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Human Resource Management Assignment Sample

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Introduction: Human Resource Management

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Any organisation that deals with managing hiring, training, performance, compensation, and other aspects of employment must have a human resource management (HRM) department. It is essential to developing an effective and motivated workforce that supports the success of the company. But in the fast-paced business environment of today, HRM must manage a diverse workforce, guarantee employee wellbeing, and adjust to technological advancements. In order to do the study, the case of ANZ will be selected and the three issues that will be highlighted in the entire study will be related to its performance management, handling economic shock and crisis management.

 In ANZ, the performance management issue of HRM entails routine coaching and feedback to make sure employees reach their goals and align with the business's objectives. ANZ's HRM was tasked with managing workforce reductions, remote work arrangements, and employee well-being during the economic shock brought on by the COVID-19 pandemic. The organization's resilience and ongoing success were ensured by the implementation of crisis management strategies.

Overall, the significance of the study is related to the study of human resource management (HRM) is important because it sheds light on how businesses can effectively manage their workforces to meet their goals. It draws attention to the difficulties HRM has to deal with in the current business climate, including managing economic shocks and crises.

Section 1: Introducing performance management

Through the critical process of performance management, businesses can make sure that their staff members are contributing to the achievement of their goals and objectives. Performance management, according to Armstrong and Taylor (2014), is "an ongoing process of determining, assessing, and improving people's achievements and coordinating their achievements with the long-term objectives of the company." Organisations and performance management are related in a number of ways. First of all, it assists companies in establishing clear guidelines and standards for their workers. Setting performance goals and objectives that are in line with the strategic objectives of the organisation is a part of the performance management process. Employee performance improves as a result of making sure they know what is expected of them (Bacal, 2010). Additionally, performance management enables businesses to track and assess worker performance. Organisations can pinpoint areas where workers need to improve and offer suitable opportunities for training and development by conducting regular feedback and performance evaluations. Employee productivity and performance increase as a result, which can enhance business outcomes (Armstrong & Taylor, 2014). Third, engagement and motivation among employees are related to performance management. Employees feel valued and appreciated when their managers set clear expectations and give regular feedback, which can boost motivation and engagement (Gubman, 2013). Lower employee turnover rates and higher levels of job satisfaction may follow from this.

For ANZ to accomplish its strategic goals and keep a productive workforce, performance management is a crucial process. Performance management in ANZ is connected to the company in a number of ways, including by establishing established norms and regulations, keeping track of and evaluating employee output, and boosting employee engagement and motivation. ANZ's performance management process is aligned with the SMART (Specific, Measurable, Achievable, Relevant, and Time-bound) goal-setting theory. According to this theory, goals should be specific and well-defined, measurable, achievable, relevant to the employee's role, and time-bound (Locke & Latham, 2013). ANZ sets clear objectives and targets for its employees that align with the organization's strategic goals. This ensures that employees understand what is expected of them and can focus their efforts on achieving those goals. ANZ also uses the Balance Scorecard theory to monitor and evaluate employee performance. This theory suggests that organizations should use a balanced set of performance measures, including financial and non-financial measures, to evaluate employee performance (Kaplan & Norton, 2001). ANZ uses a balanced set of metrics, such as customer satisfaction, employee engagement, and financial performance, to evaluate employee performance. This helps the organization to identify areas where employees need improvement and provide appropriate training and development opportunities. To improve employee motivation and engagement, ANZ uses the Self-Determination Theory (SDT). SDT suggests that employees are more motivated and engaged when they feel a sense of autonomy, competence, and relatedness (Ryan & Deci, 2000). ANZ provides employees with a sense of autonomy by encouraging them to take ownership of their work and providing them with the necessary resources and support to achieve their goals. The organization also promotes employee competence by providing regular training and development opportunities to enhance their skills and knowledge. ANZ fosters a sense of relatedness by promoting collaboration and teamwork among employees. ANZ's performance management process also incorporates the Continuous Performance Management (CPM) theory. CPM suggests that performance management should be an ongoing process rather than a once-a-year event (Cornerstone, n.d.). ANZ provides regular feedback to its employees on their performance and encourages ongoing communication between employees and their managers. This helps to ensure that employees are aware of their progress towards achieving their goals and can make necessary adjustments along the way. So, it can be, performance management is linked to ANZ in various ways, including setting clear expectations and standards, monitoring and evaluating employee performance, and improving employee motivation and engagement. ANZ's performance management process is aligned with various theories, including SMART goal-setting theory, Balanced Scorecard theory, Self-Determination Theory, and Continuous Performance Management theory. By incorporating these theories into its performance management process, ANZ can ensure that its employees are motivated, engaged, and aligned with the organization's strategic goals.

Section 2: Handling economic shock

An economic shock refers to an unexpected event that disrupts the normal functioning of the economy, resulting in a sudden decline in economic activity, and causing a ripple effect across various sectors of the economy. Economic shocks can take various forms, such as natural disasters, financial crises, pandemics, or geopolitical events. These shocks can have severe impacts on economic growth, unemployment, inflation, and other macroeconomic indicators. One of the most notable examples of an economic shock is the Global Financial Crisis (GFC) of 2008. The GFC originated in the United States with the collapse of the housing market, which triggered a global credit crunch, leading to a sharp contraction in economic activity across the world. The GFC had severe impacts on the global economy, causing a sharp increase in unemployment, a decline in GDP growth, and a sharp increase in public debt (Kose et al., 2011). Another example of an economic shock is the COVID-19 pandemic, which has caused a severe disruption to the global economy. The pandemic has led to a decline in economic activity across various sectors, resulting in a sharp increase in unemployment, and a decline in GDP growth (Baldwin & Weder di Mauro, 2020). The pandemic has also caused a significant shock to the supply chain, resulting in shortages of goods and services, and causing inflationary pressures in some sectors of the economy. Economic shocks can have significant short-term and long-term impacts on the economy. In the short term, economic shocks can cause a decline in economic activity, leading to a contraction in GDP growth, a rise in unemployment, and a decline in consumer and business confidence. In the long term, economic shocks can lead to structural changes in the economy, such as changes in industry structure, technological innovation, and changes in consumer behavior (Auerbach & Gorodnichenko, 2012). 

ANZ is one of the largest banks in Australia and New Zealand and is subject to economic shocks that affect the financial sector. ANZ is exposed to various risks, including credit risk, market risk, and operational risk. ANZ has implemented various strategies to manage these risks and handle economic shocks effectively. One current example of an economic shock that has affected ANZ is the COVID-19 pandemic. The pandemic has caused a severe disruption to the global economy, including the Australian and New Zealand economies. ANZ has implemented various measures to manage the impact of the pandemic on its business and customers. ANZ has implemented various measures to manage the credit risk associated with the pandemic. ANZ has provided support to customers who have been affected by the pandemic, including loan deferrals, fee waivers, and restructuring of loans. ANZ has also implemented credit risk monitoring tools to track the credit quality of its loan portfolio and identify potential problem loans (ANZ, 2020). ANZ has also implemented measures to manage market risk associated with the pandemic. ANZ has implemented stress testing of its balance sheet to assess the impact of adverse economic scenarios on its financial position. ANZ has also implemented risk management tools to manage its exposure to interest rate risk and foreign exchange risk (ANZ, 2020). ANZ has also implemented measures to manage operational risk associated with the pandemic. ANZ has implemented business continuity plans to ensure that critical operations continue to function during the pandemic. ANZ has also implemented measures to ensure the safety and wellbeing of its employees, including remote working arrangements and enhanced hygiene protocols (ANZ, 2020). ANZ has also implemented various measures to manage liquidity risk associated with the pandemic. ANZ has implemented liquidity stress testing to assess the impact of adverse economic scenarios on its liquidity position. ANZ has also implemented funding diversification strategies to reduce its reliance on wholesale funding sources (ANZ, 2020). ANZ has taken a proactive approach to managing the impact of the pandemic on its business and customers. ANZ's risk management strategies have helped the bank to maintain its financial position and support its customers during this challenging time. ANZ's response to the pandemic has been praised for its effectiveness, with the bank receiving recognition for its support of customers and communities (ANZ, 2021).ANZ's response to the pandemic is consistent with the principles of risk management theory. Risk management theory emphasizes the importance of identifying and assessing risks, developing strategies to manage risks, and monitoring and reviewing risk management practices (Hillson, 2019). ANZ has implemented these principles by identifying the risks associated with the pandemic, developing strategies to manage these risks, and monitoring and reviewing its risk management practices.

In conclusion, ANZ has implemented various measures to manage the impact of the COVID-19 pandemic on its business and customers. ANZ has implemented measures to manage credit risk, market risk, operational risk, and liquidity risk associated with the pandemic. ANZ's risk management strategies have helped the bank to maintain its financial position and support its customers during this challenging time. ANZ's response to the pandemic is consistent with the principles of risk management theory, emphasizing the importance of identifying, assessing, developing strategies, and monitoring and reviewing risk management practices.

Section 3: Crisis management planning

The process of preparing an organisation to handle and respond to unforeseen events or situations that could potentially harm the organization's reputation, operations, or stakeholders is referred to as crisis management planning. Creating a plan for crisis management entails identifying potential risks, coming up with ways to reduce or manage those risks, and putting the plan into action should a crisis arise. Reducing a crisis' detrimental effects on a company and its stakeholders is the aim of crisis management planning. Planning for crisis management is a crucial component of risk management because it aids in ensuring business continuity and reputation protection for organisations. Planning for a crisis effectively entails several crucial steps. Finding potential risks and vulnerabilities is the first step. This can be accomplished by performing a risk assessment, which entails looking at the operations, procedures, and systems of the organisation to find any potential vulnerabilities or dangers. The next step is to create strategies to reduce or manage the risks after they have been identified. This could entail putting new policies or procedures into place, training staff members how to handle crises, or purchasing new tools or technology. For their crisis management plans to remain effective and current, organisations must regularly review and update them. This could entail conducting routine risk assessments, updating the crisis management team, or changing policies and procedures.

Crisis management planning is critical for organizations such as ANZ to prepare for unexpected events that can harm its reputation, operations, and stakeholders. In recent years, ANZ has faced various crises, including cybersecurity threats, natural disasters, and economic shocks. Effective crisis management planning enables ANZ to minimize the negative impact of such crises and maintain business continuity.

ANZ has a comprehensive crisis management plan that outlines strategies and procedures for managing various crises. The plan includes a crisis management team responsible for coordinating the organization's response to a crisis, defining roles and responsibilities, and establishing communication protocols. The team consists of senior executives from various departments, including human resources, legal, risk management, and communications. The crisis management plan includes regular risk assessments to identify potential threats and vulnerabilities. ANZ also has a dedicated security team that monitors the organization's systems and networks for cybersecurity threats. The team works closely with external partners, such as law enforcement agencies and cybersecurity experts, to prevent and respond to cyber-attacks.

ANZ has also developed a business continuity plan that outlines procedures for maintaining operations in the event of a crisis. The plan includes identifying critical functions and resources, developing alternative arrangements, and testing the plan through simulations and exercises. The plan ensures that ANZ can continue to provide essential services to its customers and stakeholders even during a crisis. Moreover, ANZ's crisis management plan includes a robust communication strategy that ensures timely and accurate communication with stakeholders during a crisis. The plan outlines the roles and responsibilities of the communication team, which includes trained spokespersons and channels for communication. The organization uses various communication channels such as social media, press releases, and direct communication with customers to keep stakeholders informed during a crisis. ANZ also prioritizes the well-being of its employees during a crisis. The organization has developed policies and procedures to ensure the safety and security of its employees. The crisis management plan includes guidelines for providing support and assistance to employees during and after a crisis. In addition to this ANZ conducts regular training and simulations to test its crisis management plan. The organization recognizes that testing the plan is crucial to identify any gaps or weaknesses and make necessary improvements. In conclusion, crisis management planning is crucial for ANZ to prepare for unexpected events and minimize their negative impact on the organization and its stakeholders. Effective crisis management planning involves identifying potential risks, developing strategies to mitigate or manage those risks, and creating an action plan to respond to a crisis if it occurs. ANZ's crisis management plan includes a crisis management team, regular risk assessments, a business continuity plan, a communication strategy, and policies for employee well-being. These measures help ANZ to maintain business continuity and protect its reputation during a crisis.

Conclusion

In conclusion, this study has explored the role of Human Resource Management (HRM) in ANZ, including the significance of performance management, handling economic shock, and crisis management planning. Performance management is an essential function of HRM that involves setting goals, providing feedback, and evaluating employee performance to improve organizational effectiveness. ANZ's performance management system is aligned with the organization's goals and values and is based on continuous feedback and coaching to support employee development.

Economic shocks are sudden and significant changes in the economy that can impact organizations in various ways, including financial losses, supply chain disruptions, and reduced consumer spending. ANZ has demonstrated its ability to handle economic shocks by maintaining financial stability, diversifying its business operations, and implementing effective risk management strategies.

Crisis management planning is critical for organizations to respond effectively to crises, including natural disasters, cyber-attacks, and reputational issues. ANZ's crisis management plan is comprehensive, flexible, and aligned with the organization's values and culture. The plan includes various strategies for managing crises, such as establishing a crisis management team, conducting regular training and simulations, and prioritizing stakeholder engagement.

Overall, HRM plays a crucial role in ANZ's success by supporting employee development and engagement, ensuring financial stability, and mitigating risks. The organization's commitment to performance management, handling economic shocks, and crisis management planning demonstrates its resilience and ability to adapt to changes in the business environment. To maintain its competitive advantage, ANZ must continue to invest in HRM practices that promote employee development and engagement, risk management strategies that enable the organization to handle economic shocks, and crisis management planning that prepares the organization to respond effectively to various crises. By doing so, ANZ can ensure its continued success in the dynamic and ever-changing business environment.

References

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