Discuss about the Strength and Weaknesses HRM in DBS Bank.
DBS Bank is the largest bank of the South East Asia by assets. The bank operates in more than 17 markets (Huat, 2014). The bank has around 250 branches and over 1100 ATMs in around 50 cities of the country (Muraleedharan, 2014). It is a multinational company and have branches in Dubai, china, Indonesia, Hong Kong, India, South Korea, Japan, Malaysia, Philippines, Myanmar, Taiwan, Vietnam, Thailand, United States and even in United Kingdom. The Human Resource Management department of the bank mainly believes that an organization is said to be successful by considering certain things. These things include “the person who is working must be passionate and talented, the leader should be such talented that they can articulate the organizational vision, can achieve the organizational understanding and provide a support for the particular business initiatives, the leader should also follow activities that energizes the junior staff whom they lead” (Singh et al., 2012). In this assignment, the focus is to explore the responsible human resource management practices and the social responsibilities of the DBS bank, Singapore. The strengths and weaknesses would also be discussed.
The bank follows a basic policy the staffs, which are recruited should be able to deliver their best quality of work 24X7, which would be reflected in the organizational performance towards their customers. Keeping this on mind, the company has incorporated policies, philosophies and strategies for paying special attention in management process of employees that are the most important resource and stakeholder for the organization (Sia, Soh & Weill, 2016). In addition to the focus of the human resource, the bank has significant contribution towards the society. The management structure followed by the organization includes customer focused and effective services, which are based on the pivotal resources and skills, for ensuring that the organizational objectives are being met (Dbs.com, 2016).
The human resource management committee of DBS bank has implemented regulations, policies, processes, and regulations for monitoring and improving the performance of each domain of the bank. The bank influences intra-company transfer, according to the employee’s convenience. Within different domains, upon which the HRM department of DBS is focused, including Ethical issues of Recruitment and promotion, labour practices, social responsibility, Privacy Issues, Responsibility of HRM and Responsible Compensation; the responsible HRM and social responsibility of DBS would be discussed in the next section (Manzoor, 2012).
The bank is the leading financial service group in Singapore and has the strongest credit ratings of “AA” and “Aa1” throughout the Asia-pacific region. The organization includes corporate, retail and institutional customers’ throughout the Asian countries including India, China, Malaysia, Philippines, Thailand and Hong Kong. Thus, the DBS chairperson revealed that to sustain their presence through these countries, DBS has focused upon the development of sustainable competitive advantage by strengthening DBS organizational culture, through the incorporation of more customer-centric strategies and effective human resource management practice (Chong & Chan, 2014).
The bank included robust performance management system, including rewards, which helps the employees to differentiate their talent and perform their best, satisfying their customers. DBS believes in two ways communication within the management and the employees, which is the way to gain competitive advantages. The two-way communication helps the employees to feel valued and be encouraged; it helps the organization to make a workforce, focused on the customer-centric practices. In “DBS’s Wealth proposition plan”, the organization has followed Bank Smart strategy; this strategy included approximately 5000 man-hours of training focused on the relationship managers, who are the crucial resources for serving the high Net worth individuals in Singapore (Goyal & Joshi, 2012). The bank has achieved the competitive advantage in the industry through the effective and potential work force, which has been achieved by introducing senior leadership team right in place, attracting the best talent throughout the world, focusing on effective staff training and combining the wealth creation with solution-based wealth management.
To demonstrate the responsible HRM in DBS bank, three HRM strategies of DBS bank should be discussed and analyzed.
Tom Pederson, the head of “Talent Management and learning and development”, has adopted the leadership development process and philosophy at DBS, as a result, the bank was rewarded with the “Best leadership development award” in the year 2012. The leadership development program and training programs are developed by mapping out the leadership succession plan with a vision for next 3 to 5 years (Marler, 2012). Upon implementation of the leadership development program resulted in the promotion of Management committee members within the organization. The DBS leadership development included several best practices. One of this is the development and sustainable growth of Asian leaders in Singapore and exporting them in the other Asian countries with a leading role. Muraleedharan, (2014) claimed that the leadership program of DBS bank is the finest educator of bank employees, for teaching them about the ways of managing DBS workforce. In addition, during the development of talent pool of potential leaders in DBS, the program focused upon defining the role of managers in the bank specifically. The leadership development program has focused upon the sustainable leadership and management. The organization is following the central base of Grounded theory, for developing potential leaders in DBS bank.
DBS’s management sources both local and foreign talent, which has made the bank, the largest and best HRM winner throughout the world. However, the small pool of employees is not sufficient for DBS to satisfy the organizational talent demand, which influence the organization to import expatriate talent. 16 top management executives are expatriates in DBS bank. Sourcing and relocating talent from abroad help in achieving certain strategic directions in DBS bank . Resourcing staffs from abroad help to gain advanced technical skills from the other financial market, to meet the talent shortage in Singapore along with the regional expansion calls for regional ‘know-how’. Thus, the bank established a strategic business plan, which will attract global talent base. For attracting the expatriate talent from abroad, the organization expenses huge amount for brand presence and offers significant career development (Sia, Soh & Weill, 2016).
The CEO of the organization, Piyush Gupta, gave a significant effort on the training development. The organization has developed a learning, training and development framework, as a part of organizational HRM strategy. Training in advanced domains is privotal requirement for the bank, as the organization has an entered in a significant growth phase with an international presence. Three domains covered by the training programs at DBS, which are product and technical knowledge, leadership and cultural skills and personal excellence (Van De Voorde et al., 2012).
The organization has shown significant effort in attaining their role as a social organization. DBS actively contributes to the economic and social development of the communities. The CSR activities undertaken by the bank involved the commitment of human resource and financial support to the society, which helped in improving the brand image of the bank in international community. DBS launched a SDG 50 million in February 2014 in the concurrence with “Singapore’s 50th year as a nation”. The CSR efforts of the bank have been strengthened by the DBS foundation, for addressing the evolution of social needs in different regions (Singavarapu & Singh, 2016).
DBS has contributed in several community development initiatives, over years. The organization has significant contribution in supporting the educational needs of the Asian children. The DBS bank also provided significant contribution in relief efforts during any crises or natural disaster throughout the region. It has been revealed that, the organizational view of addressing the numerous social challenges linked with the rapidly growing Asia is to nurture social enterprises and making the organization as self-sustaining business, i.e. gaining the ability to creatively deal with the social needs (Singh et al., 2012).
Another CSR activity of the organization is the “people of purpose”, which is a staff volunteer movement in the bank, for engaging employees, bringing the organizational values to life and enhancing the advantages of staff’s niche skills and time management (Finance’s, 2015). The goal of this movement is to make significant contributions to the society, where the bank operates.
DBS announced its commitment to enliven Marina Bay, by introducing a slew of activities, which would attract people to the bay. The organization developed some programs in this context, these include DBS sailing at Bay, DBS live your dream, DBS Marina Regatta and POSB Passion Run for Kids. It has been revealed that the DBS initiatives have attracted approximately 100,000 people to the bay, promoting cultural activities (www.dbs.com, 2016).
Strengths:
Weaknesses
Only weakness within the organization’s workforce is lack of diversity. Near about 60% employees are women which shows human resource department of the organization has failed to develop a diversified workforce in terms of gender.
Strengths
Weaknesses
With the slow retrieval of the worldwide economy and a lack of foremost economic actions in the public and private segments, it is evident that national economy recovery in Singapore in doubtful in near terms. In this situation, banks in Singapore including DBS will face issues to hold on to its profitability (Muraleedharan, 2014). DBS bank is engaged in several corporate social activities that consume a huge amount of financial resources. Therefore, in this situation, their activities related to corporate social responsibility might hurt their profitability even more.
Conclusion
In conclusion, it can be said that DBS has an excellent international organizational brand image, which is a major strength of the organization. The HRM practices in the band are focused on the employee and customer’s well-being. The organization has significant contribution in social well being, which also affects positively upon the organizational reputation.
Reference List
Chong, M., & Chan, C. W. (2014). DBS: Transforming The Culture Of An Asian Bank.
Dbs.com. (2016). Annual Report – Organisation Structure. Retrieved 20 September 2016, from https://www.dbs.com/dbsgroup/annual98/Pages/orgstruc.html
Finance’s, G. (2015). Global Finance names the world’s 50 safest banks 2015.
Goyal, K. A., & Joshi, V. (2012). Indian Banking Industry: challenges and opportunities. International Journal of Business Research and Management,3(1), 18-28.
Manzoor, Q. A. (2012). Impact of employees motivation on organizational effectiveness. Business management and strategy, 3(1), 1.
Marler, J. H. (2012). Strategic human resource management in context: a historical and global perspective. The Academy of Management Perspectives, 26(2), 6-11.
Muraleedharan, D. (2014). Modern banking: theory and practice. PHI Learning Pvt. Ltd..
Sia, S. K., Soh, C., & Weill, P. (2016). How DBS Bank Pursued a Digital Business Strategy. MIS Quarterly Executive, 15(2).
Singh, S., Darwish, T. K., Costa, A. C., & Anderson, N. (2012). Measuring HRM and organisational performance: concepts, issues, and framework. Management Decision, 50(4), 651-667.
Van De Voorde, K., Paauwe, J., & Van Veldhoven, M. (2012). Employee wellâ€Âbeing and the HRM–organizational performance relationship: a review of quantitative studies. International Journal of Management Reviews, 14(4), 391-407.
www.dbs.com,. (2016). Governance of Corporate Social Responsibility. www.dbs.com. Retrieved 26 September 2016, from https://www.dbs.com/in/iwov-resources/pdf/Common/dbs-csr-policy-india-19-12-2014.pdf
www.dbs.com,. (2016). Towards an Inclusive Asia. www.dbs.com. Retrieved 26 September 2016, from https://www.dbs.com/corporate-citizenship/
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