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Human Resource Planning and Development in Macquarie Bank Essay

According to Truner, (2002, p. 30), human resource planning (HRP) is an attempt to forecast on how many and what kind of employees will be required in the future, and to what extent this demand is likely to be met. It involves the comparison of an organization’s current human resources with likely future needs and consequently the establishment of programs for hiring, training, redeploying and possible discarding of employees. Effective HRP should result in the right people doing the right things in the right place at precisely the right time.

HRP is seen as a strategy for the acquisition, utilization improvement and retention of an enterprise’s human resources, thus it is a strategic process. It further addresses human resources needs in both qualitative and quantitative terms, that is, how many people and what sort of people. The way Macquarie Bank plans and develops its human resources is by recruiting the best students from universities and graduate schools, training them on the job and paying them top salaries. It does not have the all-encompassing human resource systems typical of some organizations as it follows an organic, developmental approach.

Macquarie Bank recruits across all disciplines and has employed outstanding graduates from a wide range

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of backgrounds including psychology. Psychology students are particularly well suited to Macquarie’s Human Resources Division and may get exposure to a number of areas including training and staff development, recruitment and employee relations. Human resource development on the other hand is a process which covers not only those activities which improve job performance but also those which bring about growth of the personality of individuals.

Development helps individuals in the progress towards maturity and actualization of the potential capabilities so that they become good employees as well as better men and women. It often includes a wide variety of methods such as training in a wide variety of areas, ongoing training on the job, coaching, mentoring and other forms of self -development. Some people view development as a life long goal and experience. This is evidenced by Macquarie’s Chief Executive Officer who has been with the organization since 1977.

Development is concerned with career growth and future needs of an individual. (Noe, 2002. p. 189). Macquarie does this by providing a flexible organizational environment where people can achieve the bank’s objectives. Policies adopted by the bank are well suited to a flat organizational structure where specialist skills can be developed within small work teams, closely related to the product-market interface. Training and development helps in increased job satisfaction and morale among employees, increased employee motivation, reduced dissatisfaction, complaints and grievances.

The training and development at Macquarie has seen its employees being trained and developed within the organization and working for the bank for a long period of time. Additionally, training and development leads to increased efficiencies in processes resulting in financial gain, increased capacity to adopt new technologies and methods, increased innovation in strategies and products, increased market value of employees, thus earning them power of job security. It also enables employees to develop and rise within the organization.

This is all evident from the bank’s constant growth since it started its operations. This paper examines three issues. First it talks about human resources management models and how they can contribute to the achievement of the organization’s objectives. Secondly it talks about human resource planning and development methods and their effectiveness to meet organizational objectives and finally, a critical review of how human resources performance is indicated and monitored and any suggestions for improvement is analyzed.

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