TITLE: HSBC HUMAN RESOURCE MNAGEMENT PRACTICES AND POLICIES IN EAST ASIA
FROM: AYANTAYO IBRAHIM
ID NUMBER: 1230070
ADDRESSED TO: PAULINE LOEWENBERGER
DATE: 5th April, 2013
* Recruitment and Selection
* Global talent management
* Training and development
* High performance work practices
The main focus of implementing human resource management practices and policies is to attract, motivate and retain employees. This report discusses the various Human resource policies adopted by HSBC after entering East Asia to successfully attract, motivate and retain employees. The various human resource management practices to be discussed are: 1. Recruitment and selection: This involves getting the right person for the right job but this wasn’t the case for HSBC. The lack of skilled and talented people in East Asia has led HSBC to adopt global talent management. Armstrong M. in 2003 stated the three stages of Recruitment and selection. This are: * Identifying the job description and requirement
* Attracting people
* Selecting the candidates
2. Training and development: In a market where new ideas emerge and various opportunities and competitions improvise, it is highly recommended that a firm invest in training and developing its employees. In locations where skills, knowledge and ability falls short of what a firm requires, training and development has been used as a means to further improve on the talent and skills available and at the same time increases the firm’s appeal as an employer thereby improving the performance of the organization and enhances competitive advantage (Schuler R. et al, 2010). 3. Global talent management: Global talent management is one of the strategic opportunities benefited from the competition in the global marketplace. Schuler R. et al elaborated further that this opportunities have further included challenges such as: shortage of talents, talent surplus, locating and relocating talents and the compensation level of talents. One of the challenges faced by HSBC after entering East Asia was the shortage of skilled workers and was consequently dealt with by implementing what is known as ‘the global talent management’. 4. High performance work practices: Aguinis H. in 2011 defined performance management as a “continuous process of identifying, measuring and developing performance in organisations by linking each individual’s performance and objectives to the organisation’s overall mission and goals” (pp 2). 5. Rewards: In competing for human talent, how good a reward system is has been used as an effective means to recruit, motivate and retain employees. HSBC adopted an ethnocentric approach to its rewards system which involves using a consistent reward system all over it branches. HSBC after moving to East Asia economy took their eyes off the competition and thus fail to keep its employee highly motivated. Improvement should be made in such a way to accommodate change and depend on the competing reward system around East Asia. CONCLUSION
In the global market, when people are scarce, HSBC competed for talents by the implementation of several HRM policies to encourage successful attraction, motivation and retention of workforce including training and development, selective hiring and standardized rewards. In an attempt to motivate employees, it is important to be conversant of what the other competitors in the market are doing and implement the necessary human resource policy to achieve a better competitive advantage.
In today’s globalised world, it is relatively easy to gain access to the competition’s technology and products. So the question now is; ‘How can firm achieve a better competitive advantage in the global market arena? The answer is through the firms’ employee/people. A firm with...
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