Strategic Human Resource Management In Barclays Commerce Essay

Strategic homo sexual imagination prudence In Barclays Commerce EssayBarclays Pakistan. With a net play of more than 155,000 sight working glob in eithery across a orbit of teleph ane circuites, we consider Barclays iodine of the best geological formations for case study in order to explain the strategic hu valetkindkind imaging management Barclays Bank Pakistan commenced operations in July 2008. With such(prenominal) a diversified network of the governing body the HR experts work with only single employee and Business Unit to assistant the Barclays stay ahead from an other(prenominal) make-ups in the competition and by attracting and retaining the best people available, either over the world. This is not do by recruiting cutting employees but as well committed to nurturing its established colleagues. The HR teams play a vital role in monitoring performance and managing a host of training programs.More signifi keistertly in the last one decade, the Banking Sect or in Pakistan has mystify passing dynamic and matched because of more international swans and local edges ar whirl the same products and operate to the customers. To motive the employees the Barclays bank besides introduced a indemnity dodge which besides falls in spite of appearance the merciful Resources Teams remit. This team makes original the full support to all 155,000 employees across the world. Retirement Fund and the support Fund Executive works with the funds Trustees to ensure the scheme operates to the highest standard.military personnel Resource Planning (HRP) world alternative cookery is needed to use up a sense of both the present-day(prenominal) external environment, and anticipate things that may happen in the future in the patience marketplace place. compassionate resource strategies to be implemented must be translated to the employees clearly so that they mess well empathise the strategies and you whoremonger get best proscribed of it .At Barclays clement resources atomic number 18 considered as a capital of the bank the course of action of externalizening process translated to the Human Capital for the attainment of prede borderined goals. This is the ecesiss most valued as rights the people working at that place who on an individual basis and collectively contribute to the strainment of the objectives of the condescension. If the strategies ar not properly communicated to the employees it constructs a barrier in the increase of loyalty mover of the employees with the nerve. The company also ineluctably to categorize the HR planning in to ill-judged, medium and colossal term.HRP The ProcessThe most important thing for HR management is to understand the needs, hold and reputation of stock requirement, in this itinerary he allow be able to employ those who im set out deliver the required performance. The manager have to take keen interest for spotting the talent, this is called right man for the right task and ensures that the workforce is competent enough the fit the targets. upcoming workload must be calculated before hiring new employees, and from this representation you HR can design an accurate blood line profile and railway line expectations. At Barclays well experienced HR manager are bind and motivate his prospective employees to perform to their potential. Steps mired in the Human Resource Planning Process are as under designing the precaution System The first step in human resource planning process is to develop an efficient scheme for managing human resource in the organization to ensure the linkage of individuals targets and objectives with the organizational strategies. The plans, procedures, practices and policies of relate to human resource come under this HR management agreement. An ERP system should be in place to manage all the record and selective breeding think to individually and every employee of the organization. This will he lp to analyze the performance of from each one individual and also to analyze the performance of a whole workgroup. The managers can evaluate the up-to-the-minute performance by comparing it with the previous trends which would be easily accessible form the ERP system. The policies and procedures should be put together in the system so that certain(a) HR function may be automated and data can be updated automatically. An example of such system can be an automated attendance system for employees. An employee marks his or her attendance on his arrival in the office and marks his/her acquittance cartridge holder. This is a small example that can automate one of the human resource practices in the organization. Implementation of such automated system should be the part of human resource planning in order to quash the wastage of clipping due to manual work. In this way the resources can be enforced any other productive activity.Environ kind Analysis later on strengthening the intimate systems the analysis of internal and external environment is done in the next phase of human resource planning. The collection of data related to the application, technology, competition, unemployment rate, inflation rate, labor market trends and economy is required to be collected and an analysis of the past trends should be done. This analysis will become the foundation for the decision regarding the human resource management in the organization. In this competitive business environment, organization attracts the masterly labor as the identify to success is the skilled workforce. Organizations should continuously analyze the human resource practices of the competitors in order to facilitate their employees with the same or even higher to sustain them loyal to the organization. As if this is not the case then the employee will leave behind the organization and will join the other who is adjureing good compensation and other facilities. Analyzing the economy trend a nd inflation rates will help to look out that how much organization has to raise the salaries of the employees in the future.Forecasting Human Resource Demand The future needs and types of the employees are forecasted in the next phase of human resource planning process. For instance the analysis of the industry and the labor market will help to evaluate that how well the labor market will fulfill the future needs of the organization. It is quite mathematical that organization may need the skilled business phylogeny officers in the coming year and the analysis indicate that this need will not be fulfilled by the labor market. In this case the planning for training the existing workforce to meet the future needs will be done. Bottom-up forecasting is very popular for analyzing such demand of human resource in the future.Analyzing Human Resource Supply intragroup and external hiring are both the techniques which can be utilize by the organizations. Maintaining the data bank of the possible candidates is another important part of the human resource planning. This data bank of potential candidates allows the organization more supplement to select the skilled candidates from a list of experienced and skilled employees. balancing and PlanningAll the data, information and analysis of distinct alternatives collected from contrary sources are gathered and action plan are developed in the last phase of human resource planning process. The acceptation of plan is the key issue for top management and employees and barriers to success of plan should be identified to the key players. Many of these plans include training and management ontogeny plan, estimate plan, employee work plan and human resource supply plan.Human Resource outlineHR Strategy is aligning the goals of HR to the goals or system of your organization, enlisting, retention and termination are a small part of it. PEOPLE designed and structured a variable compensation scheme for Barclays Bank I nvestment Banking Group. The new scheme was reinforced upon an equitable and fit approach which took into account individual performance factors as well as market movements. The idea of Human Resource strategy and its alignment with the business strategy came in to practice by most of the organization in 1960s. There are different strategies and patterns related to HR systems which are involved in the formulation of HR strategy.Preparation of project Description Documents / argumentation ProfilingEvaluation and bench markingGrading structure developmentCompensation mechanism and quantum evaluation learning of a comp set of policies in the form of a HR ManualEvaluation of all organizational and operational needs of the BankRe-structuring the business divisions of Barclays Bank tally to change management agendaCompilation of a comprehensive Job Description Manual for all curious target in Barclays in light of the newly restructured organizationPerformance management system and r elated trainingCompensation policy design and realignmentBarclays Human Resource strategy componentsEmployee Training Barclays is very keen in employees training whether the employee is newly engage or existing one. Training is mandatory for newly engage mental faculty and after the training they are tested if they failed in the test they are not eligible for the job. For the old employees the company conduct on-job and off-job training programs to levy the skills and knowledge of the employees. Barclays conducts the employees training for these benefitsImproved job satisfaction and morale among employees call forth employee motivationIncreased efficiencies in processes, resulting in financial gainDevelopment of capacity to adopt new technologies and methodsIncreased innovation in strategies and products reduce employee turnoverEnhanced company image,luck management, e.g., training about sexual harassment, diversity trainingLearning Management System Barclays offers Learning M anagement System that is an online tool designed to help individuals to manage their training.Mentor programs Barclays encourages mentoring within the organization. Colleagues will be rewarded through this mentoring program.Recruitment and Selection The process of recruitment and selection at Barclays is initiated by the concerned discussion sections and for this purpose candidates are interviewed by different persons of the concerned departments at different levels. From this process of identified that what is organization need and who is the suitable candidate to fill this post.Performance Appraisal distributively employee at Barclays know his/her key performance indicators. A performance appraisal is a part of guiding and managing career development. It is the process of obtaining, analyzing, and recording information about the relative worth of an employee to the organization.Job specification A job specification goes beyond a mere description in add upition, it highligh ts the mental and physical attributes required of the job holder. Barclays clearly highlights the job specification to the hired employees. Job analysis, description, and specification can provide useful information to the job holder and he clearly knows his responsibilities.Career Development Through this way employees manage their careers within organization. The way of career development clearly indicated to the employees.Rewards and Benefits Barclays employees all over the world enjoy a range of benefits including financial bonuses, sequestered health care and negotiable working, which vary depending on the region in which they are based.Remuneration Barclays pays competitive salaries and bonus and benefits according to the industry benchmark. Bonus and benefits depends on the individual performance and a company pension scheme is also available.Discounts Employees in certain parts of the world benefit from YOUniquely Barclays a range of Barclays products and services off ered to employees on preferential terms. Including Buy-A-Car scheme, banking products, insurance and travel services, and the scheme offers comprehensive cost preservations.Health Barclays offers a health and wellbeing benefit to its employees and more of them qualify for medical expenses scheme, offering the comfort of access to private healthcare treatment. It also provides discounts at study health care clubs.Flexibility Barclays offers flexible working hours to the employees through flexible working practices.Resource Based StrategyA strategic human resource tool known as resource based strategy is used to analyze and evaluate the current position of the human resources available to the organization. Resource based strategy allows the organization to identify those resources which are able to give a competitive value to the organization over the other firms. After the identification of these resources the efficient utilization of them is planned through multiple strategie s. Every organization possess certain resources which can give them a principal edge over the others in the market, the need is to recognize those resources. At times the organizations having so many resources which can give competitive wages fail to succeed in the market. The major reason behind that is that organization do not identify or recognize or give importance to these resources and they use such resources inefficiently which causes the failure of those organizations. At Barclays Pakistan, this strategy is used to identify the resources which brings a short term competitive gain in to a long term and sustainable competitive advance which is not imitated or copied by the other organizations. Superior value is created by efficiently using the resources and a pencil lead edge is taken over the competitors that are the reason that in 3 years Barclays has been in a very good financial position and is among the principal banks operating in Pakistan.Sustainable Competitive A dvantage The major focus of the resource based strategy of Barclays Pakistan should be to attain a sustainable competitive advantage. This will allow the newly established bank in Pakistani market to gain more experience and a market attractorship position in the future. At the moment there are other Pakistani local banks which are having a leading position and a huge customer as well as deposit base. For Barclays to achieve that position is not an impossible task as with an international banking experience and by identification of resources responsible for sustainable competitive advantage, the leading position in the market can be attained.classifiable Capabilities According to the new resource based view, the changing market conditions and their responses from the organizations determine the effectiveness of sustainable competitive advantage. For Barclays Pakistan, responding to the changes in the market condition would be very necessary in order to maintain the effectiveness of sustainable completive advantage. The bank has to build the distinctive capabilities which will maintain a sustainable competitive advantage in the market.Leadership There is a leaving between a attracter and a manager. A leader is not just a manager, but is a role model for the others in the organization. It was said that leaders are not made rather they are born, but the studies proven this wrong as innovation and research in human resource management revealed that leaders can be built by effective human resource practices. Barclays need to build the leader from their employees as everyone has the capability of being a good leader. The bank should engage their employees in to different training and development programs which enable them to work in a competitive environment with a team spirit. Having such lead qualities in the workforce will definitely lead them to gain a huge competitive advantage over the other banks in the country. general and radical Innovation To get continuous success in the advanced(a) business world innovation is very important. The firm who do not innovate their products and services do not sustain in the market for long. This is because the customers needs and demands are changing very rapidly and to meet those demands the organizations had to offer new products. Barclays has been catering their customers in other countries very efficiently and in Pakistani market the bank needs innovation in the products and services according to the local needs and demands. The saving trend in Pakistan is not at the higher side as most of the people are hand to mouth and they spent whatever they earn, so the products and service offerings should be designed by keeping in mind this major factor of Pakistani market. Innovation should be in a systematic way, as Pakistans banking sector has seen a tremendous growth in the past one decade and now the need is to invent the essential features of the banking business. Barclays Pakistan can becom e the pioneer of this radical innovation and gain the huge customers attention and can increase its profits.Resource and Competence-based StrategyToday, customer is considered as the king, meeting their needs and demands is the primary objectives of all the organizations. Resource based strategy leads the organization to achieve such competencies which assures the fulfillment of needs and demands of the customers. Analyzing the half SWOT, i.e. strengths and weaknesses of the organization helps to overcome the internal weaknesses and capitalizing the strengths to serve the customers in a best possible way. Identifying the valuable resources and gaining the victorious competencies combination allows the organization to innovate and design such offering for the customers which meet their needs and demands. The available valuable resources are utilized by the organization in an efficient and productive manner and can be used for innovating products and services. This will enable the or ganization to maintain a competitive and leading position in the market.By analyzing the weaknesses an organization can gain the completive advantage by following cost leadership strategies and overcoming those weaknesses which are responsible for the wastage of the time and valuable resources of the organization. By saving the valuable resources an organization is able to utilize them in serving the customers in a better way. This makes the organization unique from the others and helps to increase the market share. Resource and competence-based approaches are particularly valuable when the boundaries of the business can be changed through, for exampleConsidering Make versus Buy alternativesEntering new markets around the globeInstallment of new technologiesAdversity is at hand.Achieving sustainable competitive advantage.You need innovation to remedy your business.Best utilization of your resources in plans to achieve your objectives.Linking business and HR strategyBusinesses today demand a strong relationship between the human resource and organizational strategies. The business whose personnel policies and procedures lead towards the achievement of organization strategies and objectives are successful. This relationship is the major contributor in creating the value of the organization. The policies and procedures of the human resource department of an organization should focus towards the employee training and development and introduction and innovation of career paths which corresponds to the bodied objectives of the organization. In the past the purpose of human resource department was only to manage and maintain the data of the employees in the organization, but with the passage of time the major purpose of the human resource became to develop a skilled and strong workforce that can give a competitive advantage to the organization. Skilled workforce one of those factors which cannot be imitated by the other organization and thus the competitive advanta ge become sustainable for a nightlong period of time.Another major purpose of human resource department in the organization is to introduce and maintain the corporate culture in the organization. This should be done by motivating the employees and developing programs which encourages the employees to develop their skills and befool them on the job which can be beneficial for the organization.Organizational soma/Structure of Barclays PakistanOrganizational structure shows the Hierarchy of organization management system along with flow of duties and responsibilities. Organization structures are different in different organizations it depends on number of factors like organization size, geographical locations, organization type, nature of product etc. A hierarchy exemplifies an arrangement with a leader who leads leaders. This arrangement is often associated with bureaucracy. Hierarchies were satirized in The Peter Principle (1969), a account book that introduced hierarchy and the saying that in a hierarchy every employee tends to stand to his level of incompetence.At Barclays organization structure is divided into different work groups and work units based on their skills, expertise, resources, and knowledge, as shown in the figure each department has individual head that is called HOD (head of department). All HODs are reported to the region precede, and each manager is reported to the Head of his/her department.Description of Worker groups at Barclays PakistanEvery worker group/division of Barclays has separate role and functions, which are stated as underHead pay Head Finance is responsible for bringing important financial controls to a company and all the financial activities in the organization. These controls includes management of all the cash flows, expenses, establishing accredit policies for customers and also responsible for conducting quantitative and qualitative analysis in order to get along at an understanding of the options that are av ailable.Head Risk The core responsibilities include managing a team of credit specialists covering performance management, Set up and then manage robust monitoring control systems procedures, Ensure that Risk Control Credit procedures, training developing. Shaping the team and improving processes. playing as an escalation point for complex credit cases as well as dealing with internal and external clients.Head bodily Banking This segment involves in sales to the corporate segment of the particular region, devising credit line, credit proposals and making sure of effective utilization of bank credit line. Corporate sales and planning is an integral function of this business division.Head of immanent Audit Barclays audit department is an independent authority and helps the organization pass on its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. It is designed in way t o add value and improve operational and governance process.Head Investment Banking At Barclays Investment Banking Unit is developed for the investment actives of the bank.Head Human Resource Barclays this division is responsible to manage the human resource and is responsible for all the HR functions which are mentioned earlier.Head Marketing This segment is responsible for market campaigns for all the new and existing product and services of the organization. Getting feedback from consumers and making the new strategies to achieve the required targets. Business planning that involves the future market forecasting market segmentation is also a function of this department.Head Liability Sales This is the core unit of Barclays and responsible for bring in the new customers and finally deposits for the bank. They get the deposits in different kinds like current account, saving account and term deposits.Head Retail commercialised Banking Commercial banking is also known as busin ess banking. Bank provides current account, saving account and accept time deposits. Commercial Banking is different from investment banking and retail banking, bank accept deposit from individual customers and corporations and gives loans to large businesses.