Hrmt200 | Issues Related To Assessment Answers

The Australian banking sector has started facing many issues in modern business based environment. The human resource directors of companies have been facing huge issues in the current years of operations. The financial sector has thereby faced the most number of issues based on the policies and regulations which have been developed recently. The function based on the human resources of the companies are based on the regulations that have been developed in the industry. The challenges that the manager can face in the Australia based operations of the company can have major effects on the revenues and profitability (Ashikali & Groeneveld, 2015). The organizations in the financial industry in the United Kingdom have to follow many different regulations which are thereby considered to be quite different as compared to the other countries.

The external intervention based in the financial industry has been able to affect the banks in an adverse manner. The regulations have thereby become much more important which can affect the human resource related activities in the modern companies of the financial industry. The activities which are performed by the human resource department have also changed a lot based on the needs of customers. The human resource manager spend much more time in the process of dealing with different regulations. The restrictions that are provided by the regulations in financial industry have also been able to affect the talent group (Brunetto et al., 2014).

The huge challenge which can be faced by the company is based on restrictions which have been developed in the financial industry. The financial industry of the United Kingdom is able to provide effective response to new levels of challengers and different reward related policies as well. The laws which have been developed by the financial industry based on operations of labour can affect the employment relations. The employment related rights have an effect on the employees who are a part of the banking or financial industry (Dhar, 2015).

The employees or managers who are provided with a position in some other country from United Kingdom have to consider laws that have been formed in the specific area. The financial sector of United Kingdom is thereby affected by the challenges which have been posed towards different companies. These challenges have further led to changes in the Remuneration based codes. The issues thereby need to be considered in an effective manner by the manager before starting his operations in the country. The reputation which has been developed by the banking industry can be restored in an effective manner with the help of the changes (Fu et al., 2015).

The different laws which are related to the workplace relations in organizations are based on the various elements like,

• The development of a proper safety net based on the minimum employment terms.
• The system which is related to collective bargaining process is underpinned with the help of various obligations and rules that are able to govern the industrial actions.
• The different provisions that are based on the individual flexibility arrangements that are able to allow the workers and the employees so that they can flexible arrangement related to work (George, 2015).
• The different projections that are thereby developed with respect to the unfair and unlawful termination of different employment activities.
• The protection which is provided to the employees so that they are able to choose the different workplace based matters in an effective manner (Johnson & Szamosi, 2018).

The responsibility related to the effective implementation of different employment related laws that are developed in Australia is provided to The Commonwealth Parliament. The various companies that have the responsibility to oversee different employment based laws mainly include, The Fair Work Ombudsman, The Fair Work Commission, The Registered Organizations Commission. The employment relations based laws which have been provided by Australian government have been followed by different companies and their employees in an effective manner. The manager who can be placed in another country by the company which operates in the United Kingdom has to take into account different employment relations (Mone & London, 2018). The different issues which were thereby faced by the company in financial industry are considered to be a major part of operating processes in various countries.

Issues related to human resource management that can be faced by the manager

The different activities which are based on the human resource management department of the banking and financial organizations have gained huge amounts of significance in the UK. Human resource management has been able to become a major factor in the corporate sector of UK. The sector related to banking activities in the country has started increasing in size in the past few years. The banking industry has started becoming more complex in nature and its importance has also grown in a huge manner. The financial markets in different countries are highly important for their growth (Mostafa, Gould?Williams & Bottomley, 2015).

The various steps which have been taken by the modern banking organizations based on the automation of services need to be managed by the employees. The managers thereby need extensive amounts of training in order to manage the automated services of progressive and modern banks. The employees or human resources thereby play a vital role in operations of various banks which are present in the financial industry of the UK. The various success related stories of the banks and financial institutions have shown that the human resource management departments and activities of organizations in the UK are different from the functions of companies in other countries (Paauwe & Boon, 2018).

The effective workforce in financial organizations plays a major role in its success in the industry. The managers of financial organizations are thereby considered to be a major part of the of financial industry of the United Kingdom. The compensation based levels of the company are thereby important for the managers or the employees who are a part of the financial industry. The job satisfaction based levels of the employees who are a part of the financial organizations play a major role in their retention in various posts (Punnett, 2015). The employees who are dissatisfied in nature are able to affect the profitability and revenues of the financial organizations.

The different changes which have taken place in the culture of the financial industry of Australia can affect operations of the organizations. The manager thereby has to face huge number of issues related to the changes in culture between the two different countries of operations of the bank. The misconduct related issues are also faced by the manager in his work process based in Australia. The human resources are thereby considered to be an important part of the operations which are conducted by the financial organizations (Schuler & E. Jackson, 2014). Different government based enquiries had been made on different financial organizations in Australia. The levels of opposition which are provided by senior executives of the organizations have played a major role in the enquiries.

The conflicts related to community which take place in the financial industry are related to the ways of conducting different types of operations. The various issues which have been faced by the banks in the industry are related to the factors like, understaffing, management related culture, branch closure, offshoring and closure of the branches. The top management and the leadership of the organizations thereby need to be aligned in an effective in order to solve different issues (Shuck et al., 2014).

Example related to issues that have been faced by the manager

The different issues that are occurring in Australian financial industry are depicted in an effective way by analysing a news which has featured in the Sydney Morning Herald in 2018. The issue that was faced in financial industry was based on the bank and wealth related company named Suncorp. The organization had been able to specialise in offering the life insurance related advice to the customers (Vaiman & Brewster, 2015). The company had developed a customer base of more than 1,00,000 people all over the country. The license based on financial operations of the company was thereby taken back by Australian Securities and Investment Commission or ASIC. This has thereby led to the enquiry based on huge recruitments that were made by the company.

The organization had further created a huge financial mess which had been revealed by the investigation that was made by Fairfax Media. The financial organization which operate under Suncorp was named as Guardian. The different documents which had been retrieved by the company were further able to provide an effective picture of the faulty financial planning that had been made by the company. The issues were thereby able to show the absence of the proper levels of training. The plans that were made by the organizations were thereby found to be quite inefficient in nature. The issues which had been faced by Suncorp were thereby found to be quite similar with those which were faced by Commonwealth Bank (Hollenbeck & Jamieson, 2015).

The revelations that were thereby made by the Guardian were based on the extension of the royal commission which was developed for the enquiry. The levels of conflicts which had been an important part of the operations of the organization were thereby depicted by the enquiry which was made on the issues. The financial advisors who are a part of the company were an important part of the enquiry that has been made by the Fairfax Media. The exploitation of the terms and conditions which were developed by the organization has been a major part of the issues which have been faced by Suncorp (Vaiman & Brewster, 2015). The lack of the training provided to managers is an important part of the operations of financial organizations.

Conclusion 

The report can be concluded by stating that the human resource based issues which have been faced by the managers in different countries are able to affect the revenues of the financial organizations. The most important part of the changes which have taken place between the countries and financial organizations have been able to affect the managers and their work process in a huge manner. The cultural and the employment relations based issues have been able to play a major part in the methods by which managers are able to offer their services. Human resource management has also increased its significance in the modern business environment of the foreign organizations.

References 

Adam Cobb, J. (2016). How firms shape income inequality: Stakeholder power, executive decision making, and the structuring of employment relationships. Academy of Management Review, 41(2), 324-348.

Appelbaum, E. (2014). High-performance work practices and sustainable economic growth. Members-only Library.

Ashikali, T., & Groeneveld, S. (2015). Diversity management in public organizations and its effect on employees’ affective commitment: The role of transformational leadership and the inclusiveness of the organizational culture. Review of Public Personnel Administration, 35(2), 146-168.

Brunetto, Y., Shacklock, K., Teo, S., & Farr-Wharton, R. (2014). The impact of management on the engagement and well-being of high emotional labour employees. The International Journal of Human Resource Management, 25(17), 2345-2363.

Dhar, R. L. (2015). Service quality and the training of employees: The mediating role of organizational commitment. Tourism Management, 46, 419-430.

Fu, N., Flood, P. C., Bosak, J., Morris, T., & O'Regan, P. (2015). How do high performance work systems influence organizational innovation in professional service firms?. Employee Relations, 37(2), 209-231.

George, C. (2015). Retaining professional workers: what makes them stay?. Employee Relations, 37(1), 102-121.

Hollenbeck, J. R., & Jamieson, B. B. (2015). Human capital, social capital, and social network analysis: Implications for strategic human resource management. Academy of management perspectives, 29(3), 370-385.

Johnson, P., & Szamosi, L. T. (2018). HRM in changing organizational contexts. In Human Resource Management(pp. 27-48). Routledge.

Mone, E. M., & London, M. (2018). Employee engagement through effective performance management: A practical guide for managers. Routledge.

Mostafa, A. M. S., Gould?Williams, J. S., & Bottomley, P. (2015). High?performance human resource practices and employee outcomes: the mediating role of public service motivation. Public Administration Review, 75(5), 747-757.

Paauwe, J., & Boon, C. (2018). Strategic HRM: A critical review. In Human Resource Management (pp. 49-73). Routledge.

Punnett, B. J. (2015). International perspectives on organizational behavior and human resource management. Routledge.

Schuler, R., & E. Jackson, S. (2014). Human resource management and organizational effectiveness: yesterday and today. Journal of Organizational Effectiveness: People and Performance, 1(1), 35-55.

Shuck, B., Twyford, D., Reio Jr, T. G., & Shuck, A. (2014). Human resource development practices and employee engagement: Examining the connection with employee turnover intentions. Human Resource Development Quarterly, 25(2), 239-270.

Vaiman, V., & Brewster, C. (2015). How far do cultural differences explain the differences between nations? Implications for HRM. The International Journal of Human Resource Management, 26(2), 151-164.