MOD004055 Talent Management Strategies Level 4

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Talent Management Strategies

To carry out the different operations effectively, nationwide banks need to form effective and competitive strategies. Human resources are one of the most important assets of an enterprise, and it is required that they are managed in a way that their full capacity utilization can be made. There is a distinct variety of employees who work under this unit and have their own working behaviors. As they belong to entirely different backgrounds, there are greater chances of conflicts as it becomes difficult to establish a common view among them. The same effective strategies are made by the management so that they can achieve a competitive advantage over the other banks. Some of the most important strategies are as follows:

Recruitment and selection procedure: it is a process through which human resources are made available in the enterprise and all the vacancies are filled. The choice of recruitment process must be done in a way that the best candidate is selected for the job. In the preferred bank, the selection of candidates is done using external sources of recruitment. In this, the candidates are encouraged to apply for the job in which they give their CVs using the online medium (Fahr and Tatum, 2015). A complete form is filled out and sent to the official site of the referred bank. After getting all the application forms, the process of evaluating them is started. It is an important stage where proper attention needs to be given to each form so that the best ones get shortlisted. After the screening of the forms is done, the next step is to invite the shortlisted candidates to appear for an aptitude test. It can be decided at the same time that in what manner the examination will take place. At this stage, the total number of applicants who got shortlisted is reduced, and minimum candidates are taken to the next step of capability-based. At this stage, personal interaction between applicants and the recruitment channel takes place, where the final judgments are given. The behavior and skills of people who are applying for a particular job are tested closely, and the final selection is hence done. Thereafter, the personnel are provided with the reply letters offering them the post they applied for. It is an effective mode of filling up all the vacant space in Nationwide Bank, through which it creates competent working surroundings and gives a tough rivalry to others in the same field.

Performance management: To excel in its field, the talent of an enterprise must be sustained, for which effective action needs to be taken. As the competition is increasing at a high speed, it is of utmost importance that recognition of talent is given so that it can be further developed. It is only possible if an appropriate code of conduct is followed to manage the overall talent. It is the scarcest resource and difficult to manage. It can be done by aligning the individual goal with the organization's strategies. Through this process, it becomes easy to align the workforce goals, and hence their job role gets clarified. By doing this, employees get to know their role in an enterprise and hence work with more focus (Wiradirnata, Ridjal, and Kurniawan, 2017). By establishing the responsibility of each employee, their commitment to the enterprise gets increased. Another strategy adopted by the enterprise to raise performance management is through breaking down overall information so that the silos faced are better dealt with and hence the issues are faced using the flow of information. Apart from this, pay for performance also helps in developing the overall talent at the workplace. An individual feels motivated when provided with higher returns and also develops a zeal to do well in the long run. This way the right person is given the right job, which reduces the gap between actual and desired results.

Reward: This is a positive medium of motivation that helps in raising the present scale of operations. It is an important factor that creates a competitive working environment and ensures the growth of the overall firm in the long run. There are a range of options based on which the rewards are decided and given to the employees, which assist in promoting the performance level of the organization. When the workers know that they will be rewarded with incentives, their interest in the job rises. The management of Nationwide Bank makes the incentive plans and sets them as targets to be achieved. Those candidates who are successful in achieving the same are provided with the promised monetary or non-monetary advantage. This way the human resource gets influenced and performs to its maximum level to get recognition among the workforce.

Training and development—Last but not least, to raise the overall talent in Nationwide Bank, effective use of the training process is taken. It is a process through which the current level of skills of an individual is raised so that their contribution to the operations gets increased. Different types of training programs are used, such as on-the-job or off-the-job training, depending upon the nature and complexity of the work to be done. Employees are provided with financial learning so that they can be made more familiar with the data and learn to deal with the same. This further helps in delivering better customer care services, which are very important to maintain the long-term connection between the organization and its clients. Close monitoring is kept in the distinct departments so that errors are minimized and effective utilization of provided resources is made (Berger and Schaeck, 2011).

Diversity: People from different caste creeds or backgrounds have different experiences. They have excellence and weaknesses in a variety of areas. To deal with the range of tasks that need to be performed in Nationwide Bank diversification of employees is maintained. This way, different talents are retained in the enterprise and hence growth is ensured using the same. When people are good in some and bad in others collectively, they contribute towards the growth by assisting each other in different areas.

Equality: To work with proper concentration, it is very much required that employees are treated in the same manner. They need to be given equal opportunities so that they do not feel ignored or anything like that, as this will have a direct impact on how they perform. If the same is not ensured or employees are treated differently, it has a direct impact on the overall results of the firm. Apart from being a choice, it is also a part of regulations that need to be maintained by every organization.

  By maintaining the above distinct strategies, Nationwide Bank can raise the talent level in the enterprise and hence achieve growth in the long run. They are successful in ensuring an effective work environment and delivering good services to their customers (Mwesigwa et. al, 2015).

Impacts of Regulations on Organizations and HRM

Legislation is the mandatory requirement which is required to be followed by the organization to run the operations effectively. As such, it can be said that the laws are the framework that strictly needs to be adhered to by each organization to gain sustainability effectively. However, it can be said that the organization relies upon the rules and regulations that are required to be adhered to by the organization. Various rules and regulations are the main body that is required to be followed by organizations in an effective manner. These regulations are the main things that need to be adopted strongly. Now, various laws, rules, and regulations that are applied to the business must have to be considered while assessing it (Hanna and Knight, 2011). However, it can be said that compliance officer needs to adopt these applicable laws effectively. Here are some of the rules and regulations mentioned:

            Equality Act 2010: This Act has been enacted and revised along with the explanatory notes. The Act emerged into force 1 October 1, 2010, and aims to deliver a simple, autonomous project. This can be said that the equity started in the court of chancery was fixed as adequate and remedy could not be furnished via common law because the monetary compensation was not adequate and the plaintiff was ignored. Earlier, the decisions were made based on the court verdict. Now, with the emergence of the equity law, companies need to give equal attention to the firm. However, there is a need to emerge a planning structure under which equal wage is required to be paid by the organization to all employees.

Health and Safety Act: The Health and Safety Act in the UK was introduced to provide a safe and secure workplace to employees. This government provides certain regulations, guidance, and Approved Codes of Practice for employers. Thus, the law carries out the detailed responsibilities of a manager in every aspect of health and safety at the workplace. For example, from providing safety with computers to stress and hazardous chemicals. The Act contains powers for the HSE to enforce these employer duties and penalties for non-compliance. The act describes the general duties of employers, employees, contractors, suppliers of goods and substances that are going to be used at work, persons in control of work premises and those who manage and maintain them, and persons in general (Llewellyn, 2013).

Minimum Wages Act: The act provides minimum wages that must be paid to people who are working at the workplace. Minimum Wages Act states that all employees should be treated in an equal manner in terms of wages and remuneration. Along with this, the income level of an individual involves good health, comfort, dignity, and contingency. Although it is legal for all employees to get enough wages as per their job roles and responsibilities. A fair wage is that level that helps to cope with the level of employment as well as drive up the industry's capacity to pay.

Race Relations Act: The act was developed in 1965 to demonstrate racial discrimination; in simple terms, the act outlines discrimination that has been made based on race, color, national origin, and ethnicity in business organizations. In addition, the Racer Religion Act also created the offense of "incitement to racial hatred.". Thus, the main objective of this law is to promote healthy and positive relations among people who belong to diverse cultural or racial groups (Lee and Kim, 2013).

The above-discussed laws need to be maintained in the same manner, and no violations of these must be done, as this will make the firm guilty and actions taken against the same. It protects against unfair practices at work and ensures that proper working is maintained.

Impact of Environmental Factors on HRM Practice

There are two types of environments for an organization, and each one of them has a direct and indirect impact on the operations. Since they are present outside business boundaries, the management has no control over the same, and hence the operations need to be modified as per the requirement. Factors that have an impact on the operations are political, social, economic, technological, and legal. Each one of them has their influence on the operations as the capacity of an enterprise to perform at its maximum level gets effected. To evaluate how the refereed bank gets affected by these elements, a detailed discussion is done on the same (Oladapo et. al., 2016).

Political: This is the most important factor that has a great impact on how a company designs its strategies and takes action. Apart from this, it also has an impact on the human resources of the Nationwide Bank. If the present government has favorable regulations for the workforce, then the level of job security and safety of employees is raised. Employees feel secure working with countries whose governments give preference to the workforce, as this way their development is ensured. It affects the operations of organizations as they have to be more careful towards them as they know their actions will be judged (Moore, 2014).

Social factors: Every enterprise needs to maintain corporate social responsibility, as this way their long-term existence in the market can be ensured. Transparency has to be maintained, which puts pressure on the referred enterprise's human resources. They have to work with a high degree of efficiency, as any error made by them will be identified. If it is found that mistakes are made regularly, then questions are raised against them.

Core Position in Business

In the banking sector, the job role of each employee is very crucial as they deal with finance, which is an important asset. The financial manager is an important authority in Nationwide Bank, and the description of the same is given below:

Job description: He advises clients about business plans and assists them in their decision-making so that their success is ensured (Qian, Strahan, and Yang, 2015). Suggestions are provided regarding the best investment suggestions as to how they can use their available funds and get maximum returns. Maintaining a proper working atmosphere is another important role performed by a manager, for which it has to make effective strategies that are capable of getting the best results. Planning for the long term is done in which decisions for the allocation of resources are also taken. A manager should be capable of providing financial assistance to other branch managers so that the balance among them is maintained (Blank, 2013).

Person specification to apply for the role of manager, there is a list of particulars that are to be present in them. Some of them are as follows:

• Experience of minimum 2 years in the same field
• Required qualification in accounting
• Has to problem solve and needs to possess analytical skills
• Should be good at communication, as this way only he can deal with the day-to-day operations
• the person applying for the role of manager also needs to have IT skills so that he can deal with the regular operations
• Has to be innovative and creative so that he can contribute toward developing the scale of operations over the period.

Recruitment channel: To apply for the post, the same candidate needs to clear different exams, as they act as a base to judge a person's capabilities, and hence accordingly they are provided with job opportunities (Zhang and Liang, 2011).

Performance management criteria: To judge who is performing well, different accounting years' results are used. It helps in identifying in which year the performance was good, which is judged against the profits made (Cotter et. al., 2013).

RECOMMENDATION

After going through the above discussion, it is suggested to the nationwide bank that it should work more on making more effective strategies so that it can create a better and more effective working environment. For the same, it can work on developing better policies, like exploring better options for attracting people to apply for different vacancies. This will have a positive effect on the overall performance. It is also recommended that the research team of the referred enterprise should work more so that it can determine the changes that place in the surroundings so that timely arrangements are made and fluctuations are balanced (Migliorisi and Wescott, 2011).

CONCLUSION

From the above report, it has been summarized that Nationwide Bank has formulated effective strategies, which have helped it achieve a competitive advantage. It was recognized that there are a series of regulations that need to be followed while carrying out the day-to-day operations. These laws are compulsory for enterprises to maintain, and if found guilty, direct legal action is taken, which restricts the growth capacity of firms. It was further recognized that there are factors that have an impact on the workings of Nationwide Bank, such as impacts of social pressure, which cannot be avoided. Finally, the above report concluded with the job responsibilities of personnel, which are performed by the managers in the bank.

REFERENCES

• Synder, J. (2012). Strategies for banks to protect elderly clients from themselves and others. Generations. 36(2). pp. 98-100.
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• Berger, A. N., and Schaeck, K., 2011. Small and medium-sized enterprises, bank relationship strength, and the use of venture capital. Journal of Money, Credit, and Banking. 43(2). pp. 461-490.
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• Oladapo, O. T., and et al., 2016. When getting there is not enough: a nationwide cross-sectional study of 998 maternal deaths and 1451 near-misses in public tertiary hospitals in a low-income country. BJOG: An International Journal of Obstetrics & Gynecology. 123(6). pp. 928-938.
• Moore, K. D., 2014. Effective instructional strategies: From theory to practice. Sage Publications.
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• Zhang, J., and Liang, X. J., 2011. Business ecosystem strategies of mobile network operators in the 3G era: The case of China Mobile. Telecommunications policy. 35(2). pp. 156-171.
• Migliorisi, S., and Wescott, C., 2011. A Review of World Bank Support for Accountability Institutions in the Context of Governance and Anticorruption.
• Cotter, C., et al., 2013. The changing epidemiology of malaria elimination: new strategies for new challenges. The Lancet. 382(9895). pp. 900-911.
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• Mwesigwa, J., and et al., 2015. On-going malaria transmission in The Gambia despite high coverage of control interventions: a nationwide cross-sectional survey. Malaria journal. 14(1). p. 314.

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