This assessment will cover following questions:
- Managing people is the process hiring to developing team members in the organisation on the basis of that evaluate critical issue relating to people and how effectively they are managed within the organisation. In justifying your chosen issue, you should analyse it in the context of Nedbank group.
- Generate one important recommendation for addressing the issue with a focus on the people practices, theories or concepts from the module that are relevant to the issue you identified. Develop your recommendation, demonstrate your knowledge of this area by explaining the advantages of using the theories to address the issue.
- Support understanding of the theories you are using to develop your recommendation by sharing your thoughts on it, in a way of your choosing, that contributes to other programme members’ understanding of the topic and demonstrates your further research in this area.
In an organization it is very important to manage the employees or the people in the organization very well otherwise it can affect the company's working and efficiency. There has to employees satisfaction in the company and there has to be motivation which has to be there in the employees so that the company will have a standard and the working of the company will be better. There are a lot of models which can help use understand the importance of motivation and employees in the company. It is because of lack of motivation then the employees will not be able to take out there talent as well and that is a very important factor.
Nedbank group is an African company which is dealing with wealth management solutions, investment banking, nedbank retail and business banking, etc and is the largest financial group. Nedbank ecobank is considered as the largest banking network in Africa and has the strongest network in the country. The branches this company has been over 2,000 in 39 countries worldwide. This company was founded in Amsterdam in 1888 and the headquarters of the group is in Sandton, South Africa. As of 2018 the total asset the company is having is above 1 trillion and employees working in the company are 31,592. The company has expanded itself in a lot of areas and is one of the finest banks in Africa.
This report is going to discuss these factors in detail which are going to be able why motivation is important in the employees and what are the talents which are not being taken out by the employees if the motivation inside them is missing. Motivation can affect the company so what should the company also do so that they can motivate the employees to the fullest.
(a) Critical Issues Related To The People
The employees in Nedbank did not find any motivation and the bank is having a lot of employees turnover and that is making the bank not have a good meet with the demand and services which are expected out from the customers. Due to the change in the income level the GDP of the nation is changing which is also impacting the efficiency of the bank. (Seperich and McCalley, 2016). There employees are the one's who are getting the innovation out and that is only possible when the employees are motivated for the work they are doing for the bank. If the employees are not motivated then the customers will not get the best of services and that will make the bank have a bad image in the market. Nedbank has grown a lot in the market and if they do not match up to the standards they have made for themselves in the market then how will the bank be able to grow further in the market.
All the banks are in the market for a long run and if they do not want to grow then they can not innovate and create new products but to get a competitive advantage, the bank will have to work efficiently and effectively because that will make the bank grow a lot in the market (Popescu and et.al., 2019). The bank will not be able to meet their objective and aims to provide the loans and provide high rates of interests to the customer to attract them and increase the efficiency of the bank and so will the employees of the bank will not be able to meet their personal objectives of life if they are not motivated enough to work and put in their personal best in the bank. It is very important to have motivation because there is a requirement of team work and that is only possible when the entire team will work together and if they do not do that then they will not be able to achieve the aims and objectives they had planned to in the past. There are a lot of talents which are present in the employees who are working in Nedbank but because of no motivation they are not taking out their ideas and innovations in the bank and that is because the employees are putting in their personal best for the bank bit the bank is not being able to appropriate that and are not even giving them an increment on the work they are doing. The wages which are being paid to the employees is very low and that is not making the employees give their best which is a kind of motivations which all the employees look forward for and if that is missing then the bank will not be able to take out the best from the employees (Aithal and Kumar, 2016).
There will be a lot of failures and fear of doing anything new in the bank and that is not a good sign for the bank because the bank is doing very well in the loans section and there is always a demand of something new and innovative so that the customers get attracted to the bank and that is a very important factor for the bank and that will make the bank have a lot of customers in the bank which means the bank will make a profit. To make the innovation come in the bank the employees have to except the changes which are taking place and without that the bank will not be able to make the changes. There are basic needs of the employees which the bank will have to fulfill because the employees are working so that they would be able to fulfill their basic needs and if they are not being able to do that then it useless for the bank because the employees will not be motivated to work in the bank for long (Thompson, 2015). Nedbank has had a large turn over of employees in the past and that is making the bank not do so good because the bank wants to make the changes according to the customers and if they do not do that then the bank will not be able to have a stable economic condition in the nation.
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The bank can use the two factor theory which has been given by Herzberg and the two factors in this bank are motivators and hygiene factors. These two factors can really help the bank to do much better because these two factors can focus on the employees and the needs and wants of them so that the production which is being produced by the bank can take place better and that will help the bank to have a better place for themselves in the market (Harrison and Lock, 2017). Motivator is the factor which deals with the personal growth of the employees, satisfaction with the job they are doing and recognition and achievements of the individual in the bank. All the banks in the market have an objective and aim which they have to achieve and the employees help the bank to achieve those because they help in the manufacturing of the product which are being consumed by the customers and that will make the bank make profit but if the employees are not motivated then there will be a slow growth of the bank therefore Nedbank must work upon themselves so that they can grow more and make a change in the market for themselves. It is very important for the bank to have a motivated force work of employees because the targets have to be met by the bank and if they do not then the processing of the bank is very slow and that will make the bank not be able to grow. Motivation is not important for just individual but even if one employee in the bank is motivated then the entire team will be motivated and if that happens then the bank will be able to make a lot of profit because one motivator can motivate all the others. It is also important for the bank to provide the employees with a hygienic place so that the people will be able to grow and this is also a motivator for the employees who are working in the bank. Nedbank's have worked upon this field of the theory because the internal environment of the bank is very pleasant and is very motivating for the employees who are working in the bank (Morden, 2017). The employees of the bank can not see there growth in the company because there is no motivation in the company because they are not getting any promotions or rewards. When there is a lack of growth in a company then the employees start feeling demotivated in the company.
The other theory or cycle the bank could use is the performance management cycle for taking out the best in the employees. There are 4 phases in this cycle which are planning, monitoring, reviewing and rewarding (Kahn and Baum, 2020). This cycle is that there has to be a plan which the bank will have to come up with which is a target for the employees who are working in the bank and then the Bank or the department heads can check on them which will be monitoring and then there has to be review which has to be made on the employees as to if they are doing there work properly and then finally comes rewarding which is appreciating the work the employees are doing. Not only then employees should do there best but the bank should also make them see the positive side of doing good so that they can grow in this industry. Promotions or a rise in the rank is something which all the employees look forward for and if they do not get that then what is the use of this factor. There have to be targets which have to be set so that there is a clear mission with the employees so that they all can work in one direction and that will help the employees to work and it will be easier for monitoring and reviewing the employees so that the bank can benefit from that and the bank will motivate the employees who are putting in there best for the bank. Rewarding is very important for the employees because that is a sign of motivating the employees because no one is willing to work extra till there benefit is not there in it. When there is a reward in the end that will keep the employees motivated for the rest of the time and it is very good for all the employees so that the bank and the employees benefit from it (Noe and et.al., 2017). Nedbank is a large financial institution and has a nice branding, so they can afford to pay the right remuneration to the employees and give them more benefit from the bank so that they would willingly want to work more and more.
It is very important for Nedbank to make the talents of the employees come out of them and there has to a satisfaction of work which all the employees must have and that is only possible when there is a management on the talent factors of the people and that is possible when the human resource of the company is encouraging all the employees to do so because that will help the company to have more focused and dedicated employees in the company. This talent management theory is given by Josh Bersin because he wanted the companies in the market to gain profit since employees are the back bone of the company, and they work the most in the company then the company should do something in return for them as well.
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(c) Develop Your Recommendation
The company, Ledbank Group have their own ways of dealing with things which is making the company unique in its own ways (Molla, 2015). There are a lot of people who wanting to join this company for a very low wages in the company which is making the company get a profit and this is so because the people are willing to work for such low wages since the employment rate in the country is very low and the people are willing to take up any job. Though this is not so motivating for the people because this not satisfying their needs and once a person starts working and getting the things which are basic they shift to more needs and the company which is not being able to provide the employees with that needs is very important and the company should have loyal employees as well. It is very important for the company to have loyal customers and employees in the company because employees who have been working in the company from a long time they will have an idea as to how to produce and have the right skills for the work they have been doing in the company. There is an expectation which the employees have to meet and those will easily be met if the employee has been working in the company from a long time because they exactly know what is expected out of them (Taylor, Doherty and McGraw, 2015).
There has to be an improved friendly environment in the company and not too much pressure on the employees because to work is done with full power when there is so much of pressure on the person. The human resource managers and employees should share a good bound so that the problems in the company can be addressed and solutions can be taken out for the betterment of the company which is very important. There should be an encouragement in the employees for the competition going on in the company which should be a friendly competition and nothing more so that the working of the company can take place properly. The right work should be allotted to the right people and there should be fairness with the work which is being divided in the company so that no one is offended with the work they are doing in the company. Equal treatment in the company is missing from Ledbank Group's which is why not everyone is giving there personal best in the company therefore the company is having a high demand in the market, but they are not being able to meet those demands because the production of the company has reduced which is making the company not being able to reach out to the customers on time (Bhujel and Rajan, 2019). There is not extra payment for the employees who are giving more than what is expected out of them and the company is not giving the employees anything more than just wages which are fixed. The company will have to start appreciating the work the employees are doing for them, and they will also have to start giving the employees the basic needs like right to safety, security, health, etc. There is no team work in the company between the employees because the employees are not putting in their best in the company and just wanting to do there work faster and get it done with, but they do not worry about other things. It is very important to have team work sprite in the employees of Ledbank Group's because without team work there is a lot of pressure on just one person and that is not fair in any way possible.
(d) Reflection Statement
There is a lot of understanding that I have learn from the above case study which is that there is need for the company, Nedbank Group has to understand the factor that the employees who are working in the company are very important and that is because they have to make a change in the company (Cascio, 2015). The company is not being able to have a profit because the employees are not being able to meet the needs of the customers which is because they are not being able produce so much of products since they are not having an effective employee work force. There are a lot of methods through which the company can improve their employees and motivate them which can be done through appreciating them or giving some kind of reward except the wages which they are already receiving. There are a lot of employees who have been working in the company from a long time, but they are not getting satisfaction with the kind of work they are doing and if they were in some other company then they would have been appreciated for the kind of work they are doing for the company (Hunsaker and Hunsaker, 2015). Satisfaction and motivation are two most important things in an employee for which they can continue to work and that has to be there at all the points and if that is missing then there is no need for having a job. Doing something or working without a motivation is making a mess of thing and that will just spoil the reputation of the company and nothing will happen to the employees but the company.
Nedbank Group must make sure that they are providing the employees with the motive to work, satisfaction, willingness, no pressure of working on the employees, good environment, etc so that the employee is willing to work in the company (Leroy and et.al., 2018). The targets and objectives of the company can be met with a quality in working of the company if the employees are willing to work and there is a standard which Nedbank group has created for themselves over time and it is very important for the company to maintain that because it is a lot of effort which is put in. Position of the company is at lesser risk if the employees of the company are having a motive to do the work which is being allotted to them and that will make the employees and the company have a lot of profit. Direction is also given to the employees when there is willingness in the company which will motive the entire team. One motivator in the group is very important because that will lead to making everyone gets motivated and that will help the company to have a better working which will be more effective and efficient. All the companies in the world want to have a competitive advantage and Nedbank Group when worked on this factor will be able to expand more and make a place for themselves at the top of the market (Wirtz and Lovelock, 2017).
From this we can have a conclusion that Nedbank group is having a lot of loss because of the employees not being able to be motivated by the company and because of the pressure on them they want to leave the company and the company is having a high turn over of employees in the company. There are a lot of decisions which the management have to take for the betterment of the company otherwise the company will lose its place in the market. Since over time the company has got a wonderful portfolio for themselves they have to make sure that they are maintained that portfolio as it is and there is supposed to be a stability in the company and that is not possible without the employees of the company.Looking for assignment help? Take help from experts now!