Model for World Class HRM Systems Essay Example

be broadly trained in all aspects of business. Macquarie's extensive succession planning and management development efforts aim at developing such leaders.

Macquarie is committed to a general manager development model and has designed planned development positions to test high-potential managers. Performance appraisals are also used to continually validate judgments of potential employees. According to a survey, first line and middle level managers perceived the bank's leadership style as more directive than consultative, which was considered appropriate for the environment. However, some who rated the leadership style as consultative believed it was not directive enough for the current situation. It is important for there to be strength and decisiveness at the top.

Macquarie's human resource department can achieve the organization's objectives by implementing innovative and comprehensive reward and recognition programs that focus on employee satisfaction, including innovative pay systems, organizational structures designed to support these programs, alignment of empowerment programs to drive satisfaction, and performance review systems to allocate rewards and recognition. Additionally, promoting teamwork can also contribute to the department's success.

To attain high standards of Human Resource Management, Macquarie bank should focus on fully integrating teamwork into the company operations, structure, and mission. The bank should employ teams as the primary means for delivering operating strategy while creating a common structure and support to ensure teams function efficiently. Additionally, developing team enabling tools and measurements is crucial. These strategies offer practical perspective insights and innovative ideas to redefine the HR department's systems and processes. Moreover, it is necessary to display the mission statement for staff to work accordingly. Encouraging employees to utilize their skills towards achieving the best should be prioritized. It is vital to view people

as human resources rather than just any other organizational resource.

The usage of these models enables the HR team to effectively execute human resource tasks such as recruitment, promotion, and appraisal. They also allow for professional implementation of employee influence, reward, and work systems within the organization. This ultimately leads to Macquarie Bank maintaining a competitive advantage over other entities in the banking industry over a prolonged period.