Role Of Strategic Human Resource Management In Multinational Banks Case Solution And Analysis, HBR Case Study Solution & Analysis of Harvard Case Studies

Role Of Strategic Human Resource Management In Multinational Banks Case Solution

Introduction

Strategic Human Resource Management (SHRM) is one of the powerful tools in the field of management and sciences(Andersen, 2007). Most firms prefer this tool to approach the strategic objectives through human resources,with the combination of practices and policies(Chang, 2005). The main purpose of strategic human resource management is to create strategic capability for a firm to make sure that it has skilled employees, well-motivated staff and committed workers to achieve sustainability and competitive advantage(Wielemaker, 2005). SHRM is based on the major principle of building the dimensions for a firm’s setup. It also determines the organization's outcomes in the future. Particularly, the firm should carefully look at strategic human resource planning to gain productivity. The strategic view of HR is based on the employees, which are considered as human assets. Humans increase the value of an organization and the effective firms recognize the value of their employees. Employees are considered as a valuable source for having a competitive advantage.(Baird, 1998)

Human resource planning is essential in the strategic plan’s process. It identifies the current and future needs and goals for human resources. By analyzing the strategic goals; it can guide the design of the strategy. However, strategic HRM requires the management of several different factors. The planning process should start with identifying the current needs. Next, it should determine future needs and goals. The goal is to make the strategic plan work within the budgetary and time constraints.(Wright, 2000).

Importance of SHRM in Organizations

Human plays an important role in every organization. The firms should carefully look at their human resources and select proper people for the organization, and they should also work on sustaining them(Schoonover, 2010). According to the (Huselid, 2006), strategic human resource management is more focused on organizational performance as compared to peoples’ performances. The Strategic Human Resource Management (SHRM) role in organizations focuses on the ways through which the organizations can improve the productivity of their workforce and their competitive edge. The Strategic HRM role in organizations co-ordinates all of the activities of the organization's human resources. The changes that must be implemented by the people who work in the organization, must be planned properly. It is the responsibility of the SHRM to identify the needs of the organization as well as of the people, within the company. This function helps the organizations in achieving their visions and goals by providing effective services to the employees(Knies, 2017).

It is the responsibility of the HRM to identify and hire the right mix of skills for an organization. It is important to understand that the Strategic HRM’s role should be an integrated part of the overall HRM role. In addition to this, it also provides training and development opportunities for the employees. It also focuses on the current and future HR skills required to sustain the business(Wright, 2000). This role in the organization is crucial to the success of the strategy. As a result, the strategy of the organization will be effectively implemented. The objective of the HR department is to contribute to the organizational strategy by developing highly competent people. It is also important to determine the strategic HR role in the organization.

The strategic HR role in organizations focuses on the development of an organization's culture. It is a part of the business that contributes to its competitive advantage. By doing this, HR can support the business's long-term goals by hiring the right people and guiding them in their performance. The strategic HR role is critical for improving the competitiveness and flexibility of the organization. It is vital for the long-term growth of the organization. It can ensure the efficiency of the company by assisting the business to grow and become profitable. It is crucial for the success of the business. It is also important for the organization's growth. The purpose of the HR department is to ensure that the company is productive and efficient. It must be able to recruit and retain the best employees. If the HR’s function is not strategically focused, it cannot serve its purpose, and hence, will not benefit the company.

The strategic human resource management role in an organization is crucial to achieve the business goals of that organization. By combining the business goals and the HR strategies; a successful organization will be able to reach its objectives(Truss, 1994). Its strategy will ensure that it is aligned with the organizational objectives. A culture is the basis for a company's success. A strong culture helps the employees in being motivated and productive. The culture is essential to the success of an organization.

SHRM Role in Multinational Banking Field

Human Resource Management is a very important area in banks. As you would imagine, banks deal with depositors' hard-earned money. This is a highly risky industry, and as such, HR must do everything it can, to ensure the customer satisfaction. This is not just a job for HR professionals, but it is also an important part of a bank’s core business. Therefore, the bank candidates must have a thorough understanding of the banking operations, core banking and the customer relationship.(Martín-Alcázar, 2005).

In this article, we look at some of the challenges and benefits of human resource management in banks. One of the biggest challenges in any organization is how to manage people. Banking is service-based, and the Human Resource department is responsible for finding and placing a talented manpower. Without an efficient manpower; a bank can't manage its financial risks. To overcome this challenge, the authors conducted a staff survey at a commercial bank.

Another major responsibility of HR management in banks is managing the workforce. Its team is responsible for managing the organization's current and future workforce. In addition to ensuring that employees are satisfied with their jobs; they also help in reducing the cost of employees’ turnover and absenteeism(Lawler, 2008). To ensure the employees’ satisfaction and retention; the HR department must use consistent human resource management practices. By doing so, the organizations can reduce their costs associated with the employees’ absence.

As technology and globalization increase the competition for jobs and customers; HR managers must ensure that their employees are properly trained to meet the demands of a rapidly changing industry. Moreover, the Human Resource department must also develop a performance appraisal system to determine the individualistic competencies. This will help the HR team in determining the needs for training. By evaluating the performance of their workers; they can then create appropriate development initiatives. The results of such system will be useful in identifying those areas where employees need additional education and training(Boselie, 2015).The HR department has an important role in the performance of a bank. A great employee can make or break a bank in terms of its success and failure. The HR department's job is the front line of the organization. Incorporating a diverse workforce tends to improve a company's productivity. A high-performing HR department is also crucial in retaining and attracting the best employees. Furthermore, it is vital for a bank to be flexible and responsive to the needs of its workforce.

The banking industry is highly regulated and requires the highest level of integrity. In order to succeed, HR professionals should be familiar with the critical issues related to the human resource management and the business of banks. These issues include how to maintain the organization's culture and its human resources, and how to effectively manage the company's cash flows. For example: if a bank has a culture of honesty; it will have a high-performing culture.

The human resource department must offer employees with benefits that are appealing to them. A high level of employee satisfaction is crucial for a bank. An employee who feels motivated and enjoys his or her job, is more likely to be loyal. The HR department should be able to offer good benefits and make the workplace attractive. They must also be able to keep their employees happy. It is important to provide benefits that will retain them in the bank.(Way, 2005).

As the banking sector continues to change; HR professionals need to keep pace with the changing times. They must ensure the consistency of work and meet the needs of the industry. Fortunately, HR is an integral part of the bank's operations. The human resource department can help the bank in improving its bottom line and increasing its employees’ retention. If the bank is a leader in the field; it will be successful. This is so because the bank will have a stable and motivated workforce.

HR Managers Role

The role of a Human Resources Manager is important to the overall efficiency of an organization. They should be innovative and creative as well as be well-versed in organizational learning and development. The success of a business depends on the engagement of employees. However, a person with excellent people management skills will be able to successfully lead a team and implement new processes and policies(Brix, 2018). Once the organization's human capital is in place; it will be more likely to adapt to changes and remain competitive.............................

Role Of Strategic Human Resource Management In Multinational Banks Case Solution

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