The paper 'Performance and Reward Management for Common Wealth Bank of Australia " is an outstanding example of a management case study. The human resource function is the most significant contributor to effectiveness and growth in an organization. This means that organizations should be deliberately concerned with training, development and motivation of its employees as an ongoing performance management process. According to Elorza, et al. , (2016), performance management should be concerned with sustaining good performance and improving poor performance. Scientific methods proposed by theorists such as Frederick Taylor proved to be effective in improving poor performance.
However, as noted by (Garg and Rastogi, 2006), such theories have not been as effective in managing the performance of high-performing, informed, ambitious and creative workers who dominate the 21st-century workplace. This calls for the use of different approaches to motivate and retain high-performing workers. This paper will analyze the best human resource management (HRM) practices that could be applied by the Common Wealth Bank of Australia (CBA) to better manage the performance of a newly hired 31-year old Business Development Manager (BDM). The report will highlight relevant performance management issues that relate to motivation and retention of productive employees working in such crucial positions of an organization.
The report will further identify approaches that can be adopted by CBA to align its reward management strategy to the appropriate performance management to be adopted in the case of the BDM. In addition, the report will explore the relevance of supporting CBA’ s corporate strategies with its HRM function with respect to managing employee performance. Case Background One month ago, a high-performing 31 y/o was hired for the position of a Business Development Manager by the Commonwealth Bank of Australia.
This was after a rigorous recruitment process that identified him as the ideal candidate for the position. He has been a much-focused employee and his immediate boss feels he will be an important asset towards the realization of CBA’ s strategic goals. However, he is showing signs of boredom and lack of enthusiasm in the new role. He has even indicated that he might look for a new job with a different organization. In regards to this development, this report seeks to recommend the best HRM practices that could be employed in motivating and retaining the unmotivated high-performing employee working as a BDM with CBA.
The report will recommend effective actions and strategies that could be adopted by the HRM function to tap the productivity of the high-performing employee towards the achievement of the organization's strategic vision. Best practice in performance management that could be effective in motivating and retaining the newly-hired BDM at CBA. Aligning the CBA’ s strategic plan with its Human Resource planning According to (Buchner, 2007), the process of strategy formulation, implementation and evaluation should involve all the departments in the organization.
For instance, the organization cost planning should reflect strategies such as the sustainable use of resources. Similarly, the recruitment, training, development and motivation initiatives in the HRM function should reflect organizational goals such as improved customer experience, increase in innovative products and more (Tabassi and Bakar, 2009). The strategic vision of the Commonwealth Bank of Australia is to excel at securing and enhancing the financial wellbeing of people, businesses and communities. In order to achieve this vision, the company has focused its efforts on building its strategic strength in the brand, scale and a diversified business mix.
It is critically important that the position of the BDM is aligned with this strategic direction of CBA. Most importantly, the individual career and developmental aspirations of the BDM should be aligned with the vision of CBA. For example, the BDM should be allowed to come up with innovative and disruptive financial products that challenge his knowledge, creativity and persistence in pushing a new product in the market. Such a product will enhance the strategic strength of CBA in terms of diversifying its product portfolio.
According to Boxall, and Macky, (2009), high-performance employees are likely to be significantly motivated by opportunities to contribute and experiment with ideas in an environment that accommodates innovation.