings Majority with 37.5% of the research respondents belong to the age bracket of 26 – 35 years old. When asked whether the research participants are satisfied with NatWest recruitment process, 87.5% stated ‘yes’. The reasons why 12.5% of the research respondents are not satisfied with the company’s recruitment process is because they feel that NatWest is not capable of hiring highly competitive individuals to join the team. When asked whether research respondents are satisfied with NatWest’s training and development programme, 100% of the research respondents said ‘yes’. Similar to NatWest’s training and development programme, 100% of the research respondents are also satisfied with NatWest’s reward system. Among the types of extrinsic reward offered by NatWest includes cash and bonuses and gift items whereas the type of intrinsic reward includes words of praises or public recognition, development and career opportunities, and work-life balance option. Although majority of the research respondents are strongly satisfied with NatWest reward system, one out of eight research respondents revealed that the type of motivational and reward option offered by NatWest is not effective in terms of improving the company’s retention rate for the reason that there will always be some family or personal issues that may anytime for NatWest employees to leave their current job. Recommendations With regards to the recruitment process at NatWest, the HR manager should consider job analysis as an important component of recruitment process. This is primarily due to the fact that both the local and international businesses that exist today are very dynamic aside from the fact that most of these companies are heavily relying with the use of high-communication technology (Hough & Oswald 2000, p. 632). Hiring an applicant with the proper skills and work experiences is very important due to the fact that we can never expect an accountant to do the tasks and responsibilities of a sales executive or vice versa. This is the main reason why it is crucial on the part of the HR manager to carefully screen not only the academic background of a job applicant but also his/her personality, traits, special skills, and previous work experiences. In the absence of job analysis, HR manager will have a difficult time selecting the right person who has the right skills and knowledge necessary to enable the applicant to successfully perform the job requirements of the company (Dessler 2000, p. 4). One of the benefits of job analysis in selection and recruitment is that the process enables the HR manager to place the right person on the right job. (Dessler 2000, p. 4) With regards to the qualifications of two applicants qualified for a job position, hiring a person who is not only competitive in terms of writing documents but also has a pleasing personality, competitive public relations, and has an outstanding record or success in the applicant’s ability to sell is more likely to impress the HR manager since the applicant will be able to maximize the organizational contribution in terms of increasing the work efficiency of the employee as an individual and a team. Regardless of whether the applicant is physically disabled or not, HR manager should carefully subject each of the qualified applicant to an initial screening interviews and pre-employment testing prior to the final decision on who among the large group of applicants will be hired for a given job vacancy (Dessler 2000, p. 7 – 8). Conclusion Job analysis is considered an important component of recruitment and selection process that enables the HR manager to hire competitive individuals in performing a specific job responsibility. In general, hiring the wrong applicant to perform a specific job and responsibility can be very costly on the part of NatWest because of work inefficiency and wasted time and financial investment on training and development programs (Marchington & Wilkinson 2005, p. 105 – 106). Since hiring the wrong applicant does not contribute any good on the success of a business organization, the inability of the HR manager to perform effective job analysis is considered as an organizational “liability” (Newell 2005, p. 115). There is a very tight competition within the domestic and global markets. For this reason, having competitive employees and assigning the right person for each particular job description becomes a very important factor that can significantly contribute to the success of a business organization in terms of improving the cost-effectiveness and profitability of the company (Marchington & Wilkinson, 2005, p. 104). A job analysis is considered an important component of recruitment and selection process that enables the HR manager to hire competitive individuals in performing a specific job responsibility. A good job analysis enables the HR managers to develop a job description, a job specification, and behavioural competencies. (Bach 2005, p. 121) However, identifying these factors that affects the recruitment process is not sufficient in terms of attracting competitive individuals from external sources to join the company. Based on the research findings, NatWest is successful in terms of offering its existing employees with competitive training and development packages based on the preference and interest of its employees. Likewise, employees of the said financial institution are also satisfied with the company’s motivational strategies and reward system. Since job analysis is interrelated with a good trainig and development packages, motivational strategies, and reward system (Bach 2005, p. 118), the HR manager will be able to easily persuade highly competitive individuals to join the business organization. *** End *** Appendix I – Research Survey Questionnaires 1 How old are you? ___ 20 – 25 ___ 26 – 35 ___ 36 – 45 ___ 46 & above 2 What is your gender? ___ Male ___ Female 3 What is your civil status? ___ Single ___ Married ___ Divorced/Separated 4 Are you satisfied with NatWest’s recruitment process? ___ Yes ___ No; If no, why? _____________________________________________________________________ _____________________________________________________________________ 5 Are you satisfied with NatWest’s training & development programme? ___ Yes ___ No; If no, why? _____________________________________________ _____________________________________________________________________ _____________________________________________________________________ 6 Do you consider the type of motivational rewards offered by NatWest effective in terms of increasing employees’ work performance and improving retention rate? ___ Yes ___ No; If no, why? _____________________________________________ _____________________________________________________________________ _____________________________________________________________________ 7 Are you happy with NatWest’s reward system? ___ Yes ___ No; If no, why? ______ _____________________________________________________________________ _____________________________________________________________________ 8 What are the types of extrinsic reward being offered by NatWest? ___ Cash and Bonuses ___ Shares of Corporate Stocks ___ Others; __________ ___ Gift Items ___ Profit Sharing 9 What are the types of intrinsic reward being offered by NatWest? ___ Words of Praises / Recognition ___ Development and Career Opportunities ___ Work-Life Balance Option Others: _________________________________ *** End *** Appendix II – Quantitative and Qualitative Survey Results Answerable by Yes or No Survey Question Yes No Reason for Saying No Are you satisfied with NatWest’s recruitment process? 7 87.5% 1 12.5% I feel that the company is not capable of hiring highly competitive individuals to join the team. Are you satisfied with NatWest’s training & development programme? 8 100% 0 0% Do you consider the type of motivational rewards offered by NatWest effective in terms of increasing employees’ work performance and improving retention rate? terms of increasing employees’ work performance and improving retention rate? 7 87.5% 1 12.5% No because there will always be family issues or personal problems that will force NatWest employees to leave their current job. Are you happy with NatWest’s reward system? 8 100% 0 - What are the types of extrinsic reward being offered by NatWest? 8 8 - - - - 8 8 Cash and Bonuses Gift Items Shares of Corporate Stocks Profit Sharing What are the types of intrinsic reward being offered by NatWest? 8 8 7 - - 1 Words of Praises / Recognition Development and Career Opportunities Work-Life Balance Option Appendix III – Quantitative & Qualitative Survey Results Survey Question Frequency Percentage How old are you? 20 – 25 26 – 35 36 – 45 46 & above 1 3 2 2 12.5% 37.5% 25% 25% What is your gender? Male Female 3 5 37.5% 62.5% What is your civil status? Single Married Divorce 4 3 1 50% 37.5% 12.5% References Bach, S. (2005). Managing Human Resources. 4th Edition. Personnel Management in Transition. Blackwell Publishing. Bartlett, B. (2000, December 15). PCT Online. 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