LASANTHI YAPARATNE- MN 7181 - PEOPLE AND ORGANIZATIONS

  HRM in Banking Sector Figure 1: hrm in banking (Source:  Slideshare, 2013) Because of the nature of the banking industry, which is mainly service-based, HRM in the banking sector occupies an important place. The management of people in the organization, as well as the management of financial and economic risks at a broader level, are the most significant challenges facing the banking industry. The Human Resources department has the responsibility of identifying such talented individuals and positioning them in the proper position within the institutions, because only efficient and experienced employees in the sector can manage the financial risks that banks must incur on a regular basis.    Importance of Human Resource Management in Banking Sector Figure 2:  Do human resource management practices have an impact on financial performance of banks (Source:  Semanticscholar, 2010) Bank employees, from executives to tellers, must have a higher level of hon...

  Importance of the employee voice Employee voice is a two-way communication method between the employer and the employee. It is the process of the employer interacting with the employee as well as receiving and listening to the employee's communication (CIPD, 2021) .                                          Figure 1 : Why employee need a voice (Source: Fridayplus, 2021) The meaning of employee voice is as follows (Dundon et al., 2004). Expression of individual dissatisfaction is raised with the line manager or through the grievance procedure. Expression of collective dissatisfaction raised by trade unions through collective bargaining or industrial action Contribution to management decision-making through upward problem solving, suggestion schemes, and attitude surveys. Demonstration of mutuality through partnership agreements, joint consultative committee...

  Employee relationship for a better organization An organization's effort to build and maintain positive relationships with its employees is called "employee relations." There is a long-term agreement signed between employer and employee that is voluntary and self-enforcing about the expectations of both parties about the nature of their relationship (Leat, 2008). Employee and employer expectations Each employee and employer have some expectations relevant to the employee relationship as follows (Leat, 2008). For employees, Employees will be handled in a fair and honest way. Good working conditions and a safe and healthy environment. They have employment satisfaction and self-confidence in their work. For employers, Employee ’s actions for the betterment of the employer. Employer ’s rights to take necessary action depending on the employees’ performance levels. A willingness to change. The capability to take initiative . Key Employment Relations Policies: Employee relat...

  How to Reduce Employee Turnover Figure 1:  How to Reduce Employee Turnover (Source: Vantagecircle,2021) Employee turnover, often known as employee turnover rate, is the number of employees who leave an organization during a given time period. It is a main problem for a lot of organizations as it affects the productivity of organizations.  Causes of Employee Turnover The main reasons for high employee turnover are as follows (UKessays, 2017) . Job Satisfaction:  An employee’s job satisfaction is defined as a pleasant attitude and emotion toward their job and workplace. Low job satisfaction or job dissatisfaction directly affects higher employee turnover. A lack of appreciation, low teamwork spirit, and inadequate employee reward methods are some of the reasons for job dissatisfaction. Salary Range: Due to the increased economic crisis, the higher level of cost of living, and many other expected reasons, the majority of employees expect well-paid job s....

  Performance Management Performance management is the process of ensuring that a set of actions and outputs fulfill an organization's goals in an effective and efficient manner. The purpose of performance management is to create an environment in which people can perform at their highest capacity and deliver quality work in the most efficient and effective way. Four Stages of Performance management Figure 1 : Four stages of performance management (Source:  HR Trend, 2020) Performance management process As per the specific roles and timelines of both managers and employees, several businesses use performance management methods, and the majority of them use some variation of the processes described below (Pulakos, 2004). Performance Planning:  HR and management must outline the job in detail, including a detailed description, long and short-term goals, key objectives, and a clear criteria for evaluating those objectives and goals. The goal should be SMART (Specific...

  Employee Engagement Employee engagement is a workplace approach that creates the appropriate conditions for all employees to give their best every day, committed to their organization's goals and values, motivated to contribute to organizational success, and feeling better about themselves. It is a concept in human resources (HR) that describes a worker's level of excitement and dedication to their job. Organizations may benefit from staff that are willing to go beyond expectations and achieve higher financial performance by creating a culture that allows people to engage in their work (Baumruk, 2006). Drivers of employee engagement Following possible drivers helps to understand the factors that influence the level of employee engagement (Armstrong, 2014). Job challenge:  It enhances engagement by providing opportunities for achievement and personal development when the job responsibility is high and the workload is heavy. Autonomy gives you a sense of control and ow...