This assignment is about the management in a company. The company I choose is HSBC (Hong Kong Shangai Banking Corporation). In this company, there are a few management theories are used are discussed in this assignment.
Background information of HSBC
HSBC was foundedÂ by one man's inspiration during the late 19th century. A Scottish manÂ named 'Thomas Sunderland', whoÂ worked in Hong Kong - during the late 19th century at the Hong Kong.
Superintendent of the Peninsular and Oriental Steam NavigationÂ company, and from those many years of work, this one man soon came to realise the considerable demand that there was for local bankingÂ facilities, within Hong Kong and Chinese territories, and since these difficult periods of time, this man helped to establish HSBCÂ of which at that time it was named and known as: "The Hong Kong andÂ Shanghai Banking Corporation Limited", and both the headquarters andÂ the first branch opened, in the year of 1865.Â
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Ever since the year of 1865, when the first headquarters and branchÂ were established, throughout the late nineteenth and early twentiethÂ century's, the institute/company took its first opportunity to grow,Â even further; expanding the business by establishing sophisticatedlyÂ structured network of agencies and branches, throughout Asia and byÂ also representing many other countries (Europe, the west and so on) inÂ which many of these branches were at that time the pioneers, orÂ leaders in practicing modern banking.
But however there was a setback, for the bank, which came during theÂ time of when the Second World War began, in which the business wasÂ therefore forced to close down several of branches, and had toÂ temporarily move its headquarters to London. But as well as to thisÂ being a disadvantage to the organisation, it also ended up becoming aÂ great advantage; a way of expanding the business by far imaginable,Â then the bank first imagined. I say this because from the moment ofÂ when the Second World War ended, the bank played a key role in theÂ reconstruction of the Hong Kong economy, then the bank set about toÂ even further diversify the geographical growth and spread of the bank.Â
What type of a business is HSBC?Â
Well as you may be aware that in which ever local borough you go to, visit or pass by, you are most certainly going to see a local HSBCÂ branch, within that particular location, this is solely due to factÂ that HSBC is the most/first largest financial institute within theÂ United Kingdom, not only to mention that this organisation is theÂ world's most second largest banking and financial service provider inÂ the world!
With a well-established business throughout the world,Â providing a wide variety of services, to those who seek help;Â financially, such services include: personal financial services (whichÂ include current and savings account, mortgages, insurance, creditÂ cards, loans, pensions and investments), consumer finance (creditÂ cards, consumer loans, vehicle finance, etc), commercial banking (thisÂ is aimed at small or medium-size enterprises), corporate, investment banking and markets and private banking, is all part of the lines ofÂ business HSBC operates in.Â
As an enterprise, HSBC is an organisation that is capable of bringingÂ in, a vast amount of money/income to the business, and this thereforeÂ adds an even greater sense of just how big HSBC really is; comprisingÂ over 9,500 offices worldwide. In conclusion to this point, based onÂ precise and up-to-date information on their financial statistics regarding the total assets that was gained by the business, is simplyÂ unique in its very own way, and from the fact sheet, which I haveÂ obtained, it states that the business gained an impressive Â£595Â
billion at 30th of June 2003, of which in simple terms this can leadÂ us, to see the type of scale this firm operates on - in relation toÂ the amount of customers who obtain services/financial support fromÂ HSBC, which consists of a very large amount of people, ranging fromÂ almost 100 million customers worldwide, with an even further totalÂ e-customer base of 11 million.
As a result of these figures, it's notÂ to mention that in order for HSBC to have such/or to even gaining suchÂ an amount of both customers and revenue at the same time, can be inÂ some terms relate to the levels or to the number of people who areÂ employed at HSBC, which is quite a considerable amount of 218,000Â employees in 79 countries and territories worldwide, all of which playÂ a vital part in ensuring the success of HSBC.Â
Human Resources Planning
Always on Time
Marked to Standard
This section involves information regarding human resources planning -Â that would include information creating a strategic plan, in havingÂ the right number of employees for a business's specific needs, whichÂ will also include information on the labour market and how theyÂ operate, within HSBC, and the effects that the following factors willÂ have on the labour market,
Any sort of skill shortages;
If there is any forms of competition between employees;
The ability of labour (both internally and externally which the business (HSBC) can use as an additional resource.
In relation to this section of human resources planning, It would alsoÂ involve me gathering information on how HSBC organises its labourÂ duties, and several other factors of a wide range of informationÂ regarding the process of decision making - in relation to internalÂ staffing, such as information on:Â
Sickness and accidents
Age, skills and training needs
As well to interpreting statistical information, relating to human resources planning (as this will also have a great significance andÂ will contribute a lot, in analysing how the human resource departmentÂ
plans some of their basic activities).Â
In this section, it would involve me to put information regardingÂ 'performance management', and some examples of the following methodsÂ that HSBC uses to manage the performance of its employees:Â
Performance reviews including appraisals
Target setting for individual and groups
Measuring individual and group output/ production
And to find information on just how important training and developmentÂ is to HSBC, in terms of enhancing the performance of individuals andÂ groups of employees, and the need of being aware for competitiveÂ
businesses to link performance reviews and evaluations to appropriateÂ training and development needs of individuals.Â
The information of understanding the environment which HSBC attemptsÂ to manage the performance of their employees, in particular therefore,Â I would need to understand the key aspects of legislations affectingÂ factors, such as the maximum number of hours employees can work in aÂ week, etc, the regulations governing leave arrangements (includingÂ maternity and paternity leave) and minimum wage rates.Â
And finally within this section I would need to acquire the knowledgeÂ of just how employee motivation and the significance of both financialÂ and non-financial factors in terms of motivation, and theÂ identification of the influence that the following motivationÂ theories/ideas have had, on the ways in which HSBC manages itsÂ
Frederick Taylor's principles of scientific management;
Putting the right person on the job with the correct tools and equipment.
Having a standardized method of doing the job.
Providing an economic incentive to the worker.
Abraham Maslow's hierarchy of needs
Love and belonging
Douglas McGregor'sÂ TheoryÂ X and YÂ
Authoritarian management style
The average person dislikes work and will avoid it. Therefore most people must be forces with the treat of punishment to work towards the organizational.
Participating management style
Effort in work is as natural as work and play. People will apply self control and self direction in the pursuit of organisation objectives without external control or the treat of punishment. Commitment to objection is a function of rewards of achievement.
Frederick Herzberg's two-factor theoryÂ
Pay and benefits
I would also have to cover the responsibilities that are covered byÂ the human resources function at HSBC, and the importance of theseÂ resources to HSBC. I would also need to understand how internalÂ staffing information and external labour market information can helpÂ plan human resources at HSBC and how they will use this information. IÂ would also need to understand how any possible conflicts of interestÂ between the human resource functions that would take place, and howÂ they will affect the business.Â
And finally I would need to acquire information based on, the purposeÂ of performance management and HSBC's approach to motivational theory,Â and information on one human resources job role, with examples of howÂ the work is carried out and how it is evaluated in terms of itsÂ contribution to the business.Â
Recruitment and Selection
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This section will make me cover and gain a sound understanding, of howÂ recruitment and selection is carried out and maintained, throughoutÂ one business, and it will involve me in finding out information, onÂ how and why the decision to recruit staff are made, such factors wouldÂ include:Â
The growth of the business
Changing job roles within the business;Â
Filling vacancies created by resignation, retirement, dismissal
And internal promotion
This section will also help me gain a good coherent understanding, ofÂ just how costly recruiting and the selection of employees can be, inÂ terms of resources devoted to the recruitment process and any otherÂ costs that are associated with recruiting poor performing staff, andÂ the reasons for it being important to HSBC to accurately select theÂ appropriate individuals for an interview, which is carried out, inÂ order of searching and selecting the right person, and or in otherÂ terms of information and the following examples on:Â
The preparation of personal specifications and job descriptions
The careful planning of how, where and when to advertise theseÂ
document or vacancies
Â The identifications of the strengths and weaknesses of jobÂ applications, is obliged too - and the key implications forÂ recruitment on the following legislations: - Race Relations ActÂ
1976, Equal Pay Act 1970, Sex Discrimination Act 1975 and theÂ Disability Discrimination Act 1995.
The identification of the appropriate use of different methods of assessment such as psychometric and aptitude testing are carried out.
The identification of good interview skills
And identifying the criteria for evaluating the recruitment process.
I will also have to discuss information on how important it is to HSBCÂ to recruit and maintain a flexible workforce, if they are to remainÂ competitive, and information on the different bases for recruitingÂ people for a flexible workforce, which should include information onÂ such factors, such as:Â
The different modes of employment used
Different terms and conditions
Part time , temporary and contract labour
And finally relating to this section, I would have to understand, howÂ contracts of employment help HSBC achieve a flexible workforce and how are put together, and the key implications that seek to protectÂ the rights of employees relating to contracts of employment.
Training and Development
I would also need to find the differences and to distinguish betweenÂ on- the- job training and off- the- job training and transferable andÂ non-transferable skills, which arise from training programmes. And theÂ need for me to understand how nationally recognisedÂ qualifications/-training structures, such as Investors in People andÂ Individual Learning Accounts, contribute to how HSBC trains andÂ develops it employees.