Human Resource Management Performance Valuation

Question: Describe about the Human Resource Management for Performance Valuation. Answer: Introduction As we know that in todays global economy, it has become necessary that an organization must recruit and select the most deserving, skilled, knowledgeable, talented and creative employees. In this report, we will discuss about the Australian National Bank and its human resource management that work for the recruitment and retention of the employees in their organization. There are many types of theories and approaches will be discussed that are related to the management of human resource management. Now days, there is a new term related to the human resource management and human resources has been introduced that is personnel management. It is a process in which the people who are working with the organization are managed in the most effective and efficient manner. It is term that is not merely managed the employees but also their salary, wages, needs, wants, satisfaction, etc. The motive is to accomplish the objectives of the organization by fulfilling the need s and wants of the employees. The requirement is to analyze the value of Human resource within the organization. This type of management is responsible to see that how the employees are treated in an organization, and to bring them upwards so that the level of organization will also improved. There are basically seven functions performed by the human resource department of the company that is staffing, appraisals of performance, compensations, benefits, training, development, relationships between the employees and labors, health and safety and the research of human resource. Task 1 A brief description of the company National Australian Bank Ltd. is one of the most prominent banks of Australia that has a strong presence in more than 57 countries all over the world. This bank has a large customers base in not only Australia but also in the entire world. National Australian Bank Ltd. deals with many types of financial products and instruments. They cater almost all segments of the society by providing them various products according to the need and requirement of them. Atkinsons flexible firm model This model is a combination of numbers, functions, and financial flexibility though working in the orgnaistaion that consist of different employees. There are also many external stakeholders that are also requiring proper management. They are not the part but provide important services. Atkinson provides National Australian Bank a type of flexibility that is important to manage things in the orgnaistaion (Bowen, and Ostroff, 2004). Functional flexibility deals with the capacity of employees to manage the work, like multi skilling. It helps to manage the workloads and pressure at the workplace. Numerical flexibility deals with the authority to change the numbers of the employees in the organization. Financial flexibility refers to the ability to manage the cost of the employment in response to the demand and supply of the labor from the external market (agri.com, 20016). HRM department of National Australian Bank Ltd Yes, if we observe the HR department of National Australian Bank Ltd. then it has a dedicated and effective HR department that manages the Human resource of the company. This bank is very committed to serve the people by providing them all the banking needs required by the society. They also provide many types of solutions matching their needs. They always try to maintain the convenience of the customers (Ben, 2012). Approaches of HRM in National Australian Bank Ltd Most of the bank uses traditional approaches in their organization. But National Australian Bank Ltd believes that the modern approach is the most beneficial approach in todays fast moving world. It becomes very necessary for all the organization to maintain a level of standards so that their customers will retain for a longer period of time. This can be achieved through up gradation of the organization with all the latest technology and same policies according to the same. The strategic human resource management model proposed by Nankervis et al (2014) includes many type sof practical framework and strong concepts for the HR department of National Australian Bank Ltd. the company do not follow this types of management. They also do not outsource the Hr functions of the organization (Nankervis, et.al. 2014). Functions of Hr at different levels Strategic level- The main focus of this function is on the productivity of the employees. they are also responsible to achieve the goals and return on investment of the HRM in National Australian Bank Ltd. they are responsible in maintain the strategic management of the organization by making new policies and strategic decisions (Barratt, 2003). Operational level- The operation Hr management refers to the administration functions manage by the Hr of HRM in National Australian Bank Ltd. includes the entire vital task like recruitment, interviewing, hiring of new employees, risk management, management of computerized management system of HRM in National Australian Bank, payroll department, etc. Functional level- It refers to the decisions made by the Hr related to the division of work, allocation of resources in the orgnaistaion, attaining the corporate level of objectives, etc. in this functions, the hr department performs the basic and primary functions of the organization (Amsj.com, 2016). A diagram to demonstrate the different HR roles and responsibilities in national Australian bank- Task 2 Issues faced by Australia in the process of recruitment and selection- Contrast Basis of difference Australia UK Skills and knowledge In Australia, most the people are skilled and knowledgeable but the challenge is their skills neither are nor related to the company requirement. In UK, the employees who are skilled demand for high wages and salary. The demand of the employees does not match to the companies supply. Change in business model The business models of this country remain same. The business models of companies of UK changes according to the time Political interference The Australian companies do not face any type of major political interference The UK companies are facing huge political interference due to which the companies are unable to make rues according to them Geographical challenges Challenges like people do not want to leave their home towns for jobs. In UK, employees do not face such problem (Brako, et.al. 2014). Comparison According to Margaret Richardson, the process of recruitment and selection is not very smooth as written in the journal recruitment strategies. Employers have to face many problems like cost of the advertisements for recruitment, communication problems, etc. It is very expensive process as there is a need to invite more and more candidates for the interviews. The employer or interviewer must have interviewing skills. These all problems are faced by the country like Australia. These are the basic problems that are present in almost all the countries. It is not possible for all the countries to invest a big amount in the process of recruitment and selection (Richardson, 2016). Issues faced by UK in the process of recruitment and selection According to the international Journal of economics, commerce and management, UK, there are many challenges faced by UK companies while recruitment and selection process. The first issue is that the companies are unable to identify the deserving candidates for their organization. The expectations of the companies as well as the candidates have risen for both the purpose like salary and the designation. To fetch the suitable candidate from the pool of candidates has become a biggest challenge for the HR department. In UK, the companies are facing that the demand of the employees are very high. They want a high amount of salary and packages. The other problems faced by UK are investment in the process of recruitment and selection. As we know that the process of recruitment and selection needs a huge amount of investment that is not possible for all the countries ((Brako, et.al. 2014). Task 3 The most common reasons that people stay in their jobs, i.e., the 'retention levers of National Australian Bank Ltd. are basically five. According to this, the engaged employees are the most involved employee of the organization. They are most enthusiastic and energetic part of the organization. There interest found in the growth and development of the organization. The Retention levers of National Australian Bank Ltd. are- A competent manager- A competent manager is an individual whose aim is to add value to the employees. He focuses of the productivity and the performance of the human resource working in the organization. He aim is to make the employees understand that they play a vital role in the organization and give vale to the work performed by them. He is accountable to judge the work performed by the employees and try to increase the ability of the workers. It is said that in the National Australian Bank Ltd. the engagement of the employee cannot be achieved without the competent manager of that company and the performance was also not good before this manager. Contextual goals- Goals play a vital role as they drive the managers, employees and the organization itself. If there are no goals, the orgnaistaion will not work. Goals are very important for each individual working with the bank. Goals define the aims of the organization and motive to work in the best way they can. This is very relevant for the banks to set a frame of objectives in which the employees and the managers need to perform. This frame must be of adequate quality and quantity so that the outcomes can also be healthy in nature. For the employee engagement it is relevant to set goals. Without which, the organization will left with the frustrations and flaunts with it (Colbert, 2004). Objective metrics- Objective metrics is a chart of the performance and the steps taken by the employees to achieve the contextual goals of the organization. This metrics is contracted by the competent manager of the National Australian Bank Ltd. he is the one who help the employees to maintain the accomplishment of the objectives. These metrics are based on the emotions and feelings of the manager that are in contextual with the objectives and goals of the organization. It is observed that if the objective metrics is unknown for the employees then they will remain frustrated and angry. This would result in fear and disengagement from the employee side (Kaufman, 2007). Resources- Resources play an important role as they are very important in achievement of the above mentioned points. To accomplish the goals and objectives of the organization, there is a requirement of all the resources that will be needed in future. It is the duty of manager to supply a relevant amount of resources to the employees so that the work can be done. resources can be material, training, staff, consultants, etc. some relevant task that a manager should perform regarding the management of resources are the current presence co the resources, by what time the employee can achieve the contextual objective with the given amount of resources, and does the goals and objectives warrant the amount of resources available to the employees. It is possible that the limited resources leads in the innovation in the organization but to achieve the contextual goals it is required to have an adequate amount of resources in the organization (Mayhew, 2016). Autonomy- Autonomy is something that is synonymous with the directed behavior of the manager and the employee. In this lever, engagement of the employee is directly linked with the implementation of the task of the employees. This autonomy is not single as it is tied up with the other levers of the retention that are competent manager, contextual goals, objective metrics, and resources. The autonomy can be achieved at the last stage when all the above mentioned levers are achieved. It works through the choice of the employee when he himself feels that he is an important part of the organization and his contribution is very necessary for the organization. In this way, he performs best in the organization as he is self motivated and satisfied with the organization (Nayab, 2011). Task 4 Job description of HR of National Australian Bank Administrative work Documentation of files, data, information Terminations of employees Absence of employees Performance and performance reports of the employees Compensation of the employees Benefits information to the employees Besides all above, the Hr mangers of National Australian Bank perform the primary functions of recruitment, hiring, selection, training of the new employees, etc. (Reynolds, 2016) A detailed description of the most suitable type of performance review method in National Australian Bank 360 degree evaluation It is the most suitable method to review the performance f the employees. In this method, the effectiveness of the employees lies within the organization and the members of the organization. In 360 degree appraisal method, the evaluation of performance is on though the reviews from the managers; of the other department that whether the employee is coming on a regular basis or not, is the performance of the employee with the organization is improving, etc. The effectiveness of the employees and its performance helps the organization in the process of evaluation of the performance. It also comes from the job description of the employee and the effectiveness to which they work in the National Australian Bank (Root, 2016). Suitability of 360 degree performance appraisal method for National Australian Bank It provides an opportunity to the Hr and leaders to judge the performance of the organization. It helps to increase the self-awareness of the employees. The employees are able to clarify the behaviors of them in the organization. It changes the perception of the employees from how the things can do or what gets done. The promotion of dialogue is takes place through 360 degree appraisal. The relationship between the workers can be improved and it encourages the personal development of them. The performance and the accountability increased through 360 degree appraisal (Schuler, Jackson, 2008). Pros and cons of 360 degree performance appraisal method S. No. Pros Cons 1 Increment in self-awareness Complex in nature 2 Clarity in behavior Time taking 3 Measurement of values and performance Trouble and tensions 4 Promotion of dialogues Trainings and relevant efforts to have accurate result 5 Improvement in relationships Sometimes, feedbacks are useless 6 Personal development of employees Impose environment of suspicion 7 Accountability - 8 Enhance the performance - Conclusion At last we can conclude that the human resource department is one of the most vital parts of every organization. The employees are termed as the mainstay of any business organization and especially in the banking sectors. National Australian Bank Ltd. that is one of the biggest financial institutions of not only Australia also required Hr team. The roles and responsibilities played by an hr of the company cannot be don e by the other members of the same. The Human resource department is one of the most prominent department o every organization. The need for HR department in National Australian Bank Ltd is as equal as the other companies. Hr is term that is not merely managed the employees but also their salary, wages, needs, wants, satisfaction, etc. The motive is to accomplish the objectives of the organization by fulfilling the need s and wants of the employees. The requirement is to analyze the value of Human resource within the organization. References agri.com, 2016. Australian human resources institute, [Online], Accessed on: 26 November 2016, Available at: https://www.ahri.com.au/assist/recruitment-and-selection Amsj.com.2016. 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