This paper examines The Nova Scotia Bank of Jamaica and its human resources functions, especially as it relates to recruitment and selection, it also seeks to identifying strategies that can be used to reduce the cost if its human resource.
Human Resource involves all management decisions and practices that directly affects or influence the people or human resource who works for the organization; they deal with the administration, management and training of personnel. The human resource manager has to perform the entire critical role in the life of any business.
The Bank of Nova Scotia was established in Jamaica in 1889. What began with a small banking office in Kingston is today, a sophisticated island wide network of 42 branches. With a staff of over 1600, Scotia bank Jamaica provides state-of-the-art retail and commercial banking services to the Jamaican public. Scotia bank has taken the longer view and has established its reputation as a strong, stable, and reliable participant in Jamaica's continuing growth and development (islandnewsletter) Their commitment to customers -You're Safe with Us- is more than just an advertising slogan; it is backed by the experience and stability accompanying a century of continuous and progressive banking operations in Jamaica. (islandnewsletter) When recruiting individuals within this particular organization for a job, vacancies are first posted within the organization internally through emails to their existing employees or members. If the vacancy is still not filled the firm then externally advertises the vacant position in various newspapers and on their official website according to a representative at the St. Ann's Bay branch. The Bank of Nova Scotia has a Staff Training Centre for its employees. New recruits are sent on an orientation course which basically teaches them the history of the company, the expectations of the organizations, the mission statement of the business, the core values, service standards and more. First the recruits have to their training through online courses, then and understudy of an existing member of any branch and after that they would basically work on their own.
Factors that influence human resource functions
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After assessing the Nova Scotia Bank of Jamaica, we found out that there are several factors that influence their human resource functions, namely;
Competition - Competition in the human resources field is different than almost any other department in the company. When it comes to finding the right talent, your company is competing with every other company in the area. Scotia is a very popular organization, which gives them an edge over other companies in finding well qualified employees.
Work Experience - This is a period of time that someone, especially young person spends working somewhere in order to gain experience of a particular type of job.
Advantages of Work Experience
At Scotia they mainly select candidates with relevant work experience so as to save the company's time and capital required to provide training services. This method is used by HR's when selecting and recruiting workers.
Reduces employee turnover by hiring qualified candidates. According to the Online Business Dictionary Labor Turnover can be the ratio of the number of employees that leave a company through attrition, dismissal, or resignation during a period to the number of employees on payroll during the same period. When we put the Scotia Human Resources Department in place with labor turnover; dislocated workers, organizational structure, recruitment and job design all have an impact on the turnover.
Disadvantages of Work Experience
Members without relevant work experience are automatically rejected from the job selection process.
Hiring candidates without work experience will cost the organization time and money for training staff members.
Salary Requirement - A salary requirement is the amount of compensation a person would require to accept a position. Some employers ask job candidates to give them a salary requirement when they apply for a job. Most people include their salary requirement in a brief sentence in their cover letter. While you can give a specific number for your required salary, most people choose to remain flexible. Some people give aÂ salary range, while others say salary is negotiable.
Advantage of Salary Requirement
Candidates are sometime able to negotiate a required salary based on their skills and qualification.
Always on Time
Marked to Standard
Disadvantages of Salary Requirement
Candidates who require a salary greater than what the employer offers are typically eliminated from the selection process.
Organization may suffer a loss from not hiring well qualified candidates because of their inability to compensate them based on their skills, qualification and potential.
Technology - From day to day, our world has been changed gradually from one condition to another. New ideas always come up to the minds of every people to make the living better. Nowadays, technology has advanced in tremendous leaps and bounds. We cannot imagine the world without technological advances such as computer, televisions, and machines and so on. Scotia bank use technology as a way to gain competitive edge in the market. Technology helps in all processes from recruit to retire functions and has drastically changed the way employees and managers get access to the human resource data and also to connect people and information is the challenge faced by the business leaders presently.
The wide range of impact of technology on HR can be clearly viewed on the HR functions such as:
Training & development
Payroll & attendance records
Employee benefits etc
The major disadvantage of the use of technology on HR is that they become more depending on technology as a substitute to human interactions may lead to loss of potential talents.
HR is all about managing people, which requires human interaction and face to face communication, and as human element will always remain significant in HR, a balance should be maintained between the IT and the human aspect.
Technological obsolescence also poses to be a problem. Obsolescence occurs very fast that the information relied on obsolete technologies becomes inaccessible in certain cases. Hence, the HR technology systems, if not estimated and measured will lead to problems.
Education - Human resources specialists have diverse duties and levels of responsibility, so the educational requirements in the field vary. At Scotia, it is a must that the candidate require be knowledgeable in accounts, mathematics and English
Demographic changes - Demographic changes refer to things referring to age, population, composition of work force etc. A number of people retire every year. A new batch of graduates with specialization turns out every year. This can change the appointment or the removal in the company.
Legislation - This dictates how long an organization must retain personnel records and employee data, what can be stored and how. Eg. The health act among others place obligations on employers to safe guard the confidentiality of employee medical information and to make sure company mangers operate within the confines of the law.
Strategies to Reduce the Cost of Human Resources
By defining what is core an organization can now ruthlessly prioritize HR activity and minimize their fixed costs. Core HR functions include those activities which must be delivered in order for the business to manage its people on a day to day basis. These include HR administration, payroll, employee and industrial relations, business planning, people risk management and management information. The core functions can be delivered in a more streamlined way while other non-core functions such as learning and recruitment can be procured on a flexible basis as and when needed. (deloitte)
Ways of reducing HR cost:
Provide incentives and/or benefits to existing employees - such as rewards and recognition to express your appreciation towards them to reassure them staying with the company instead of having to recruit new members and train them.
Hiring Freezes - hiring new employees while cutting jobs at the same time. A hiring freeze constitutes a mild form of downsizing and reduces labor costs in the short term.
Hiring on a Contractual Basis - Hiring on this basis is cheaper rather than hiring full time. As recession deepens and lengthens many employees would accept a pay cut as preferable to redundancy. (deloitte)
By making it a half virtue company - A virtual company is that company that employs electronic means to transact business
Downsizing or reducing the amount of H R departments. Scotia has a human resource department at each location; they can reduce the cost by having less or one central HR department.
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Increasing the use of technology - this is where they can have services been offered online for eg. Online banking.
Some other ways is to reduce health care cost by implement health and wellness program, by improve hiring and by having standardized government polices