Human Resource Management
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Human resource management is the process that allows business firms to manage workforce and working practices in such a way that goals and objectives can be met effectually within stipulated time period. In addition to this, it is also concerned as a process of hiring and developing employees so that better values can be gained within organisation (Beer and Spector, 2015). Along with this, consideration of human resource management also provides better opportunities in respect to job analysis and planning of activities. It is significant to consider employees needs as critical factor. Key skills that are needed to be referred for better human resource management are classified as leadership, negotiation, motivation, etc.
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In present study, learning will focus on the key aspects that are related with human resource management. In order to have better understanding about subject of the report, work culture of HSBC will be evaluated. It is an international banking chain that offers number of services with respect to banking and financial services. Learning will provide understanding with regard to recruitment and succession planning. Along with this, reward management and human resource planning are also the key aspects that will be evaluated under study. Furthermore, development of strategic talent management will also be developed in the second section of report with reference to HSBC Bank.
As per the views of Cartwrigh, (2012), it can be said that talent management is considered as an anticipation of required human capital within organisation so that goals and objectives can be accomplished in the desired manner. With the help of this, proper planning can be taken into account which is beneficial to meet the needs of human resource. In other aspect, it can be states that talent management is an art that allows focusing on strategic human resource planning for sustainable improvement. Better values can be presented within organisation so that objectives can be accomplished effectively. Cooper and Burke, (2012) have asserted that activities performed under strategic human resource planning are to recruit, retain, develop and reward individuals. It is beneficial to have promotion of talent management and business strategy implementation. Apart from that, it has been noticed that talent management functions are mainly performed by businesses to have better dealing with complex environmental aspects. It allows to have improved opportunities in the global market by having proper use of available resources (Deckop, 2013). It creates a systematic structure so that employees can have accomplishment of activities in the collective and diverse manner.
Dowling, Festing and Engle, (2008), have contended that effective application of talent management is possible by considering leadership roles and motivation aspects. In addition to this, it can be said that there are basically two areas which may differentiate talent management and lead business firm to sustainable development. Program excellence is needed to be considered in an appropriate manner so that success can be attained through application of talent management. In this regard, management needs to focus on strategic options that provide support to skill development, recruitment and leadership (Dransfield, 2010). With assistance of this, executives can impressively focus on talent management. Berger (2008) has said that work quality and individual preference has great impact on the talent management program. Human resource management of business firm also needs to focus on the key values that may boost effectiveness of talent management activities. Classification of key features is identification, development, engagement and retain critical talent. By having improved focus on such aspects, businesses can easily design better strategies for sustainable development.
Gully (2013) has expressed that program integration is also a significant factor that allows to meet the key goals and objectives. It is necessary for the management to design strategies with integration of strategic objectives so that continuous improvement can be provided. It indicates that the management practice must be integrated with objectives because it facilitates in talent management. As per the report of CIPD, talent management can be considered by organisation through consideration of strategy, management and measurement. It means that company needs to focus on key activities through which better strategies can be designed to improve the skills of workforce. Employee’s need must be considered in an appropriate manner so that business can have continuous improvement in services (Henderson, 2015). Along with this, management of designed activities is also essential because it provides support to skill development of individuals. At last, proper measurement of implemented activities is also necessary as it helps in evaluating the level of success. Improvement in skill of members can be evaluated in the desired way which is beneficial for long term improvement. Report of CIPD also indicates that talent management consists of systematic process that allows to meet the key goals and objectives in desired manner (Joe, 2008). According to Lucio (2013), individual skills that make a difference within work culture is considered as talent because it allows to have immediate contribution that may lead business firm to an impressive level of success. It also enhances the potential for members which is advantageous to meet long term goals and objectives of firm. In this, human resource management mainly focuses on few key steps such as identification, development, engagement, retention and deployment of individuals that provide impressive value to organisation.
Ruysseveldt, (2014), has said that in order to have effective talent management, business firm also needs to focus on recruitment process. It is significant to make sure that recruitment activities are designed as per the needs of employees. Along with this, integration of objectives is also essential because it assists in meeting the key goals and objectives (Werner, 2008). In this consideration of objectives will allow to set few standards that may ensure about the skills of candidates. With the help of this, skilled employees will be hired in order to have sustainable development. Iang and Baer, (2012), have critically explained that the consideration of succession planning is also beneficial for sustainable development. It will allow to enhance the availability of experienced and capable employees. Through this, business entity may ensure that leadership and motivation aspects are being targeted in desired way.
Jones (2010) has argued that there are number of tools that company can consider to have effective development of talent management activities. By having consideration of reward management, employees morale can be advanced so that issues can be overcome. It also allows to make sure that talented individuals are properly rewarded because it allows to make them feel valued. It will also provide a support to talent management activities and lead business entity to improved level of success. Human resource planning is also significant to consider for better improvement. Love and Singh (2011) has said that human resource planning is a process that helps in identification of current and future human resource needs. With an improved focus on human resource planning the goals and objectives can be accomplished because it assists proper management of workforce. It is necessary for management to make sure that the human resource planning is also linked with overall strategic plan of an organisation. In addition to this, it can be said that business entity may manage talent through make sure that activities are being accomplished as per planning (Mathis and Jackson, 2011). Consideration of HRP is beneficial to have development of skills among members because it allows to analyse the current state of talent. As per reference of current state, business firm can design new HR policies and activities so that objective of continuous improvement can be attained in desired way.
Kumar (2010) has contended that vision and values also need to be consider so that goals and objectives can be accomplished. By having assistance of HRP, talent development objectives can be meet because it allows to identify the gap between current state and potential aspects. It is also significant to make sure that strategic options are providing support to development activities. It will also lead business firm to impressive level of success. Guest (2011) has said that in order to improve skills of individual business firm may also consider application of motivational techniques in appropriate manner. By having use of motivational tools, morale of workforce can be improved so that goals and objectives can be accomplished. For example, company can motivate employee to perform in accurate manner so that skills can also be developed (Hafeez and Aburawi, 2013). With an assistance of this, employee retention can be considered as critical aspect. If employee is not feeling valued and motivated while having participation in operational activities that means he or she may leave organisation. It will have direct negative impact on the employee retention rate.
Harzing and Pinnington (2010) has contended that there are number of methods through which company can enhance the morale of workforce. It is necessary for management to make sure that they are focused towards performance based culture so that talented employees can be retain. If management is providing recognition to employees in respect to performance then it might be possible that issues might be faced by business. It will decrease the employees' morale and impact the overall outcome. Mathis, Jackson and Valentine (2013) has said that that company also need to provide specific time based goals so that actual performance can be measured. It will also allow to enhance the morale of workforce and lead business to impressive level of success. It has been noticed that, the best talent will embrace the goals and not stop until they reach the goal. Along with this, respect and appreciation are two key factors that also need to be followed by business entity in order to meet key goals and objectives (Jackson, Schuler and Werner, 2011). It has been noticed that the small strategies and tactics impacts morale of talented employees in diverse manner so by providing them an appropriate respect and appropriation the business entity may accomplish objectives.
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Beer and Spector (2015) has stated that, consistent feedback can also be taken into account to advance the morale of employees. It has been witnessed that number of talented employees are not satisfied in an organisation due to lack involvement of management in work practice. By having assistance of feedback process the ratio of involvement can be improved so that employees' morale can be improved. Along with this, business entity may accomplish its key goals and objectives by encouraging the morale of workforce. Cartwrigh (2012) has critically explained that management can also focus employee engagement to have advancement in morale of employees. It has been noticed that if management is not having proper engagement with members then it might be possible that business firm way face issues. In addition to this, it can be stated that by having assistance of employee engagement the retention rate within organisation can also be improved because it has direct impact on the employees' morale. Number of innovative activities can be organised by business entity to make sure that employees are feeling prompt to take part in activities (Cooper and Burke, 2012).
Deckop (2013) has contended that success of talent management can not be attained without evaluation of job roles. It has been noticed that if business firm is not aware about the current state of work then it might be possible that issues may face in regard to sustainable development. In order to have performance evaluation the business entity may focus meeting and group discussion. With an assistance of meeting, key needs of employee can be analysed in desired way. As per reference of evaluation, diverse strategies can be designed in order to meet goals and objectives. Balance score card is also a critical method that can be adopted by organisation for measurement of success (Dowling, Festing and Engle, 2008). It has been witnessed that use of balance score card allows to understand key aspects that are need to be improved for continuous improvement. It is also significant to meet long term goals and objectives. Dransfield, (2010) has asserted that for effective talent management, business firm need to design work life balance practice. It means number of standards can be set out by management in order to ensure that employees are working as per standards. It will also facilitate in development of practice that create positive work environmental (Berger, 2008). Along with this, effectiveness of recruitment process can also be improved which is beneficial for hiring of skilled and talented candidates. According to job evaluation outcomes new strategic options can be employed because it will also facilitate in development of talent management program.
As per detailed study, it can be said that HSBC is currently operating its business in international market so it is significant for organisation to have continuous improvement in human resource practice. By having effective development of strategic talent management practice the business firm may attain sustainable opportunities. In order to meet the objective, it is necessary for management of HSBC to have improved focus on recruitment, selection and development of employees. It will allow to create positive work environment. There are number of key factors that need to (Afiouni, 2013) be consider in effective manner so that talent management practice can be promoted in appropriate manner. Mission, vision, values and goals are being considered as critical aspects of talent management. It will also provide better understanding in regard to employee and their skills. With an assistance of this, company can also promote employee practice as an integrated overall direction (Agrwal, 2012). According to strategic values, it can be said that effective talent management system helps in advancement of morale of workforce so that goals and objectives can be accomplished.
In respect to recruitment and selection process, management of HSBC must set out standards that are beneficial for long term sustainability. Development of clear job descriptions is also essential because it assists in accomplishment of recruitment process. Skilled and experienced workforce can be hired by having proper designing of recruitment and selection process (Barney and Clark, 2007). If HR is well known about abilities and job roles then well experienced and talented employee can be recruited. It is beneficial for continuous improvement in talent management practice and lead business to impressive level of success. It is also necessary to make sure that they are hiring appropriate candidate as per consideration of superior potential (Boselie, Dietz and Boon, 2015). Compatibility of individual with work practice, structure and culture must be evaluated in appropriate manner. It will boost the effectiveness of selection process which is advantageous for talent management.
Along with this, company also need to focus on requirements in respect to negotiation and standards that may facilitate in accomplishment of activities to improve overall performance. Management of HSBC can also have application of performance development planning system so that measures can be taken into account for better outcomes. Training and development program is considered as a tool that helps in effective management of activities (Ci-sheng and Shu-ming, 2012). With an assistance of this, talent and skills among members can be improved so that goals and objectives can be accomplished. In this respect, on-board training can be provided to members as per reflection of employee and organisational expectations. Ongoing coaching and training will increase the ratio of values among members. It will provide support to coaching, mentoring and feedback (Conger and Donnellan, 2007).
Management of HSBC can also focus on activities that enhances the morale of employees and ensure about work performance. By conducting a performance development planning on quarterly basis the issues in respect to performance and talent management can be resolved. It is also essential for management to make sure about employee interest so that better career opportunities can be provided in order to meet sustainability aspects (Jusoh and et.al., 2011). Designing of effective compensation and recognition plans is also advantageous because it facilitates in morale advancement. It means company can provide reward to individual for his/her extreme contribution in the organisation. It is also necessary to create employee oriented programs so that people feel motivated to have efforts in an organisation. It is most beneficial to focus on employee retention (Khan and Sheikh, 2012). It means management of HSBC need to focus on promotion of talented employees so that goals and objectives.
Management of HSBC need to design further activities that promotes career development in optimistic manner so that issues can be overcome. With an assistance of this, talent management practice can also be promoted in appropriate manner. In this, management to focus on career path, succession planning and on-job training. By having proper development of these aspects the business firm can easily meet the key goals and objectives (Knowles, Holton and Swanson, 2014). In order to improve the retention rate the business firm also need to focus on improvement of exit interview system. It must be designed in such manner that issue can be evaluated in desired way. It will allow better opportunity to promote ethical practice and ensure that the employees are satisfied with the services. Changes in process also be taken into account so that work performance and talent management aspects can be improved in appropriate manner.
It has also been noticed that top level management also need to focus on development of talent management. Appropriate support is required so that employees' morale can be advanced in order to meet key goals and objectives. Management of HSBC also need to focus on review or feedback process so that effectiveness of talent management activities can be evaluated in desired way (Beer and Spector, 2015). There must be single functional manager who will make sure about the internal factors that are associated with talent management. Work culture also need to be developed by focusing on positive aspects' promotion. Along with this, visibility of talent management also need to improve so that better support can be provided to talent management activities. Assurance of consistency aspects is also significant because it facilitates in sustainable development (Cartwrigh, 2012).
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In order to have promotion of talent management, business entity also need to integrate activities because it enhances components within organisation that are significant for management. Role of executive is also significant so that integrated talent management can be promoted in desired way. Talent management components must be selected as per need of business and employee sop that goals and objectives can be accomplished in desired way (Cooper and Burke, 2012). Proper allocation of resource is also critical factor and it may assist in promotion of integrated talent management practice. Other than this, there are few steps that can be adopted by management of HSBC for effective promotion of talent management. Classification of activities can be as identification of goals, determine drivers or challenges, evaluate gape, formation of HR practice as per reference of goals, implementation of functions and measurement (Deckop, 2013).
As per detailed study, it is significant for business firm to have identification of key goals and priorities so that issues can be overcome in desired way. With an assistance of this, management can design appropriate strategies for sustainable development and promotion of talent management. Proper description of objectives must be provided so that organisation need can also be evaluated in appropriate manner. After this, determination of key success drivers and challenges need to be taken into account (Dowling, Festing and Engle, 2008). It will provide learning about internal and external factors that impact development process in positive as well as negative manner. Legal values and other factors need to be consider so that goals and objectives can be accomplished in desired way. It is also necessary for management to have evaluation of current position so that actual gape in the performance can be identified. In this respect, satisfaction level of employees can also be consider as critical aspect so that issues can be determined for continuous improvement (Dransfield, 2010). As per analysis, management of HSBC need to select design HR policies and priorities so that business firm can accomplish objectives. It has been noticed that HR activities must be designed as per objectives and need of employees. It will facilitate in effective promotion of talent management practice. Along with this, proper monitoring of activities is also essential because any kind of activity success can not be determined without monitoring. In this, feedback can be consider as critical aspect. For example, after implementation of activities the management can take responses from employees in regard to activity (Berger, 2008). It will provide information that application of tools has impacted in positive manner or not.
It has been noticed that talent management can also be promoted within organisation by focusing on performance indicators. It means management of HSBC can set out few standards regarding performance so that employees feel motivated to accomplish those standards. It will improve the knowledge and performance of workforce which is advantageous for sustainable development (Knowles, Holton and Swanson, 2014). Functional area improvement is also essential in order to boost the employee performance so management need to consider development of skills as critical aspect. Key competencies that need to be reflected in practice are as analytical, technical, education and experience. Management need to make sure that talent management plan is designed in such manner that strategic options are well developed (Khan and Sheikh, 2012). Goal alignment also need to be consider as critical aspect for sustainable development. Job roles must be designed as per key need of organisation so that goals and objectives can be accomplished. Improvement in further HR policies like reward system is also advantageous because it assists in morale advancement.
Along with this, use of leadership and motivation tools is also significant for business organisation because it allows to promote talent management. Herzberg motivation theory can be applied by management of HSBC in order to ensure about the motivation. It has been noticed that management may design policies and activities as per consideration of two factors which are classified as hygiene and motivation. By having assistance of hygiene aspects, organisation may create positive work environment. Quality of supervision must be improved by having more concern about monitoring (Jusoh and et.al., 2011). It is necessary for management to design better policies so that physical work environment can be improved. It is beneficial for better promotion of talent management because it helps in meeting basic needs. It plays a key role in improving retention rate and overcome the issue in respect to talent management. On the other side, company also need to be concerned about motivation aspects such as promotion, opportunities in personal aspects, recognition, etc. It has been noticed that key issue of increased retention rate can be overcome by focusing on recognition (Conger and Donnellan, 2007). It means by offering better responsibility to members business firm can accomplish goals and objectives in desired way. By having improved focus on democratic leadership, business firm can easily promote positive environment. It is because promotion of role sharing is one of critical task so that talent management can also be promoted (Ci-sheng and Shu-ming, 2012).
As per above discussion, it can be concluded that human resource management is considered as one of critical aspect so that business firm can accomplish objectives. With an assistance of this, better strategies can be designed that helps in management of human resource and lead business to impressive level of success. With the help of talent management, proper planning can be taken into account which is beneficial to meet the needs of human resource. By having assistance of talent management business entity may promote positive work environment. It is necessary for management to make sure that they are focused towards performance based culture so that talented employees can be retain. Along with this, improvement in recruitment and selection process is also significant because it facilitates in promotion of talent management. It has been identified that application of leadership and motivational tools is also essential because it assists in sustainable development. Management of HSBC need to make sure that talent management plan is designed in such manner that strategic options are well developed. Goal alignment also need to be consider as critical aspect for sustainable development. Job roles must be designed as per key need of organisation so that goals and objectives can be accomplished.
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