The main aim of the essay is to focus on the ways of attracting and retaining employees within Australia. The main implication and also the set identified ways, that can be helpful to note, how there can be ways to attract and retain the talent within the Australian banking or financial sector. As observed, the Australian sector has experienced an increased employee turnover rate which has not been affected due to the growth of the Australian financial sector, and there has been an ever-increasing demand to manage the cost of managing human capital. From the lens of the Woolley (2019), it is important to note how the turnover has significantly been increasing to a large extent and there has been a large significant relationship which is has shown significant monetary and non-monetary employee benefits. As per the financial records which have found the growing concerns, that can implicate the government, within the financial sector has made a significant contribution of the $150 billion to the GDP during 2018 (Rice, 2017). It has been one of the highest biggest contributors to the GDP and even for the overall financial sector in Australia that has combined the workforce of the 4,50,000 people (Schwartz, 2019).
The purpose of the essay is to analysis, the HR role in understanding the roles and the responsibilities that could be existing in overcoming the problem of the employee turnover issue from the Australian banking or financial industry. From the various research, the major cause of the problem has bee how there has been a major cause the various functions of HR relating to the Australian financial sector and it would be related with the five selected HRM themes, and it would further include the problem ‘Analysis and Design of Work’ and also include the process of the 'Recruitment and Selection’ along with the Human Resource Development and Career Planning’, ‘strategic human resource management (SHRM)’, and also the Managing Employee Turnover and Retention’
As examined how there have been several HRM functions, and there have been numerous job designs, analyses, and related attributes, which can help to work alongside the concepts and the performance level of employees. it is necessary to understand how to fine-tune and even relate with the facilitation of the individuals in achieving and also attaching the professional goals along with the objectives. In accordance to the analysis, the supporting material has been presented by the Bland ((2016), job analysis that can help to identify the HRM functions, that covers the work design, selection, HR-planning and even includes the job evaluation, performance management and further includes the vast career planning. Further, the problem of the line managers that have been part of the Australian financial companies has to also identify as to how there can be the organizational strategic objectives that can work in the desired manner and also relate with the job for employees.
Boštjančič, (2018) have also mentioned how the role of the HR managers can take a considerable part that is likely to give a rise in the responsibility and with the assigned tasks which are considered to be doable by the employees. Substantially, it is important for the large-scale financial company that has been actively been operating inside out of Australia can also work over the ways of the diverse motivational approaches which is helpful for the employee's job design. The role of the HR is also limited to the three significant motivational approaches, ad it includes the factors pertaining to the mechanistic, biological, and perceptual-motor.
Strategically the main findings of the key findings of the research have been related to the Meneghella (2019) which has further, helped to evaluate the job redesign along with the employee performance that can be linked to the others. Further, the problem of job satisfaction can be noted to be positive for employee performance. Within the financial sector, as the job role is high evaluated demanding role, it is essential to think and relate with the milestone to achieve the job satisfaction levels and purposely design the job roles, that can suit the employee's performance and further can be helpful to reduce the turnover rate. Susbtnaitlaly, it is also necessary to relate with the employees’ concerns that can be linked to the job satisfaction, and further, it is necessary to think about the HRM roles which are prominent for the financial organizations that can consistently be increasing the employee performance level and can help to reduce the overall employee turnover.
Cai, (2019) has even mentioned, that there can be a related change management process and it is important for the HRM of the financial companies to be linked to the use of job redesign concepts that can help to maintain and improve employee performance. Human capital development is also identified as one of the HRM function which can help to motivate the employees that can secure a good performance level and further improving the overall knowledge, competencies, skillset and the abilities. The role of HR is equally challenging and requires an in-depth job analysis along with the job redesign that can further be assured of the emotional labor, offshoring, and can work alongside wit the knowledge work. Further, to the Australian context, the major role of the HRM is to think and relate with the key focus which are job design, workflow analysis and can provide in-depth analysis to the job analysis, which can help to overcome the employee turnover issue. Therefore, it is necessary to focus on that job design and includes the job analysis that can help in the overall development of the human capital, and helping to achieve the overall productivity of a business and further can result in a reduction in employee turnover.
Frieze, (2019) has even related with the recruitment and selection function to be one of the highly skilled and the best-attained practices, that can help the HRM to balance the workforce relationship in the system. the main important role of organizational productivity has been identified to be the competitive business environment and the main challenge lies in recruiting employees that can help to evaluate the financial organizations. It is also necessary to focus on the HR managers they can think of the diverse factors and the key characteristics of vacancy, such as internal recruitment, external recruitment, along with the influential high pay strategies. As per the findings to the research done by Ghotnian, (2019), prominently it is necessary to focus on the power of retaining and attracting global talents. The HRM function within Australia has been known as the full of the risks, challenges and even the diverse role of the recruitment, that caters to the employment agencies, includes internet recruitment and further be helpful to scout the private employment agencies, streamlining with the advertisement and financial institutions.
It is essential to map the talent through the online or internet recruitment process and further focus on the wide talent available in the Australian market. Siengthai & Pila-Ngarm (2016) additionally provides an insight over the recruiting employees that have been part of the financial companies and further, they have been significant to hold the HRM that can work inline to the several selection criteria and it is necessary to have the interpersonal skills, communication skills and further include the in-depth financial knowledge, attitude and having a versatile behavior that can help the leadership skills, teamwork competency along with the enhanced work experience and emotional intelligence. It is also necessary to upskill the employees’ communication skills and work over the financial knowledge that can help to develop inline with the HRM needs which can result in the recruiting process to be part of the organization.
Parry & Jackling (2015) has even reslated to the cultural fit attributes, that can help to influence the recruitment process within the HRM in the financial companies Due to the modern times, there has been a vast complication, that can cause the problem of the cultural compatibility and can work in accordance to the central theme to make the constructive part of the skilled employees within the existing workforce. The role of the HR managers is also to relate with the recruiting culturally misfit employees that can provide a better condition to organizational productivity. In comparison, the same thoughts have not been structured by Hawkins (2019) that relate to the lack of the investment done over the culturally diverse employees which can result in the organizational growth to grow in a multicultural society.
For the HRM to make an international cultural fit within the financial companies it is also necessary to recruit form the diverse background, from the culturally fit people and even focus on the enhanced skills and competencies that are part of the workforce. This would help to substantially impact the development of competitive advantages belong to the given business. For example, Professional Service Firms (PSFs) that have been part of the Australian financial sector need to be adaptive to the changing attitude and also for the overall recruiting only culturally fit employees that can help to develop the workforce and consistently reduce the turnover rate. Further, it is also necessary to focus on employee recruitment with the organizational goals and objectives that can further be helpful to control the employee turnover issue.
Kunene, (2019) has identified the growing needs of the skills and competencies aimed at improving the employees and to further provide the overall employees’ workability that can help to attain the business goals and objectives. It is important to note, how the role of the human resource development programs can focus on the key ways to relate with the employees’ career along with the individual growth. The companies belong to the financial sector can encourage them to gain a better knowledge and even attain skills from the Vocational Education and Training (VET). Further, HR must focus on the company having the framework to follow the Australian Qualifications Framework (AQF) and can aim to adapt in accordance with the VET programs. From the insights of the Meneghella (2019), the role of the HRM is to handle the diverse talent and include them within the designing training programs and help to understand the required skill for the job and what the candidates have actually.
From the lens of the Marsh, (2019) who have identified the training needs of the employees and associated with the HRM key functions, it would also include the job analysis along with the performance analysis. It is necessary to focus on the training needs assessment and how to have the core development in the career development (CD), includes the performance analysis (PA), has the desired knowledge, skills and the abilities (KSA), and also on the overall job analysis (JA). Moreover, the Kunene, (2019) has also described the factor, that can be linked to the failure of assessing proper training needs and for the employees to have the substantial requirement to undergo the improper collection of information and can relate with the HRM training assessment needs process. To understand how there can be a parallel relation to the HR managers, who would be possessing the training needs-assessment, and how to match with the job sets required with the aim of the job analysis, that have played a steep two variables and can help in the positive role in understanding the employees’ training needs.
Further, there is also a substantial implication, which can be caused due to the training-needs assessment and it is necessary to relate with the three measures, that covers the task analysis, along with the organizational analysis and person analysis. It is also necessary to understand, how there can be the performance gap which can be due to the personal evaluation, and further, it would be helpful to diagnose the effectiveness of training linked with the organizational assessment. The analysis done for the Task is also related to the evaluation of employees’ knowledge and it is necessary to bring in the skills and competencies, aimed at the task. to further expand with the large-scale Australian banks, it is necessary to bring in the major banks like Westpac Bank, Commonwealth Bank and even the National Australian Bank (NAB), and lastly, Australia and New Zealand Banking Group (ANZ), to bring in the learning environment that can aim for the employees’ skills and knowledge base and be linked to the financial uncertainties.
As per the Marsh, (2019), the role of HR can also be Strategic Human Resource Management (SHRM) that can help tor elate with the business objectives and goals. To derive the sense of the SHRM it is also essential to have the key organizational performance along with the productivity that is part of the competitive business environment. The SHRM tool is to identify the business strength and understand what would be the best fit strategy to hire new talent or to further follow into a different destination.
By including the strategies specific for the communication along with the diversity management, the role of the HRM has to be related to the pre and pose merger situations. The importance of skills and developing strategies would be related.
As evaluated by Kunene, (2019), the role of HR is to retain and even manage the core goals that can help to have sustainable employee turnover. Suc as the voluntary and involuntary turnover, while the voluntary turnover can be related to the process, and involves the separation done from the employment. Involuntary turnover is also identified to be the governing process required with the employee separation by the employer.
To conclude, while the HR ahs the diverse job roles and the roles of every job has to be linked with the organization working, The HRM role is also to sustain and work for the better-managed skills, that can include it as the part of the system and can result in the reducing employee turnover issue and manage the diverse talent hunt within the organization. HR role has is also linked to the overall growth rate, as observed in the particular industry which has encouraged employee turnover issues since the last few years HR and the line managers, can collaborate to make the suitable SHRM objective and within the Australian financial companies can relate with the overall organizational strategic objectives that can work in the desired manner and also relate with the job for employees. The problem of the sector, is to map and scout out talent and further to train and develop them. Due to the financial sector of Australia which has played a prominent role in understanding and relating with the significant role that has helped to foster a better relationship between the national economic structure by including the massive contribution for the GDP.
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