The main purpose of human resource management is to create and to keep the balance between the firm’s goals and the interests of the employees.
Standard Chartered is the world’s leading promising markets bank. It is headquarter situated in London. Its businesses though, have always been overwhelmingly international. Standard Chartered is name after two banks, which merged in 1969. They originally have known as the Standard Chartered Bank of British South Africa and the Chartered Bank of India, Australia and China.
2. HRM Activities of SCB:
HRM means Human Resource Management which activities are programs designed in response to achieve those objectives.HRM practices have shown to be valuable to any company’s success. Thus to be successful in a global market place, the challenge for all businesses regardless of size is to invest in human resources. They need to select and retain talented employees, undertake employee training and development programs and dismantle traditional bureaucratic structures that limit employee’s ability to be innovative and creative.
2.1: Human resource planning:
Human resource planning is the process of systematically reviewing human resource requirements to ensure that the required numbers of employees with the required skills are available when needed.
Human resource planning involves forecasting the numbers of people which will needed by the bank at Standard chartered Bank , and then working out the best way of obtaining then as well as when they are essential.
Forecasting is the major function of the bank’s HR department. The forecasting activities include:
1. Workforce numbers in enough detail to be useful.
2. Likely changes to the work of the Bank.
3. Work force supply – this involves forecasting the variations in the current work force estimated to occur over the following years.
4. Contact on budgets and financial support.
Who is responsible for:
It is easy to shift liability and say that personnel and human resource departments should carry out HR development, but it should be the concern of every manager. As the Bank, operates in a dynamic environment where new and advanced practices are frequently emerging resulting in changing customer’s desires.
Good Practice Indicators:
Standard Chartered Bank makes sure that effective human resource planning processes are in place when,
1. Appropriately, skilled people are available to be deployed in the Bank’s to meet forecast work demands.
2. The Bank’s structure provides with opportunity for appropriate career development , and is perceived to contribute to effective and efficient work practices.
3. Relevant workforce data is readily available to inform management decision making on human resource issues.
Standard Chartered Bank’s Structure:
The Bank’s structure is the means by which the work of integrated to ensure that the objectives and activities of individual work teams and departments match the overall goals.
The structure of the Bank provides scope for the flexible deployment of people to promote equity, job satisfaction, motivation and commitment to goals; as well as providing access to career development.
Workforce Analysis (Supply and Demand)
The valuable gathering and analysis of workforce statistics trends in the workforce to be consider with the specific requirements for skilled and qualified people to assemble the corporate aims to be kept in mind.
Workforce figures and analysis support Bank’s efficiency and effectiveness by providing a firm basis for human resource planning. Any information gathering systems in place should support manages and be reactive to their needs as well as being easily reachable in the place of work.
2.2: Recruitment and Selection:
The Bank’s Management Trainee Development Scheme takes place in Karachi, where they recruit management trainees. Alternatively, candidates can apply to their local cities. It is the aim of management to recruit young, bright, energetic and enthusiastic graduates and post graduates.
Whom are recruiting the SCB?
Bright, young, graduate or a postgraduate person, who cannot wait to start his/ her career in the financial sector.
Consistent academic performer throughout his/her education.
Energetic, ambitious, innovative and business-oriented person.
Standard Chartered Bank recruits the most talented individuals from the external market to supplement their internal pipeline of talent. Their Human Resources department provides guidance on the use of psychometric tests and has robust recruitment criteria to ensure that all candidates are treated fairly, equally and with respect. It has a global Graduate Recruitment Program; where in the region of 150 graduates are recruited each year on a management trainee program across all businesses, functions and countries.
If you need assistance with writing your essay, our professional essay writing service is here to help!Essay Writing Service
The selection criteria of Standard Chartered are based on knowledge, skills and talent. They are committed to providing equality of opportunity to all employees, regardless of gender, age, race, nationality, ethnic origin, disability, or marital status. They are committed not only to providing equality of opportunity to all employee, but also identifying what unique strengths each individual brings to the roles they carry out and the development of these strengths.
Employee health , well-being and safety:
Standard Chartered Bank believes that the health and well-being of their workers and their family is most important. They are anxious not only about the physical health of their employees , but also their mental and emotional well- being. Standard Chartered has policies & practices that provide for a safe and healthy working environment. They place importance on the safety and well-being of their staff, communities and on the effect its working and operational processes have on the environment. They are continually developing policies and practices designed to maintain the highest appropriate standards.
2.3: Compensation and usefulness:
The compensation package provided to the employees can divided into two categories of Slandered Chartered Bank. One is the sales personnel, who are compensate on their ability to meet their targets. Second is compensating the executives who are responsible for the overall functions of the Bank.
Compensating and usefulness the Sales Force:
How the Bank present itself to its for profit as well as individual customers is dependent upon the capability of its sales force. These are the persons who take an active approach is getting the message out about the Bank’s goods and services. How effectively the sales team markets the Bank and in run, how successful it is, is in a straight line related to the sales costs program.
The key to a successful sale compensation program is achieved in three steps:
Clearly essential sales goals that are realistic but challenging
Tracking and measuring presentation against goals
Rewarding achievement with competitive and motivational compensation
Sales compensation packages typically include one or more of the following workings:
Periodic incentives tied to short-term goals
Annual Incentives tied to longer-term sales activities
Perquisites to facilitate sales efforts
Executive Compensation and usefulness:
The way the Bank pays its top management plays an important role in motivating the essential performance needed to run it successfully. Base salary is not the only component of the typical executive’s compensation package. Executive compensation packages typically comprise the following components:
Long-Term Capital Accumulation
Deferred Compensation Arrangements
Supplement Benefits and Perquisites
Special Severance and Retirement Arrangements
Employment and Change of Control Agreements
The essay has been undertaken to measure the Human Resource Management practices of Standard Chartered Bank with the prime focus at formulation of strategies and policy, and how it contributes in implementing the strategies.
The information related to the project has been composed from the Standard Chartered Bank, Islamabad Branch.
As we know, forces are a growing industry of Pakistan and many firms are striving to deliver value added services to the consumers. In this regard, banks are constantly focusing towards getting better their services. Standard Chartered Bank also does it. This Bank has evolved tremendously during the last couple of years and now has become one of the principal banks in Pakistan.
Keeping this in view, the study has been undertake to recognize the strategies and plans of the Bank to identify the methods adopted by the Bank to train and induce their people and work force.
Human resources management includes a range of activities , and among them is deciding what employment needs an organization has and whether to use autonomous contractors or hire employees to fill these needs , recruiting and training the best employees , ensuring they are high performers , dealing with performance issues and ensuring the personnel and executive practices conforms to various system. Activities also include managing their move towards to employee benefits and compensation, employee record and persons policies.
Outstanding group use performance capacity systems to agree on whether they are fulfilling their vision and meeting their customer-focused strategic goals. Leading-edge organizations use performance measurement to gain insight into, and make judgments about, the effectiveness and good organization of their programs, processes, and people. These best-in-class organization decide on what indicators they will use the measure their progress in meeting strategic goals and objectives, gather and analyze performance data and then use those data to drive improvements in their organization and successfully translate strategy into action.
Thus in today’s organizations, the use of Strategic Human Resource Management in order is to help set agree-upon performance goals, allocate and prioritize resources, inform managers to either confirm or change current policy or program directions to meet those goals , and report on the success in meeting those goals.
3.1 Performance makes a different study of in Pakistan:
Standard Chartered has been in Pakistan since 1863 and is one of the greatest functional foreign banks. There are 6 Standard Chartered Bank ‘s branches and 15 Grind lays branches have been acquired which makes a total of 21 brushwood operating in Pakistan that offer full banking services in corporate, institutional and consumer banking and custody services. Adopting a pro-active approach, the bank is able to offer a flexible and comprehensive range of financial services in particular transactional banking products. The bank has also invested in its branches to ensure that their business is supported by high-tech operations using state-of-the-art technology. Passionate customer services with solution-oriented cash specialists to provide customers with cost-effective solutions. Electronic release system has been put in place to give clients highest control of their transactions. Pakistan’s currency in the Rupee (Swift code: PKR)
4. Human Resource Model:
4.2: HR model
5.1 Human Resource Planning:
HR planning is a process, which anticipates and maps out the consequences of business strategy on an organization’s human resources. This is shimmering in planning of skill and competence needs as well as total headcounts. Every organization needs to be able to forecast and plan for its future people wishes.
At Standard Chartered Bank , human resource planning involves forecasting the numbers of nation which will needed by the bank , and then working out the best way of obtaining then as and when they are required.
Forecasting is the major function of the bank’s HR department. The forecasting activities include:
Workforce numbers in sufficient detail to be useful.
Likely changes to the work of the bank.
work force supply – this involves forecasting the variations in the current work force estimated to occur over the following years.
impact on budgets and funding.
Who ‘s responsible for it?
It is easy to shift responsibility as well as say that personnel and human resource departments should carry out HR planning, but it should be the concern of every manager. As the Bank operates in a dynamic environment where new and advanced practices are frequently emerging resulting in shifting customer’s requirements.
Good Practice Indicators:
Standard Chartered Bank makes sure that effective human resource planning process are in place when
Appropriately, skilled people are available to be deployed in the Bank’s to meet forecast work demands.
The Bank’s structure provides with opportunity for appropriate career development, and is perceived to contribute to effective and efficient work practices.
4. Relevant workforce data is readily available to inform management decision making on human resource issues.
Standard Chartered Bank ‘s Structure:
The Bank’s structure is the means by which the work is integrated to ensure that the objectives and activities of individual work teams and departments match the overall goals.
The structure of the Bank provides scope for the flexible deployment of people and to promote equity, job satisfaction, motivation and commitment to goals; as well as providing access to career development.
Workforce Analysis (Supply and Demand)
The effective collection and analysis of workforce statistics trends in the workforce to be considered with the specific requirements for skilled and qualified people to meet the corporate aims to be kept in mind.
Workforce statistics and analysis support Bank’s efficiency and effectiveness by providing a firm basis for human resource planning. Any information gathering systems in place should support manages and be responsive to their needs as well as being easily accessible in the workplace.
Development is crucial to our future company success. Our bank’s presentation will only maintain to progress if we increase our people you. To assemble up our people is to proceed in our prospective. We know you are encouraged to be successful, to be excellent at your job and improvement as remote as you can.
As Standard Chartered, training is an organization linking the member of staff and the Bank. The Bank provides a construction within which the member of staff can classify the guidance and development needs. Such training provides a dependable standard of management education right the way through Standard Chartered. It also enables the employees to take all of the programs or study for individual modules according to their exacting improvement requests.
The Initial Two Years:
What the employee can expect to experience during initial 2 years training is a blend of core and discretionary elements , such as:
Induction the processes that introduces the new entrant to the bank, the employee’s own business or function and particular department.
Training in specific products or technical skills.
Work-based assignments in respective business or function i.e. doing a job in a particular department for a period of time.
Cross-functional attachments – experiencing short period spent in another business or support function.
Long Term Training:
Development and training does not stop after two years. After this initial training, the employees are faced with internal development programs, business-related studies and professional qualifications, and the bank offers the opportunity to develop skills through externally accredited courses. These are designed in conjunction with top universities and business schools including postgraduate, MBA.
External Schools Executive Development
MBA Diploma in Management
Certificate in Management Foundation Course
Every staff member joining measure Standard Chartered Bank has to attend a 2-day all-inclusive direction to get a feel about the Bank and its business. This orientation program provides a good chance to meet with seniors & colleagues and to build up the team strength.
ii. Product Training:
The product training is providing cash product training, operational training etc. To help the related staff to learn more about the products is that the Bank is providing.
iii. Skill Training:
The bank provides a lot of skill related training e.g. credit workshop, sales & negotiation skills, project management, etc. to help staff enhance their skill in particular aspects.
iv. On-job Training:
Staff members are continuously involved in the learning process in the form of on-job training. Thus, a lot of on-job training opportunities and job rotation to increase staff’s exposure are providing.
The bank sends out CDs and books to staff for them to study on activate knowledge, credit knowledge etc and staff will choose when he/she will attend the Trade Skill Assessment (TSA) and Credit Skill Assessment (CSA).
vi. Management Development Training:
In this training program, the employees are giving strategic perspectives and business goals management skills; people management, networking and patron focus abilities to better understand and manage their jobs.
vii. Specific Competency Training:
Specific Competence Training is to ensure that the staffs excel in product knowledge, dictatorial and unique techniques needed for the exacting position.
viii. Learning and Development:
Standard Chartered recognizes that it is essential that they have the best people equipped with the right skills and knowledge to act upon their roles to the highest standards. They went talented professionals, who seek self-development opportunities together with continuing proficient development. In return, the Bank offers exceptional training and development. They focus development on where they believe that they will get the greatest return, by developing employee’s strengths.
HR Planning practice consists of forecasting, goal background and strategic planning, and program functioning and valuation.
HR managers should attempt to discover the supply of and claim for an assortment of types of human resources. The primary goal is to predict areas within the organization where there will be opportunity labour shortages or surpluses.
Operates in a dynamic environment where new and advanced practices are frequently emerging resulting in changing customer’s requirements as the Bank. Not only this, the demands on existing staff resources swing in order to maintain the condition of services, it becomes even more critical that all managers contribute to HR planning in a construction way.
Human Resource Recruitment is defined add any practice or activity carried on by the organization with the primary purpose of identifying and attracting potential employees.
The goal of an secretarial recruitment program is to ensure that the society has a number of reasonably practised applicants (who would find the job acceptable) to choose from when a vacancy occurs.
Standard Chartered Bank recruits the most artistic individuals from the exterior market to supplement our internal conduit of talent. Their Human Resources department provides guidance on the use of psychometric tests and has robust recruitment criteria to ensure that all candidates are treating fairly, equally and with high opinion. It has a global Graduate Recruitment Program; where in the region of 150 graduates are recruiting each year on a management trainee program across all businesses, functions and countries.
Any organization that intends to compete through people must take the utmost care with how it chooses organizational members. Personnel selection is the process by which companies decide who will or will not be allowed into their organization. Several generic standards should be meeting in any selection process, which are reliability, validity, utility, and legality.
Standard Chartered selects employees based on knowledge, skills and talent. They are committed to providing equality of opportunity to all employees, regardless of gender, event, nationality , age , disability , ethnic origin , or marital status.
1.3 Training & Development:
Training refers to a planned effort by a company to facilitate the learning of job-related knowledge, skills, or behaviour by employees.
Standard Chartered provides a framework within which the employee can identify the training and development needs. Such training provides a consistent standard of management learning throughout Standard Chartered . It also enables the employees to take all of the programs or study for individual modules according to their particular development needs.
Development Programs are carried out in the first two years of joining , applicable to all management trainees, across the Bank. Each business and function would decide the appropriate development needs for each individual , within this overall framework.
Each organization must create and communicate performance measures that reflect its unique strategy.
Performance management is the process through which managers ensure that employee activities and outputs are congruent with the organization’s goals. It is central to gaining competitive advantage.
A well-executive performance management plan enables an organization to achieve critical goals such as :
1. Recognize the efforts and contributions of current staff.
2. Reward staff with compensation directly linked to performance.
3. Motivate staff to improved performance.
4. Orient staff towards goal achievement.
5. Retain key employees using competitive compensation programs.
6. Attract quality employees with an effective performance management system.
The key elements of a Performance Management System include the following:
A Formal Compensation Philosophy Statement
Salary Administration Program
Job Evaluation System
Performance Appraisal System
Based on the study, several suggestions have been making. These include:
In order to successful demeanour the performance measurement process, Standard Chartered Grind lies Bank should formulate effective internal and external communication mechanism.
A conceptual framework understood by all levels of the bank should be developed.
Accountability for results must be clearly defined and well understood.
Performance measurement system must provide intelligence for decision makers rather than just compiling data.
Compensation , rewards and recognition should be linked to performance measurements.
Performance evaluation should be positive and not punitive.
Employees should be specific as to what is expected from them so that they direct their efforts towards achieving those expectations.
Feedback on the evaluation should be provided to the employees so that they can improve their performance.
Lastly, performance measurement systems should not be seen as an end , but a beginning.
Today Standard Chartered is the world’s leading emerging markets bank employing 30,000 people in over 500 offices in more than 50 countries primarily in countries in the Asia Pacific Region, South Asia, the Middle East, Africa and the Americans.
The new millennium bas brought with it two of the largest acquisitions in the history of the bank with purchase of Grind lays Bank from the ANZ Group and the acquisition of the Chase Consumer Banking operations in Hong Kong in 2000.
Cite This Work
To export a reference to this article please select a referencing stye below:
Related ServicesView all
DMCA / Removal Request
If you are the original writer of this essay and no longer wish to have your work published on UKEssays.com then please: