Section A
I have been appointed as a Human resource consultant of BMS bank in Australia and assigned with the responsibility of managing the human resource activities to plan for flotation. The activities of HR managed by the department managers and external assistance are supported by involving the recruitment consultant and other external experts. There are plans for managing the flotation activities in the next 1 and half years and so a proper HR function is needed to be set up (Alfes et al. 2013). The designing of HR function should be done properly for managing the HR activities and ensure successful functioning of the financial institution within the Australian business environment (Bmsbank.com 2017).
The flotation is a process to transform the private organisation into a public organization by managing the shares and influencing the general public to purchase those to make the business profitable within the competitive business environment. As a Human resource consultant of the BMS bank, Australia, it is my responsibility to enable the organizations obtain finance from the external environment rather than utilizing the retained earnings for providing funds. This would facilitate the starting of a new business and provide enough scopes for managing the expansion of business (Alias, Noor and Hassan 2014). To plan for an effective flotation, it is important to consider several things such as the structure of the company, time taken for the business to confirm the flotation objective, skills and abilities to handle the public scrutiny and even manage the costs of compliance and time taken to impact the flotation.
The flotation would enable easy accessibility to the various sources of capital and manage the expenditures while issuing new stocks over time, furthermore facilitate the transformation of the private company to the public organisation. To go public, it is important for the organisation to make funding and calculate the investments available (Bmsbank.com 2017). This could be done by BMS bank to ensuring business expansion, manage inventories, research and development activities and even raise a huge amount of capital through equity crowd funding, Investors Or Shareholders involvement, business loans taken and venture capitalists. The flotation planning should be done through the management of private funding, investment banks involvement and enable taking bank loans for meeting the most effective requirements of the Securities and Exchange Commission for the public organisations. Because the business shares are less fluid, so the values are often complex to determine (Brewster et al. 2016).
Planning a Flotation
There are different kinds of human resource management functions that are considered as effective within the banking sector of Australia. The major functions of HRM include operational functions such as procurement of manpower, where the most suitable person is selected for the most suitable position within the bank. It is also important to develop the work force and make the staffs working there to perform to their potential with ease and effectiveness. This would help in managing the business expansion and at the same time diversify the business activities properly too (Dowling 2013). The management of performances includes planning and appraisal of performance, provide the compensation benefits to the employees as well as improve the financial condition of BMS Bank.
As BMS bank wants to enter the flotation period, it is important for the organization to make the employees well accustomed with the concept of the baking going public. The most important principle of procurement is to allocate the right tasks to the right employees, so that it can be accomplished easily and it becomes easy for the organisation to expand business and diversify the business activities. This would enable proper management of health and safety regulations as well as create an appropriate culture and good working conditions for the people to carry out their tasks with dedication and commitment. The most important HR function within the bank could be the recruitment and selection process and providing them with training and developmental sessions too for enhancing their performances (Jiang et al. 2012). This could make them capable enough of maintaining good industrial relations and settle the grievances of employees and preventing conflicts between the employees and management. Because of the highly competitive business environment, identification of the right individuals is necessary for letting the organisation thrive in business and gain the permission from the Board of Directors to fill in the executive spot (McNulty 2013).
- As a HR consultant, it is recommended to discuss matters with the financial analyst for using the price of initial public offering as a benchmark for comparing the stock’s present price.
- It is also recommended to involve the underwriting investment banks to making BMS bank go public as well as determine the amount of finance that shall be collected by issuing the public market.
- It is important to meet the requirements of the public filing documentation to determine the demands for the new shares and furthermore achieve the expected results.
- A proper evaluation process is recommended for BMS bank in Australia while considering the cost of capital and return on the equity before including the company within the public exchange.
- Influencing the shareholders or investors is recommended for making investments and enhance the organizational functioning within the banking industry.
The management of technology has helped in maintaining good relationship between the employer and its employees at BSM bank. The management of employee and employer relationship is an important aspect of the human resource management and it has helped in better retains of the existing employees too. It has allowed them to use the most suitable technologies for communicating with each other and ensure that the important matters are discussed properly and there is fostering of employee relationships rather than the industrial relationships. The improvement in technological aspects can not only increase the level of motivation and encouragement among the employees but will also increase the overall productivity of BMS bank (Morar, Harris and Bradshaw 2012). It will also allow the HR managers and consultants to make effective strategic decisions, furthermore make most use of human resources and enhance the empowerment of the employees. There are few conflicting views about the implications of changing technology on the relationship between employer and employees. With the rapid pace of changing technology, more employees are attracted and retained, which can also result in labour savings innovation diffused more clearly. It could reduce the problems related to the unemployment and at the same time, allow the business organisation to sustain in the competitive business environment (Sarker et al. 2012).
Setting Up of Human Resource Function
The computerized human resource information systems have come into play and this has been integrated with the conventional networks and voice technologies for improving the administration of human resource activities and furthermore ensures successful transactions and processing of performances of the staffs at BMS bank. This could improve the human resource services, achieve the operational excellence by reducing the costs of operations and strengthen the relationship between the employer and the employees of the organisation. With the changing technologies, BMS bank could adopt new policies to revolutionize the HR practices, transform it into a customer focused and responsive function, and create good working conditions for both the present and future employees. The needs for training and development are understood to monitor their performances and provide them with enough scopes through better technologies for enhancing their level of skills, knowledge and expertise (Alfes et al. 2013). To maintain good relationship between the employer and employee, it would be essential to maintain HRM information system for maintaining personal records, manage business to employee relationships, manage rewards, recruitment and selection processes and monitor the equal opportunities provided to the employees of BMS bank (Bmsbank.com 2017).
Risks associated with the expatriate assignments
There are lots of security related risks associated with the expatriate assignments and few of those are shortage of skills and expertise among the staffs, which often deteriorates the performances of employees, not understanding the suitability of the tasks provided to the workers and even sometimes loss or violation of intellectual property and rights. Not providing equal opportunities to the expatriate candidates is another risk related to the HR functions managed within BMS bank. The supply chain risks are normal within the banking industry and often it has been found that the quality of products and services are not up to the mark. Not complying with the regulatory standards and unable to align the pay with the performances is another risk associated with the HR functions at BMS bank. As the employees would be moving to a new place, they could be expensive and complex and thus the rate of burnout could be higher as well (Brewster et al. 2016). Organisations not respecting the requirements of immigration could end up being fined or terminated from managing the business operations. The differences in culture and language barriers are other risks that can led to high burnout.
The international talent acquisition, as the name suggests, is the way by which a business can meet its value by bringing companies together and allowing the staffs to work as an unit for promoting high level of diversity and enhancement of productivity level too. The international candidates, also known as the expatriates must be treated with respect and equally so that any sort of recombination could be prevented. Acquisition means acquiring something important to improve the organizational performance and that could be the major assets and human resources (Dowling 2013). The functions of human resources are to recruit the foreign individuals, i.e., expatriates for reducing the high turnover of employees and ensure that the existing employees were retained as well. BMS bank could retain the existing employees and send them to outside countries so that they could become accustomed with the new culture and manage to adopt the new surroundings within the banking institution’s workplace (Jiang et al. 2012).
Recommendations
Retention strategies are implemented to consider the culture at BMS bank and assess the potential candidates who can be hired and acknowledged with the career development plans. An effective transparent reward system should be developed by selecting individuals with potential leadership skills rather than the managerial skills. Every expatriates must be equally treated with respect and dignity so that they could feel valued for the organisation. International talent acquisition would not only create a diversified workplace consisting of employees from different backgrounds and cultures but could also generate new ideas and make decisions for the successful accomplishment of business goals and objectives for BMS bank in Australia (McNulty 2013). The employers must also be careful while providing wages based on their performances.
Conclusion
From the business report, it could be understood that the international human resource management had been focused on with the inclusion of a flotation plan. An effective HR function was developed to assign the right kinds of roles to the right employees and furthermore generate enough funds through activities like crowd funding, bank loans and return on equity. The next section outlined the effects created by modern technologies on the development of relationships between the employer and employees. Several risks were associated with the assigning of expatriates who must adopt the new culture and embrace the new working conditions to improve the business productivity. The international talent acquisition was focused on the recruitment and selection of expatriates and how they could progress in their career. The employers also played a vital role in assigning the roles to the employees and made sure that the wages provided were performance oriented.
References
Alfes, K., Shantz, A.D., Truss, C. and Soane, E.C., 2013. The link between perceived human resource management practices, engagement and employee behaviour: a moderated mediation model. The international journal of human resource management, 24(2), pp.330-351.
Alias, N.E., Noor, N. and Hassan, R., 2014. Examining the mediating effect of employee engagement on the relationship between talent management practices and employee retention in the Information and Technology (IT) organizations in Malaysia. Journal of Human Resources Management and Labor Studies, 2(2), pp.227-242.
Bmsbank.com. (2017). BMS. [online] Available at: https://bmsbank.com [Accessed 29 Nov. 2017].
Brewster, C., Houldsworth, E., Sparrow, P. and Vernon, G., 2016. International human resource management. Kogan Page Publishers.
Dowling, P.J., 2013. The Strategic adaptation process in international human resource management: a case study. Human Resource Planning: Solutions to Key Business Issues Selected Articles, 14(1), p.137.
Jiang, K., Lepak, D.P., Hu, J. and Baer, J.C., 2012. How does human resource management influence organizational outcomes? A meta-analytic investigation of mediating mechanisms. Academy of management Journal, 55(6), pp.1264-1294.
McNulty, Y., 2013. Are self-initiated expatriates born or made? Exploring the relationship between SIE orientation and individual ROI. Talent management of self-initiated expatriates: A neglected source of global talent, pp.30-58.
Morar, S.H., Harris, M.C. and Bradshaw, D.J., 2012. The use of machine vision to predict flotation performance. Minerals Engineering, 36, pp.31-36.
Sarker, S., Xiao, X., Sarker, S. and Ahuja, M., 2012. Managing Employees’ Use of Mobile Technologies to Minimize Work-Life Balance Impacts. MIS Quarterly Executive, 11(4).
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