The Royal Bank of Canada case study focuses on the use of people's strategy and analytics to drive employee performance, improve operational and employee performance, choose the most qualified candidates for promotion or employment, and detect and improve management effectiveness. The case investigated business issues such as employee engagement, workforce planning, organizational culture, and recruiting, amongst other things. For this reason, in order to achieve the business goal, it is critical to collaborate with stakeholders across industries and in human resources to conduct the necessary assessments, reduce risks, and develop strategies to bridge the gaps that exist (Abass and 2015).
As vice president of the Royal Bank of Canada, Per Scott focused his attention on his agenda for the year 2015, which included acquiring and analyzing massive amounts of data pertaining to RBC employees and customers in order to aid the firm in achieving its strategic goals. Scott also hired Robert Carlyle to lead the development of the people analytics team, as well as Ivy Chiu, who will bring her extensive expertise of organizational planning to the human resources department. Chiu had a role in establishing bridges between the commercial strategies of the Royal Bank of Canada and the ingenuity of its human resource pool, which may have resulted in opportunities. To gather information for the case study, data was obtained from a variety of sources, including sales statistics, personnel evaluations, customer analyses, employee opinion surveys, and branch performance measures. Employee data, such as tenure and performance, was also made available by the team (Al Taj 2015).
People Analytics was given a fresh lease of life by the Royal Bank of Canada's executives, who transformed the 80,000-person organization. This case study examines their efforts to do so. This contributed to the success of the bank's business initiatives across a diverse range of business divisions. To assist the bank in achieving its strategic objectives, the bank's new Members Analytics group was established, with the vice-chairman of human resources serving as its leader. The group gathered and analyzed massive amounts of data about the bank's employees, clients, and organizational units performance in order to help the bank accomplish its goals. The use of data analysis to enhance individual and organizational performance has been discussed for years by businesses across sectors, but the introduction of big data has ushered in a new era of capability in this area (Bratton 2021).
Due to the obvious volume of data available and the many possible applications for it, the Royal Bank of Canada, often known as RBC, chose initiatives that had the largest potential return on investment. The People Planning and People Analytics teams collaborated to provide tangible business value to the company’s units, therefore assisting them in meeting their performance targets. Two of RBC's key People Analytics initiatives are described in depth in this instance. Data was utilized in the first study in order to experimentally define the characteristics of great managers and, as a result, to identify who may or may not be a great manager. RBC was able to assist those executives who might benefit from mentoring or other sorts of initiatives as a result of this. The second initiative made use of both internal and external data to determine if any single branch, area, or innovative product was not doing as well as it might have been—and why this was the case(Braun 2020).
People Analytics at RBC
Essentially, it is about creating a Royal Bank of Canada. Driving employee performance via the use of people strategy and statistics A research problem is a time-consuming procedure that requires the participation of many teams in order to discover the underlying gaps or bottlenecks inside the company. Additionally, it provides unique insights to managers in order of comprehending and looking at issues that have been concealed from the company's view and are having an influence on productivity in a steady and systematic manner (Heale and Twycross 2018).
It is also critical to ensure that the issue statement is precise and succinct while drafting the problem statement, among other things. Due to the fact that it helps management and stakeholders to rapidly grasp the findings and also focus on the root cause of the issue rather than being caught in the symptoms of the problem, this is the case. The concreteness of the problem description is essential since it helps the reader to grasp the nature of the issue immediately (Hecklau 2015).
Furthermore, the Royal Bank of Canada's Using Strategic Plan and Statistics to Drive Job Performance: A Case Study is clear. It is critical to maintain a problem statement in order to minimize misunderstandings between shareholders and other stakeholders in the organization. The factors and operations that are affected, as well as the total effect on the organization as a whole and on specific areas such as revenue, sales, or brand recognition, must be listed in order to develop a clear statement of the problem. The issue article's other aim is to define the external reality and its impact on the broader organization in both the short and long term, as described above. Also detailed is the influence of such altering elements on the users as well as on the other stakeholders. When doing a case analysis, it is common for the statement of the problem to be intended for the aim of improving the existing condition of the organization via the innovation of products or other improvements. While the final organizational aspects are important, in many cases, the immediate problem is implementing the necessary processes to bring about change, avoid future risk, and so preserve the company's competitive edge. The goal is for students to have an understanding of how firms use data analytics on workers and customers to further the strategic goals of the company. Participants will also get an understanding of how firms are assessing the efficacy of data and analytics projects (Joannidis, Haddrill and Laing 2020).
After earning his MBA from Stanford Graduate School of Business and working as a management consultant for Bain & Company, Chiu joined RBC to help the company develop its strategic thinking capabilities. When Scott and Chiu realized that RBC needed to construct an HR strategy around a certain business unit or activity (such as sales or operation), they set out to create a plan for how the organization would accomplish this goal. "We understood analytics might bring opportunity-specific advantages, but we also recognized we needed to upscale and combine long-term planning and analytics together within order to provide a systematic and ongoing stream of value," Scott said. In addition to workforce planning, engagement, and recruiting, Chiu said that People Strategy looked at problems such as organizational culture. Any company model we finally choose to adopt will have repercussions for the people involved. If we identify areas where possible gaps exist that might prevent us from accomplishing our business goal, we collaborate with stakeholders across business units and in human resources to undertake the appropriate studies, reduce risks, and develop strategies to close the gaps identified (Magondo 2016).
Key Initiatives: Great Managers and Underperforming Branches
In recent years, as human resources (HR) has grown and developed its skills, it has become much more rigorous in managing the HR strategy as a spectrum based on the expected consequence of its activities, as revealed by data analytics. Because of this, it was concentrating its human resources strategy on the most promising regions. The banking business is confronted with a shifting competitive environment as a result of technological disruption and demographic trends that have an impact on how customers interact with their bank. Throughout RBC, business executives collaborate with the Human Strategy and Analytics groups to ensure that the organization has the skills it aims to accomplish long-term performance(Mathis 2017).
The formulation of the research problem, on the other hand, enables the organization and the business managers to operate in a certain direction. This is necessary in order to enable the organization to advance in a certain direction, hence limiting the likelihood of straying from the intended course of action. Additionally, it provides a benchmark to compare against the ideal state of the company, therefore directing the team's efforts in the appropriate direction. A good problem formulation, on the other hand, doesn't focus on the solution or symptoms, but rather on identifying and properly describing the gap that exists inside the company. Another important point to keep in mind is how important it is to precisely define a problem in order to arrive at a solution. Because the issue definition is a cooperative effort, all members of the group must have a complete understanding of the challenges that the firm may be facing at the time of the research topic identification. 'This will help the team to design a stronger solution plan that addresses all of the elements while also taking into account all of the risks involved with the problem (McCormick 2018).
The Royal Bank of Canada has taken the lead in an aggressive attempt to pay attention to the quality of its interactions with its customers and clients. Customer service (CRM) is a business strategy that the bank is pursuing with the stated goal of capturing the maximum potential of our client base via the use of client information to offer the correct solutions in a consistent and professional way at every point of contact. This Study Paper analyzes the actions Royal Bank has made to develop and strengthen its customer relationship management skills in the area of customer knowledge. This article also looks at the analytics and consumer computation capabilities that serve as a foundation for the bank's customer relationship management efforts (Murray 2018).
Since about three years ago, Royal Bank has adopted customer relationship management (CRM) as a crucial business approach and has been aggressively pursuing this aim. In addition to developing technology that facilitate client engagement and knowledge, the bank has achieved significant achievements in the areas of customer understanding, decision making, and the use of analysis tools, among other areas. The collection and analysis of consumer data in order to truly comprehend and service customers is a major necessity for Royal Bank, and it is generating positive results.
Therefore, it is vital to thoroughly understand the case study, Royal Bank of Canada Using Strategic Plan and Insights to Support System for A, before embarking on the solution-building process. To increase job performance at the Royal Bank of Canada, a strategic plan and analytics are being used to drive employee productivity. When doing a Case Study, it is vital that the problem be correctly recognized in order to perform effective analysis and develop suitable solutions for the situation. It is also critical to identify all of the proper parties that are affected by the issue as well as the decision in order to make informed decisions. The proof of identification of the issue will guarantee that all of the solutions created throughout the case study of the Royal Bank of Canada Using Strategic Plan and Analytic to Drive Employee Productivity A Case Study are practical and practical in their implementation.
When it comes to driving employee productivity, the Royal Bank of Canada is using people management and analytics. This is because A cannot change these elements in its favor; on the contrary, these factors have a direct impact on the company's operations and operations. Therefore, the Royal Bank of Canada Using a Strategic Plan and Analytics to Drive Performance Evaluations A must ensure that it constantly assesses and reviews the external environment to ensure that it needs to respond to external factors and takes them into consideration during key choices and strategy formulation. Using Strategic Plan and Statistics to Drive Performance Evaluations A, businesses such as the Royal Bank of Canada are always assessing their surrounding world with the use of strategic model tools to ensure that they are on top of their game.
The Royal Bank of Canada is using people management and analytics to motivate and inspire its employees. In a case, the company is presented with current management and strategic dilemma that must be resolved delicately in order to advance the firm's goals while also preserving its competitive position in the market. In order to ease the case remedy for the Royal Bank of Canada Using Strategic Plan and Analytics to Boost Employee Productivity A Case Study, this article is produced in the form of a guide. Use of People Strategy and Statistics to Improve Employee Performance at the Commercial Bank is the case study answer for this case study. A Case Study begins by identifying the core topic that will be discussed in more depth throughout the case. With the aid of this study, a suitable plan and solutions for the Royal Bank of Canada Utilizing Strategic Plan and Analytics to Drive Job Performance A Case Study will be identified. An additional set of alternative solutions is offered in the case solution, mostly for the reason that alternative solutions are often used as contingency plans (Rotundo 2017).
The Royal Bank of Canada is a financial institution in Canada. A workforce substances store for small and medium-sized businesses has recently been involved in the planning for an acquisition with its rival Residence Deport, which has had an impact on the performance levels in departments with the elderly manager involved in legal issues raised by the government's Professional Compensation. The advertising director has announced that he would leave the company in one year, and Jeannie Lewis, the current head of operations has been requested to assume the role in the near future. With issues such as the possibility of societal change and also poor employee morale, the business is in desperate need of a thorough re - engineering drive in the marketing division (Richards 2019).
HR Strategy Planning
It is discussed in this example how the management of the Royal Bank of Canada instilled a new focus on People Analytics within their 80,000-person firm. In turn, this aided the bank's business strategy across a broad spectrum of business divisions. To assist the bank in achieving its strategic objectives, the bank's new People Data analysis group was established, with the vice chairman of human capital at the helm. The group collected and analysed massive amounts of data about the bank officials, customers, and company business achievement in order to help the bank achieve its strategic goals. The use of data analysis to enhance individual and organisational performance has been discussed for years by businesses across sectors, but the arrival of big data has made it far easier to put that strategy into action. In light of the vast amount of data available and the many possible applications for it (Nerbas 2018).
The Royal Bank of Canada, often known as RBC, chose initiatives with the highest potential return on investment. Business units gained tangible business value as a result of the collaboration of the People Strategy and Human Resource information system teams. This collaboration enabled business units to meet their performance goals. Two of RBC's key People Analytics initiatives are described in depth in this case study: To begin, data was gathered and analysed in order to determine experimentally the characteristics of great managers, and then who may or might not be a great manager was identified. RBC was able to assist those managers who might benefit from training or other forms of interventions as a result of this collaboration. Using both internal and external data, the second study sought to determine if any given branch, location, or innovative products was not performing to its potential-and how.
A wide phrase that refers to approaches for managing people skills and talent and ensuring that they are employed to achieve business goals is People Resource Management (HRM). Individuals and teams are among the most crucial components that each company considers, and without them, the corporation would not be able to operate properly. After taking a number of Human Resource Management courses in the past, I have received a great lot of information about a variety of topics, including employee relations, labor relations, compensation packages, health & security, and human resource development, amongst others. The same was true for learning how the hr function applies EEO and affirmative action, as well as the process of recruiting and selection strategy, recruitment, and selection. Throughout this article, I will present a short overview of how the different parts of the Human Resource Department might be put together to execute the core purpose of management of human resources, as well as a perspective on that description.
At a prior job, I dealt with the human resources department of a food retailing firm, and they were always on the lookout for qualified employees who could fulfil the tasks and responsibilities that would make the company more competitive in the market. Aside from our numerous responsibilities, the corporation made certain that we adhered to an ethical culture inside the organization and interacted effectively with the leaders, managers, and other workers.
Leadership Team: Scott and Chiu
It Has Been My Experience That The Human Resource Planning Function Is Most Significant Function In The Department And That It May Be Defined As The Process Through which an organization evaluates and plans for its future. To be more specific, it pertains to what the firm needs in order to exist as well as how it should be implemented. Because of this, a strategic planning approach in human resource management involves anticipating and addressing human resource demand, which allows human resource managers to assist their organizations in attaining their goals. Aside from these activities, the human resource planning process also comprises assessing capacity, examining and evaluating resource deployment, as well as coordinating and assessing human talent. Companies are continually impacted by their industry environment, which means that planning is a continual process in which all companies contribute.
Before an organization can begin working on its strategic plan, it must first complete the four phases outlined in the following section. First and foremost, the organization must identify its purpose, then analyze the environment, create goals, and then develop a strategic plan to achieve those goals. Organizational goals should be documented and made quantifiable in order for the organization to follow its progress over time and determine its level of success. Aside from that, the human resource manager should assign itself a mission, but it should be one that is straightforward for the employees to do from the start of their employment. In the field of human resource management, job assessment and design entail identifying the responsibilities of certain occupations. My awareness of and comprehension of what managers' obligations are, as well as how they should be carried out in order to increase the productivity of a company, has been greatly enhanced by this course. Human behavior, work environment, labor activities, technology, and production records are just a few examples of the sorts of particular crucial data that must be obtained for job evaluation. Job analysis requires the collection of a wide range of information. (Salvioni and Gennari 2016).
Another thing I have learned is that human resource managers have the obligation to plan, lead, and coordinate their responsibilities inside the business, among other things. New personnel are recruited, interviewed, and hired by them. They are in charge of the whole process. Furthermore, I have discovered that the region is also engaged in consultative matters like as strategy development with top executives, which I discovered to be very intriguing and worthwhile. Advertisement for vacancies, screening, interviewing, and testing new employees are all examples of precise metrics utilized by human resource managers throughout the recruitment process. Human resource managers use factors such as selection and job fit when determining if potential employees meet the requirements of the position, and they will pick the applicant who is the most qualified from among those who apply. Recruitment is one of the most important procedures that hr. managers have been through since they need to choose competent personnel who will contribute to the achievement of the company's objectives. Furthermore, competent staff will contribute to the success of the business and guarantee that it is able to resist the aggressive dynamics of the business. According to, if a company does not have a human resource manager, the operations of the organization will not operate properly. Their duties in an organization's Human Resource Management department extend to every facet of the function. Additionally, they serve to bridge the gap that exists between leadership and staff.
I am presently employed at Wal-Mart, one of the world's largest food retailing corporations. My first entry for an internship job in the Human Resources Department was submitted through the internet. I was successful. The organization has dealt with the regular technological changes and has incorporated these developments into its recruiting procedures as well. In order to apply for positions at Wal-Mart, applicants must do so using the company's online application system. The fact that the application procedure has been streamlined and made simple is a great development. A person just has to enter into the company's official website, click on the career tab, and then choose the sort of employment that best suits his or her demands. Furthermore, as a result of the existing and future trends in internet use, businesses have adopted a new approach to their recruiting processes. They have abandoned the traditional methods of recruiting personnel such as job boards and newspaper advertisements and have instead turned to the internet. According to the results of the study, roughly more than 50% of new workers applied using the online application platform. Employers have reaped several benefits as a result of the online recruitment process, which includes the following. First and foremost, the method of recruiting people is cost-effective since the organization will save money on advertising expenses. Second, since the approach may be accessible by anybody, the organization may be able to attract a large number of qualified individuals. Third, the organization has a good possibility of attracting applicants with advanced technical skills (Stone , Cox and Gavin 2020).
I learned in my course might have a significant influence on my future career as a human resource manager in the private sector. To be more specific, I am seeking a degree in Human Resource Management, and there is a good chance that I will be one of the executives tasked with overseeing and managing the ever-changing global workplace. I intend to put the information and knowledge gained from this course to use in the performance of my obligations as a human resource officer in any organization in which I am employed. Aside from that, I will encourage my colleagues to take advantage of the technological progress and incorporate it into their human resource management practices.
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