Contemporary HR Practices in Banking

Contemporary HR practices in Banking Sector Submitted By- Manisha Sachdev Roll no. 06 PGD RB & S- 09 Source- www.rbs.com ,[object Object], RBS- The Group: The Royal Bank of Scotland, founded in 1727- has 280 years of financial services experience. The Group has over 40 million customers worldwide, over half of which (25 million) are in the UK. It owns more than 40 well known consumer brands including RBS, NatWest, Direct Line, Churchill, Coutts, Ulster Bank and Citizens. ,[object Object],What HR means to The Royal Bank of Scotland Group: The human resources function of The Royal Bank of Scotland Group (RBS) plays a valuable role in contributing to the Group’s ongoing business success, including the highly successful acquisition and integration of NatWest. However, the RBS group recognised that their HR team needed to maintain, enhance and grow their credibility and influence and therefore they needed to equip their HR professionals to be ‘Business people first, HR people second.’ The RBS group objective was to help their HR professionals increase their understanding of: • The business drivers and issues facing the organisation • How the HR function could proactively add value to the business in addressing some Of these challenges. Our Priorities Every year we strengthen the extent and rigour of our consultation with our stakeholders. The issues that matter most to them provide the focus and priorities for activities. Overview Financial Crime Customer Service Selling and Lending Practices Employee Practices Environmental Impact Community Investment Global Lending and Project Finance Financial Education Financial Inclusion Small Business Support Environmental issues pose both risks and opportunities for our business and the world. RBS- Employee Practices The Group invests in motivating, training and managing its employees to help maximise their potential which the Stakeholders recognise directly through customer experience. A recent research also confirmed that RBS has a strong reputation amongst stakeholders as an excellent employer. Diversity in the workplace RBS promotes diversity in all aspects of its businesses and is committed to creating an environment that is based on meritocracy and inclusion, where all employees can develop their full potential. Numerous accolades for its diversity initiatives: Gold Standard Award from Opportunity Now (2008-2009), and the Employers' Forum on Disability (2008) Gold Standard Award in the Race for Opportunity benchmarking and first place ranking within the Financial Services sector (2009) Shortlisted in three award categories for the Women in Banking & Finance Awards for Achievement (2009) Featured in the Stonewall Top 100 Employers Workplace Equality Index for Lesbian, Gay and Bisexual people (2009) Placed in The Times Top 50 Where Women Want to Work (2008). Training and development RBS employees receive regular performance and career development reviews and can monitor their personal development in an online learning system, Access to Learning. TalentWatch scheme helps line mangers identify particular abilities within their teams. An estimated 20,000 employees have now been identified. Employee wellbeing Lifematters is a portal for its employees and their families to access expertise, information and advice on a wide variety of issues, including child and eldercare provision, moving abroad for work, health information and dealing with change and stress in the workplace. It's available 24 hours a day, seven days a week and can be accessed either by phone or online. Lifematters is tailored to each country taking into account its specific legal, cultural and language requirements. SpeakUp is a helpline available to all our employees who wish to report a serious concern in a confidential manner. Work life balance RBS offers a range of policies and practices to provide flexible working arrangements for employees. These include compressed hours, home working, job sharing, part-time and variable working hours. There are also policies to allow time away from work, such as short and long-term career breaks, dependents leave and winding down to retirement. 'Keeping in Touch' days allowing employees to return to work for up to ten days paid whist on leave, helping manage the transition from Maternity or Adoption Leave to back to work. Now day’s modern banks have come up with a concept of paternity leaves for male employees as well. Employee rights and freedom of association RBS seeks to comply in all human resources policies within internationally accepted standards of behaviour, including core labour standards. These include the UN Declaration of Human Rights, the UN Global Compact and the lLO Declaration of Principles and Rights at Work. Measuring employee satisfaction RBS conducts an annual feedback through the Employee Opinion Survey (EOS) which helps to evaluate its efforts in a robust way and benchmark its progress against its peers. In 2007, RBS achieved a response rate of 87%. This is 10% higher than the Financial Services average. For the second year running it outperformed all its global peers in the financial services industry in each of the 15 categories. The results of the Survey ,[object Object],Other RBS Unique HR features include- Career Paths (Graduate Training programmes at RBS) When you join the RBS group as a graduate, one of our main aims, whichever area of the business you join, is to give you the broadest possible understanding of our organisation. We think this is the best way of preparing you for your future career and of helping you to develop your skills into the areas that are best suited to you. Unite - The union for Royal Bank of Scotland staff Unite, the union for Royal Bank of Scotland Group in Britain, exists to protect your interests and get you a better deal at work. We offer a wide range of services and benefits to members, including RBS also has “Insite” an HR portal where in one can put forward their grievances, or contact their Jointly Accredited Representative (JAR) where issues with Performance appraisal, encashment of leaves etc. are taken care of. In case an employee is not satisfied with his/her performance rating, he has full rights to challenge his line manager On a broader look, we find that all major Banks and MNC’s now follow an appraisal system which is more executive centric ie which focuses on the overall assessment of employees and their unbiased assessment, from the grass root level to the top management. For example Standard Chartered has Gallop (a third party company) , which assesses employees & managers through an elaborate Q 12 cycle of assessment so that So that the ratings are not influenced and remain unbiased. HR Approach- 2009 A purposeful management style.
Making it happen
for our customers and then for our shareholders. A strategic understanding of our businesses and a focus on long-term quality profitability. A business mix more biased than before to stable customer businesses. Aiming to rely less on volatile, unsecured wholesale funding.

Contemporary HR Practices in Banking

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Contemporary HR Practices in Banking