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MG 302 Human Resource Management

Extracts from this document...

Introduction

MG302 Human Resource Management Group Assignment - Semester II 2009 PACIFIC OPERATIONS Group Members: Avinish Kumar (S11042090) Aman Singh (S11043880) Rupa Gaunder (S11040256) Eunice Fong (S01007194) Syresh Chandra (S11050230) Keith Lawrence Dass (S11023316) Tutor: Mrs. Maureen Dayal Tutorial Details: Friday 9-10 am (093-007) Acknowledgement We are extremely grateful to the following people: 1. Arieta Cama, the Human Resource Manager of ANZ Pacific Operations for taking time from her busy schedule to meet the group and share her knowledge about the organization. 2. Lancaster Fong, the Communications Analyst of ANZ Pacific Operations for providing internal and confidential information on the organization. 3. Rafia Naz, for her assistance in completing the assignment. Introduction It is important to maintain an accurate and current awareness of important aspects and trends in the organization's external environment. Many major companies have lost dominance or gone out of business because of their failure to recognize and adapt to changes in their environments, or by failing to be leaders in making necessary changes. The external analysis of an organization enables the firm to obtain a clear picture of the threats and opportunities prevalent in the firm's external environment. Having done this, the firm can devise suitable strategies to exploit the opportunities and negate the threats. It is vital for HRM to understand the external environment factors in order to achieve strategic business objectives through productive use of employees. Pacific Operations being a subsidiary of the Australian and New Zealand Bank (ANZ) also needs to understand and align their strategies as response to external environmental factors such as economic, political/legal, technological, environmental, cultural/social, demographic, business and industrial relations. This assignment will discuss the background of Pacific Operations and will emphasize on few of the influences key external environmental factors have on HRM at Pacific Operations. It will also elaborate on how the organization was prepared to tackle those factors and the steps taken by the organization to respond to the factors. ...read more.

Middle

Earlier this year the interim government published a gazette stating the retirement age to be 55 years. As both documents are legal it places Pacific Operations in dilemma as to which document to follow. The third factor is the high employee turnover rates as a result of the unstable political climate. Employees are resigning and migrating due to the political uncertainty and it has also become difficult to attract expatriates to occupy senior positions within the organization. Moreover, current economic environment does not help either as there is a rise in inflation rates thus increasing the customer price index which results in an increase in cost of living. More pressure is placed on the organization as employees and unions are looking for salary increments. The devaluation of Fiji dollar has made it difficult to attract expatriate workers because now Pacific Operations would have to pay more to hire their services. Similarly there are the socio-cultural issues that affect the organization. Pacific Operations needs to support the views of the community on women issues such as employment and promotion opportunities. As women are a large customer base for the bank, Pacific Operations must consider the issues in their policies. The other segment of socio-cultural issue is the workforce diversity whereby people of different age, race, religion, culture and so forth have different needs that the organization to address. The change in employee mindset towards further education, career opportunities, their parental responsibilities and work life balance have also created challenges for Pacific Operations to tackle. The rapid changes in technology keep the banking industries very competitive and therefore Pacific Operations needs to be on par with the latest technology. ANZ was the first bank to introduce Internet Banking and is seen as the leader in Fiji for introducing new technology. Therefore HR planning becomes vital for Pacific Operations in terms of having the right people at the right place at the right time and training the existing staff to be aligned with the latest technological requirements. ...read more.

Conclusion

This would keep the employees happy and remain loyal to the organization. Furthermore the organization can employ job enlargement, job enrichment and job rotation to reduce the turnover rate. The second scenario the group feels needs to be addressed is the retirement policy. At present ANZ Pacific Operations is following both legal documents but this can create confusion for the employees. There needs to be consistency in retirement time and therefore the group recommends that Pacific Operations follow the global retirement policy. Additionally these or concerns can be raised with the government to address the contradicting laws concerning retirement age. Apart from these recommendations the group truly believes that ANZ Pacific Operations have a sound system in place to deal with external environment influences. Conclusion To conclude, the external environment is becoming more and more complex in nature. In an era where the external environment so greatly affects a company's ability to compete, co operations have realized that employees are their valuable resource and therefore they have to generate policies in order to motivate and enhance their potential to guarantee the organization's success. Organizations need to respond to a rapidly changing global environment, and to any company continued success is dependent on attracting and retaining high-quality individuals who can respond effectively to this changing environment. The dynamic nature of external environment poses several challenges towards ANZ Pacific Operations daily. The challenges discussed in this essay are just the tip of the iceberg but there are an unlimited number of influences the external environment has on the organization. Pacific Operations has been flexible, allowing them the ability to quickly respond to the external environment through their use of policies. The key point is that an organization needs to be in tune with its often turbulent external environment. There must be a strategic fit between what the environment wants and what the organization has to offer, also a strategic fit between what the organization needs and what the environment can provide. ...read more.

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