business environment in the banking industry is changing at a rapid pace. As a
result, the talent management practices are also likely to change alongside
with the external business landscape. Some of the changes will be driven by demographic
alteration, economic evolution, and technological advancements. There are
mainly four pillars of TM systems. They are performance management,
recruitment, compensation, and corporate learning; one is dependent upon the
other. For example, when an organizationâ€™s compensation structure is better
than the other key players present in the market, talented employees want to
join the same happily (ORACLE, 2012). Thus, the paper will illustrate how HSBC
of Australia is likely facing different contemporary management issues. Some of
them include diversity, digitalization, change, globalization, and emotions.
The globalization has led to different HRM techniques. For example, HSBC has to
contact with its overseas branches via digital platforms. As a result, virtual
teams have become extremely popular in this regard. However, diversity is an
issue pertaining to overseas communication. Therefore, the paper will elucidate
a robust plan to resolve all the talent management issues in relations to
various contemporary management problems.
faced by HSBC from the perceptive of talent management
scarcity is nothing new in the banking sector. In fact, shortage of appropriate
and skilled labors is evident across the globe and not only in Australia.
Hardly, there is any good leader emerging from the chaotic business world. The
survival of the organizations has never been so dependent up on the rapid
reaction times and leadership quality.
the coming 10 years, several aspects are going to change drastically. For
example, talent mobility will surge even more, due to long-lasting effects of
the globalization. Furthermore, the right employees are attracted towards
flexible work culture, emotional leadership, and cultural connection (Al Ariss,
Cascio and Paauwe, 2014). It is crucial to understand that the talent
management process will start right from the job postings, during the
subsequent years. However, currently, it actually begins from recruitment.
Passive recruitment is going to become a trend in the next few years. Even
though the appropriate candidates are already present in the market yet chances
are high that they may not look out for the same. For instance, a person who
has financial productsâ€™ knowledge adequately can stay away from the banking
market because of prevalent deception. On the contrary, an individual who
merely possesses only a degree may land up in the job (Vaiman, Scullion and
Collings, 2012). Therefore, in such scenarios, passive recruitment can largely
assist in finding the right candidate amidst the talent pool. It is more like
searching for a suitable employee via a face-to-face interaction in any coffee
shop instead of formal interview setting (Shao 2017c). Demand for using
technology to its zenith will be extremely important for talent management. If
big data can be used for election campaigns and marketing, then the same is
applicable in the case of talent management procedure as well. It will actually
help the employers to maintain a catalog for recording the recruited
candidatesâ€™ skill set, on-boarding, hobbies, certifications, and background. In
the later stage, when any stipulated task will be allocated choosing the suited
employee will become a lot more lucid. Moreover, the most economically strong
nations will have more numbers of talents than that of their counterparts
(Thunnissen, Boselie and Fruytier, 2013). Education will actually help in
establishing a strong career for the candidates and thus it will merge in the
coming years more strongly (Shao 2017f). In fact, many of the educational and
business institutions will actually collaborate to a large extent, for finding
the right talent.
it can be understood to what extent talent management system will require
restructuring. The work pressure of the employees is increasing day-by-day in
each and every sector, especially in banking industry. As a result, emotional
intelligence of the leaders will be crucial for managing the entire talent pool
of an organization. Even in passive recruitments also emotional intelligence
will play a significant role (Stahl et al., 2012). On one hand, perception of
emotions, i.e., recognizing othersâ€™ feelings and emotions will be substantial;
on the other hand, employees must be trained to regulate emotions during
organizational interactions and especially in the case of cross-cultural
communications. Banking sector employees need emotional regulation practice
even more because customers are anxious with their money. Moreover, they leave
their hard earned money in HSBC. Losing the customersâ€™ trust can actually prove
to be detrimental for the bank.
will engulf the entire banking industry even more tightly, in the next 5 to 10
years. However, portraying virtual leadership will be difficult. For instance,
understanding human emotions cannot be easy while interacting via virtual
platforms. Conference calls will gain importance and work better than
face-to-face board meeting discussions (Shao 2017d). Thus, the biggest
challenge will be the distance. On the other hand, a developed nation such as
Australia will receive more diverse talent. It is nothing but one of the cons
of talent mobility. Furthermore, even though some of the organizations in
Australia may actually harness the social mediaâ€™s power yet employees readiness
cannot be witnessed that much, as of now (Meyers, van Woerkom, and Dries,
2013). Therefore, it is a challenge to make the employees aware about the same.
However, along with the extended use of digital platforms, cyber threats will
surge. For instance, cyber theft and bullying will increase in the due course
of time. It will ultimately lead to
safety responsibilities for looking after the occupational health of the
employees. The employerâ€™s reputation can actually be at a stake because of
various activities in the cyber space.
system may require to be changed in the next 10 years. For example, breaking bamboo ceiling is
crucial for attracting best of the employees. However, multicultural talent
management may not be easy at all (Collings, 2014). Other economic factors
responsible for affecting the talent management of Australiaâ€™s HSBC are the
knowledge economy, structural unemployment as well as skill gaps.
successful talent management plan include the below mentioned steps. Firstly,
the organization will need to identify its various priorities and goals.
Secondly, challenges and drivers of the organization should be extracted.
Thirdly, identifying the gaps is extremely important. Fourthly, defining HR
goals and priorities must be initiated (Shao 2017a). Fifthly, making inventory
of the organizationâ€™s talent management function is extremely important.
Lastly, communicating and measuring the results of such a planâ€™s implementation
have to be initiated.
management may actually be incorporated by the managers for talent management.
Initially, they will resist but acceptance will follow later on. As a result,
Lewinâ€™s change management model may actually work in such a scenario (Shao
2017b). There are three main steps in
the model including transition, refreezing and de-freezing. Bamboo ceiling can
be broken down by taking up a multicultural strategic approach.
the goals such as taking care of the customersâ€™ interests and brand reputation
maintenance are quite important. Therefore, the employers have to take
stringent steps to safeguard the companyâ€™s reputation. In such scenario, social
media usage should be banned within the bankâ€™s premises. On the other hand,
trainings must be imparted to the employees regarding cyber rules, as exposure
to the digital platform will rise after 5 to 6 years. Thus, social media policy
up-gradation will be crucial (Shao 2017e). Distance in communication has to be
managed explicitly during cross-cultural interaction and training. Therefore,
employees should undergo these types of virtual interaction trainings.
Leadership is not only restricted to managing teams but other aspects such as
clarifying guidelines, encouraging open dialogues, and fostering trust are
pillars of proper talent management. The virtual teams, on the contrary,
require right technology for communication and choosing of appropriate touch
points is crucial as well. Both social media and change management can be
combined to a large extent. For example, it can shorten the distance that
exists between the employees and leaders. Contradictorily, the employees can be
given various roles for shaping the organizationâ€™s future. The employeesâ€™
behavior will drastically change by these steps.
mindset is the most important talent that every organization is looking for. As
a result, the employers should initiate job advertisements where the
above-mentioned talent is prevalent. It also demands resilience, character,
flexibility, inquisitiveness, and interpersonal skills. The two main
organizational cultures which can actually eradicate the challenges are
emotional culture and cognitive culture. When both the cultures will be
compiled together and implemented in the system, talent management will become
easier (Shao 2017g). Virtual negotiations will, therefore, increase which
require cultural trainings. As a result, the employees should be sent to the
multicultural workshops for mingling with various people of diverse
the above paper, it can be inferred how talent management plan of the bank must
address several aspects together for enticing the best of candidates across the
globe. In fact, technological advancements, demographic change, and other
aspects are posing threat for the organization. After 10 years, there will
hardly be any Generation X employee thereby increasing the requirement of
training the Generation Z candidates even more. Furthermore, advancement in
technology is taking place at a lightning speed. Therefore, it can be expected
that in 10 years, virtual leadership will be one of the most desired parts of
talent management process. Lastly, a culture of diversity should prevail in the
organization for its holistic development and robust talent management.
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