The Deutsche Bank is labelled as the newest old bank due to the current rebranding from Qantas credit union. The bank has operated in Australia for the last 55 years and has managed to win a wide market share with competitive interest rates on the loans offered. The bank faces competition from other international banks that have wide resources to compete in the market. Deutsche Bank offers services such as credit cards, home loans, personal loans and savings accounts. The customers love the bank due to the many services offered under one roof.
Deutsche Bank is a listed company owned by the registered members and run by an elected board of directors. The board of directors consists of nine persons picked from the registered members. The bank allows anyone to become a member by buying shares and should have attained the age of 18 years. Therefore, the bank does not exist to generate profits but to serve the members and increase the shareholders’ wealth.
The bank has the vision of becoming the leading provider of financial solutions to the customers. The bank’s vision statement is to become the leading global investment bank with a strong and profitable private clients’ franchise. The bank aims at fulfilling the vision in the next ten years by providing satisfactory services to the customers. The services will include the reduction of interest on loans offered to the customers, opening up more branches and introducing internet banking.
On the other hand, the bank has the mission of satisfying the customer needs and increasing the customer wealth. The mission statement is to become the leading provider of financial solutions for demanding clients and creating exceptional value for our shareholders and people. Deutsche Bank intends to fulfil the mission by increasing the customers and the loans borrowed from the bank to earn more interest. Moreover, the bank will also increase the services offered to the customers to increase the revenues earned from service charges.
Furthermore, the bank has more than 50 employees who undertake various activities to satisfy the customers. The composition of employees includes the age of 24-50 years and has a good balance between the male and female gender. The bank has a non-discrimination policy that ensures equality when offering employment opportunities.
The research only looks at the human resource management issues facing the bank. The issues include such as the gender mix, financial problems, worker health and safety issues, working hours and employment terms. The research methods undertaken include such as questionnaires and face to face interviews. The researchers administer the questionnaires to both the employees and the management to get feedback on various issues. The face to face interviews also allows the researcher to get clarifications on confusing issues.
Moreover, the researcher also analyses the information collected to identify various issues facing the management of human resources. The analysis focusses on issues such as financial problems, gender imbalance, excessive overtime, lack of promotion and the employment terms. The analysis requires the development of solutions to the challenges facing the human resources management.
Deutsche Bank has a great commitment to developing an inclusive culture in operations by embracing and respecting the employees, members and customers diversity (Love, 2011). The bank intends to attract and retain highly trained and experienced employees to ensure success in the market. The employee composition includes persons from different regions, races, genders, sexual orientation beliefs, backgrounds and experiences. The bank’s management should foster an inclusive culture without making any members feel discriminated or lesser compared to the rest. The diversity has enabled all the employees to contribute the best effort in ensuring the success of operations and customer services (Marler, 2012).
Deutsche Bank has a commitment to fulfil the requirements of the voluntary declaration that requires the raising of the proportion of women in managerial positions. The declaration requires the bank to support the women through training and empowerment. The women get the right support to apply for managerial positions and deliver the best (Greenwood, 2013). Over the years, the bank has not had many women employees when compared to men. Therefore, the bank decided to recruit more women to allow equality in the human resource. However, the bank also maintains an equal number of men to avoid giving more attention and priority to one gender. Both the male and female genders get equal attention in terms of payment and duties assigned (Haruna, 2013).
Deutsche bank relies on the employees to succeed in the market and improve the financial performance. The bank seeks to build the abilities of the employees through professional and personal development. The development focusses in developing future leaders, fostering a supportive environment and talent discovery and development (Spector, 2012).
Deutsche bank has managed to employ a holistic approach to the development of leaders. The bank continuously instils the employees with a strong corporate culture, leadership capabilities and a mindset of continuous learning. The bank expects the employees to feel responsible and to take control in achieving the set objectives (Jackson, 2016). The bank has reduced complexity in the various managerial functions to ensure that the employees completely understand the requirements. The employees also have room for decision making to increase the confidence levels when solving solutions in the daily operations.
The bank also fosters an environment of sustainability in the performance of the employees by adopting an integrated approach in management (Arnaud, 2014). The approach aims at increasing the performance exchanges between the employees and the managers to achieve the set goals. The conversations include talent reviews to enable the management to identify the personnel with the right knowledge and skills. The identification of skills allows the bank to have a healthy employee composition made of experts with the ability to perform various activities effectively (Martín-Alcazar, 2012).
The bank has adopted a balanced approach in the acquisition of a new workforce. The bank first recognises the talents available in the existing workforce before sourcing new employees. The bank gives promotional positions to the employees working in the organisation, which motivates the workers to gain more experience and training (De Gama, 2012). The bank creates more visibility to the information about the opportunities available at the bank with the necessary requirements. The employees respond by getting the right skills and experience to fill the positions once declared vacant.
Furthermore, the bank employs a more focused approach that keeps on identifying the available redeployment opportunities. The approach enables the success of the internal career mobility within the bank. The bank also engages in the cross-divisional moves within different departments to allow the employees to gain experience in various divisions (Martin-Alcazar, 2012). The cross-divisional moves increase the experience and knowledge of the employees. The employees also gain confidence to tackle different challenges both on a personal and organisational level.
Deutsche bank focusses on adequate employee compensation to achieve the strategic objectives. The bank also compensates appropriately to maintain and attract experienced employees. The bank has adopted the pay for performance system since the employees work under contract (Kimura, 2013). The employees’ sign contracts that last for a maximum of three years. The employees get payments that match the terms of the contract.
Additionally, the employees also get compensated based on the bank’s performance, individual behaviour and performance and divisional performance. The management analyses the employees during the operations and gives a feedback to the paymaster to identify the amounts of allowance for each employee. The managers base the compensation reports on both qualitative and quantitative factors within the operations (Marathe, 2013).
The bank rewards the employees with a wide range of benefits to support the personal and professional developments. The developments aim at the physical, mental and financial enrichment of the employees. The benefits include allowances for activities such as entertainment, further studies and health insurances. The allowances aim at ensuring a healthy work-life balance for the employees. The rewards also enable the bank to retain the employees for long and performing at the required standards to achieve the objectives (Guerci, 2014).
Furthermore, the bank rewards the employees with shares based on the years of experience and the level of employment (Kaiser, 2015). The employees acquire the shares for free and at discounted prices. The acquisition of the shares makes the employees shareholders and members of the bank. The awarding of shares occurs at the end of every financial year and gives the employees an equal opportunity to acquire the shares. The action gives the employees the power to participate in the decision making processes at the bank. The shares also earn dividends for the employees, which increases the income (Bowman, 2015).
The bank faces various challenges in the human resource management that cause employee dissatisfaction. One of the issues includes financial problems that cause underpayment and late payment of salaries and allowances (Alewell, 2012). The employees feel dissatisfied since the amounts paid do not match the industrial recommended rates. The employees respond by seeking jobs in other places and failing to give the best output at work. The employees lack the motivation to work hard to achieve the set objectives. The late payments also result in the employees turning to money lending institutions to cater for the monthly bills. The loans cause stress to the employees, which reflects in the low output at work (Florkowski, 2016).
Deutsche bank employees face the challenge of overworking to achieve the set standards. The bank has not employed the right number of employees to fulfil all the activities. Therefore, the employees have a great workload to fulfil the duties without personnel assigned (Martín-Alcazar, 2012). The employees end up taking more responsibilities than required leading to fatigue and stress at work.
Moreover, the pay does not reflect the additional responsibilities undertaken by the employees, which causes frustration at work. The employees end up staying at work for longer periods than agreed in the employment contracts. The employees end up having very little time for personal development (Oeij, 2014).
Deutsche Bank has failed to avail proper working conditions for the employees. The workers operate under conditions that could cause physical harm to the employees. For example, the banking hall lacks proper ventilation and air conditioning equipment. The employees end up suffering from respiratory infections, which deteriorate the general wellbeing of the personnel (Carvalho, 2014).
Additionally, the bank does not pay health insurance for the employees. The employees have to make individual arrangements with health insurance and pay from the salaries. The employees end up paying for low standard health insurance policies, which results in accessing poor quality health services. The employees feel dissatisfied since the bank does not aid in paying for health services. The bank fails in matching the health and safety requirements of the Australian banking sector, which requires the provision of proper conditions and availing of health insurances (Carvalho, 2014).
The bank has employed the workers on contract terms leading to various challenges such as high worker turnover (Mesch, 2010). The employees have the ability to terminate the contracts at will or fail to renew at the end of the contract. The freedom to terminate employment has caused the bank to keep employing new workers after a short period. The new recruitments cause increased expenses to the bank due to the need for training. On the other hand, the terminations cause the bank to lack continuity since the employees leave at any time. Therefore, the bank lacks properly experienced and skilled employees to perform various tasks and take up managerial positions. The issues have caused challenges in the improvement of the bank (Mesch, 2010).
Deutsche bank should consider various solutions to solve the challenges facing the management of human resources. One of the solutions includes such as the involvement of the employees in collective bargain agreements to come up with the best salaries (Gond, 2011). The agreements will allow the employees to ask for payments that match the levels of experience and duties performed. On the other hand, the bank will have a clear amount of the rates that the employees should receive. The bank will eliminate the challenge of underpaying the employees.
Furthermore, the bank should employ more workers to undertake various duties at the bank. The employment will allow the Deutsche to have enough workforce to perform various tasks. The bank will not suffer from shortages of employees, which will enable the employees to undertake a considerable amount of work without strain. That way, the bank will solve the issue of overworking the employees (Gond, 2011).
The bank should also pay insurance covers for the employees to enable getting high-quality medical attention. The health insurance covers will allow the employees to get treatment and checkups, which will lead to stress minimization and maximization of output at work (Morais, 2013). The bank should also ensure that the buildings and working areas have the right air conditioning, lighting and ventilation.
The bank should also employ the workers on a permanent basis to reduce the workers leaving after contract termination. The permanent employment terms should motivate the employees to continue working in the long term. The favorable terms will allow the bank to maintain a pool of experienced and motivated employees (Morais, 2013).
Conclusion
Deutsche bank should ensure proper management of the human resources to enable fulfilment of the objectives. The human resources should stay happy, motivated and free from stress to allow maximum output at work. The employees represent the bank to the customers, which calls for proper management to enable the maintenance of a positive image.
The bank should follow the banking industry regulations when managing the human resources. The banking industry regulations enable Deutsche to offer employees the same privileges as the industry. Therefore, the bank reduces the contract terminations and legal suits filed by unsatisfied employees. Consequently, the bank will maintain an experienced workforce with the ability to develop new ideas to make the bank a world leader.
References
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