The Four Functional Areas Of The Banking Industry

This report will provide an overview of the shift in Human Resource Management from collective to individualised approaches to Employee Relations and will also explain the concept of the psychological contract and consider its importance for contemporary Employee Relations practice. “The terms ‘human resource management’ (HRM) AND ‘human resources’ (HR) have largely replaced the ‘personnel management ‘as a description of the processes involved in managing people in organisation’s” (Armstrong, 2009, p.4).

The functional areas of business are areas that allow the organization to operate, develop, and progress abiding by laws and regulations when implementing policies and procedures in the organization to all employees and management. There are 10 functional areas of business: Management, law, human resources management, leadership, accounting, finance, economics, research and statistics, operations management, marketing, and strategic planning. The two functional areas that will be covered are human resources management and strategic planning because these are the two related to the human resources manager and developing the organization into a

Executives believe that their emphasis on HR activities has contributed significantly to the Bank of Montreal’s achieving period profits for seven years in a row. In summary, it is evident that the transition of HR management at GE Fanuc and at Bank of Montreal has enhanced organizational competitiveness and success.1

The roles of the managerial accounting manager are to make decisions, forecast and plan, and create budgets for the organization. The accounting manager has to be detailed and precise in making decisions. The decisions they make are used by the division managers for them to adjust their strategies for achieving their goals. Decisions made by the manager can range from what the company should charge for a product or service to how much it should cost the organization to make or supply the product or service. The accuracy of the managerial accounting manager’s decisions is essential to the organizations managers balancing the supply and demand for their areas (Johnson, 2013).

P1.3- Evaluate the roles and responsibilities of line managers at the Harrods human resource department

The study of human resource management becomes a major topic of the science of management at the beginning of 20th century and keeps attracting researchers’ attention (Merkle, 1980). The new models of human resource management derive from the advance of management theories and the accumulation of practices and experiences. With the development of global economy, the economic situation of each country deeply affects the world and becomes closely connected. In addition, the needs of customers vary and differ from one another. Within organizations, the role, function, and content of human resource management have greatly changed. This change and reform starts from the US. One of the critical reasons that the US organizations lead the world is that they implement successful and effective human resource management, which is a major drawback in Chinese organizations that hinders their development. Therefore, it is imperatively important to understand the differences between human resource management in the US companies and Chinese counterparts. In this way, the article could reach conclusions that help improve the efficiency of Chinese human resource management.

The banking industry started long time ago to provide financial services to merchants in Athens, Venice, Genoa, Florence, and other commercial cities (Conant, 1915). Coins and banknotes were used to facilitate trading and exchanging goods. As the idea of money movement grew, central banks were developed to act as a third party center of trust (Rousseau & Sylla, 2003). For decades, banks used to work in the same manner using the same traditional business models as banknotes and paper records. In 1967, the first ATM machine was introduced (Kumbhar, 2011). The SWIFT foundation was then established in 1973 to secure money transactions between different banks. Swift messages do not transfer money; they just send PO (Payment Orders) that must be settled by financial institutions worldwide (Scott & Zachariadis, 2014). Recently, new changes took place in the surrounding environment where new digital products appeared, regulations were mandated, and customer behavior patterns were developed (Hirst, 2017). Bitcoin was introduced in 2009, though still not used in traditional banks, but it has emerged a new era of digitizing money and is considered as internet of money (Ali, et al., 2014). With these rapid changes, the need for strong credit scoring systems increases. Some countries have strict scoring systems based on customers’ historical loans and payments records, while other countries have less strict systems where people simply get

Aside from its internal business development, the team also had to reorder various external requirements both as a public company and as a credit institution, which is subject to comply with requirements of the European Banking Authority. The financial division took immediate actions and acquired a common financial platform for all the group members, offering to the employees a clear vision over the individual financial performance and the group

Human resources management is the process of hiring and developing employees so that they become more valuable to the organization. Human Resource Management includes conducting job analyses, planning personnel needs, recruiting the right people for the job, orienting and training, managing wages and salaries, providing benefits and incentives, evaluating performance, resolving disputes, and communicating with all employees at all levels. Examples of core qualities of human resources management are extensive knowledge of the industry, leadership, and effective negotiation skills.

Take a minute to reflect on all of the jobs and positions you have held, was there someone identified as a Human Resource Manager? What types of duties did the Human Resource Manager have? Human Resource Management (HRM) is the managing of human skills and talents to make sure they are used effectively and in alignment with an organization’s goals, (Youssef 2015). Human Resource Managers work to build the capacity of employees to achieve these organizational goals by means of planning, recruitment, selection, development and many more aspects. These aspects and others, when done effectively, can aide Human Resource Managers in accomplishing their primary function of aligning employee’s abilities with an organization’s goals.

“Performance bonuses offer a win-win gain to both organisations and employees. Discuss, making reference to both theory and case examples”

 Five years’ direct management, with teams ranging in size from 3 to 9 direct reports. Duties involved staff resource planning, maintaining a budget, interviewing potential employment candidates, conducting formal performance evaluations, performance tracking, and mentoring. Adept at establishing and maintaining business customer relations; organize and prioritize key issues from a strategic and tactical position. This is in addition to eleven years’ leadership experience. Including Wells Fargo as a technical team lead within application development and system support groups. Awarded Wells Fargo Corporate Title of Officer in 2010.  Seven years’ business experience coordinating marketing initiatives from concept to completion, product management, directing resources, and maintaining relationships. Responsibilities include developing business requirements, identifying key performance indicators (KPI), presentation delivery, analysis of website statistics, developing customer relationship management (CRM) tools, market research, website user interface (UI) design, quality assurance (QA), and user experience (UX) testing.

The focus of Lean lies on building a client-centered organization. Banks have always struggled to deliver excellent customer experience due to processes that are not adapted to the customer's need. Moreover, it is mostly a negative perception of the banking industry that hurts customer satisfaction. Lean initiatives are rising rapidly in banking, yet their approach is still too much focused on reaching operational excellence. A focus on the cultural aspects of Lean would ensure, in the first place, that the entire organization is working together in improving its customer service, but more importantly, all employees will be inspired to deliver continuously excellent customer service. Here is some of the challenge in banking management and benefit of lean.

As a financial service provider, the banking industry employs an abundance of standardized processes. In order to deliver a professional, accurate and fast service to customers, as well as to maintain the motivation and performance of banking staff, it is critical to design a smooth and friendly process for various types of service requests, or in other words, to allocate the tasks to appropriate positions. The purpose of this paper is to discuss the impacts on performance resulting from the job design in retail banking so as to demonstrate the ability of the author to apply the operations management concept into real life.

to co llect and struct ure all exper ience and knowledge fro m d ifferent staffs,