“Human Resource Management Practices in” Scb Essays

â€Å"Human Resource Management Practices in† Scb Essays â€Å"Human Resource Management Practices in† Scb Essay â€Å"Human Resource Management Practices in† Scb Essay HR Planning: HR Planning process consists of forecasting, goal setting and strategic planning, and program implementation and evaluation. As the Bank operates in a dynamic environment where new and advanced practices are frequently emerging resulting in changing customer’s requirements. Not only this, the demands on existing staff resources fluctuate in order to maintain the provision of services, it becomes even more critical that all managers contribute to HR planning in a structure way. Recruitment: Standard Chartered Bank recruits the most talented individuals from the external market to supplement our internal pipeline of talent. Their Human Resources department provides guidance on the use of psychometric tests and has robust recruitment criteria to ensure that all candidates are treated fairly, equally and with respect. It has a global Graduate Recruitment Program; where in the region of 150 graduates are recruited each year on a management trainee program across all businesses, functions and countries. Selection: Standard Chartered selects employees based on knowledge, skills and talent. They are committed to providing equality of opportunity to all employees, regardless of gender, race , nationality , age , disability , ethnic origin , or marital status. Training Development: Standard Chartered provides a framework within which the employee can identify the training and development needs. Such training provides a consistent standard of management learning throughout Standard Chartered. It lso enables the employees to take all of the programs or study for individual modules according to their particular development needs. Performance Appraisal: Performance management is the process through which managers ensure that employee activities and outputs are congruent with the organization’s goals. It is central to gaining competitive advantage. The key elements of a Performance Management System include the following: 1. A Formal Compensation Philosophy Statement 2. Salary Admini stration Program 3. Job Evaluation System 4. Performance Appraisal System 5. Reward Programs Purpose of Performance Appraisal: There are a number of reason for carrying out the performance appraisal of employees such as promotion, transfer etc. Therefore, the Bank makes sure that the employees clearly understand the objectives of the performance appraisal. Reliability: At Standard Chartered Bank the performance management criteria resembles test-retest reliability. According to this the employees are evaluated on annual basis and those employees who have somewhat similar ratings from year to year have greater chances of getting promotion, bonuses etc. Acceptability: Diverging opinions prevail about the acceptability of the performance appraisal. Some employees accept them to be fair while others believe them to be biased and predetermined. In addition to this the views regarding fairness are perceived differently within the three categories including: 1. Procedural 2. Interpersonal 3. Outcome Specificity: One of the major lacking in the performance appraisal method of Standard Chartered Bank is in the area of specificity. Amongst the various levels of employees the performance evaluation is believed not to provide specific guidance about what is expected of them and how they can meet these expectations. Necessary Measures: Adopting the following measures can reduce the shortcomings of the system: Employees should be involved in the appraisal process, i. e. information should be taken from them. The process should result in effective outcomes by telling the employees that how can they improve their performance. This would not only benefit the Bank, but would also help the employees in their personal development. Compensation: In getting the message out about the Bank’s products and services. How effectively the sales team markets the Bank, and in turn, how successful it is, is directly related to the sales compensation program. A sound sale compensation package enables Standard Chartered Bank to focus sales activities towards desired results, and rewards these outcomes with compensation tied directly to the level of achievement. Rewards Recognition: Standard Chartered Bank rewards the talented and high performing employees competitively. They regularly conduct salary surveys to ensure the reward package remains competitive in the market place. They encourage continuous discussion; encourage regular review of employees’ performance and development. This provides feedback to the staff about how they are doing. The management links this to both financial and non-financial recognition.