The HR Planning
The HR Planning and Development section in Macquarie Bank should be committed to providing a range of development and career opportunities to enhance the performance of its staff.
This should include the provision of professional development activities for all staff, a range of human resource consultancy services to staff across the Macquarie Bank including workforce planning, job evaluation and work design, activities to contribute to improved people management, staff engagement, understanding and compliance with the bank policies and procedures, the development and implementation of improved workforce management policies and practices in the areas of performance management, reward and recognition, professional support to managers in the planning and implementation of organizational change processes in their work area, and generalist support across other Human Resources related functions.
Other suggestion include the recalculation of the separation rate for various categories of the firms employees departments, ensuring that the immediate supervisor, by being involved in selection, feels some responsibility towards a new employee; checking that employees are being fully utilized just incase some may be leaving because of boredom or job dissatisfaction; overhauling the pay structure perhaps using job evaluation; introduction or improvement of an induction course; giving new employees appropriate training; showing that prospects in
Need essay sample on "The HR Planning"? We will write a custom essay sample specifically for you for only $ 13.90/page
Among these, promoting from within is practiced by Macquarie bank in that the fresh graduates who join the bank are trained, nurtured and developed within the company and made ready for upcoming positions. These HRM practices can improve the bank’s performance by increasing employee skills and attitudes, promoting positive attitudes, increasing motivation, and providing employees with expanded responsibilities so that they can make full use of their skills and abilities. The dimensions that characterize systems that produce high performance in people include security, selective hiring, self managed teams, decentralized decision making, high compensation systems, extensive training, reduced status barriers in terms of dress, language, wage differentials, and extensive sharing of financial and performance evaluation.
An employee performance appraisal and performance review software is suggested for the bank, as it can make the employee review process a force for change; encourage motivation and talent development; enhance the development of existing human capital and attract more top talent; help align resources and goals to achieve better business results; aid in integrating employee appraisal into everyday workflow; and help improve the quality of appraisals, which in turn improves the quality of employees. Finally, supervisors are required to conduct a performance appraisal for all employees within the first six months of employment; within six months after a promotion; once each year; and three months after an employee receives a Below Standard, or Unsatisfactory Overall evaluation.
In Macquarie Bank, the Human Resources Department contributes to competitive advantage and total quality initiatives by adding value. People contribute added value as they can add value by facilitating change, making specific contribution in the areas of Human Resource Planning, sourcing, training and development, performance management, reward and employee relations, ensuring Human Resource initiatives are treated as investments, and delivering cost effective Human Resource services. Conclusion The HRD in Macquarie Bank has worked towards ideal HR practices, and understands that Human Resource Planning is a dynamic process, which needs to integrate with the wider organization through strategic development and policing objectives.
The key elements to ensure the achievement of these objectives include fair and appropriate selection practices, identification of overall skills profile, investment in training and development, and anticipation of supply and demand. Human Resource Planning can help management in making decisions in areas such as recruitment, avoidance of redundancies, training numbers and categories, management development, estimates of labor costs, productivity bargaining and accommodation requirements. The department further works towards maintaining an effective workforce requires investments in terms of time and money. It is dependent on establishing a structured approach for defining roles and communicating standards and on the regular assessment of performance to establish organizational and individual development needs as well as identifying and harnessing potential.
Opening up options for lateral development, promotions and secondary opportunities should contribute to more effective career and succession planning. Increasing opportunities for flexible working, retraining, and the redeployment or creative retention of those with temporary or permanent restrictions are all important options to minimize the erosion of resources and skills and achieve better retention. Human Resource Planning in the bank’s HRD equips an organization to cope with the Human Resource consequences of changed circumstances, and enables it to discover new and improved ways of managing its department. This helps create and develop employee training and management succession programs, and helps avoid labor shortfalls and surpluses.
It also enables it to foresee some of the consequences amid needs of managing change and compels management to examine the strengths and weaknesses of its labor force and personnel policies. Duplication of efforts among employees may be avoided and co-ordination and integration of workers efforts improved. Generally, Human Resource Planning assists in career management and management development programs. Studies show that human ware is the most important component of the success of an organization. Recommendations include fixing qualifications for selecting new staff, providing the status and scale at different levels. Additionally, the nature of training to the staff existing in traditional systems should be in such a way as to enable them handle functions in a new scenario and especially across cultural borders.
This study concludes by pointing out that investment in manpower development is to be regarded as the most significant element in Macquarie Bank. Definition of terms Philanthropic Donating to the society as an act of Corporate Social Responsibility.
Beer, M and Nohria, N (2000). Breaking the Code of Change. Boston: Harvard Business School Press. Braton, J. , and Bratton J. , G. (2001). Human Resource Management. Theory and Practice. 2nd Ed. Rutledge. Ericksen, J. and Dyer, L. (2004). Toward a Strategic Human Resource Management Model of High Reliability Organization Performance. New York: Cornell University Press. Gratton, L. , Hope-Hailey, V. and Stiles P.
(1999) Strategic Human Resource Management. Oxford University Press. http://www. charteredaccountants. com. au/charter/charter_archive/2005/A116932125 Jackson, S. , E. and Schuler, R. , S. (1990) Human Resource Planning Challenges for Industrial/Organizational Psychologists. New York: New York University Jones-Farmer, L. , Allison, J. , Pitts, R, (2008). Structural Equation Modeling: A Multidisciplinary Journal, v15 n1 p154-173. Kandula, S. , R. (2001) Human Resource Management in Practice. With 300 models, techniques and tools. Wiley & Sons. Mondy, R. , W, and Noe, R. M. (2003) Personnel: Management of Human Resources : Business & Economics.