Brief overview
Introduction 100
Human resource practices are essential for the banking sector as it is a service industry. Managing people at work leads to success in banking operations. Skilled workforce and effective work strategies determine success in the business. Banking is a people business to which pricing leads to high-level competition. Customer satisfaction and a high level of competitiveness are observed in the banking business. The report consists of HRM strategies adopted by Xinja Bank to engage in strategic human resource management. The current situation of Xinja is provided while describing the challenges that the business face in the banking sector. Human resource management strategies help to recover the current position of the business and ensure the growth and development of the market. HRM strategies, when applied for Xinja, will lead to productive work practices.
Xinja was founded by Eric Wilson, who built a team of bankers and experts. Experts follow the perception of banking services and customer care aspects. Advanced mobile technology has made things beautiful and simple. The financial services experts have created things easy by combining industries with sold and well-engineered solutions. Technology has made a way to consider the futuristic idea and gain advantages of Artificial Intelligence. The experts have potential in increasing financial literacy that can be used as a highly beneficial impact for people. The primary services provided by Xinja are product, stash and roadmap.
HRM strategy 300
Human resource management strategies are planned for effective implementation of HR functions in an organization. The policies that are guided to achieve business growth attain long term benefits for staff and organization. The four practical strategies for the banking sector are talent, leadership, performance culture and planning. Skill represents the effective use of human resource in managing risk and considering crucial decisions for the success of the business. Therefore, human capital is essential to which comprehensive staffing blueprint is used while recruiting, hiring and induction process. HRM department needs competencies such as knowledge, abilities and skills that perform tasks effectively. Leadership links with successful business strategies. HRM plays a significant role in the banking sector. Therefore the primary responsibility of employers is to direct the business in the right direction. Xinja should adopt the technique to which it helps to consider the company’s success and actively involved in determining human resource planning for the company’s future. The HRM department in an organization will inappropriately find business plan while determining employee satisfaction and employee performance.
Human resource management practices include job analysis, recruitment and selection, compensation, benefits, training and development and performance appraisal. Xinja should ensure that these aspects are considered in an organization to gain importance and expertise in performance appraisal while considering organizational growth. Human resource management practices will commit to focusing on increasing customer satisfaction and employee performance to which there is a pave to reach to an outmost destination. The objective of the business is to engage employees in a manner to which banking system achieves objectives and goals that suggest solutions for bank administrators. Human resource management consists of policies and practices that involve human resource aspects including recruitment, selection, appraisal, training and compensation. The primary objective of the HR function is to manage these areas with the help of people and focus on managing job analysis. Human resource management consists of different aspects such as discipline, job analysis, human capital, job specification, job evaluation, job description and job enrichment. It is essential to consider these aspects by Xinja for overall growth in the banking business and focus on advanced technology that Xinja is well-known for providing its latest products and services.
Recommendations 300
Xinja bank should work on E-HRM practices and technological innovation to ensure advanced techniques with the help of HRM. E-HRM activities consist of E-recruitment, E-selection, E-performance management, E-learning and E-compensation. With the help of information and technology, these activities will be beneficial for the business. Technological innovation will lay changes in the human resource functions to which simpler and faster differences are addressed in the industry. The use of information and technology will facilitate change in the company carrying HR activities and focusing on driving force to be considered in organizational effectiveness. The power of human resource management will help to achieve corporate objectives to which automation, paperless office and transparency are the primary areas to focus. Banks will adopt IT tools to which HR functions will be performed with E-HRM activities that ensure information required by managers to focus on HR process. E-HRM provides employees and managers to extract information based on the necessary change in the business while establishing an industrial revolution that changes the scenario of the company. E-HRM is an innovative tool that enables business growth and enhances performance to achieve competitive advantage. Being digital in today’s competitive market is a challenging task that banks must adapt. Therefore new technologies and innovation in HRM will produce effective results and improve organizational performance.
Conclusion
The executive report was prepared for Xinja bank to focus on HRM strategies and practices for increased business performance. The importance of HRM in the banking sector was presented in the report while providing recommendations for Xinja with its current business position. Xinja needs technological advancement and should focus on E-HRM activities that ensure business growth and performance in the business. HRM strategy such as E-recruitment, E-performance, E-compensation and E-training is the advanced versions that should be implemented at Xinja.