Recruitment for standard chartered bank and commercial banks
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Recruitment: The aim of the recruitment is to ensure that the Organization's demand for employees is met by attracting potential employees (recruits) in a cost effective and timely manner.
Selection: Employee Selection is the process of putting right men on right job. It is a procedure of matching organizational requirements with the skills and qualifications of people. Effective selection can be done only when there is effective matching. By selecting best candidate for the required job, the organization will get quality performance of employees.
Standard Chartered Bank
Recruitment process of Standard Chartered Bank
The bank's Management Development Scheme takes place in Colombo, where they recruit management trainees. Never the less, Standard Chartered Bank has provided the opportunity for those candidates who are interested in this scheme to apply to their local cities. Per year around 40 management associates are been recruited. The aim of the management is to recruit graduates and post graduates with different backgrounds and experiences yet, the best and the brightest talent in market.
Whom do they recruit?
Young and talented graduates or postgraduates, who are willing to start their career in the financial service industry
Consistent academic performer throughout his/her education
Innovative, ambitious, energetic 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.
Analysis for Standard Chartered Banks recruitment
Human Resource Recruitment is defined as any practice or activity carried on by the organization with the primary purpose of identifying and attracting potential employees. The goal of an organizational recruitment program is to ensure that the organization has a number of reasonably qualified applicants (who would find the job acceptable) to choose from when a vacancy occurs.
Selection Process of Standard Chartered Bank
Employee selections at Standard Chartered Bank are based on knowledge, skills and talent. The bank is committed to provide the equal opportunities to all employees regardless of gender, race, age, disability, nationality, ethnic origin or material status. Never the less, Standard Chartered Bank also identifies what unique strengths each individual brings, to the roles they carry out and the development of these strengths.
Standard Chartered Bank mostly uses face-to-face interviews as their selection method. Therefore, when suitable applicants are been chosen through the recruitment process the bank set appointments for interviews with them. Afterwards, upon arrival, have each interviewee fill out a job application form and give them a copy of the position's written job description. After interviews are completed, human resource manager of Standard Chartered Bank selects two or three candidates that fits for the vacant job and have them come in for a follow-up interview. This is where the management discuses about salary, benefits etc. Thereafter, the final employee selection takes place based upon these second-level interviews and makes an offer to the Human Resource Manager's first choice.
Analysis for Standard Charted Banks selection
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 met 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, race, nationality, age, disability, ethnic origin, or marital status.
Recruitment Process of Commercial Bank
The human resources staff at Commercial Bank first makes sure recruitment plans are set based on business goals and analyzing of history. Then looks at the job a requirement and list the skills, knowledge, experience and ability needed. Mainly the recruitment activities of the bank are carried out at least four times per year. Shown below are some figures, which have been taken from a past year.
Five employees retired under normal retirements.
Fifteen resigned under voluntary retirement.
Three expired during the period under view.
Commercial Bank has also come up with new recruitment opportunities due to the expansion of the bank. Therefore, to fill these vacancies Commercial Bank follows the internal and external recruitment methods. Whereas, it should be noted that when there is a vacancy the bank first tries to fill the space with an existing employee by following the internal recruitment method. If the requirements cannot be met by the internal method then they move into the external recruitment. In addition, it is clear that the bank follows both ways to select the best candidate.
The internal procedure
This method is used to fill a vacancy of Commercial Bank, using an existing employee with the right requirements and qualifications. Therefore, if there is any vacancy the management of the bank will advertise it in the internal newsletter, which is handed over to all the employees making more space for opportunities. Within one week's time if the bank finds a suitable person from the company itself to fill the vacant position, most probably they are given the job. Commercial Bank faces many advantages due to the internal recruitment method. They are as show below,
Cost effectiveness - the bank should invest money upon recruitment, selection and training & development when picking an employee externally. This can cut off by the internal method of recruitment.
Gives more motivation to all the employees and leads to promotions.
Increase commitment to the company by the employees.
The external procedure
Commercial Bank depends on external labor market, when they do not find existing employees who has the required knowledge, experience or skills for the vacant opportunity. The human resource department of the bank will be informed by the management of the respective departments, which has job vacancies and will be provided with the description of the job and other information.
The job description contains the following information,
Title of immediate supervisors' job
Purpose of the job
Number of subordinates
Responsibilities of the job
Limits of authority
Vocation of the job
Advertising is a crucial step when it comes to recruiting and attracting the best candidates. By identifying the social and intellectual skills, the Human Resource department will prepare the advertisements. When it comes to advertising vacancies Commercial Bank mainly uses the newspaper advertising method and their website. Commercial Bank uses the following principles for effective advertising,
Explains the details about the company
Advertises under the company name
Provides sufficient details about the vacant position
Points out personal requirements
States the main terms and conditions of employment
States whom the application should be directed
After the applications are been handed out, the human resource department will divide the applications as required into relevant categories. Thereafter, the divided application forms will be given to the relevant departments with the vacancies.
The recruitment procedure takes quite a long time since the human resource department has entangle in a load of work and should put a lot of effort.
Summary of the recruitment process of Commercial Bank
The human resource department receives request for recruitment of employees from respective departments of the bank
The human resource manager gathers information.
The recruitment method (internal or external) is been decided by the management
A list is prepared with the required qualifications, skills and knowledge
Preparation of job notices
Collecting the received applications
Reducing and picking the appropriate candidates
Evaluation of external & internal methods of recruitment
Both the organizations that have been discussed above uses both internal and external recruitment methods. Yet, it should be noticed that for an organization it is more cost effective to use the internal method. It is clear that a company has to put aside a certain amount when it comes to the processes of recruiting selecting and training & development. Therefore, if the company can find an existing employee with the right requirements to fill up a vacancy, the cost will be less as for the above processes would not have to be practiced.
However, the internal method can also hold a disadvantage. By recruiting, a candidate externally may bring more knowledge, skills and diversity to the organization. In certain instances, the internal method would not be eligible to do so. Therefore, by external recruitment the organization will be able to find the best candidates for the vacant job than from the internal method. Hereby, it is clear that both internal and external methods are valuable for an organization in the recruitment process.
Selection Process of Commercial Bank
Commercial Banks management explores both internal and external sources for replacement needs. Internal recruitment is where the bank is supplied with the work force within the company itself. This can be an action of either transferring or promotion. There are many uniform ways Commercial Bank uses their internal recruitment method. Mostly the bank uses the inventories, which is also known as a computerized database that is contained with the basic information of all the employees. The inventory carries the information about each employee's skills, knowledge, performance and other relevant characteristics.
Commercial Banks selection process is an attempt to find the qualified and best candidates for vacant jobs in the organization. Therefore, once the recruitment process is taken place the management of the bank finds the best fitting people to fill the available spaces through the selection process. For this, several different methods such as selection tests, preliminary screenings and comprehensive interviews are held at Commercial Bank.
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