Section A To what extent does the approach being taken by Macquarie Bank demonstrate features of SHRM? (10 marks) There are 3 models of Strategic Human Resource Management (SHRM) being taken by Macquarie Bank – the best practice view, the best fit view and the resources-based approach. Each approach is capable to make impact in an organizational performance, usually through increased competitive advantage and added value. The meaning of SHRM can only really be understood in the context of something else, namely organizational performance, whether that be in terms of economic value added and increased shareholder value, customer value added and increased market share, or people added value through increased employee commitment and …show more content…
With the greater size and complexity created problems of co-ordination. The answer was to create additional structures, systems and controls. They produced a “goals and values’ statement, held values about cultural and business behavior. Also, they created cross-functional synergies through more systematic communication by management across these centres. Question 1.2 Using as a reference starting point the current policy priorities identified in the case to draw up a comprehensive framework for making a strategic HRM intervention utilizing idea and practices from a across module. You should consider recent events in the Banking Sector and consider what the impact might be on the SHRM. (20 marks) According to the previous essay, few current policy priority areas have been discussed with 3 models of SHRM. Macquarie Bank has been successful in using an incremental adjustment process while operating in a rapidly changing environment. During the period of deregulation, Macquarie switched their bank’s strategic focus from merchant banking to a process of diversification. It built up strength in specialist markets, particularly in high value-added niches (market segments) like corporate services, bullion and commodities. They entered a range new areas including retail domestic banking, equity investments, property and leasing. When the company was getting bigger and greater size, complexity created problems of co-ordination.
The purpose of this reflective paper is to show my understanding along with what I have learned about HRM (human resources management) and the different way HRM impacts the success behind every business, along with the rules and regulations that go with it. Over the last five weeks I have learned quite a bit about HRM and will reflect on that throughout this paper. “Human resource management is the managing of human skills and talents to make sure they are used effectively and in alignment with an organizations goals.” (Youssef, 2012). I will be including the things I learned throughout the last five weeks in this
HR must enact its own strategies which can aid the organization in meeting its goals and mission. They are referred to as strategic human resource management (SHRM). SHRM is “a pattern of planned human resource deployments and activities intended to enable an organization to achieve its goals” (Noe et al., 2002, 55). The following are examples in which HR strategies can positively impact an organization in meeting its desired outcomes.
As the global business environment becomes increasingly competitive, more and more organisations are targeting human resources as a means of strategically gaining competitive advantage. Strategic human resource management (SHRM) is a constantly evolving process which is concerned with providing a strategic framework that supports an organisation’s long term business goals. The logic behind this is that organisations are using new innovative technologies to provide qualitative low- cost solutions, and are trying to manage their human assets more effectively (Wright,
RBC’s strategy of pleasing everyone, by fitting in with their needs or expectations is not sustainable over the long-run. Sustainable competitive advantage happens once a firm has awestruck a strong market niche in which a differentiated set of products and services serve a select client sector grater. RBC’s strategy of serving all niches cannot be successful in the long-run. RBC is providing a range of products or services in one place by leveraging its acquisitions to become a totally integrated financial
The Society for Human Resource Management (SHRM) is the largest expert alliance committed to human resource management in the world. The main objective of the foundation is
According to Armstrong, SHRM can match people to the strategic and operational needs of the organization (Armstrong, 2011). It develops human resource planning reasonably based on the organization’s operational plan, development strategy, current situation of HR management system, and analysis on HR related information. SHRM can also manage the talented individuals to meet present and future needs of the organization (Armstrong, 2011). It can setup systematic HR training system that is combined with employees’ personal development plan, in order to provide the organization with the talents and meet the development needs. It can also develop a climate of learning in which employees are more willingly to enlarge their work skills and develop the levels of competences. SHRM provides employees with motivating and interesting work and offers sufficient autonomy and flexibility (Armstrong, 2011). It contributes to performance management by focusing on the entire process from performance planning, examination, evaluation, feedback, to motivation. In this way, the organization will develop a constantly improved performance. Despite the benefits mentioned above, SHRM can also develop a vital stock of knowledge within the organization, developing a climate of cooperation and trust, developing motivation, commitment and job engagement, etc (Armstrong, 2011). It will not only focus on if the applicants fit the position during recruitment process, but also
RBC Royal Bank is the fastest growing financial institution in Canada. It has gained a lot of success over the past few years. It stands in the first position among the top five banks listed in order of market capitalization on Toronto Stock Exchange as of November 2015. According to Henry John Heinz, “To do a common thing uncommonly well brings success.” (Henry John Heinz, (n.d)). RBC is following the similar strategy in its business. Savings account, Chequing account, and other retail banking products are offered by other banks too, but RBC offers the same products in its unique way. RBC has more of a focus on clients; it builds very good business relations with clients. Recruitment of its well-skilled employees is also one of
This assessment task has given me a greater appreciation of the importance of banks and the role they play in a creating a fruitful economic position for our country. Likewise, the RBA is influential and plays a role. Although they are allegedly not influenced by politics, I’m sure there are people in their ear at all times. Managing something as simplistically complex as the economy must be an arduous task.
Wright and McMahan (1994) define strategic HRM as “the pattern of planned Human Resource deployments and activities intended to enable the organisation to achieve its goals.” A HR function should impact the success of an organisation; a policy must remain current and suitable to both the internal and external environment. Ulrich and Lake (1990) affirm, ‘HRM systems can be the source of organisational capabilities that allow organisations to learn and capitalise on new opportunities.’
Using the CHRM Decision-Making Framework, consider an organisation’s actual or potential SHRM response to influential factors and link them to the organisation’s internal HRM.
CRITICALLY COMPARE AND CONTRAST THE 'BEST FIT', 'BEST PRACTICE' AND 'RESOURCE-BASED VIEW', MODELS OF HRM STRATEGY AND EXPLAIN HOW EACH APPROACH IS ARGUED TO CONTRIBUTE TO IMPROVED ORGANISATIONAL PERFORMANCE.
The integrative model of human resource SHRM includes elements of both the control-based and the resource-based SHRM. Desired outcome dictates the elements that will be employed. HR policies can employ elements of commitment, collaboration, traditional and paternal control as needed to support its business strategy. Commitment strategies seek and develop internal talents to meet skill needed. Employees are seen as business partners and competitive advantage agents. Traditional HR and collaborative HR strategies have elements of externally acquiring physical resource or skills. External recruiting in the case of traditional HR strategy and subcontracting and hiring of consultants as part of the collaborative strategy can be used to provide competitive advantages to firms. External talents while providing short term advantages can be a disadvantage in the long term due to cost and potential threat to the firm business. The paternalistic HR strategy provides rewards for employees who learn and follow the company prescriptive directive for success.
Tyson, S. (1997) Human Resource Strategy: a process for managing the contribution of HRM to organizational performance. International Journal of Human Resource Management 8[3],
According to group´s performance from 2002-2006 identifies that Barclays´ performance underpinnings are represented by its strategy of acquiring other banking (such as ABN Amro and Banco Zaragozano) concerns to expand its retail as well as other banking services through representation in international markets as represented by the bank’s presence in 60 countries. This provides Barclays with the means to sell its highly profitable investment banking services as well as be positioned to service the cadre of multinational companies that utilize its diverse banking financial service packages.
Within this essay an in depth analysis will be conducted on the difference between Human Resource Management and Strategic Human Resource Management using contemporary perspectives. Human Resource Management (HRM) is the process of managing human resources in a systematic way. It is a practice devised to maximise the performance of employees and is concerned with the application of management principles to manage organisational personnel while paying attention to the policies and systems of the entity (Delaney & Huselid, 1996). Strategic Human Resource Management (SHRM) is a function of management which entails development of policies, programmes and practices related to human resources, which are aligned with business strategy so as to achieve the strategic objectives of the organisation (Patrick M. Wright, 1992). Its primary purpose is to improve the performance of the business and maintain a culture that encourages innovation and works continuously to gain competitive advantage. In this essay the Resource-Based View, High Performance Management and High Commitment Management perspectives of Strategic Human Resource Management and Traditional and Collaborative