Overview of Maybank and its ethical values
As per the opinion of Tajeddini, Martin and Altinay (2020), people management is a key factor to encourage organizational innovativeness. It is further beneficial to enhance the performances of the human resources present in an organization. The aim of the present study is to analyse the people management structure present in Maybank present in Malaysia. A company overview has been presented to understand the context in a better way. The people management approach followed by the organization has been evaluated. The contribution of people management in terms of attracting growth for the company has been concentrated through the study. Apart from that, the effectiveness of recruitment and selection to meet the organizational purpose has been discussed throughout the study. Further, the recommendations have been presented to facilitate the company with better effectiveness to meet the organizational goals by managing the people in a better way.
Maybank present in Malaysia is running with total asset of 165 billion USD along with 2400 or more network branches (Maybank.com, 2022). It has further engaged offices in 20 different countries with 45000 human resources (Maybank.com, 2022). The organization is recognized as the first ranked company among the top 500 Malaysian companies (Maybank.com, 2022). Further the company is attracting ethical values while performing the business activities.
As elaborated by Nur Syafinah (2019), the company used to recruit multitasking employees to fulfil the job demand resulted by the decrease in job creation. Thus, the company has focused on new requirements to recruit and select better talents to encourage the performances. Further, in the modern era of technology the company has focused on enhancing the skills in technological context. The training programs and recruitment policies imposed by the company are further benefiting the present era to ensure excellence performances to offer world-class financial and associated services to the international consumers. Further, it has selected and recruited employees from diverse cultures in the organization to encourage the innovation and high performance engaging competiveness. The employees have been engaged in environment sustainability program through tree planting to encourage them to meet the purpose of the organization. The purpose of the company is to offer convenience access to financial services across Asia involving fair terms and pricing. Further, the company is aiming at advising the global customer base on the changing demands. The company has further engaged core values such as teamwork, integrity, growth, excellence and relationship building (Maybank.com, 2022). It is important to attract such values in the people management to shape the organizational culture to attract new consumers to access the services offered by the bank. In this regard the bureaucratic people management theory can be included to eliminate favouritism and increase efficiency while performing the selection and recruitment to enhance the talents in the company (Diwakaran, 2021). Further, bureaucratic people management, in this regard, is efficient in terms of promoting creativity while performing the business operation to maximize the profit margin for the company. In terms of recruitment and selection process, the company has also recruited volunteers to attract excellent performances (Maybankfoundation.com, 2022). Further the company has ensured training programs for the employees present in the company in reducing environmental footprints while performing the business operations. The company has engaged training on carbon optimization and energy management techniques while performing the activities in Maybank present in Malaysia (Maybankfoundation.com, 2022). The company has been observed to value the employees present in the organization in terms of attracting new talents and retaining the exiting talents (Maybankfoundation.com, 2022). Further the employees are allowed to access the information in the company in the personal interest area to upgrade the talents as per personal and professional requirements. Further the company has involved “Ask Senior Manager” (ASM) as an online forum to resolve queries and providing feedbacks (Maybankfoundation.com, 2022). The company has selected and recruited employees by multi-tiered meeting through face-to-face meeting. Further, career fairs, university campus have been targeted by the company to select the best talents from the globe (Maybankfoundation.com, 2022).As illustrated by Berhad (2017), Maybank has concentrated on the code of ethics while managing the people in terms of managing operational risks and further attract better responses from the employees. During the fiscal year 2010-11, the company has invested in recruiting volunteers to support the community. Further, it is observed that the company has attracted several incentives and rewards for the employees to ensure motivated work environment, as employees are the significant contributors in the sustainable growth of the company. The company has contributed RM 2.9 million for the employee compensation and benefits to attract a better work culture in the organization (Barhad, 2017).
Contribution of people management in attracting growth for the company
As opined by Tan, Chew and Hamid (2017), Maybank has focused on nurturing the employees after recruitment by engaging customized learning and development programmes. This if further beneficial to educate the human resources as per their needs, requirements and demands to upgrade the performances. Both individual career aspirations and collective need of the organization is addressed through the present approach followed by the company. Further, it is observed that the company has ensured effective communication by engaging active listening to the meet the needs of the human resources present in the company while concentrating on the recruitment and selection (Tan, Chew and Hamid, 2017). Further, the company has engaged better interaction with the employees involving taking feedbacks. This is further effective to attract better employee relation with the management to ensure better performances. Workplace flexibility, working conditions have been facilitated by the company to offer importance to the employees. Further the company has included clear instructions for the employees to avoid hazards in the work accomplishment by ensuring “Environmental Office Guidelines” for the recruited staff (Tan, Chew and Hamid, 2017).
As per the vision of Ullah (2021), Maybank has offered share of information regarding the products and services offered by the company. The efficiency of the human resources is enhanced through the process of sharing information. This further brings clarity for the human resources while serving the global consumers. The company has built better leadership and pipeline to enhance global productivity and further the company has aimed to enhance the ethical image of the company in a global scenario. The company has further recruited tech savvy human resources, based on talents to engage creative and agile approach to enhance the business (Maybank.com, 2018). Income per employees has been increased by the company to RM 547756 to attract job satisfaction among the employees. Further, the company has attracted award of HR excellence awards 2018 due to its effective people management (Maybank.com, 2018). The company has engaged training and development programs for the employees looking after the “futurisation” of the human resources to engage a sustainable approach in the business performances after selecting the employees (Maybank.com, 2018). Increased mind-set and confidence among the human resources has benefited the company in terms of avoiding a cost of RM 6 million in 2018 (Maybank.com, 2018). The leaders present in the organization have been focused to enable different leadership style to manage the people in Maybank. Further it is observed that 35% of the employees are promoted to higher grades to attract better motivation and performances (Maybank.com, 2018). Further, the company has engaged equality in the organizational culture to ensure inclusive work environment while looking after the selection and recruitment process. The women are found in the leadership roles that is portraying the equality in the organizational culture (Maybank.com, 2018).
The linkedin profile of the company revealed that the company is continuously creating job opportunities for the international candidates to attract better talents in the company (Linkedin.cm, 2022). The company has further opened vacancies for analytic jobs, executive jobs, manager jobs, intern jobs, administrator jobs and officer jobs (Linkedin.com, 2022). The company has opened 256 new vacancies for upgrading the international performances in the organization (Linkedin.com, 2022). As there is a major trend of online recruitment worldwide, the company is following the same to attract better talents through the online recruitments (Maybank.com, 2022). The profiles of the candidates are listed through visiting the online websites to select the right talents for the company. Further, the interviews are conducted online using different social media sites to attract better candidates in the company to upgrade the talents.
Effective recruitment and selection to achieve organizational goals
While performing the recruitment and selection for the human resources, the company has concentrated on a sustainable approach to fulfil the purpose of the organization regarding sustainable business practices. The company has attracted 85% of the employee management due to the effective people management practice in the organization due to the effective recruitment practices through the employee management (Maybankfoundation.com, 2022). Ethical corporate culture is established by the company in the present regard while managing the recruitment and selection process associated with the organization. The codes of ethics are followed while recruiting the employees to fulfil the talent requirement in the company. As a result the employees contributed majorly during the natural disaster and emergency relief for the affected people (Berhad, 2017). As highlighted by Gorondutse et al. (2017), Maybank has engaged a diverse workforce from different dimension of the world. This is further portraying the effectiveness of the company while performing the recruitment activities focusing on potential candidates from the globe. As critically evaluated by Suharnomo (2017), diverse workforce in an organization is effective to encourage innovation in the business operation. This is further beneficial to attract competitive advantages while operating in an international level. Competitive advantages will also attract the long-term growth of the company ensuring business sustainability which is the major concentration for Maybank. Recruiters are engaged with listing the potential candidates from the international market that is effective to select the right person in the present regard (Maybank.com, 202). The company has recruited 30% women directors, 48% managers and further aiming to ensure 50% women recruitment for senior management posts in the company to attract gender diversity and equality in terms of evaluating talents (Maybank.com, 2022).
It is observed by a study that Maybank present in Malaysia has attracted revenue of 51 billion Malaysian Ringgits in the fiscal year 2020 (Statista.com, 2022). Further, this revenue structure is being observed to be increased since last few years. This scenario is elaborating that the company has continuously improved its performances as performance is a major responsible factor behind the growth of company revenue. The effectiveness of recruitment, selection and managing talent is reflected by the present scenario in the company. It is also observed that Maybank present in Malaysia has enhanced the profits by 6.1% in the fiscal year 2008 to RM5.38 billion comparing with RM5.06 billion during 2007 (Maybank.listedcompany.com, 2022). Net interest has been accounted to 16.1% and the non-interest profit grew at 13.1% (Maybank.listedcompany.com, 2022). This is further reflecting the excellent performances present in the company due to the effectiveness of the company in attracting and nurturing the talents. Further, it is observed previously that the company lists the potential candidates through University campus, domestic and international career firs. This is effective to have a greater scope for recruiting young people with the best talents to fit the requirements of the company regarding recruitment (Maybankfoundation.com, 2022). It is previously observed by the study that Maybank imposes multi-tiered meeting while performing the recruitment and selection to evaluate the attributes of the potential candidates. Multi-tiered recruitment is effective to add value to the process by engaging better evaluation (Schumann et al., 2020). Further, it is observed throughout the study that the company is focusing on the technological advancements while performing the business operations. It is further portrayed through the online recruitment process followed by the company to attract required talents.
Importance of nurturing employees through customized learning and development programmes
It is further observed that the company has invested a lot in the training programs for the employees after the recruitment process to ensure better performance to meet the needs of the organization. As described by Hanson et al. (2015), training programs are essential to avid workplace violence to ensure a good organizational culture. It is further beneficial for the company to avoid workplace conflicts. Apart from that, as the company is managing diverse workers in the organization to encourage innovation and international expansion, the company is attracting advantages by the training program to ensure better diverse work culture (Hanson et al., 2015). While focusing on the gender differences in the workplace, training programs are beneficial to avoid sexual harassment to ensure a good work environment in the company (Hanson et al., 2015). Further the training programs boost the motivation and inspiration of the employees that are beneficial to attract competitive advantages while operating the business in an international scenario.
Conclusion
In conclusion it can be said the company is attracting ethical recruitment and selection process based on talents to upgrade the company performances. It is also ensured that the company is investing in attracting talents by international recruitment. The company has been analysed with the effectiveness in considering the diverse culture through its recruitment process. It is also found that the diverse culture has benefited the company to attract better innovation in the process. Further, it is interpreted that the company has created several job openings to upgrade the talents present in the company. The company has been analysed to offer equal priorities while performing the recruitment and selection concentrating on the gender differences. Further Maybank has been found to impose online methods for proceeding with the recruitment activities. The company focus on face-to-face meeting as well as the online interviews while performing the recruitment practices in the organization to enhance better talents. It is also interpreted by the study that the company has focused on recruiting tech-savvy human resources to ensure better technological implementation to attract competitive advantages by the process. The company growth and revenue have been evaluated to understand the effectiveness of the recruitment and selection practices in terms of people management. Apart from that, the training after recruitment practice by the company has been evaluated to understand the motivational factors engaged with the employees. The employee engagement rate of the company has been analysed to recognize the effectiveness of the people management practices in the organization. Further the incentives engaged by the organization have been highlighted in terms of retaining the talents through valuing the human resources present in the organization.
Recommendation 1: Maybank is suggested to focus on the recruitment and selection through concentrating on the local population
Instead of focussing on the international talents, the company can ensure attracting local talents to meet the local demands. This will be beneficial for the company to save cost and time while recruiting a candidate from different location. Apart from that, the local candidate will attract better understanding regarding the consumers demands focused in certain geographical locations. This will be beneficial to attract better effectiveness to achieve consumer satisfaction.
Effective communication and interaction with employees to enhance performance
Recommendation 2: Innovative technologies can be used to optimize the biases in the recruiting and selection process
In the modern era of technology the company can encourage innovative technologies to avoid human errors in the process of selecting the right candidate. Use of Automation, Artificial Intelligence, Interview Chabot, and Virtual Reality are some effective technologies that can facilitate the recruiting process in the organization (Hmoud and Laszlo, 2019).
Recommendation 3: Background verification strategy is recommended to follow to understand the work pattern of the candidate
As opined by Gupta, Fernandes and Jain (2018), background verification of the employees are effective in identifying appropriate candidates for an organization. Further, it will benefit the organization in terms of customizing the training programs for the employees after recruitment to attract better performances in the organization. The work pattern of the employee will be understood in a better way that can be beneficial in managing the diverse workforce in the company.
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