The human resource management operations of the global organizations across cultural and geographic boundaries have thereby proved to be difficult for the managers. The use of high levels of technology and the ability of managers to communicate with the others in the world are based on the varied and new markets. The international issues are thereby quite difficult to handle by the employees in an effective manner. The international laws and regulations thereby need to be complied by the managers in an effective manner (Albrecht et al., 2015).
The expansion based operations which are performed by the global organizations are thereby based on the methods by which employees are hired from diverse cultural backgrounds. The business organizations which operate in the areas like Europe will thereby require the companies to pay the taxes in an efficient manner. The US based citizens who are a part of the organization need to apply for the work visas and economic data needs to be reported to the government in an effective manner (Anitha, 2014).
The analysis that will be made in the report will be based on the ways by which the managers who are appointed in different areas of operations of the global organizations are able to affect their work process in an effective manner. The major issue which will be considered for analysis in the report is based on the ways by which a manager who has been appointed in a bank in Australia has been affected by the culture and employment based issues.
The banking sector of Australia has been facing huge issues in the current times based on human resource management. The HR directors of the organizations are thereby facing some major issues in the different countries of operations. The banking sector faced huge number of issues based on different factors like, the new regulations and policies. The HR based function is thereby based on the ways by which the regulatory rules can be applied effectively for the employees. The HR directors thereby need to perform many different functions in the banks. The different regulatory restrictions which are faced by the banks are based on the ways by which the talent can move outside the country (Bailey et al., 2018).
The major challenge is based on the ways by which the regulations are able to affect the international markets and the operations of the banks in global areas. The issue which can be analysed in the issue is based on the ways by which a manager who had been operating in the United Kingdom can operate in an effective manner in Australia. The different challenges which can be faced by the manager in Australia can affect the operations of organizations in an effective manner. The banking based organizations which are operating in the United Kingdom the need to face huge number of regulations in their operations in different other countries (Brewster, 2017).
The levels of external intervention in banking have increased in an effective manner in the modern business environment. The different regulations which are considered to be an important part of the effects on human resource management based activities of banks. The HR based strategies that have been developed in the organizations with respect to the performance management activities and issues (Forbes.com, 2018). The HR managers of the companies need to spend huge amounts of time in dealing with several implications of the regulatory issues. The regulatory restrictions which have been developed within the EU have further led to the movement of effective talent in the other areas (Collings, Wood & Szamosi, 2018).
The major challenge is thereby based on the ways by which the companies need to face restrictions in the international markets. The banking industry of the United Kingdom has been able to respond to the new challenges in an effective manner with the help of reward based policies. The labour based laws that have been developed by the organizations are able to affect the industrial relations between the employers and workers. The employment rights which are developed by the organizations are thereby able to affect the employees in the banking industry (Dawn.com, 2018).
The employees who are placed in other countries from the United Kingdom need to follow the laws which are thereby developed in those countries. The banking sector of the United Kingdom has faced major challenges based on the proposed changes which are required to be made to Remuneration Code. The manager who can be placed in a bank in Australia from the United Kingdom needs to take into account the issues which have been faced by the sector. The restoration of the reputation of the banking industry of the United Kingdom is another major factor which can affect the operations of the manager in a huge manner (Hotline & Hotline, 2018).
The workplace relation based laws that are followed in Australia are based on the employee relations based framework which consists of different elements like,
The Commonwealth Parliament is thereby responsible for the proper implementation of the employment based laws which have been developed in Australia. The different organizations which are thereby responsible to oversee the implementation of employment laws include, The Fair Work Commission, The Fair Work Ombudsman and The Registered Organisations Commission (Stone et al., 2015). The employment based relations which are thereby described by the Australian government are thereby followed by the organizations and the employees as well. The manager who has thereby been placed in Australia from the United Kingdom needs to follow the changes in employment relations in the country (Jackson, Schuler & Jiang, 2014). The challenges which are thereby faced by the organization in the banking industry are an important part of the ways by which they can operate in different countries.
Human resource management related activities which are practiced in the banking organizations have become much more importance in the banks which operate in the United Kingdom. HRM has thereby started becoming an important factor in corporate sector of the country. The banking based sector of the country has started growing in a huge manner and there are large number of players which are involved in the banking activities. Banking has also become an important and complex activity in financial markets. The banking based activities are thereby directly related to the financial markets in different countries (Johnson & Szamosi, 2018).
The automation based features of the company also require effective employees in order to manage the different factors which are a part of the management based activities of the progressive banks all over the country. The different layers of employees are thereby required for proper operations of the organizations. The human resources are able to play a major role in the operations of different banks in the United Kingdom. The different success stories of banks in the country have been able to depict that the HRM based activities are quite different as compared proper levels of management of different physical assets. The HRM functions of the banks in the United Kingdom are quite important in the process by which the managers are able to perform in an effective manner (Purce, 2014).
The search for an effective workforce is however considered to be a major function for the operations of the banks in the United Kingdom. The managers who are a part of the banking industry of UK thereby need to take care of the ways by which the culture is able to affect their operations in an effective manner. The levels of compensation are thereby able to play a major role in the performance levels of the employees or the managers of the banks in the United Kingdom. The levels of job satisfaction that is provided to the employees in banking industry is considered to be important for the retention in different posts. The dissatisfied employees cannot be afforded by the management of the employees (Shen & Benson, 2016).
The changes which can take in the culture of banking based industry of Australia are able to affect the operations in a huge manner. The manager who has thereby been assigned in the Australian operations of the bank will have to face some major issues based culture within the organization. The banking based industry of Australia has faced some major issues based on the misconduct which has taken place in the financial services and the banks. The human resources which are a part of the banking sector of Australia have been quite uncomfortable for the managers and confidence of the customers. The different government inquiries which have taken place in the industry of Australia have been provided with huge levels of opposition from the senior executives (Shields et al., 2015).
The community based conflicts which have thereby taken place in the industry are based on the ways by which different operations have been conducted in the industry in an effective manner. The different issues which have been faced by the banking organizations are thereby based on the factors like, branch closures, offshoring, understaffing, management based culture and work based culture. The alignment of the top management and leadership with the employees are based on the ways by which the issues can be solved in an effective manner (Shuck et al., 2014).
The issues which are now occurring in the financial industry of Australia can be depicted in an effective manner with the help of a news which was published in the Sydney Morning Herald in the year 2018. The issue which has been faced in the industry is based on a wealth and bank company named Suncorp. The company had mainly specialised in providing life insurance based activities to more than 100,000 clients in Australia. The major mistake was thereby based on the ways by which huge number of financial advisors from a scandalous organization. The financial license of the company was then withdrawn by the Australian Securities and Investments Commission or ASIC. This had further led to an enquiry on the organization and the huge number of recruitments which were made as well (Adele Ferguson, 2018).
The financial mess which had taken place in the company was then revealed to the investigating organization named Fairfax Media. The license which was provided by the ASIC to Suncorp for providing financial services was withdrawn. The financial advice based business of Suncorp which was named Guardian had then faced huge number of issues and privacy related concerns as well. The documents were also able to provide an important picture based on the financial planning based arm of Suncorp. These issues have been able to depict the lack of proper training and plans in the banking industry and the financial organizations as well (Adele Ferguson, 2018).
Conclusion
The report can be concluded by stating that the manager who has been assigned a position in the bank which operates in the financial industry of Australia needs to consider the issues which can be faced by him in the operations. The problems and issues which have thereby occurred in the industry are based on the ways by which the financial industry has been affected by the lack of planning and management in the organizations. The example which has been described in the report is thereby based on the issues which have occurred in the financial industry and issues faced by managers.
References
Adele Ferguson, R. (2018). Burning and churning: Why Suncorp shuttered its advice business. [online] The Sydney Morning Herald. Available at: https://www.smh.com.au/business/banking-and-finance/guardian-the-story-behind-suncorp-s-shuttered-advice-arm-20180907-p502fk.html [Accessed 10 Sep. 2018].
Albrecht, S. L., Bakker, A. B., Gruman, J. A., Macey, W. H., & Saks, A. M. (2015). Employee engagement, human resource management practices and competitive advantage: An integrated approach. Journal of Organizational Effectiveness: People and Performance, 2(1), 7-35.
Anitha, J. (2014). Determinants of employee engagement and their impact on employee performance. International journal of productivity and performance management, 63(3), 308.
Bailey, C., Mankin, D., Kelliher, C., & Garavan, T. (2018). Strategic human resource management. Oxford University Press.
Brewster, C. (2017). The integration of human resource management and corporate strategy. In Policy and practice in European human resource management (pp. 22-35). Routledge.
Collings, D. G., Wood, G. T., & Szamosi, L. T. (2018). Human resource management: A critical approach. In Human Resource Management (pp. 1-23). Routledge.
Dawn.com. (2018). Human resource management and the banking sector. Retrieved from https://www.dawn.com/news/372439
Forbes.com. (2018). Retrieved from https://www.forbes.com/sites/karenhigginbottom/2015/01/21/hr-challenges-facing-the-banking-sector-in-2015/#3cefd3a14db6
Hotline, J., & Hotline, E. (2018). Australia’s National Workplace Relations System. Retrieved from https://www.jobs.gov.au/australias-national-workplace-relations-system
Jackson, S. E., Schuler, R. S., & Jiang, K. (2014). An aspirational framework for strategic human resource management. The Academy of Management Annals, 8(1), 1-56.
Johnson, P., & Szamosi, L. T. (2018). HRM in changing organizational contexts. In Human Resource Management (pp. 27-48). Routledge.
Purce, J. (2014). The impact of corporate strategy on human resource management. New Perspectives on Human Resource Management (Routledge Revivals), 67.
Shen, J., & Benson, J. (2016). When CSR is a social norm: How socially responsible human resource management affects employee work behavior. Journal of Management, 42(6), 1723-1746.
Shields, J., Brown, M., Kaine, S., Dolle-Samuel, C., North-Samardzic, A., McLean, P., … & Plimmer, G. (2015). Managing employee performance & reward: Concepts, practices, strategies. Cambridge University Press.
Shuck, B., Twyford, D., Reio Jr, T. G., & Shuck, A. (2014). Human resource development practices and employee engagement: Examining the connection with employee turnover intentions. Human Resource Development Quarterly, 25(2), 239-270.
Stone, D. L., Deadrick, D. L., Lukaszewski, K. M., & Johnson, R. (2015). The influence of technology on the future of human resource management. Human Resource Management Review, 25(2), 216-231.
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