Human Resource Management
Human Resource Management (HRM) can be defined as a set of interrelated functions and processes undertaken to attract, develop, motivate and maintain a high performing workforce within an organization. The essence of HRM therefore is to bring different people with varying socio-cultural background to work together to achieve an organization's objectives. This is achieved by ensuring the congruence of organizational objectives with the needs of its employees.Employees are arguably the most important resources of an organization since they possess capabilities (i.e. knowledge, skills and competencies) that make the organization achieve its objectives. Thus employees drive organizational performance, and the way they are managed has significant bearing on the achievement of organizational goals and objectives.In cognisance of these, Cal Merchant Bank's HRM strategy has been designed to attract and retain highly competent people, satisfy their needs, and enhance the utilization of their knowledge and skills in fulfilment of the Bank's objective of using automation and technology to provide expeditious delivery of quality banking and corporate advisory services, with a view to moving into the top three position in the banki
This stems, in part, from the confidentiality principle of pay. It is clear from the foregoing that management needs to work at removing these misconceptions and the distrust of employees by ensuring transparency, equity and fairness in pay administration to ensure an effective pay system for the Bank. The Bank has an open system of recruitment and the HRD uses the best recruitment method(s) to reach the target population at the least cost. Furthermore, appraisers must be taken through formal training on how to conduct effective appraisals, and also to take notes on critical incidences in the course of the year as guides. The Bank has instituted its benefits programme for the benefit of its employees; and therefore it is desirable, and indeed necessary to get their involvement to make the benefits programme more meaningful and relevant for them. ConclusionTo facilitate its business, Cal Merchant Bank has designed policies in line with its HRM strategy, which seeks to get the best out of its workforce and to make the company a preferred one for very knowledgeable and skilful job seekers. One way to address the problem of inequities in the Bank's pay system is to encourage information flow (as in PMS) and to increase transparency to remove/reduce speculation and misconception about its administration. It is therefore suggested that the right staffing levels must be achieved especially as the Bank continues to grow and increase its business. One of the biggest problems affecting this is the Bank's flatter organizational structure, which militates against opportunities for upward promotion, achievement and enhanced status. In line with the HRM strategy, the department establishes staffing levels as part of the annual manpower planning and budgeting process. Furthermore, there must be clear and unambiguous guidelines/rules for the determination of the pay, and this must be known and understood by all parties. This situation is extremely harmful to the organization since it deprives it of highly competent personnel it needs to remain competitive. (c) Modifying the benefits Scheme to take account of the shifting needs of employees as a result of the rapid changes in society.
Common topics in this essay:
Compensation/Pay Pay,
Training Development,
Industry Recruiting,
Evaluation Bank's,
Cafeteria/Flexi Benefits,
Planning SBP,
Planning Bank's,
Head Department,
Resource Department,
Bank Bank,
recruitment selection,
benefits programme,
knowledge skills,
human resource,
staffing levels,
performance appraisal,
pay system,
bank's policy,
benefits scheme,
goals objectives,
personnel remain competitive,
conduct effective appraisals,
competent personnel remain,
training conduct effective,
formal training conduct,
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Acceptance Essays
