Running head: HUMAN RESOURCE MANAGEMENT AT NBK 1
HUMAN RESOURCE MANAGEMENT AT NBK 2
Human Resource Management at NBK
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Growth and development of human talent is the core of the National Bank of Kuwait (NBK) long-term success. In order to achieve the above-mentioned goal, NBK implements synchronized human resource process that is fully informed by the goals and vision of the institution. The human resource implements a wide range of the initiatives which targets professional development of the bank’s staff and ensure they are aligned with the overall needs of the business (National Bank of Kuwait, 2016).
On the recruitment, NBK seeks internal and external candidates to fill the advertised positions. For example, in 2016, they recruited 81 candidates sourced across the department to take various positions because they had the required capabilities. NBK goes beyond the boundaries of Kuwait in their venture to look for the qualified and professional candidates to take positions. The human resource department interviews the applicants against set minimums and the applicant that matches the skills they are looking for and has the highest score is considered for the job.
After the right candidates have been found, NBK orients them on what is expected of them, their responsibilities, work environment, reporting system and department from which they shall work. The next step is training and development. In 2016, the National Bank of Kuwait offered a total of 2370 training opportunities for the employees, of which 75% comprised of the junior staff. In this process, employees are trained in technical skills and soft skills. Currently, the institution has implemented the use of the new Oracle system for the training purpose which facilitates I-Recruitment, eLearning, succession planning and business intelligence. Similarly, the bank invests in Kuwaitis to build a promising banking generation where it absorbs fresh graduates and trains them to take roles in the banking institution (NBK, 2019).
After training, employees are required to take their roles in their corresponding offices. The next step is remuneration and compensation. The institution operates a “total reward” policy which takes into account all components of the financial remuneration. The key components, the employees receive fixed remuneration which is based on the job on their job rank and category. Lastly, they receive variable remuneration which is the performance-based remuneration which includes cash bonus and equity shares.
Compensation is not the end of the human resource management process in NBK. The institution is keen to promote career development and ensure they are always current trending issues in the market. The institution has Middle Management Program delivered by the by Euromoney Training Solutions which aimed to develop the staff and managers and aligned to the objective of the firm of developing their employees and in future assume higher positions of management.
References National Bank of Kuwait. (2016). National Bank of Kuwait Annual Report and Financial Statement 2016. NBK. (2019, April). News and Announcement. Retrieved April 17, 2019, from NBK: https://www.nbk.com/kuwait/news-and-insights/media-relations/news.html?news=nbk-and-boubyan-bank-in-the-mena-financial-crime-compliance-group-meeting-held-in-collaboration-with-wolfsberg-group-in-paris