HRP (Human Resource Planning) refers to the organized procedure of predicting both the potential demand for and source of manpower, and engagement of abilities with the goals of the company. It can also be defined as the method of assessing the requirement of manpower to certify that an accurate set of competencies is present in the organization (Khumalo 2018). Human resource planning plays an essential role in helping the company in satisfying the upcoming demand of the workforce in the company with the source of suitable candidates in definite statistics at the correct period and place. The general HRP process entails the following steps:
Examining corporate goals: The HR planning process involves the first step as analyzing the corporate objectives like future objectives in numerous areas like production, sales, finance, and more so that the company may get a rough idea about the work to be done in the organization.
Record of existing human resources: It is required to have a record of existing employees, their performance, and skills. Based on this information, the company can have an idea of the requirements of a further workforce to fill the positions.
Estimating demand and supply of human resources: This step involves the proper matching of job nature and requirement of one specific work and suitable profile of people.
Forecasting workforce gaps: This will enable the company to know the surplus and deficit of employees.
Formulating the HR action plan: Action plan includes the panning for new recruitment, training, and more actions in case of a deficit of workforce.
Monitoring, control, and feedback: It includes the implementation of the action plan (Berk et al. 2019).
The HRP process at commonwealth bank of Australia follows the same process and it is an integral part of the company. The bank has a centralized HR department that looks after all these activities. It has approximately 44 k employees and has been constantly recruiting the skilled workforce as per the changing technology with the proper HR planning process. It is dependent on the staffing formula and does manpower planning based on the same (CBA 2019).
These are the essential functions of human resource management that are designed to enhance the strength of workers to fulfill their strategic objectives, and aims. It is a procedure of acquiring, screening shortlisting, and then selecting suitable candidates needed for the available positions. The talent attraction in modern times involves attracting a suitable workforce via social media platforms. Companies nowadays are building their robust connection and reputation through social media recruitment. This process involves the recruitment planning, strategy development, searching, screening, and evaluation & control. Furthermore, the selection process means the interview process to evaluate the competencies of workers and select them accordingly. The selection process of the Human resource management entails the steps as an interview, reference checking, medical examination, and then final selection (Al Ariss and Sidani 2016).
The commonwealth bank of Australia analyzes the changing workforce requirements. The bank is focused on retaining and attracting topmost talent by investing in its value proposition as an employer. To attract talent, it is offering flexible work provisions; reinforce a varied and comprehensive work environment. The CBA is using internal and external recruitment processes to hire candidates. Internal talent acquisition means selecting from the existing employees within the bank to fill the relevant positions. These are the easiest way of choosing the assets as the company is already aware of their performance. Furthermore, the bank used external sources also means hiring from outside the organization. It helps banks to bring innovative and creative workforce who know the contemporary technologies and the external ongoing trends. The Recruitment and selection process that is being followed by the commonwealth bank of Australia is different than a standard procedure and is as follows:
Training and development programs are a necessary task of human resource management that guarantees augmenting the knowledge of employees about their job, any changes, advancements in innovation and technology, and more. The training and development programs must focus on aspects like talent management, communication, customer service, mentoring, leadership development, workforce planning, change management, team building, conflict management, and more. Training refers to the improvement process done with the selected workforce to make them proficient and flexible as per the changing technological environment. An organization must concentrate both on training workers for their existing job roles and developing competencies for their future roles and accountabilities (Sung and Choi 2014).
CBA is doing its constant efforts in offering training to the staff members and creating them skilled for the future. It provides an average of about 25.2 hours of training per individual that entails obligatory learning to certify risk and expansion prospects are managed successfully. Furthermore, there are numerous career development opportunities provided by the bank as it has a separate indigenous career team that has connected with certain community organizations to deliver those prospects. Every year, it offers 25 internship prospects for university students. Moreover, it offers several general career assistances initiative and tools like regular development discussions, on the job training and exposure, training courses, self-discovery tools, mentoring prospects, and more, It also provide support in numerous professional memberships. The CBA gives its special emphasis on the skills training and development of the employees to remain competitive in the market. It believes in investing in the growth & expansion of its people (human resources). It generally provides classroom and virtual training to its employees to enhance their knowledge, skills, and familiarity with the job roles and responsibilities. Further, the bank follows the method of mentoring and coaching and creates a digital learning environment. Since it is a customer service organization, it provides extensive training to its employees in this respect like how to deal with difficult people, how to serve the customers with dignity and respect, and more (Bandara et al. 2019).
It can be defined as the cooperative and communication-oriented process in which workers and management work collectively to propose, monitor, and evaluate the worker’s goals, job route, and inclusive influence on the organization. In simple terms, performance management means assessing the performance of workers during the financial year and deciding the rewards and promotions for them using the appraisal process (Van Thielen et al. 2018). This process mainly consists of certain steps like planning, developing, monitoring, rating, and development planning. The initial stage in this process is planning that entails forming SMART goals, make a personal development plan, actions taken, and then review the same. Monitoring involves taking corrective actions and communicates the same to employees so that they can rectify their weaknesses and improve on productivity and progress. Developing stage means determining the areas where workers need development and ensure the same by providing them formal training, informal training, coaching, and others. The rating stage involves comparing the performance of employees against the standard performance and rates them accordingly. The last stage is rewarding them with attractive awards and promotes them based on performance appraisal.
Commonwealth Bank of Australia has been introduced as an MBO approach for the performance appraisal of the employees. This approach seeks to assess the performance of employees by exploring the degree to which prearranged work goals have been met. All the workers of CBA are extremely motivated with this approach of performance appraisal as they have been actively engaging in the process of setting goals, rather than simply having goals dumped on them. Furthermore, this approach helps in reinforcing a comfortable climate in the workplace. Additionally, it aids the bank in building a robust relationship between the management and workforce (Islami, Mulolli, and Mustafa 2018).
Al Ariss, A. and Sidani, Y. 2016. Comparative international human resource management: Future research directions. Human Resource Management Review, 26(4), pp.352-358.
Bandara, W., Meredith, J.C., Techatassanasoontorn, A., Mathiesen, P., and O'Neill, D. 2019. Mechanisms for creating successful BPM governance: Insights from Commonwealth Bank of Australia.
Berk, L., Bertsimas, D., Weinstein, A.M. and Yan, J.2019. Prescriptive analytics for human resource planning in the professional services industry. European Journal of Operational Research, 272(2), pp.636-641.
CBA 2020. Recruitment process. [Online]. Available at: https://www.commbank.com.au/content/dam/commbank/about-us/careers/recruitment-process-advice.pdf. [Accessed on 10th June 2020]
CBA. 2019. Annual report. [Online]. Available at: https://www.commbank.com.au/content/dam/commbank/about-us/shareholders/pdfs/annual-reports/CBA-2019-Annual-Report.pdf. [Accessed on 10th June 2020]
Islami, X., Mulolli, E., and Mustafa, N. 2018. Using Management by Objectives as a performance appraisal tool for employee satisfaction. Future Business Journal, 4(1), pp.94-108.
Khumalo, N.2018. The role of human resource planning in producing well-resourced employees to the public. Problems and Perspectives in Management, 16(4), pp.117-125.
Sung, S. Y. and Choi, J. N. 2014. Do organizations spend wisely on employees? Effects of training and development investments on learning and innovation in organizations. Journal of Organizational Behavior, 35(3), pp.393-412.
Van Thielen, T., Decramer, A., Vanderstraeten, A., and Audenaert, M. 2018. When does performance management foster team effectiveness? A mixed‐method field study on the influence of environmental extremity. Journal of Organizational Behavior, 39(6), pp.766-782.
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