Question:
Discuss about the Contemporary Management for Talent Management Plan.
Human resource managers and executives of a company have always focused on the basic need of talent management plan for the organization. Talent management plan includes hiring, retaining or acquiring talented employees. In order to reach the optimum level of success, organizational leaders need high performing and engaging employees. It is important to align the talent management program with the strategies of a company, its leadership criteria and functional areas (Subsorn and Limwiriyakul 2012).
The report throws light on the importance of talent management plan to cultivate for the continuing growth of a well known company HSBC Australia. The company has been worried about the impact of the changes the modern business world has brought.
The report consists of a talent management plan for the company to tackle the issues and challenges for the next ten years. The best talent managing plan is related to the strategic plan of any company and the overall needs of a business.
Goal alignment can be considered as a powerful tool of management, which not just only clarifies the job roles of individual workers, but also discusses the ongoing values of the employees in the organization. HSBC Australia is a well known bank that offers a vast range of banking services and products to the commercial, retail, institutional and corporate sectors (Farndale et al. 2014). It provides its customers with a huge range of financial services, including commercial and retail banking. Recently, the company has been facing some issues and challenges, due to the changing modern business world. The key factors can be the knowledge economy, globalization, structural employment and skill gaps, workplace diversity, digitization, telecommunications and last but not the least; the growing expectations of the customers (Thomas 2013).
Talent management plan helps in developing the company’s strategies and business needs. At the time of engaging the workers into their work, it is to be kept in mind that greater ownership of employees can lead to the company’s success. Through goal alignment plans, employees become more engaged and committed to the company’s growth and moreover, they achieve great levels of performance. For a change, HSBC Australia needs to change their strategies to some extent, in order to satisfy the needs and demands of the consumers. The company needs to keep under consideration, several strategic planning which are discussed in this part of the report (Cain 2015).
The Human Resource Management policies of HSBC Australia are highly commendable as well as appreciated. It has worked hard to provide its workers and associates with a better working life. The company must also focus on other non-monetary factors; it should give equal importance to other things, such as stabilizing both professional as well as personal life, better opportunities of improvement, good leadership and a friendly environment of working and development (Downs and Swailes 2013). Interaction with the workers has disclosed the fact that they are quite happy working with the corporation. The organization’s culture as well as guiding principles and policies have a notable impact on the Human Resource policies of the enterprise, but it should also focus on manpower selection, recruitment and also planning, training, grievance redress, development, employee retention and welfare initiatives (Swailes 2013).
The company has gained international popularity and acclamation. The vision and mission of the company is to offer the customers with the best banking and financial services across the globe. It has built a good image and earned great reputation, through creating a safe and healthy working environment for the employees. Moreover, they must take into account every single item and with great detail, to please the customers and check that they don’t get offended with the services. The major concern must be the satisfaction of the customers as well as the employees. The company has helped in framing the modern industry banking (Elegbe 2016). However, while recruiting new employees, the company must conduct an orientation program for them, in order to make them understand the vision, mission, goals, strategies and planning of the organization. Such programs help the employees to gain an understanding regarding the company policies and procedures. Furthermore, the organization must conduct various management programs, where different types of courses must be taught to the new employees, by certified trainers, professional experts and others. The employees must be motivated and encouraged to interact as well as share their views and opinions regarding banking and financial services (Kasemsap 2016).
The success of the company totally depends on how the organizational leader is treating his/her associates. It must not be taken very lightly as it has the potential to energize the employees, which can drive the company to something huge and greater. HSBC Australia must always look out for new and modern measures for recruiting, developing or training their employees. They must be provided with vast opportunities and benefits as well, in order to assist in the profitability and productivity of the organization itself (Al Ariss, Cascio and Paauwe 2014). The board members of the company are strictly responsible for supervising the organizational management as well as providing the employees with strategic directions. The Global leaders’ group is highly responsible for overall administration of the organization. The chairman of the company, Mr. Tung Shun Wong JP maintains a quality governance standard in the company. Mr. Antony Cripps is the Chief Executive Officer and Executive Director of the company, who has been successfully leading the organization, for years, to the success. Other members of the board namely, Carol Austin, Mark Johnson, Graham Bradley and others has made an exceptional change within the corporation and helped in its progress (Schuler 2015).
The company has managed to earn faith and trust from their customers. However, for a better talent management plan, they must motivate as well as encourage their workers by offering them with opportunities of issues resolving, which arises at times. This assists in gaining some creative as well as innovative ideas. They should motivate the associates or employees to voice their feelings as well as share their views fearlessly. This will help HSBC to gain a clear understanding of the problems of their workers. They should also offer their workers with individual sessions of career counseling as well as mentor them for the development of their personality. A leadership approach, of this sort, is highly required in each and every company to reach the heights of appreciation (Bluen 2013).
HSBC conducts its operational management in highly efficient manner. The company has worked hard in gaining a respectable market position and that is highly acclaimed. However, the company must keep on encouraging skilled and diverse workforce, which will prove beneficial for the competitive advantage of the company, on the international platform. An organization with skilled and diverse offerings of experiences such as, cultural understanding, ethnicity, languages and more, can provide better services and facilities to the customers on a global platform. It also assists in the expansion of the company’s existing service range and that is advantageous for them (Mobley, Wang and Li 2012).
A diverse group of workforce enables the employees freely communicate as well as provide a vast range of experiences, skills and points of view. It assists the company to meet the ever expanding needs of the customers as well as business strategies in a more proficient manner. Multinational companies that promotes diverse workforce can prove to be an inspiration for its workers and motivate them to give their best performance. The company’s operations management must support the employees to effectively execute as well as implement organizational strategies, which results in profitability, return of investment and profit. The company should effectively manage its employee’s attitude as well as behavior and moreover, professional diversity trainings must be given, which will prove advantageous for the company (Silvanto and Ryan 2014).
However, with new technologies’ invention, HSBC must consider reshuffling and reframing its technological factors, while implementing the new ones. In recent day’s competitive environment, information technology’s implementation in every operational area is a very integral part for any company’s success and growth. Every company looks out for modern and innovative measures for improving their strategies and developmental policies (Gelens et al. 2013). The company should upgrade their existing policies and reshuffle them, considering the leadership approach and employee behavior. They should start implementing new policies and procedures, for competing with other companies in the global platform. The implementations must be framed beforehand and strategically planned, keeping into consideration the pros and cons. Therefore, HSBC Australia’s management should keep these factors into mind for its further growth and improvement (James Sunday Kehinde 2012).
Conclusion
To conclude, HSBC Australia has successfully gained mass attention and won many people’s hearts as well as appreciation, in terms of both banking facilities as well as loyalty. The organization has achieved much popularity from their customers as well as the media. In addition to this, the company can further execute more efficient strategies as well as policies, in order to gain better benefits and mass attention. Employees must be receiving regular trainings by management group, which in turn will act as a motivator for them. Every employee should have a common goal and target during their sessions of training, which would further help in checking their efficiency. Furthermore, categorical developmental programs must be introduced amidst the employees, who are qualified enough to move to the upcoming stages. Introduction of feedback forms will help the organization gain a clear understanding of their mistakes, if any. Moreover, the company should start implementing innovative technologies, as the globalized world has become more competitive. With digital media, marketing and promoting a company has become easier. Therefore, HSBC Australia must focus on this segment of marketing more, in order to capture the global markets.
References
Al Ariss, A., Cascio, W.F. and Paauwe, J., 2014. Talent management: Current theories and future research directions. Journal of World Business, 49(2), pp.173-179.
Bluen, S., 2013. Talent management in emerging markets. Knowledge Resources Publishing.
Cain, A., 2015. Diving into the digital age. Company Director, 31(1), p.16.
Downs, Y. and Swailes, S., 2013. A capability approach to organizational talent management. Human Resource Development International, 16(3), pp.267-281.
Elegbe, J.A., 2016. Talent management in the developing world: Adopting a global perspective. Routledge.
Farndale, E., Pai, A., Sparrow, P. and Scullion, H., 2014. Balancing individual and organizational goals in global talent management: A mutual-benefits perspective. Journal of World Business, 49(2), pp.204-214.
Gelens, J., Dries, N., Hofmans, J. and Pepermans, R., 2013. The role of perceived organizational justice in shaping the outcomes of talent management: A research agenda. Human Resource Management Review, 23(4), pp.341-353.
James Sunday Kehinde PhD, A.C.A., 2012. Talent management: Effect on organizational performance. Journal of Management Research, 4(2), p.178.
Kasemsap, K., 2016. Promoting leadership development and talent management in modern organizations. Project Management: Concepts, Methodologies, Tools, and Applications: Concepts, Methodologies, Tools, and Applications, p.178.
Mobley, W.H., Wang, Y. and Li, M. eds., 2012. Advances in global leadership. Emerald Group Publishing Limited.
Schuler, R.S., 2015. The 5-C framework for managing talent. Organizational Dynamics, 44(1), pp.47-56.
Silvanto, S. and Ryan, J., 2014. Relocation branding: a strategic framework for attracting talent from abroad. Journal of Global Mobility, 2(1), pp.102-120.
Subsorn, P. and Limwiriyakul, S., 2012. An analysis of internet banking security of foreign subsidiary banks in Australia: A customer perspective. International Journal of Computer Science Issues (IJCSI), 9(2), pp.8-16.
Swailes, S., 2013. The ethics of talent management. Business Ethics: A European Review, 22(1), pp.32-46.
Thomas, R., 2013. From the CEO. InFinance: The Magazine for Finsia Members, 127(1), p.3.
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