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Description of Commonwealth Bank

Discuss about the Case Study for Human Resource of Banks and Credit Unions.

Commonwealth Bank is a bank known as the Commbank, or Commonwealth Bank of Australia (CBA) and the Australian government founded the bank. The foundation happened during the 19th century in the year 1911 under the Act of Commonwealth Bank mainly for

saving and banking business in general, and the act was favoring its nationalism. Commonwealth Bank was the first one to receive a guarantee of Federal Government. The location of the bank is in Australia, and it is the largest listed company along with Australia Bank, Westpac, and ANZ. Currently, more than 800,000 shareholders are in the Commonwealth Bank, and 52,000 people are working in the firm. Commonwealth Bank is a multinational because its businesses are across countries like Asia, USA, New Zealand, Fiji and the United Kingdom (Grubel, 2014, p. 123). The bank is providing services like superannuation, investment, insurance, retail, banking, broking services, and management of funds (Ravendran, MacColl, and Docherty, 2011, p. 263). The banks headquarter is located in the building of former Sega World Sydney.

The first branch of the Commonwealth Bank was in Melbourne in the year 1912 and in was trading through the agencies of the post offices too. In the same year, the bank came up with the bank of state saving in Tasmania and 1913; there were branches in the six states. In 1916, the bank opened another branch in Rabaul due to the Australian Army that was living in that place. In Queensland, there was a state saving bank under Commonwealth Bank in 1920. The government transferred its savings bank business to the Commonwealth Bank in the New South Wales in 1931.Commonwealth Bank was enriching the economy by financing different types of groups, for instance, the businesses, primary producers, manufacturers, and home buyers, and this was profiting the bank hence a vibrant economy. Private Banks were enjoying a cordial relationship that was between them and Commonwealth Bank.

When Sir Denison Miller who was the Director of the bank died, the Bruce- Page Administration brought the bill of amending the Commonwealth Bank Act (Merrett, 2013, p. 410). There was a change, and the directorate was the one controlling the bank instead of the new governor. The directorate was containing the financial magnet body that was the secretary, treasurer, and the governor. After the amendment of Commonwealth Bank Act, the bank was no longer the same, several changes were made, for instance, the government was borrowing the money from the bank, and the leaders were stealing the money from the banks of those who are dead. Besides, the appointed officials were private banks’ shareholders where they were gaining interests. People were having difficulties in borrowing the money from the bank since the conditions were intolerable. They were no longer having the fast rates when borrowing the money because the bank tightened the credits. The bank is offering different services like loans, credit cards, saving accounts and transaction. Also, the Commonwealth Bank is providing services to the individuals who have the plans of moving to Australia.

Dedication of Human Resources Department

Commonwealth Bank has three services that are structuring it, and the services include the retail banking, premium business, and management of wealth (Donovan, and Gorajek, 2011, p. 36). The primary role of retail banking services is to deliver financial services to customers for personal or small businesses. Premium Business service has two essential areas that include Institutional Banking and Markets (IM&M) and Business, and Private Banking (B&PB); they have different roles. IB&M is providing services to the global markets and institutional clients while B&PB is serving business and private banking customers. The role of wealth management is to bring together the platform of the group and mater funds, superannuation, and insurance.

The Commonwealth Bank Human resource department is very dedicated to their work. First, the background and the hard work of the Group Executive, Human Resources leader will tell all about the company. Melanie Laing who is the HR manager has been working for businesses that are big and located in the countries like U.S, Europe, and Asia once employed her. The human resource department is campaigning about several issues like the expression of interests through the mobile and business home lending, installation of system and software engineering. The HR department is advertising job opportunities that are in the company, for instance, casual customer service representative, and Risk executive and marketing manager among others (Nankervis et al. 2014,). In the Commonwealth Bank, there is a communication tool that is internet based and is having the most valuable information for employees that are necessary for their daily work. The access to this tool is saving time, and these employers can interact with others using this communication tool.

During the employees’ recruitment, HR department is looking for dedicated and talented individuals. The company is growing at a higher rate due to dedicated employees who have the ability to use their skills and have a strong ethic of customer service. The human resource department is appreciating employees who are hard working by rewarding and acknowledging them, and this shows how dedicated they are in their work (Love and Singh, 2011, p. 180). Commonwealth Bank employees are getting professional development opportunities in an environment that is caring, flexible and collaborative. The bank’s employees are getting benefits like the insurance of life, medical and vision, and pensions and the human resource department is organizing for the training of new members and advancement to old members of the firm. By carrying out all these duties, the human resource management is showing how dedicated and hard work it is to the company and through that the corporation has explosively grown.

Sort of Approach in Commonwealth Bank

The first approach that one can observe in Commonwealth Bank is gender equality at a workplace. In this company, several programs are existing to create awareness and understanding of sex equality issues that may arise during work. In the bank, women are found in senior positions than men, and this is helping in the issue of pay equity. Gender equality is the first way of approaching diversity and inclusion in the Commonwealth Bank hence it directly linked to the firm’s vision (Kabeer and Natali, 2013, pg 40). Gender is part of the cultures and values of the bank. Hence, it is imperative to every member.

Apart from equality between the sexes, Commonwealth Bank is offering training and development to its employees, and they are giving them a flexibility support for as long as they stay with the enterprise.  The employees who are working hard in the company are getting several benefits, for instance, they are getting rewards like competitive pay, employee share plan, salary sacrifice super, share, childcare fees and the Commonwealth Bank Group Super. Also, the employees are getting high quality of banking, investing and insurance services. The long-standing employees are getting recognition, and the bank is celebrating some of them (Chikungwa and Chamisa, 2013, p. 219).

In Commonwealth Bank, almost all the human resources roles are undertaken by this department. The HR is recruiting candidates for the positions that are free in the bank, and they are conducting meetings and training to the employees (Anis, Nasir and Safwan 2011, p.267). The department is again ensuring there is a good relationship between the employees of the bank and it makes sure that the working environment for these employees is safe. The HR in Commonwealth Bank ensures that its employees are benefiting and getting compensations and awards. When HR gives employees their benefits, they have satisfaction in the firm and the firm is using the method to recruit the talented workers. 

In addition to the mentioned roles, the Commonwealth Bank Human Resource team is playing a role in auditing. First, the department is appointing the audit manager whose role is to focus on the firm’s treasury and trading businesses. The manager has different responsibilities in the line of the work. For instance, the bank’s Audit Methodology is delivering assurance of the Corporate Banking portfolio effectively and efficiently. Apart from auditing, the bank has the executive manager who is leading the functions of Human Resource Groups.

The HR department in the Commonwealth Bank undertakes all the roles of HR as proposed by Nankervis. The primary role of human resource is to plan, staff, develop and administer policies that are governing an organization (Boxall and Purcell, 2011, p. 64). The management is concerned about the employees and how they are relating within a firm. Human resource planning function is determining the total number and type of employees that a business needs to accomplish its goals. The first step of this function is the research because it requires various collection and analyzed information. After collecting the necessary information, planning will give a clear picture of future needs of human resources. Staffing and development of employee are the basic human resource allocation strategy. Staffing is emphasizing on the recruitment and planning of people by the human resource. By recruiting, qualified applicants are getting jobs in an organization of their choice, and this is the personnel function.

The purpose of training and development is to give knowledge and skills employees for them to perform their jobs efficiently (Hameed and Waheed, 2011, p. 136). The human resource department is not only providing training for the new hires that have no experience, but it provides training to the employees who are experienced but are undergoing a change in their jobs. By doing that, the employee is advanced and is moving to a higher level position that the previous one. In some large organizations, development programs are there to prepare employees for responsibilities in high-level jobs. Due to the development and training, the employees are capable of performing jobs at higher levels hence, they are getting the promotion.

When recruitment and selection are well managed, the company can have significant outcomes, and the performance can increase.  Employee’s selection and recruitment are very crucial to an organization’s functioning hence when the employer carries it out inappropriately; several adverse consequences may occur (Cook, 2016, p. 85). For instance, the effectiveness of an organization may reduce, low morale that can affect the performance of an employee, the organization may lose the business opportunity, and there may be a higher turnover of labor level. The individual recruited may feel that the development strategies are unfair. The managers may be distress since they are the once dealing with the employees who are unsuitable to the company. Before recruiting the employees, organizations need to adopt the strategic HR planning approach and by doing this, there will be an active recruitment and the performance of a firm.

The planning of HR involves roles of the job and the competencies that are associated; the department is developing an excellent understanding of both internal and external labor market. Most organizations are having difficulties in filling a vacancy, and this is because they lack skills on how to recruit people or employees that can take the job. When an organization is recruiting or selecting employees, it needs to have soft skills (Djabatey, 2012, pg. 68). The soft power is looking at the competency, personal attributes, and qualities of a person, skills that are transferable and social. Several companies are currently using the expertise based interviews on the expertise during the time of recruitment and selection.

When carrying out recruitment and selection, some choices that are in the process. First are the channels of recruitment that includes the local newspaper advertisements, corporate websites, agencies that recruit and search films among others (Townley, 2014, p. 92). Both men and women can use these channels during the recruitment, and they are seeking new jobs from different organizations. Internet recruitment is another choice that most organizations are using in the process. Most people have no difficulties in using the internet since they are advanced in technology. Organizations are having a corporate website that they are using as a recruitment channel, and it is an effective one because most of the recruits are graduates, professionals in IT and technical and managers who once have used the internet. Internet recruitment is adding value to an organization, for instance, it can set up its website for hiring, and it can advertise vacancies that people should fill.

By using internet recruitment, an organization is benefiting in different ways like recruitment cost reducing, a lot of applicants are reached, the cycle of recruits are reducing. Besides, the recruits can scan their CVs and send them to the company using the internet, and this is providing flexibility and lessens the amount of paperwork that an organization may use during the selection process (Heron and Charlesworth, 2012, p.214). For the organizations that are doing the recruitment internationally, a combination of the internet and video technology can work out and this is making the work easier and efficient to those firms. The technology is creating opportunities for organizations to use tests and tools that are helping in improving the match’s likelihood between job vacancies and the applicants.

In Commonwealth Bank, most employees are retaining their work due to several reasons. First is their support for gender equality. The workplace at the bank is friendly to everyone, and everybody including leaders and employees are allowed to talk about sex. By doing this, CBA is opening the gender diversity program that is increasing the number of women in the upper position hence giving them promotion (Gul, Akbar and Jan, 2012, p. 284). Another reason for job retaining is the culture flexibility that is dealing with the work practice adaptation. In an organization, there are flexible and innovative programs that are supporting employees around the firm. For instance, the bank introduced formal flexible options of work and programs of leave. Working hours and the work location are flexible to employees, and some are working on part- time and even sharing their job opportunities to balance career and personal wants. Women who are working at the bank have maternity leave, and every employee is allowed to have a career break of up to three years.

The wellbeing of Commonwealth Bank customers is at the center of everything, and the bank is the first in customer satisfaction. By having the customer service at the top priority, the bank is retaining and developing these clients. The presence of customer centricity program at the Commonwealth Bank is helping them in keeping their customers. The program is doing research on the wants of the customers, and sometimes they deliver the services, and everyone working in this firm is available for the service delivery (Allred and Addams 2013, p. 110). The compound of the enterprise is straightforward and clear to every customer.

Each agency should have a performance management for it is a crucial process for it creates awareness of what is happening in a firm and the performance level of all employees.

Job Description and Overview of Commonwealth Bank

Looking at Commonwealth Bank the performance plan of managing director is different from others positions. The managing director is also a Chief Executive Officer in the firm, and this individual has different roles to play in the management. The general director in Commonwealth Bank is focusing on the development of strategic people’s capabilities, technology, taking care of the customers, and the productivity of the company and the strength of the firm’s finance (Rummler and Brache, 2012, p. 124). The Commonwealth Bank Managing Director is called Mr. Ian Narev who joined the organization in May 2007 as a Group Strategy Head. Ian got the current position in December 2011and still, serves as the Managing Director and Chief Executive.

Performance Review Method

The most suitable performance evaluation process is assessment center that involves testing of candidates in social situations. An organization that uses the method can evaluate the senior level employees like the managers. The method is assessing these high-level employees because they are daily dealing with the subordinate, supervisors and peers. The method is helpful to the employer since they can understand the capability of a person and capacity in settings socially. Assessment center involves various exercises, for example, the incident of role playing, business game, and activities of in basket. By using the method, employers can know different employees’ personalities. For instance, a company knows the acceptability, tolerance, openness and introversion/ extroversion of employees. The assessment center is focusing mostly on the observation of employees’ behaviors while working on the duties given (Prochaska, 2013, p.120).

Why Assessment Center is Most Suitable

The method is encouraging managers to come together and participate in different exercises that are leading to a real job satisfactory performance (Hoffman et al. 2011, p.780). During the assessment process, there is an improvement in accuracy since most people are using selection method and future performance of the job is predicted using the method. Using the assessment center method, the employers can assess candidates who are similarly working and see the differences that they have by using test exercises. The method is helping in the building of proposition on the employment and branding employers (Koopmans et al. 2011,p.860). When carrying out the assessment center method, the cost is not as high as other methods hence making it the cheapest one with lower costs. The recruits who have few errors are paying less than those who have lots of mistakes. Candidates are seeing the advantages of the jobs they applied for since they are doing the tests through exercises. The assessment center is a fair process because the diversity of the implementation of an organization and selection of people is only of merit.

Advantages and Disadvantages of Assessment Center

Advantages

Disadvantages

One advantage of the assessment center is it that; is properly administered and designed (Arthur 2012, p. 150). The method is more reliable in doing works like supervisory evaluation, managerial and potential management than the traditional ones.

Essential Centers may not solve the promotional examination problems since it has got some limitations.

The number of agencies who are using this approach is very high since it is always successful because it does not require a significant empirical data deals when it comes to its reliability.

After carrying out the process, the results are not infallible. The method can only predict capability of a person but it cannot know the performance of that person. 

During the process, there is a direct link to materials used and the candidate’s job (Birasnav, Rangnekar and Dalpati 2011,p.110). For instance, when interviewing a police, the assessment center is using interview of citizens as a test exercise, and this is reflecting on the duties of police during the actual job.

Many things can go wrong since the method is difficult to administer.

One can easily defend the assessment centers if challenged and all types of position and assignment can adapt the method.

Using assessment centers improperly may lead to poor results and damage its reputation.

The method is reflecting on the diversity of gender and ethnic hence it is eminently objective and fair. During the process, assessment centers are not separating women and men at the workplace because they believe that everyone can do the job.

The method is usually testing the ability of a person but not what the person knows. In this scenario, one can know most of the things about a particular job but when given a chance to carry out the task this individual finds it difficult.  The method is focusing on one’s ability to apply formal education in a situation of the real- world.

The individuals who have no experience may not be able to use the method since it needs clarified ideas from others who have ideas on how to use the method (Certo, 2015,p.67) .

References

Allred, A.T. and Addams, H.L., 2013. Service quality at banks and credit unions: what do their customers say?. International Journal of Bank Marketing.

Anis, A., Nasir, A. and Safwan, N., 2011. Employee retention relationship to training and development: A compensation perspective. African journal of business management, 5(7), p.2679.

Arthur, D., 2012. Recruiting, interviewing, selecting and orienting new employees. AMACOM Div American Mgmt Assn.

Birasnav, M., Rangnekar, S. and Dalpati, A., 2011. Transformational leadership and human capital benefits: The role of knowledge management.Leadership and Organization Development Journal, 32(2), pp.106-126.

Boxall, P. and Purcell, J., 2011. Strategy and human resource management. Palgrave Macmillan.

Certo, S., 2015. Supervision: Concepts and skill-building. McGraw-Hill Higher Education.

Chikungwa, T. and Chamisa, S.F., 2013. An Evaluation of Recognition on Performance as a Motivator: A Case of Eastern Cape Higher Education Institution. Mediterranean Journal of social sciences, 4(14), p.219.

Cook, M., 2016. Personnel Selection: Adding Value Through People-A Changing Picture. John Wiley & Sons.

Djabatey, E.N., 2012. RECRUITMENT AND SELECTION PRACTICES OF ORGANISATIONS, A CASE STUDY OF HFC BANK (GH) LTD (Doctoral dissertation, Institute of Distance Learning, Kwame Nkrumah University of Science and Technology).

Donovan, B. and Gorajek, A., 2011. Developments in the structure of the Australian financial system. RBA Bulletin, June, pp.29-40.

Grubel, H.G., 2014. A theory of multinational banking. PSL Quarterly Review, 30(123).

Gul, A., Akbar, S. and Jan, Z., 2012. Role of Capacity Development, Employee empowerment and Promotion on Employee Retention in the banking sector of Pakistan. International Journal of Academic Research in Business and Social Sciences, 2(9), p.284.

Hameed, A. and Waheed, A., 2011. Employee development and its affect on employee performance a conceptual framework. International journal of business and social science, 2(13).

Heron, A. and Charlesworth, S., 2012. Working time and managing care under Labor: whose flexibility?. Australian Bulletin of Labour, 38(3), p.214.

Hoffman, B.J., Bynum, B.H., Piccolo, R.F. and Sutton, A.W., 2011. Person-organization value congruence: How transformational leaders influence work group effectiveness. Academy of Management Journal, 54(4), pp.779-796.

Kabeer, N. and Natali, L., 2013. Gender Equality and Economic Growth: Is there a Win‐Win?. IDS Working Papers, 2013(417), pp.1-58.

Koopmans, L., Bernaards, C.M., Hildebrandt, V.H., Schaufeli, W.B., de Vet Henrica, C.W. and van der Beek, A.J., 2011. Conceptual frameworks of individual work performance: a systematic review. Journal of Occupational and Environmental Medicine, 53(8), pp.856-866.

Love, L.F. and Singh, P., 2011. Workplace branding: Leveraging human resources management practices for competitive advantage through “Best Employer” surveys. Journal of Business and Psychology, 26(2), pp.175-181.

Nankervis, A. R., Compton, R. L., and Baird, M. (2014). Strategic human resource management. South Melbourne, Nelson.

Merrett, D.T., 2013. The Australian Bank Crashes of the 1890s Revisited.Business History Review, 87(03), pp.407-429.

Prochaska, J.O., 2013. Transtheoretical model of behavior change. InEncyclopedia of behavioral medicine (pp. 1997-2000). Springer New York.

Ravendran, R., MacColl, I. and Docherty, M., 2011, November. Mobile banking customization via user-defined tags. In Proceedings of the 23rd Australian Computer-Human Interaction Conference (pp. 261-264). ACM.

Rummler, G.A. and Brache, A.P., 2012. Improving performance: How to manage the white space on the organization chart. John Wiley & Sons.

Townley, B., 2014. Selection and appraisal: reconstituting. New Perspectives on Human Resource Management (Routledge Revivals), p.92.

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