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HIRING PROCESS IN THE BANKING SECTOR

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This essay will give you an in-depth knowledge about the attraction and retention of employees in the challenging world or banking. All the major steps involved in the process of hiring and training the employees and converting them into assets for the companies are covered in this essay and the tools used by recruiters like university assignment helpAustralia to establish genuine interest of the candidates. This essay will also explain the various aspects such as employee relations, motivation and compensation.

Introduction

The operations of any organization based on any industry are heavily dependent on the performances of the employees who work day in day out to make execution perfect. Every organization as an obvious fact wants employees who are highly skilled and dedicated to their duties. However, in the modern competitive market, workforce is thought of as an important organizational factor and thus there is a high competitive sprite among organizations to attract and retain employees who are skilled and filled with knowledge or work experience (Aruna, 2015). The following essay will be focusing on five themes that can have an effective influence on the attraction and retention of employees in the challenging working sector of banking. The theme of Human Resource Management as well as Recruitment and Selection has been used in the study to make an argument about what are the best practices that can be used in employing and retaining employees. In this regard, the challenges in Employee relations as well as employee motivation have been discussed in detail.

HRM and strategic HRM 

            The benefits of the HRM make it a huge factor in the process of retaining the employees at a workplace, especially in the banking sector that is highly demanding in terms of employee dedication. Human Resources Departments are known for resolving any conflicts in the working environment and thus it can be used to make the environment more suitable for the employees to work in peace and this can influence their decision in staying a banking firm for longer (Singh, 2014). However, there are certain situations where the difference in interest in between the Human Resource Department and the employees can create conflict that is not ideal. Human Resource Management activities also include the fact of keeping up with the employee interest and make them satisfied and therefore it can be said that if an employee is satisfied with the firm and HRM is active in managing the work satisfaction levels, then employees will be motivated to continue their tenure at certain banking firms (Nnamseh, 2012). On many occasions HRM department turn towards an assignment help expert for an opinion to get the best assignment help. Training and development is another factor that is helped by Strategic Human Resource Management and thus it can be said that Human Resource Management will be effective in making the employees more skilled and suitable for the organizational purposes which will motivate potential employees to join a firm as they will be aware about their skill getting developed (Hill, 2015). However, it can be said that the training and development of new employees brings in expenditure from the part of banking organizations and this can be too much expensive.

            As an argument, it can be said that Human resources also have some cons that can affect the process of employee attraction and retention in a negative manner. For example, human resources management is only effective if it has optimum support from the higher management of any banking organization (Greenwood, 2013). Therefore, it can said that if the higher authorities at banking institutions do not provide the organizations with appropriate amounts of resources then Human Resource becomes ineffective and the employees create a perception about that HR department is ineffective and this can push employees to leave the organizations (Taylor, 2014). Human Resources Management also involves the assessment of employee performances and in some cases, it is seen that employees are dissatisfied as the HRM only takes in the numbers or figures as performance measures. This does not show the amount of quality of effort put in by an employee and this can diminish the confidence of any employee or force him or her to think that there is not enough appreciation for the efforts. In this case, an employee will try to leave an organization. Another problem can arise if there are requirements of large investment amounts (Purce, 2014).

Motivation, Reward and Compensation

Motivation, reward and compensation are the primary features of any company or sector. In banking sector, the employers use these features to achieve their desired objectives. Motivation is one of the most common features which every financial institution utilizes for their betterment. The employers motivate the employees to a great extent to increase their efficiency towards their respective jobs (Shah&Asad, 2018). A great motivation leads an industry towards several benefits such as reduced level of absenteeism. Employees can always use instant help australia to get some additional support. By motivating the employees, industry develops the interest in the employees towards their work. They will be more determined for their jobs or targets. In addition, some financial institutions provide rewards or perquisites to their employees such as rent free accommodation, health insurance, interest-free advances, travelling allowances and other allowances. These fringe benefits to the employees help the industry to gain the confidence of the employees (Oldham & Fried, 2016). On the other hand, it can be a loss for the management as the fund is used to provide such fringe benefits and it results in profit minimization. The employers invest in their employees to get their efficiency in work. This can be best established by allowing them to use instant assignment help Australia to support with their daily responsibilities. They can use the best assignment help experts around to support their work. As a result, the employees become more effective in their jobs and this will boost their working ability that helps them to perform better in future. This type of reward system improves the HRM process, the effective HRM planning results in improvement of organizational program, as it attracts the young talents who are qualified and efficient(Ahmad et al., 2019).The performances of the young individuals ultimately enhance the organizational program over the time. This creates a job satisfaction among the employees. The employers more often provide compensations to the employees such as paid leaves, increment in incentives and so on (Greenwood, 2013).  

However, there are some drawbacks also that affect the industry to some extent. Motivation rewards and compensations become predictable in times. When employees achieve them it does not work, as it does not motivate the employees. So when employees do not get the rewards they get de-motivated. Whereas, rewarding the employees more often can be a serious issue, as the employees become habituated with the rewards they get. So when the industry could not be able to give bonus or rewards to the employees, they get de-motivated and that results in breaking down the determination and efficiency (Ghosh et al., 2016). Having a reward program for the employees to improve the retention of the employees can be difficult. Specifically, a reward program with an intension of motivating the employees can be costly and ineffective. Then the industry has to suffer losses of poorly spent funds of HRM and ultimately the reward program fails to achieve desired objectives or goals of the industry.

Recruitment and Selection

            Both the external and internal selection and recruitment processes have their own set of advantages. Since the internal recruitment process allows the existing employees to get promoted in higher vacant positions, the new recruits in those designations already remain familiar with the organization, which reduces the adjustment time for them (Goldstein et al., 2017). Since the HRM means to get the correct number of personnel for the correct organizational work, selecting the proper personnel becomes very important. The ethics of the HR department is also important in this, since it greatly affects the quality of employees recruited for the organization. From the perspective of the employees, it also becomes a huge factor in his success in being recruited (Oldham & Fried, 2016). On the other hand, in the external selection and recruitment process, the employers directly select the new recruits from a group of fresh new personnel, which allow the inclusion of new faces and better skills in the organization workforce (Farndale et al., 2018). This can potentially open the new horizons for sustainable development of the organizations. It becomes advantageous for HR departments to follow the principle of sustainability in the selection and recruitment process, as it helps the organizations to select and recruit those particular employees who have the same ideals and vision as those of the organizations (Kurtz & William, 2017). On top of that, it becomes extremely advantageous for the HR departments of the organizations to directly and clearly state and explain the sustainable principles and policies to the external applicants and candidates for the selection and recruitment process, since doing this ensure that the candidates are aware of the sustainable policies of the organizations while avoiding potential misunderstandings. To avoid any such misunderstandings it is crucial to provide them the best assignmenthelp to clearly convey their principles and policies. Developing attractive and sustainable policies to properly retain the new employees also prove to be beneficial for the employers. As the employees continue to work for the organizations, their experience and expertise in those particular organizations increase, which ultimately contribute towards the sustainable development of the organizations (Jepsen & Grob, 2015).

However, it can be argued that the recruitment of an internal candidate to a higher designation by promotion has its own set of disadvantages as well. Since in any organization, the number of posts in a particular designation decreases as the position of the designation in the organizational hierarchy goes upwards. In other words, the higher a job designation, the lesser number of posts it has. Hence, only a handful of employees are promoted on the basis of their good performances and eligibilities from a larger pool of employees, which may create unpleasant situations by making the other employees jealous (Jeske & Shultz, 2016). On top of that, it can be argued that the process of selection and recruitment may also be biased towards some particular candidates due to their personal or other types of connections with the personnel in the HR department, which may become a source of corruption in the recruitment function (Jepsen & Grob, 2015). This could even make them de-motivated, which is detrimental to the health and efficiency of the organizations. On the other hand, the process of selection and recruitment of employees from a large number of external personnel has its own demerits as well, since This process is typically more costly and time-consuming, which can prove to economically non-viable for the organizations. The employees hired by this process are all new people who have not been previously involved with the organization, which make them completely unfamiliar with the particular business structures and operations of that company (Herschberg et al., 2018). It can be argued that if the new recruits are not followers to the sustainable policies, this may affect the sustainability of the organization due to the inevitable conflicts among the old and new employees. The older employees also may not see these new external recruits in good eyes, since they may potentially threaten their chances of getting a promotion(Li et al.., 2011).

Employee Relations Challenge

Involvement with the employees proves to have several benefits for the organizations. Initiating and maintaining a close relationship with the employees always make those employees more involved with the organizations. In the modern days, many industries are increasing the relationship with their employees, which include involving them in making the important organizational decision making as well (Griffin et al., 2015). This includes presenting the possible future business strategies and goals to the employees and asking for their opinions. This essentially makes the employees feel more intimate with the organization and this in turn increases their motivations and work responsibility. The employees feel more committed towards the organizations when they are considered for taking some vital decisions, which inadvertently increase the productivity and sustainability of the organizations (Conway et al., 2016). This is one of the main practices of HRM department. The innovation factor also comes into play in this context. When all the employees are allowed ton express their opinions, it naturally increase the probability to creation of new ideas and plans, which may potentially be beneficial during the designing and deciding the future business policies and strategies. This essentially allows the organizations to retain their employees in a positive manner, since the employees feel that they are being more valued in those organizations than the other ones (Greenwood, 2013).Involving the employees is major ethical consideration since the employees are one of the major assets of the company. They are the reason behind the success of the company.

The relationship among the employees plays a crucial role in deciding the fate of the organization.            It was observed that an employee with a lack of interest in doing work would not deliver the best work. Several errors and delay in a task can be observed which ultimately decreases the sustainability among the employees to perform better which lead to several HR issues.(Khalid et al., 2016). The employee starts to feel burdened with work pressure, and frustration grows which leads to poor quality of output. Thus, the employee does not get relaxed to work in an efficient manner and growth halts to a stagnant level. An organization cannot survive without innovation and creativity. The employee loses their ability to come up with innovations that could easily bring sustainability to the organization and their product offerings (Oldham & Fried, 2016). In addition to this there are several HR issues which state that employee tend loses the liberty to express their ideas which might be treated as beneficial for both the organization and the employee. It should be noted that employee working together could come up with ideas that have never been used earlier.This is affecting the ethics of the employees.An employee who is not satisfied and pleased with the management tends to change their jobs frequently. This is mainly because of the fact that they find it difficult to adjust to the working environment and thus fails to perform (Sutanto & Kurniawan, 2016).Despite management trying to retain employees, they fail to do so. Further, both the management and the employees do not share a warm relationship.

Employee Turnover and Retention 

            The higher rate of turnover could affect the business in many ways that leads to increase of cost and reduction of profit margin. Retaining the employee could help in reducing such level of cost.

            It can be observed in the research work of Hanaysha, (2016) that recruitment fees and the time needed to find a new employee could be very much tedious in nature. It takes away valuable time from sales and production through which companies can easily increase their profit margin. Therefore, retaining staffs can save time and money which would have been spent as recruitment fees and process. Retaining employees bring in much needed valuable experience for the company through which the company can easily grow. They will have a better position to talk to the customers and position the brand in a formidable place. They can utilise the instant assignment help Australia services to get knowledge about any new development in their fields. Further Awan & Farhan, (2016) states that they will be able to achieve continuous growth in the banking sector and shall deliver a high quality of service that satisfies the customers.

            Awan & Farhan, (2016) says that loyal banking employees are of great help for the banking sector. This is mainly because of the fact that loyalty is needed when handling of cash comes in. Further, when their demands are fully met, and it satisfies them, then the employees will be very much loyal to the organizations and share expert advice to solve any conflict that might arise. In addition to this, they will boost the confidence of newly recruited employee and boost their morale to perform better. It can be noted that when an undeserved employee is retained who does not deserve to be in the company, and then it creates a situation of loss(Nnamseh, 2012). Therefore, the disadvantages are:

            Bailey et al., (2016) states that the decision of which employee to be retained is very much crucial. This is mainly because of the facts that non-performing employees might be retained that are not ready to work with the organization. This increases the liability of the organization, and they do not add value to the production. Further, the teamwork gets hampered. Retaining sometimes leads to giving away power to wrong hands which might create a negative culture within the banking sector. This affects the working quality and the flow of work. The management might face difficulty to handle bank works which require expertise hands to complete it. Therefore, the banking companies should handle these things properly so that the groups do not become very strong in nature (Nnamseh, 2012)

It can be seen in the research work of Oldham & Fried (2016)   maintaining culture in the bank is very much important. However, the retention starts destructing the culture then it is harmful to the banks, and increases urge among the bank officials to think about it. This is mainly because of the fact that it could create a negative working environment.

Conclusion

Employees are one of the main elements of an organization that can be influential in making the organizational operations a success. In terms of organizational objectives, which are to fulfill every consumer demands and obtain a desired amount of profit, employees are the main factor that contributes to a particular firm’s progress. The study conducted above stressed on the fact of how employees can be attracted in a working environment and how they can be retained. There are five themes mentioned in this essay that have been used to discuss the activities of employee retention an attraction in banking sector. It is expected that readers will be generating a fair idea about the main topic after going through all the arguments presented in this study. In conclusion, it can be said that employees are the main assets of any business firm and therefore, necessary actions must be taken to secure their interests.

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