Strategic Human Resource Management Plan for National Australian Bank - Example

STRATEGIC HUMAN RESOURCE MANAGEMENT PLAN Name: Course: Course Director: Institution: Date: 1) EXECUTIVE SUMMARY Most Human Resource experts accept that the true importance of an organization’s Human Resource Department (HRD) is the functions and the assets. This is because most of the decisions related to a business are scrutinized by this department while identifying ways that ensure that the process creates a competitive advantage over others in the same field. This report shows all the issues under the strategic analysis of the human resource department and the inter-relations within that lead to the firm’s performance are all based on trivial decisions (Ananthram, & Chan 2013). Looking at the main objectives of this plan which are to explore the issues, opportunities, challenges and risks, to identify guidelines for effective HR and to enhance public confidence it is clear that they create the backbone for the specific objectives (Yuan-Hui 2013). This is because the specific objectives are largely organizational and address the key issues in the company hence developing an overall satisfactory plan suitable for human resource department of the National Australian Bank. 2) INTRODUCTION This report creates a Human Resource Management Plan directed to the construction of better services and reputable growth in the Nation Australian Bank (Yuan-Hui 2013). It is clear that there are two types of objectives that this Human resource plan intends to address, they are the main objectives in relation to the human capital and the specific objectives for the organizational aspect (Yuan-Hui 2013). The ideas and objectives intend to capture the human asset as the largest asset and in most cases, one that differs from all others in terms of physical quality and financial capital (Pedyash, Shi & Nosova 2014). This is because the human performance is difficult to predict and even more challenging to create a particular investment out of it. The overall relationship between the employee, employer and the customer is what creates perceptions that boost the organizational aspect Main Objectives There are three main human resource management objectives for this bank’s plan. They Include: To explore the issues, opportunities, challenges and risks in relation to HR practices of the Bank. To identify guidelines for effective HR profile for the bank to ensure sustainability as a future strategic response To enhance public confidence in National Australian’s banking and financial system Specific Objectives In relation to the organizational sector itself, there are more specific objectives that are crucial to the operations of this plan such as; To formulate necessary monetary and foreign exchange policies To maintain price stability and consolidate the balance of payments for sustainable development of the country’s economy To develop a secure, healthy and efficient system of payments To supervise the banking and financial system in order to maintain its stability and foster its healthy development 3)  COMPANY VISION AND STRATEGY The Banking world is highly progressive due to globalization and the many new entrants into the field (Pedyash, Shi & Nosova 2014). This therefore shows that this plan needs to come up with a vision and a mission that is focused on building and growth of the business as a long term goal is crucial. Below is the most suitable Vision and mission; Vision: “A modern, vibrant, dependable, and effective Bank” Mission: “Maintaining economic stability through sound and operative monetary, foreign exchange, and financial policies” It is certain that for this plan to achieve this vision and mission. There are required strategic evaluations in the key areas that deals with services offered and the relationship with customers. These include competence, performance evaluations and sustainable improvements. 3.1 Competence The sufficiency of both financial and business knowledge among the employees, the management and particularly the members of the HR department is important. This is precisely because it ensures that there is the ability to operate in many situations to achieve price stability, public confidence and growth (Pedyash, Shi, & Nosova 2014). This human resource department plan will therefore ensure that all employees are hired by qualifications and merit only to avoid loss of business (Yuan-Hui 2013). To further crystalize this initiative, a specific panel will be selected to carry out the relevant interviews set up in several levels to test skills and ability to work under pressure. 3.2 Performance Evaluations To ensure that the Human resource department maintains the competence of this bank therefore, there will be critical evaluations carried out every six months and a tough training for new recruits that ensure all selected individuals have the ability to act reasonably. This is the best way to keep track of the employees that are great assets to the Bank and those that are of average performance. The human resource department will establish this as an important measure to all the employees to keep them on their toes when it comes to time keeping, customer relations and business expertise. In cases where the company sees the potential in some of the poorly performing employees or trainees, further training and mentorship may be given. 3.3 Improvements for future sustainability The sustainability of the business in the HR plan will largely focus on keeping up with change, coming up with new ideas and carrying out sufficient research. In most companies, it has been observed that the company trains fresh graduates for long periods of time to nurture their skills and expertise for when they take over in future (Deshmukh 2015). This is a good method that will be adopted in the HR management plan to ensure that the company continues to run regardless of any challenges or change. In other cases, companies have poached employees from better performing firms for fresh ideas and to act as a motivational aspect hence in case of situations that show stagnated growth, the business will find more qualified people that can bring about change and improvement. 3.4 Plans on handling current and future matters In handling current matters that may have adverse effects to the future of the business, the human resource department will invite speakers who have great expertise in the field or organize functions where they can mingle with other business minds. This will ensure the gaining of new ideas on how to handle certain matters and both the staff and the management are able to anticipate any challenge of a similar nature in the future. This therefore shows that this plan will focus mainly on building the reputation as it is the face of the company that attracts customers or equally leads to losses of the same. 4)  Key Strategic HR Issues The analysis above shows that a strategic human resource department is based on two factors. These two factors are the organization’s human capital and the organization system which act as the main resources of the business (Yuan-Hui 2013). In the National Australian Bank therefore, the human resource management plan will focus on the knowledge skills and abilities of the employees to transform the capability of the firm in a unique way. This plan therefore intends to develop a package that is cost efficient and yet helps employees perform their best in terms of policies and practices under the organizational sector. The four challenges that the Human resource management plan will consider in the development of the skills include; the creation of a competitive advantage (Nappinnai & Premavathy 2013). Also, there is the setting up of the organizational infrastructure in a way that the human capital appreciates in value. In addition to this, the department will ensure that the firm’s initiative and actions go hand-in –hand with the overall strategy both in a long term and short term financial basis and lastly, the department will adopt the use of metrics and analysis for purposes of strategic decision making. Figure 1: showing the relationships in the Human Resource department affecting performance Source: (Yuan-Hui 2013). The first instance is a human resource plan to show that greater use of high-performance work systems leads to better business outcomes. This is to say that the concept implicitly assumes that all employees should be treated similarly so as to reap the potential benefits. Examples of questions that will be raised in evaluating this case are; “which employees or groups of employees provide the highest return to the organization?” “What types of HR investments should be made in these employees?” Once the answers to these questions are answered, the bank is sure to have identified competitive advantage in terms of expertise that may be viable for the welfare of the company. Treating all people equally however may have certain challenges as there are the employees that respond to different stimuli and in different ways due to the varied preferences hence may curtail their overall performance. On the issue of research and analysis, it is noticeable that to manage HR investments strategically, it is important to gather information that uses appropriate analytics in the decision making process. HR professionals in the plan will have the ability to identify the type of analytic and data-based capabilities needed to understand and communicate the return associated with their investments 5)  Twelve Month HR Plan For a twelve month plan, there are five main areas which interrelate in a major way that will be taken into utmost consideration as they are the areas that regulate office relationships and the main sources of stability (Deshmukh 2015). They include training of the recruits, performance appraisal and promotions which are tackled under the manpower planning. Then there is the individual and organizational culture and lastly, the performance and career management. 5.1 Manpower Planning This element will be included in the Human resource management plan and it will best evaluate the manpower planning by answering some of the common questions in this area. Such as; “what will be our needs resulting from expansion, contraction or business changes?” “What staff will we have available during the future planning period after attrition and promotion?” “How may we adjust or influence movement within the organization to help us meet our needs?” (Yuan-Hui 2013) The plan therefore is that in staffing supply and demand, the company will estimate the future staffing expectations and availability. This is because, for a stable company, little change on demand or supply will not affect the running of the business so instead of basing this case on assumptions, it is important that the human resource department hire enough people and train other suitable employees in the course of operation (Pedyash, Shi, & Nosova 2014). Sufficiency of staff shows that demand will be satisfied. In addition, the progress of the firm that may bring about promotions and transfers often identified early in time hence enough time to re allocate position. 5.2 Culture and ADR Culture at the work place is both individual and organizational. This means that the entire staff has different backgrounds, religion, beliefs and practices that facilitate the interaction in the office (Pedyash, Shi & Nosova 2014). At the same time, the office itself has a culture which is based on how they operate and make decisions concerning relevant issues. In this HR plan therefore, it is important the National Australian Bank constantly enforces the need to respect each other and the organizational standards at all times (Yiu & Saner 2014). This means that Cultural there should be instilled principles and prescribed punishments for any misconduct to avoid ruining the company’s reputation. In addition, the company can introduce and encourage the Alternative Dispute Resolution (A.D.R) strategies that will help ensure that all members are equal and content with the office requirements. 5.3 Career management The HR plan will ensure that there is performance morale and credibility at all times and that quality surpasses quantity. It is important that a company constantly evaluates its talent utilization, supply gains and losses due to the probability of resignation, retiring or transfers. If at all the reserves or the turnover in this case depreciates, it is important to have the just-in-time talent (Kankaanranta & Ranken 2010). This is a term that refers to the business having the people that they need exactly when they need them. At times, business performance deteriorates and the employees need to lower costs, raise quality and accelerate the speed of growth. 6)  Conclusion The Human Resource department is one of the highest and most vital in any office setting. It reduces the costs of expenses of the firm, as well as, creates a suitable environment for interaction and operations. This Human resource management plan has actualized all there functions in most of the critical areas relating to the National Australian Bank and has set out ways that the company can foster further relations and achieve both the main and specific objective. The key issues have been addressed and have shown how they can help in the achievement of both the mission and vision of the department to ensure further success in the business in terms of competitive advantage. References Ananthram, S, &Chan, C, 2013, Challenges and strategies for global human resource executives: Perspectives from Canada and the United States. European Management Journal, 31(3), pp.223-233. Deshmukh, N, 2015, HR challenges & strategies to attract and retain talent for green field projects. International Journal of Advanced Research in Management and Social Sciences, 4(7), pp.212-220. Kankaanranta, A, & Ranken, B, 2010, BELF competence as business knowledge of internationally operating business professionals. Journal of Business Communication, 47(4), pp.380-407. Nappinnai, MV & Premavathy, N, 2013, Employee attrition and retention in a global competitive scenario. International Journal of Research in Business Management (IMPACT: IJRBM), 1(6), pp.11-14. Pedyash, D, Shi, C, & Nosova, 2014, Influence of CEO's nationality on organizational structure and design, on corporative culture and on innovation (in case of Canadian and Russian Enterprises based in China). Journal of Applied Sciences, 14(9), p.944. Ritter, T & Gemünden, HG, 2004, The impact of a company's business strategy on its technological competence, network competence and innovation success. Journal of business research, 57(5), pp.548-556. 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