This sample focuses on management accounting concepts. It discusses costs and their classification into various categories. A budget is prepared in the report, and its results are interpreted to understand the reasons behind the positive and negative variance in the budget. A report cash budget is also presented by considering cash inflow and outflow items, as well as a report variance analysis is conducted in this report.
The function of human resource management in an organization is enormous; it implies to both workers and the company as well as help in achieving the organisational objectives in relation to the needs and desires of employees. The human resources are vital to an organization as their distinctive culture and structure helps in achieving competitive advantage for the organization. The strategic deployment of resources in a correct manner is a major task performed by human resource management.
P1. The purpose and functions of human resource management at HSBC
HSBC has a total of 228,687 employees in all its departments carrying out banking operations efficiently. Every human resource department has certain roles and functions which are needed to be performed. HR personnel is responsible for carrying out recruitment, selection, staffing and controlling activities.
Nature of HRM
HRM is a management discipline or field of study which is responsible for managing resources of organization effectually. As it is concerned with employees and workers, it is present at all levels of the organization. At HSBC, HRM’s role is to direct employees towards the attainment of organizational objectives and thereby, building relationships amongst themselves.
Scope of strategic HRM
The scope of human resource management is wide and covers all aspects related to employees. It starts with the planning of employees, the effect of employee’s relation with each other and recruitment and selection of employees as well as their training and development.
Hard and Soft HRM approaches:
The two models benefit employees in a respective manner. The hard approach refers to meet the performance criteria so as to obtain organizational objectives. Whereas, the soft approach focuses on providing employees with proper benefit to grow within the organization by accomplishing tasks. HSBC uses the soft approach towards employees which enhances their creativity and thereby fulfilling the bank's objectives.
P2. Strengths and weaknesses of the recruitment and selection process adopted at HSBC
The process of recruitment and selection involves human resource personnel to plan and carry out various internal and external activities. Recruitment is a fundamental process that involves filling of vacant positions in an organization. On the other hand, selection refers to a critical process which is also a negative aspect and implies choosing the best amongst all by providing a job.
Strengths of the recruitment and selection process
Recruitment done internally refers to the filling vacant position from the organization itself by shifting or promoting employees. HSBC involves the internal recruitment process as they believe that the trained employees are worth more than fresher recruited from the market. It saves the cost of training and development as internal workers are potential enough to carry out bank operations effectively.
Weaknesses of the recruitment and selection process
The recruitment process done internally or externally has certain limitations. Internal recruitment can be based on the biased nature of the employer which helps gain more power to a few favorable people. The external recruitment process has a disadvantage as it is an expensive criterion which consumes a lot of time and cautiousness of HR personnel at HSBC.
Benefits of HRM practices to employees and employers of HSBC.
HRM practices help employees and employers achieve success and fulfill their personal desires thereby accomplishing organizational goals. At HSBC management involves controlling various activities of both employer and employee so as to attain organizational objectives.
Encouraging positive behavior
HSBC provides a healthy working environment to its employees which encourages building relationships with employers. HRM practices are provided which benefits employees favorably by motivating them to perform better so as to achieve standards.
Retaining talented employees
HSBC focuses on retaining talented and qualified employees by providing promotions and internal recruitment for various top positions. Thus, they manage risk of new changes and helps attain bank objectives effectively.
Effectiveness of HRM practices in terms of raising profit and productivity of HSBC bank.
The HRM practices of Hongkong and Shanghai Banking Corporation are very crucial and effective in enhancing profit margins and productivity ratios. The net operating profit earned by HSBC in last year amounts to US$51.445 billion which has forecasted to rise in the future.
Motivation and high performance of employees
At HSBC HRM practices are effective in motivating employees to perform better which will impact their profitability, as well as employees, will be gaining more incentives. The mangers of the bank provide effective programs and strategies to employees which helps them to perform better.
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Achieving goals with effective communication techniques
Communication is of utmost importance for the success and continuous growth of an organization. Effective communication help achieve goals in a better way. HR personnel works on providing information to each and every employee and rechecks on the effective flow of information so as to enhance productivity.
Key elements of employment legislation and its impact on decision making of HSBC.
Employment legislation incorporates various safety and protection measures, labor relationship with the manager, etc. HSBC bank employs workers on higher wages. It plays a major role in listening and taking care of its employee's grievances.
Application of HRM practices.
The job description of CRM of HSBC bank - The job description is a written document that includes specific details about a particular job. The customer relationship management is a person who knows and values customer and his needs and desires (Shi and Pamer, 2011).