Running Head: DISCUSSION 1
HRM Role in Company: Function, structure, responsibilities
The HR department is the central focus of any company responsible for managing the employee life cycle, starting from recruitment to hiring, onboarding, training, firing employees, and benefitting them as well. The HR strategy should be such that it gives a firm base for the company’s building.
An efficient and skilled workforce can manage financial risks very well. The HR department is the domain that ensures the employment of efficient staff to the bank and placing them at the right place where they can provide progressive addition to the bank. Banking has always been “people business”. Customer satisfaction should be the priority of the HR department. They are the face of the bank. The HR department is responsible for both quantity and quality of work in the banking sector (Jamal et al., 2015) .the importance of the HR department in the banking sector can be understood by its key roles as discussed under:
1. The ever-changing and growing banking sector needs to fulfill the demand of workers being recruited on regular basis.HR is responsible to analyze the future of the organization.
2. With the vastly growing online banking system, the HR department needs to indulge energetic youth to exuberate work. Youth should be trained under the supervision of experienced professionals. Hence, HR is responsible to maintain balance and undergo cultural management adjustment to fit in with the people working.
3. The department will focus on training the manpower to cope up with the advancement of the technological world. Human resource management makes sure to empower the workers. From time to time grasp of innovations in the banking sector be adopted and developed.
4. Human resource management will look into performance management and talent spotting. Adequate praise and promotions will be provided to the hard-working dedicated staff.
5. The management department will focus on the requirements of its employee as well. Providing pay perks for good works, allowing leaves, rest and recreational breaks, etc.
6. The HRM should ensure job safety and retirement funds to facilitate bankers. Along with that, keep the recruitment tab ready to avoid a shortage of staff at desks.
Therefore, the banks working HRM strategies will be designed and structured on the above-mentioned ideas to keep it progressive and introduce attractive banking opportunities for the masses.
The rationale for HRM seat at C-Suite in this company (and generally)
A culture that values its people first need HR in C-Suit. Cooperate culture moves from top to bottom. The HRM should be given a seat at C-Suit owing to its importance in all sections of the company (Wright, 2015). The HRM is the central figure of the bank as they are initiative of introducing the workforce within the bank and so the base of working.
The company will take the following measures to succession.
1. The company will forge career paths from within. To retain the talent it will monitor its progress by identifying promotable talent and provide cross-training activities and opportunities. And that’s the best mange by HRM
2. HR as the key indicator of a bank’s success will ensure performance assessment. It will provide balanced performance and compensation dynamics by incorporating the ‘Restructuring Stale Performance Model’.
3. HRM ensures the engagement of the greatest asset i.e. employee is critical to progress. The bank will ensure maximum satisfactory banking and working environment. Employee engagement is the most pronounced strategy of our company. It will help sustain a profitable enterprise.
4. The bank’s HRM will focus on increasing the bottom-line results to ensure survival within the advanced banking systems.
5. The C-Suit will be made a cohesive unit with the inclusion of HRM. All the higher authorities people will engage themselves in problem-solving at the workplace. All will be given due importance and a chance to execute their idea and skills in an open environment to ensure progression and effective working.
1. Jamal, D. R., El Virani, A. M., & Harwood, I. A. (2015). Exploring human resource management roles in corporate social responsibility: The CSR‐HRM co‐creation model. Business Ethics: A European Review, 24(2), 125-143.
2. Wright, L. (2015). The Board, the C-Suite, and HR. In HR in the Boardroom (pp. 199-222). Palgrave Macmillan, London.