Human Resource Management at Hatton National Bank
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01. Introduction
Based on the basic understanding of human recourse management, it is an important strategy and essential approach to the management of an organizations most valuable assets. This report provides information about Human Resource Management functions and approaches use in the Hatton National Bank. This report will pay particular attention to the Human Resource Department and its functions and importance to the organization and will highligten major weaknesses of the Hatton National Bank, while offering suggestions and solution to overcome the current problems. This report will further give an introduction to the Hatton National Bank and its objectives and goals.
02 Task 01
2.1 Introduction to human resource management
Human resources are known to be the most valuable and important assets of an organization, its effective management in todays changing environment is more important than ever before. In the age of globalization the increasing customer expectations are only one of various challenges, which human resource managers have to overcome, by keeping sight of the organizations objectives and goals, as well as the welfare of their most valuable assets. Without manpower the productivity cannot be gained, every machine and equipment has to be handled by a human, therefore it is crucial to encourage and develop the employees motivation, performance and higher productivity, which leads to a higher profitability of the organization. Many aspects have to be considered, every worker is an individual and hence has an own personality, attitude, and shows different traits and behaviors, which claims attention and maintenance. By identifying the talents and skills of the employee and making effective use of it the organizational goals can be achieved easily. Nevertheless humanitarianism and mutuality are priorities in human resource management, and a human resource managers duty is to assure that both, employees and the organization can gain a profit out of their healthy relationship. Only if that criteria is met a competitive advantage can e assured over other organizations.
2.1.1 Importance of human resource management
Effective human resource management contributes to the growth and development of the organization
It helps to avoid grievances and assure a harmonic intercourse among the employees
Satisfied employees are loyal towards their managers and the organization and tend more towards achieving organizational goals.
By identifying the skills of employees the right person can be recruited, which can reduce cost and save time.
2.1.2 Functions of human resource management
Staffing
Staffing of human resources refers to having the appropriate person to perform a specific task, which often requires specialized employees, the process can be conducted either by internal managers or by a company which is specialized on testing and evaluating new employees skills and talents and assign the work. By staffing effectively, various problems can be avoided or totally eliminated. One of the advantages of staffing is the reduced employee turnover, if the employees skills can be recognized in pre stage, and the suitable work can be allocated, it can lead to higher staff satisfaction and productivity. A good human recourse manager should be adaptable and resourceful and should be able to employ qualified candidates, which ensures meeting the wants and needs of the customers in the high demanding market economy.
Performance appraisals
A performance appraisal which can also be referred as performance review is a repetitious procedure, which allows the company to critically evaluate the employees performance and allow the evaluated staff member to give feedback without fearing penalizations. The majority believes that this technique is not the best way to measure an employees performance, since it is very stressful for the people involved, but the thesis is justified with the argument that performance appraisal helps the staff to get a clear idea about how well the work is done. Performance appraisals are most commonly given in written forms, which can be useful documentations when considered the termination. If the employee has been terminated wrongfully, it can be proven easily.
Compensation and benefits
Compensation is known as an approach, provided by the organization, which gives value in exchange to employees for the work performed. A compensation package is often paid by the managers, in order to attract and keep the workers satisfied. Mostly the compensation packages include various additional benefits like insurance packages or retirement programs. According to the organization the compensation and benefits may vary, employees, who are working for a textiles manufacturing company might get a discount for purchasing goods from stores which are operated by the company. Other packages might include, the use of a company car, company paid cell phone services or any other benefits.
Training and development
The term training and development, which is often used in todays business world relates to the process of encouraging the employees of an organization to improve their skills and knowledge, by supporting further studies. In larger Organizations, the human resource department is responsible for training and development of his workers. Only by giving the chance to improve and expand their knowledge the organizations goals can be reached. An effective upward, downward and lateral communication system is necessary to implement the training and developing, only if the human recourse apartment is aware of the lacking, they can provide the necessary solutions and development suggestions to their staff. By evaluation the employees weak points and talents can be high lightened, therefore it is important to conduct an evaluation frequently. For this purpose managers or trainers from outside can be hired, if the internal human recourse department doesnt possess the necessary knowledge or their training and development methods are not up to date. The development of workers by training them is essential for the company and helps to increase the productivity and growth.
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