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HRMT20024 Banking And Financial Sector For Highly Competitive Market

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  • Course Code: HRMT20024
  • University: Central Queensland University
  • Country: Australia

Question:

Develop an Ethical Organization for Exploring the Role of Ethical Intelligence.
 
 

Answer:

Introduction

In the workplace, it can be said that to attract and retain the employees is considered as one of the motive of the organization. It is considered as the concept that states that retention in the workplace is important so that culture of the company can be maintained. If employees are retained then positive impact can be seen on the overall activities assigned by the top management. But in the present scenario, attraction and retention of the employees is considered as the challenge, which is faced by the top management or by the human resource department. The challenge related to it, affects the operations of the company and also it can be considered as the barrier in relation to the overall success of the company. In the workplace, it can be stated that the employees should be retained and attracted so that it can be easy for the company to reduce the cost related to recruitment process and also it is an opportunity for the company to enhance the profit ratio in the highly competitive market.

In the banking and financial sector, it has been analyzed that attraction and retention is considered as the challenge. In this sector, the emphasis is also on maintaining the flow of money so that negative impact can be reduced from the organizational activities. The overall activities of the company are operated by focusing on the other companies like insurance organizations, securities organizations. These companies emphasizes on controlling the financial flow as it helps to give direction to the employees in relation to trading, lending and also it also manages the organizational assets. Therefore, in this paper the different challenges will be highlighted which are faced by top management or by the manager in the banking and financial sector. The challenge is faced to attract and retain the employees. So, the challenges will be highlighted that should be reduced so that growth can be attained in the market. 

 

HR planning, recruitment and selection as a challenge

According to Fejfarova & Urbancova, (2015), it can be stated that human resource planning is considered as the concept that helps to maintain proper understanding and conceptual practices in related to strategic human resource planning. In relation to human resource planning, it can be stated that there are two themes on which focus should be given. The first theme is related with mutual responsibility and the second one is related with the abilities, opportunities and motivation of the employees. Also, in the banking sector the emphasize is on the sector that are knowledge based and also focus is given on the needs related to interpersonal skills and also on the work experience as it can help the employees to be focused towards their work. This can help the banking sector to enhance the satisfaction level of the customers.  The banking and financial sector is broad, so in his case it could be a major challenge for the management to search the employees who have the issue in relation of the knowledge and skills required in the banking sector. Therefore, HR planning is one of the essential aspects that should be present at the time of recruiting and selecting the employees in the banking and financial sector.  It is important for the candidates to have the skills so that they can be selected. In this context, it is important to focus on reducing distance among the employees who are appointed and the workers have the skills required for the job. Through HR planning, it can be easy for the company to focus on reducing the skill. But the management of the company has to select the employees who have basic skills, as it would not be easy to select the talented employees for the overall operations of the company.  In banking and financial sector, the challenge that can also relate with the turnover ration of the workers as in this sector, the employees are not motivated to give their best towards the work. The issue in relation to it could be concerned with the increase in the workers turnover and also it affects the retention power of the employees in the workplace (George, 2015).

It has been noted that in the banking and financial sector there are various issues faced by the management.  One the reason is due to the shortage of the employees who are the skills and also knowledge of the activities. It  can be analyzed that the financial crisis which took place in 2008, has enhanced the high turnover employment and also just because of this reason the retrenchment was considered by the organizations in the banking and financial sector. Due to this the employee’s uncertainty has been enhanced and also the employees who are on mid and upper level are not present in the sector. To maintain the demand of the labor, it is important for them workers to have the basic skills so that it can be easy for them to work in the banking and financial sector. The major issue is also concerned with recruiters in finance sector as it has been seen that to retain the highly skilled employees they have to focus on the experience in payroll and also in the overall methods in the banking sector (Raziq & Maulabakhsh, 2015).

It can be said that to enhance the retention of the employees it is important to focus on managing the overall activities. It has been stated that if the experience employee is replaced then it will enhance the expense of the employees and also it can be stated that employees could not be replaced only on the basis of lack of skills. Therefore, it can be stated that HR planning is considered as the process that help in maintaining the retention of the employees in the financial and banking sector. But only the reason is related with high turnover, in which the companies face difficulty in emphasizing on the concept of HR planning. Therefore, it is said that many aspects are present that is related with the issue in context to HR planning, recruitment and selection in banking and financial sector (Ghosh et al., 2015). 

 

Human resource management as the challenge

According to Ali, Lei & Wei, (2018), it has been state that to manage the employees in the workplace is important as it helps in achieving success in the highly competitive market. Also, the survey was conducted in which the sample was 400 but 217 senior workers responded who, were the members of the Chinese bank of Shanghai.  In this it can be stated that the survey was conducted in the financial company of china and in this the main aid is to determine the relation in relation to the employee climate and also in the performance. So through the survey it was stated that the strategic implementation if the Shanghai relates with the financial attributes.

It can be stated that the human resource management emphasizes on deployment of management and it helps in attaining the set goals. To retain the employees in workplace, talent management is considered as the approach that can help in maintaining the retention of the employees in the workplace. The opportunities are also offered in context to enhance the skills and to use the latest practices in human resource management.

Organizations that are present in the finance and banking sector have to suffer from the issue related to retention of the employees as the level of competition has been enhanced in the market. The reason behind it relates with the overall retention of the employees and also it is necessary to focus on hiring the employees in the workplace. Retention can be considered as the challenge and one of the challenges that are faced by the company is related with the loss of the data. It has been observed that when the employees leave the company, then they have useful information which could be given to the competitors, so it can be considered as one of the challenge that can affect the growth. To retain the employees in the workplace can only be done when focus is given on implementing the plans by considering their basic needs. Therefore, it can be stated that human resource management is considered as the basic function that should be there so that the needs of the employees can be satisfied and maintained (Ibidunn et al., 2015). 

 

Job designing as a challenge

According to Chahardoli, Motamedzade, Hamidi, Golmohammadi and Soltanian, (2014), it can be said that job designing should be done effectively so that the challenge related to attraction and retention of the employees can be minimized. There should be proper concept between the job designing, performance and also the workers satisfaction in relation to the targeted audience. In the case of Hamadan in Iran, it has been observed that they focused on doing survey in relation to the designing of the job in bank. So, by the overall analysis it can be stated that the by proper job designing it can be easy to motivate the employees in the workplace.

It can be said that job designing is considered as the concept in which the overall decisions are considered in relation to the job and also the emphasis is on meeting the needs of the people.

The factors that negatively impact the satisfaction level of the employees who are working in the banking sector. The dissatisfaction can be related to due to compensation, promotion in the different banks on the worldwide platform. It is essential to define the job requirement as retention of employees can be done and for this it is important to focus on focusing on the theory related to job characteristic. In the theory the focus is on the different factors that should be there like proper evaluation of the task significance and also the feedback should be given so that it can be easy to retain the employees in the workplace. By focusing on the theory, it can be stated that designing of the job should be done by considering the factors related to motivation and satisfaction level of the employees (Lin, 2016). 

 

Safety as the challenge

It can be observed that in the banking and finance sector, the employees are considered as the essential aspect, so it is important to focus on retaining them in the workplace. The companies should emphasize on maintaining the policies in the company so that security of the workers from the injury can be reduced.  It is important to focus on maintaining the safe and healthy environment as it can help in maintaining the performance of the employees. In the sector of banking and finance, there could be different aspects that influence the attraction and retention of the employees.  It can be seen that in this context the challenge can be related to maintaining the safety of the operations related to transportation of the documents (Agbozo et al., 2017).

 The challenge faced by the employees is related to the stress that should be maintained so that the efficiency of the employees can be boosted. In the banking sector, it is important for the companies to focus on considering the strategies related to risk as it helps in retention of the employees in workplace. The health and safety model should be considered by focusing on the needs of the employees. The theory that can be considered is related to Maslow Hierarchy of needs that should be there so that the needs of the employees can be satisfied. To attract the employees and to retain the employees in the workplace, it is important for the company to focus on considering on the basic needs of the employees so that they can feel positive and good towards the organizational activities.  This is considered as the best technique that should be considered by the companies so that it can be easy to retain the employees in the workplace. To maintain the safety of the employees, it is important to focus on satisfying the needs so that they can be willing to work with the banking and financial sector (Schumacher et al., 2016).

Ethical activities as the challenge

According to Wickham (2012), it can be stated that one of the basic principle that governs the organizational management is related with ethical decision. In the workplace, it is important to focus on the ethical practices and should also focus on maintaining the overall decision process as it can help in attaining success in the highly competitive market. To be ethical it is important to focus on maintaining positive relation with the customers and also to maintain the reputation in the market so that it can be easy to consider the ethical practice in the workplace.

In the financial sector it is important for the companies to emphasize on culture as it can assist in considering the basic values.  The employee’s expectation level can be enhanced, which is important to be controlled so that it can be easy to focus on maintaining the values. It has been examined that financial crisis has impacted the large companies and it is just because if the failure of the corporate governance system. So, it is stated that ethical framework is considered as the issue which managers faces in relation to the banking sector and it should be considered so that attraction and retention of the employees can take place in an effective manner. In this context, it is important for the companies to emphasize on taking the stewardship theory as it can help in boosting the ethical values in the workplace (Goswami, 2015).

Recommendations

By evaluating the challenges, it can be recommended that it is important for the banking and financial sector to focus on giving training to the employees, so that it can be easy to boost their efficiency towards the work.  In relation to the human resource challenge it is necessary for the company to emphasize on satisfying needs of the employees as it can help to retain and attract the customers towards organizational activities. Also, it is important for the companies to emphasize on implementing the safety management system to maintain the safety of the employees in the workplace. The job characteristic should also be matched so that it can maintain the workers skills in the banking and financial sector.

Conclusion

So, it can be concluded that there are various challenges which are faced by the companies in the banking and financial sector. It is important for the HR manager to focus on considering the theories so that it can be easy to minimize the issue and also the needs should be satisfied as it helps the employees to give their best towards the organizational activities. Motivation given to the employees can help in maintaining the retention of the employees in the banking and financial sector.  

 

References

Ali, M., Lei, S., & Wei, X. Y. (2018). The mediating role of the employee relations climate in the relationship between strategic HRM and organizational performance in Chinese banks. Journal of Innovation & Knowledge, 3(3), 115-122.

Wickham, M. (2012). Developing an Ethical Organization: Exploring the Role of Ethical Intelligence. Organization Development Journal, 30(2), 9-29.

Chahardoli, S., Motamedzade, M., Hamidi, Y., Golmohammadi, R., & Soltanian, A. R. (2014). Relationship between job design, performance and job satisfaction among Bank employees. Health and Safety at Work, 4(3), 75-84.

Sengupta, A. S., Yavas, U., & Babakus, E. (2015). Interactive effects of personal and organizational resources on frontline bank employees’ job outcomes: The mediating role of person-job fit. International Journal of Bank Marketing, 33(7), 884-903.

Raziq, A., & Maulabakhsh, R. (2015). Impact of working environment on job satisfaction. Procedia Economics and Finance, 23(9), 717-725.

George, E. (2015). Job related stress and job satisfaction: a comparative study among bank employees. Journal of Management Development, 34(3), 316-329.

Ghosh, P., Rai, A., Chauhan, R., Gupta, N., & Singh, A. (2015). Exploring the moderating role of context satisfaction between job characteristics and turnover intention of employees of Indian public sector banks. Journal of Management Development, 34(8), 1019-1030.

Schumacher, D., Schreurs, B., Van Emmerik, H., & De Witte, H. (2016). Explaining the relation between job insecurity and employee outcomes during organizational change: A multiple group comparison. Human Resource Management, 55(5), 809-827.

Ibidunn, S., Osibanjo, A. O., Adeniji, A. A., Salau, O. P., & Falola, H. O. (2015). Talent retention and organizational performance: A competitive positioning in Nigerian banking sector. Periodica Polytechnica Social and Management Sciences, 24(1), 1-13.

Lin, K. H. (2016). The rise of finance and firm employment dynamics. Organization Science, 27(4), 972-988.

Agbozo, G. K., Owusu, I. S., Hoedoafia, M. A., & Atakorah, Y. B. (2017). The Effect of Work Environment on Job Satisfaction: Evidence from the Banking Sector in Ghana. Journal of Human Resource Management, 5(1), 12-18.

Goswami, T. G. (2015). Job stress and its effect on employee performance in banking sector. Indian Journal of Commerce and Management Studies, 6(2), 51.

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