HRM Practices Of Barclays Bank

HRM Practices Of Barclays Bank
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Introduction

Human resource constitutes the most valuable resource for any organisation. Human resource is the most exploitable resource as well. Other accompanying resources like financial, technical and informational resources do not work unless they are managed by capable professionals. The same prospect applies to Barclays Bank. Barclays Bank conducts activities which are based on service provision, where there is constant prevalence of technical resources and indulgence of individuals and multiple business prospects, which cannot be used to their full potential without capable individuals handling operations. It is imperative for the organisation to recruit staff members who are highly educated, competitively trained and undergo constant monitoring for providing the highest quality of financial services.

Staff Recruitment, Training And Motivation Strategy

In the case of Barclays Bank, elements like training and motivation strategies are undertaken in order to mitigate some specific issues. Firstly, Barclays bank is indulged towards identification of the quality and aptitude of candidates and henceforth select them. Secondly, the bank is also dedicated to select candidates who can best correspond with requirements of new or vacant positions. Thirdly, the personnel motivation program of the bank is also undertaken for identification and extraction of competitive candidates using adequate methods (Harper, 2019). Barclays bank is headquartered in the UK. The company respects all sources and environment for favorable staff recruitment followed by a deep sense of reverence towards legislation in context to human resource management. Assignment maker said The company has developed substantial guidelines for diminishing and eradicating any kind of discrimination among the work force.

Difficulties Encountered By HR Professionals Of Barclays Bank

The human resource professionals of Barclays Bank have encountered some critical issues in managing the employees. The organisation always evaluates the work domain and analyses the areas of improvement. On the basis of the concern report they determine what kind of vacant position would be based adaptable for the organisation. This is how the organisation decides the job criteria of the current vacant position. Barclays Bank therefore follows an agile and just in time approach towards management of the recruitment drive for the company. The critical steps involved in the recruitment drive of the company are human resource planning, recruitment and selection in the end. Human resources recruitment process of Barclays Bank also takes into account detailed analysis and projection of responsibilities in the respective job positions needed in the company other than staff orientation after the process of selection has been completed in case of any external recruitment. Other than external recruitment, the organisation also conducts internal recruitment strategy (Joinus.barclays, 2021). Internal recruitment process is composed of activities like transfer, promotion, qualification of existing personnel for other positions, restructuring as well as development. 

The long history along with impressive performance of Barclays Bank throughout many decades in the international financial market is based on the fact that Barclays critically focused on their job responsibility and activities. The organisation has also processed sustainable strategies to work on specific job positions so that the employees recruited in such positions can deliver the best quality of client services. The organisation has always catered to sustainable strategy development for human resource development especially with the prospect of client service in mind.  However, human resources development strategy has gradually changed over the time span of the last 50 years. Currently Barclays Bank found a simple years successful strategy for recruitment, retention and motivation of employees. For latest information of retention strategy, get instant HRM Assignment Help from SourceEssay experts

Since the beginning of the company, for example, Barclays bank has focused on recruitment of young candidates with latest knowledge in the concerned job category. Majority of the recruitment of Barclays bank is external recruitment in rising recruitment of fresh graduates. Barclays Bank has a multiple case history of recruiting candidates even at the age of 16 focusing on their potential. After a certain time period the minimum age of recruitment became 18. However, in case of such exceptional recruitment, Barclays undertook some of the other personal liabilities of the concerned individual with an agreement towards working for the company for the entire career. At a certain point of time the majority of candidates in the company where this kind of recruitment (Barclays.com, 2021). However, other than conducting this kind of recruitment studies for the majority of the professionals, the company has also emphasized on recruitment of specialists. In some specific areas requiring specialized education. In this case the organisation provided great compensation as company switching cost to the deserving candidates having thorough and specialized education. In eminent cases, the company tended to provide allowances for or avoid recruitment of candidates with other companies and paid for allowances like their education and higher degree study for learning specialized skills before recruitment. Nowadays the recruitment standard of the organisation is almost similar however with slight changes. For evidence, The legacy of recruiting young people is still prevalent in the company. On the contrary the recruitment of candidates at such tender age does not take place. The orientation process is imposed on fresh graduates to make them capable of handling real-time work pressure. This is the reason why very young candidates do not comprise the majority of the staff in the company (Barnes and Newton, 2020). On the contrary the people who are graduates from Barclays academy get immediate scope of recruitment with the organisation. Lately, As my assignment help professional opined Barclays Bank realised the fact that considering the complexity of financial operations in the modern multinational scope of work, it is better to recruit candidates who still have the experience and specialized education in comparison to the young people. Inexperienced candidates undergo the orientation phase as a part of their recruitment and selection process and gradually move in that direction by associating themselves with the organisation for a long time. 

There is a downside of the above stated situation also. The banking environment has not been static and extracting as such. In the past time the banking infrastructure has been a secure place for employees. It was suitable for people who demanded a secure and sustainable career in the same organisation having clear scope of promotion and salary increment. This imply that previously the brilliant candidates avoided banking infrastructure and they were attracted to industry which had liberated economic turnover. However, the perspective of the industrial operations in the banking system has changed recently. The global market of banking industry has increased vehemently where the banking services which are now accepted by customers are very diverse (Sheikh and Kimencu, L., 2017). New requirements for new kinds of banking services like bitcoin marketing followed by net banking or multiple categories of teller services has evolved. This is the reason why the customer base has increased. The service criteria have also become complex which further necessitates the importance of recruiting more experienced staff to handle complex operations.

Barclays bank has been forced to diversify the recruitment process. Candidates currently entering the selection process in the company now have more specialized education and orientation for the company in order to compete with the experienced candidates and the same channel of recruitment. The company also looks for sustainable human resource potential which can be exploited on either middle term or a long-term basis. The company has also pronounced the trend in retention of candidates at the present time. An example can be provided in this regard. The professionals of the bank in the recruitment do men have been developing strategies for helping candidates to create long-term professional careers The professional term that has been used in this case is building and engaging the workforce. The reason behind using this strategy is evident in the fact that this kind of situation will help the company to benefit from elements like reduction in staff turnover, high rate of sales growth and the consequent outcome like increase of customer satisfaction which leads to greater business performance (Barclays.com, 2021). To get information on staff turnover rate for your HRM projects, request coursework help Online from SourceEssay team anytime.

The attitude of Barclays bank towards existing and future employees seems to lead to a conclusion that the organisation is a stringently following the stakeholder theory of Human resource management. The company despises shareholder theory of Human resource management. The stakeholder theory enables organisations to entrust employees as the most valuable resource. The company made it very evident that employees are to be perceived as ultimate stakeholders and as an outcome they should be treated as an asset to the company and not a liability. Therefore, the resource-based perception towards human resource management in the company has been marginalized.

Exemplification of the above-mentioned attitude has helped Barclays Bank in trying and creating a similar response among the attitudes of the company. This is the reason why more than 80% of the workforce is loyal to the organisation. In other words, the professionals of the company are expecting to retain the majority of the valuable employees by treating them with respect, credibility followed by acknowledgement to their marriage and providing them with adequate reward and recognition as a consequence of their hard work. The company is also constantly working to exhibit that Barclays Bank cares about the future and well being of their employees (Barclayscorporate.com, 2021). In order to convince the employees in this regard the company has encouraged a personal development plan on financial terms for all employees. This is not a mandatory however prevalent policy for anyone who likes to adopt it. The evidence behind this significant investment plan is that the company invests a critical amount behind training and development programs with the intention of helping individuals to meet their professional desire and plan and work towards improvement of their skill and knowledge.

The basic principles based on which Barclays Bank develop human resource strategy are winning together, strong customer focus, pioneering attitude towards employees, building and inspiring trust and best people. Barclays has also been able to develop a differentiated reward and recognition strategy.

In the UK division of Barclays Bank, the company has invested great research behind the development of the HR. FTE figures have been 60,700 in the year 2008 compared to 61,900 in the previous year. In a plagiarism free tuition assignments of Barclays written by researchers, it was reported,  The average length of services for employees have been nine years. This has kept on developing year after year. On an average the percentage working part time has been 16% where the value has been constant in the past few years. Since 2017 increment in turnover rate has reduced by about 3% on an average. The resignation rate has also been constant under 12% for the UK division itself. As mentioned above, Barclays bank has worked towards elimination of any form of discrimination in the human resource development perspective. In this perspective, the bank has actually played a pioneering role being one of the initial financial services providing companies to hire female employees and promoting female employees to the management positions of the highest level (Forbes.com, 2021). Evidence in this favor can also be highlighted. The percentage of women in the workforce of the company reached the maximum level of 56% in 2008. Percentage of female management graduates associated with the organisation has been the highest of 28 % and the percentage of female senior executives has been the highest of 15%. Barclays bank has also recruited ethnic minorities with a highest of 12.3% of all employees. Out of the ethnic minorities the company has recruited almost 12% of management graduates from that criteria and 8% of the senior executives have also been ethnic minorities. Therefore, it is pretty often and that the organisation has always worked in favor of developing a robust diversity policy keeping workplace diversity principles of the UK government in mind. Barclays Bank also provides retirement funds where there are about 59000 active members just in the UK. On an overall basis the company currently sponsors about 55000 pensioners (Joinus.barclays, 2021).

Integrating Reward And Recognition System 

The advancement in technology has impacted human resources significantly. Unlike age old practices modern day organisations are focusing on prioritizing employees and there will be for enhancing overall output and organisational benefits. Human resource managers in modern business emphasizes on interacting with the workforce for gathering feedback and understanding factors that can be implemented to increase employee engagement. One of such factors is employee rewards and recognition systems (Hrtechnologist.com, 2021). Employee reward and recognition has been efficient in improving organisational values while developing team efforts, enhancing customer satisfaction and motivating employees to achieve better adroitly. Employee rewards specifically a tangible factor which includes appreciation provided to the employees at times when they achieve high quality work or successfully display excellent performance levels. Rewards can also include monetary benefits in the forms of bonus and profit sharing. It is an effective way to increase employee motivation and inspire them towards bettering their performances for achieving the additional benefits (Power2motivate.co.uk, 2021). 

However, 82% of the employees have mentioned that recognition within the workforce motivates them towards better performance when compared to a gift. It is important for an organisation to use financial rewards sparingly so that it limits and employees chances of reaching the point of entitlement as the specific type of reward has the capability of motivating other members when they realise that their colleague has received monetary benefits over them (Jones, 2019). Therefore, it can be said that the adaptation of an integrated reward and recognition system within the practices of the specific fiscal service provider will help in creating a stipulated work environment along with increasing overall productivity and enhancing the competitive edge of the organisation in the market. To received free assistance, contact free essay writing help of SourceEssay at anytime.

The global economic and financial crisis left a significant mark on activities of the bank. The staff rewarding system has also been faltering because of the above-mentioned changes. Prior to the crisis the company was always perceived by the human resource professionals as an organisation which provided real reward, significantly stimulating employees for improving professional performance. However, after this crisis the organisation started rethinking this reward system. The financial performance of the company had repercussions in the staff reward system of the company. For evidence the final dividend for the year 2008. After that the company avoided payment of performance bonus for a certain time period also. Barclays Bank even announced that wage increment will not take place in the year 2009 (Kyeremehet al., 2019). The executive and directors of the company have been mostly impacted by this kind of decision. In spite of a smooth relation between management and employees, some unpleasant encounters like the above-mentioned issue have created a sense of insecurity among Barclays bank employees. Therefore, following Maslow’s hierarchy of needs it can be highlighted that the company has not been always successful in meeting the basic and elementary criteria of employees like psychological needs and security needs.

Objective Of SHRM In Barclays

Barclays bank has always emphasized on elements like job analysis and recruitment as the primary perspective for the HRM department. However, the company has also given importance to organisation and proper utilization of workforce followed by a measurement and appraisal of performance and creating a new reward system for employees.

Job Analysis And Recruitment: the department of the company took responsibility for recruiting candidates for various employment positions. This activity is driven by skill determination followed by analysing experience necessary for adequately fulfilling responsibilities of the position and identifying job and industry trends ending with anticipation of future employment. The company provides valid details regarding jobs which can be assessed by candidates before they randomly apply for the position. The company determines the practical wage limit for every job position along with a definition of the kind of wage increment that can be expected by candidates on the basis of determining training needs and requirement of candidates in the company.

Organisation, Maintenance And Utility: the HRM department of the company has always worked tirelessly in order to maintain integrity of the workforce. The duty in this regard is involvement of a Framework designing so that enterprising effort of human resources can be used at maximum level. The organisation has always tried to develop a system of clear communication helping the company in operating in a unified pattern (Barnes and Newton, 2020). Other responsibilities towards human resources undertaken by the company are health and safety requirements and worker management duration. The maintenance tasks associated with worker management relations are working in close association with the labor Union, handling the grievances of misconduct like theft or other form of harassment, development of communication system for increasing cooperation and sharing organisational vision among employees.

Performance Appraisal: the HR team of the company has made assessment of the job performance criteria of employees and provided feedback on positive and negative performance criteria.Essay writer defined In the process of performance appraisal has been important as it is used for definition and determination of the salary increase and promotion scope (Marketresearch.com, 2021). It has also been used in case of dismissal followed by negative performance.

Reward System: this system can be managed by the Human resource department of the company. The aspect of this type of management is essential as it helps in providing the mechanism based on which the organisation can provide their workers with reward for their past achievement and incentives for better performance in the future as well. This system has also been used for addressing problems within the workforce by constituting disciplinary measures (WIRE, 2020).

The HRM department also handles reward systems in the company. Management is an important element as it helps in providing mechanisms based on which the organisation provides workers with financial and non-financial reward for their previous achievement and incentives for better performance in the future. This system has also been used for advertising issues within the workforce like a conflict on different grounds by instituting disciplinary measures which cannot be violated by any stakeholder of the company.

Employee Development And Training: the HRM is responsible for identification of the training requirement in the company’s employee base. The HR team is also responsible for initiating and evaluating development programs for addressing such requirements (Yeoward and Ashwathnarayana, 2018). The training program ranges from orientation program design for acclimating new candidates to the company, to the ambitious education program intended towards familiarizing workers with the new software systems.

Conclusion

The study focused on HRM practices of Barclays Bank, UK. It is one of the most renowned financial service provider businesses established in the United Kingdom which focuses on providing its worldwide customers and client base with enhanced services. In order to meet the organisation’s objective of meeting customer expectations and providing them with best possible services the organisation also focuses on improving the management of its employees. It has been identified that in order to cope up with everyday challenges and bettering employee performances the organisation provides training and motivation to its employees. These practices are helping the organisation in encountering the recent issues in context to employee management they have impacted the organisation evidently. It focuses on evaluating work domain and identifying areas of improvement. The association is also focusing on diversifying while following the stakeholder theory of human resource management adroitly. It also uses an integrated reward and recognition system to motivate and inspire its workforce and help them achieve an effective work life balance.

Reference List

Barclays.com, 2021. Barclays Corporate strategy | Barclays (2021). Available at: https://home.barclays/who-we-are/our-strategy/ (Accessed: 4 February 2021).

Barclays.com, 2021. The value of human capital | Barclays Private Bank (2021). Available at: https://privatebank.barclays.com/news-and-insights/2020/october/value-of-human-capital/ (Accessed: 13 February 2021).

Barclayscorporate.com, 2021. Improve Customer Satisfaction | Barclays Corporate (2021). Available at: https://www.barclayscorporate.com/insights/managing-your-business/transforming-customer-satisfaction/ (Accessed: 4 February 2021).

Barnes, V. and Newton, L., 2020. Women, uniforms and brand identity in Barclays Bank. Business History, pp.1-30.

Forbes.com, 2021. Barclays (2021). Available at: https://www.forbes.com/companies/barclays/?sh=6bc91ca45358 (Accessed: 4 February 2021).

Harper, J. 2019. Barclays fined by U.S watchdog for hiring practices | HRM Asia, HRM Asia. Available at: https://hrmasia.com/barclays-fined-by-u-s-watchdog-for-hiring-practices/ (Accessed: 13 February 2021).

 Hrtechnologist.com. 2021. 9 Reasons Why You Need Rewards and Recognition Technology (2018). Available at: https://www.hrtechnologist.com/articles/rewards-and-recognition/9-reasons–you-need-rewards-and-recognition-tech/ (Accessed: 13 February 2021).

Joinus.barclays, 2021. Human Resources Analyst | Barclays Early Careers and Graduates (2021). Available at: https://joinus.barclays/americas/full-time-opportunities/human-resources-full-time-analyst/ (Accessed: 13 February 2021).

Jones, M. (2019) Why is Employee Reward and Recognition so Important? |, Petaurum Solutions. Available at: https://petaurumsolutions.co.uk/blog/why-are-employee-rewards-and-recognition-so-important/#:~:text=Employee%20reward%20and%20recognition%20has,behaviours%20amongst%20members%20of%20staff. (Accessed: 13 February 2021).

Kyeremeh, K., Prempeh, K.B. and Afful Forson, M., 2019. Effect of Information Communication and Technology (ICT) on the Performance of Financial Institutions (A Case Study of Barclays Bank, Sunyani Branch).

Marketresearch.com, 2021. Barclays Bank of Ghana Limited : Company Profile and SWOT Analysis, Marketresearch.com. Available at: https://www.marketresearch.com/World-Market-Intelligence-v3764/Barclays-Bank-Ghana-Limited-Company-9148097/ (Accessed: 4 February 2021).

Power2motivate.co.uk. 2021. 10 Reasons to Recognise Employee Achievements (2017). Available at: https://www.power2motivate.co.uk/news-blog/blog/10-reasons-to-recognise-employee-achievements (Accessed: 13 February 2021).

Sheikh, M.A. and Kimencu, L., 2017. Influence of Competitive Strategies on the Performance of Barclays Bank in Garrisa County, Kenya. International Journal of Contemporary Aspects in Strategic Management (IJCASM), 1, pp.50-58.

WIRE, B. 2020. Barclays named ‘World’s Best Bank for Markets’, Businesswire.com. Available at: https://www.businesswire.com/news/home/20200911005105/en/Barclays-named-%E2%80%98World%E2%80%99s-Best-Bank-for-Markets%E2%80%99 (Accessed: 4 February 2021). Yeoward, M.J. and Ashwathnarayana, M.P.K., 2018. Experience and Expectation of International Students: Over Barclays Bank, Service Quality in Chester, UK. International Journal of Scientific Research and Management, 6(10).

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