Strategic Planning and Managing Human Resources

✓ Paper Type: Free Assignment	✓ Study Level: University / Undergraduate
✓ Wordcount: 3772 words	✓ Published: 26th Oct 2020

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Introduction

Westpac is a first bank, oldest company and one of four major baking organisations in Australian, and also one of the largest banks in New Zealand. Westpac established in 1817 as the Bank of New South Wales, then changed name into Westpac Baking Corporation in 1982. This bank plays an important role in Australia’s economic and social fabric for over 200 years.

Overall organisation strategy:

Vision:

“To be the one of the world’s great service companies, helping our customers, communities and people to prosper and grow.” – base on Westpac

Mission:

To delivery on Westpac’s vision and strategy, they are focused on their markets, especially New Zealand and Australia, where are provided an inclusive range of financial products and services needs of customers.

To continue building the business, which is remain challenging in financial service environment, Westpac need to keep to focus on their business status, which is:

Keeping the high level and value of our investment
Maintaining to increase income and cash-flow situation
Searching to keep a high level of positive feature and suitable providing.

The Service Revolution – which helps Westpac to delivery positive outcomes for customers and shareholders – involved:

Provide to customers the honestly service while better in advanced their requirements
Controlling customer’s finances.
Respond to the enhanced speed of revolution, interruption and change of customer’s behaviours within digitisation and developing our revolution capabilities.
Innovate and easily to re-create the customer experience.

HR Strategic objectives:

In particularly, Westpac needs some specific HR objectives which helps company to follow and achieve promptly and effectively:

Running staff satisfaction survey every 6 months, achieve the goal 80% staffs feel happy
By the end of 2019, make sure all employees have fully training to give the best service to customer.
By June / 2020, become one of 6 employers to attain the highest platinum status in the Australian Workplace Equality Index for LGBTI incorporation.

There are many advantages for company when planning and managing with human resources (HR), which is:

Setting out the general system of recruitments - describe procedures, accountability and requirement on staff enrolment.
Distinct condition on employees’ training and qualification growth.
Establishes an overall Human Resources development system (activities, policy, responsibilities)
Identify ways to manage work performance, inspiring and recompensing people, social programs and staff profits.
Identify provisions’ employment, labour relations and influence on organization.

In delivering Westpac’s strategy, the company have strategy on workforce revolution that help guide those activities, which involve:

Focus on customer centred culture
Build up the employees’ abilities to give the best service to customers and satisfy their complete economic demands.
Authorize Westpac’s staff to determine modernization, respond to changes immediately, delivery new and advanced ways of working
Continue to develop the diversity of workplace.

Priorities for the HR plan

Continue to build a workplace where the best people want to work
Continuing strengthen the skills of employees to better serve customers and meet their complete financial needs to focus on services.
Empower staff to drive innovation, deliver new and improved ways of working and be responsive to change
Continue to enhance the diversity and inclusiveness of our workforce

HR environmental analysis

SWOT analysis

STRENTHS

- According training programs, Westpac’s workplace have 40,000 very high skilled employees, which is not only skilled increasing but also inspired to reach the success.

- Putting female staff on an average with male staff helped Westpac get a very respectable position in the world of work. People always want to be part of the Westpac family. It has even increased the female customer base. Because the needs of female customers can be taken care of by female employees in the best way

WEAKNESSES

- High attrition rate in the labor force - compared to other organizations in the Westpac industry have higher attrition rates and have to spend more than competitors on employee training and development.

- The managers should understand their role in supervision/management and processed involved.

- Staff backup

OPPOTURNITIES

- Each manager is required to submit a recruitment plan and follow the process.

- Advance recruitment manager training including their role in the onboarding process.

THREATES

- Misunderstanding in cultural diversity

- Liability laws vary from country to country, and Westpac may face different liability complaints when there is a change in policy in those markets.

- Staff turnover

PESTEL analysis

POLITICAL

- Replaceable employees

- A shift in focus

- Changing in pay method

ECONOMICAL

- The impact of globalization

- New accommodations for oversea workers

SOCIAL

- Understanding a variety of demographics in one workplace

- The rights of the people

TECHNOLOGICAL

- Fast, simple communication

- Simple recruitment

ENVIRONMENTAL

- Save the tree (save paperwork)

LEGAL

- A legal responsibility

- Proper verification needed

Labour GAP analysis

Job Role

Future labour demand

Future labour supply

Is there a gap? If yes then how big?

Potential solutions to address the gap

Cashier

1000

3000

- A big gap

- A negative gap

- Re-training for new jobs

- Offer old-employees to have earlier retire

- Do not employed more new staffs

Data processing officer

Not very much

500

- A big gap

- A big negative gap

- A big reduction and staff

- Re-training for other jobs

- Offer old-employees to have earlier retire

- Do not employed more new staffs

New technology affecting HR

“We have more than 35,000 employees, so we are working very closely with our various businesses to understand how new technology might change the way we operate. This insight helps us to understand and plan for the potential impact on the size, shape and configuration of our future workforce,” adds Shenaz Khan - Group General Manager for Enterprise Human Resources Strategy and Services at Westpac Banking Corporation

“That's really helping us see years into the future to get a fairly reliable view of what our business will look like in the next 5 to 10 years.”

There are four important breakthrough trends that they believe that in future they will basically change the operation of financial services organisations, which involve:

The interruption of technology,
Transformation in the employee needs,
Compete for new talent and abilities people,
Develop operational models.

To understand how the technology will impacts on the business and the workforce positively, for example, Westpac’s Managers have start create a detailed mapping to define which are the technologies that can impact greatly and effectively to Westpac’s business operations. It would help them to understand what skills, abilities and position of workforce could be needed in the future.

Some new technology can change the Westpac’s revolution:

BENEFIT

LIMITATION

Biometric data

- Advanced security

- Enhanced customer understanding

- Cannot be forgotten or lost

- Decreased operational costs

- Environment and usage may affect measurements

- System is not 100% accurate.

- Additional requirements and/or additional hardware

- Cannot be reset when agreement.

Big data analysis

- Focusing and recognising customers.

- Optimizing and developing procedures’ organisation.

- Supporting and increasing in artificial intelligence

- Authorizes online businesses and the digital ecosystem

- Provide the best capability to business

- Secrecy and security can be discovered

- Challenging and requirements to technology

Options for the provision of human resource services

ADVANTAGES

DISADVATAGES

COST ITEMS

Our-sourcing payroll HR function

- Better at handling issues with banks and direct deposit

- Can help company to scale up for temporary need (such as tax, hiring a batch of new employees in a period of growth) without hiring a permanent employee

- Lead to release of sensitive company information

- There is a possibility for an information leak when providing an outside company with sensitive information

- Some employees’ data (such as bank account number, social security number, etc) can be exposed by a contractor, it can lead to liability for the company

- Dependent and loose of control.

$49 - $1500/month

Recruiting HR function

(HR consulting)

- Save time

- Minimizing risk management

- Return on investment

- Lack of in-house expertise

- Confidentiality

- Loss of Human Factor

- $100 per hour

Time frames for implementation and review of HR plan

To achieve the goal that 80% of all employees feel happy and satisfied with company’s strategy, we need to running the staff satisfaction survey every 6 months.
This is the time line – GANTT chart – showing particularly step a HR manager need to follow.

Event of action	Sept	Oct	Nov	Dec	Jan	Feb	March	April	May	June	July
Staffs’ Satisfaction Survey
Implement the HR Strategic Plan
Meet supporter to prepare report
Present report to CEO
Complete final feedback report by staffs’ survey on how the HR strategic plan was (Did we achieve on time?)

Budget

According the objective: “By June / 2020, become one of 6 employers to attain the highest platinum status in the Australian Workplace Equality Index for LGBTI incorporation.”, we need some people to work out that, such as advertising in social media about seeking applications for LGBTI jobs for the diverse workforce.

It is cost about $5000 for hiring people to run the advertising plan in 1 year.

Resources required

To implement a HR plan effectively and successfully, some equipment and resources should be required, such as:

Meeting room
Computer
Facilities
Demand/supply forecasting
Recruitment
Hiring
Training and development

Risk management plan

Risks can harmfully impact the Westpac’s financial performance, financial condition and future performance, with the result that the trading price of their securities could decline and as a security holder you could lose all, or part, of your investment. The risks and uncertainties described below are the additional risks and uncertainties that Westpac are unaware of, or that they currently deem to be immaterial, may also become important factors that affect them.

Level of likelihood	Level of impact
Level of likelihood	1. Insignificant	2. Minor	3. Moderate	4. Major	5. Catastrophic
Network & Data Security Risks	Low	Low	Low	Medium	High
Cultural diversity	Low	Low	Medium	High	High
Training & Competency	Low	Medium	Medium	High	Extreme
Injures, Medical Costs, Lost Productivity	Medium	High	High	Extreme	Extreme

Human Resource risks are present at every step of recruitment, maintenance and daily operations processes. Take a proactive approach and ensure that human resources planning is always top of mind.

HR philosophies, values and policies

“To be the one of the world’s great service companies, helping our customers, communities and people to prosper and grow.” – base on Westpac. Which is:

Provide to customers the honestly service while better in advanced their requirements
Controlling customer’s finances.
Respond to the enhanced speed of revolution, interruption and change of customer’s behaviours within digitisation and developing our revolution capabilities.
Innovate and easily to re-create the customer experience.

Human Resource risks are existed at every movement of recruitment, maintenance and daily procedures. Taking an initiative approach and ensure that HR strategy is always top of position.

Changes to industrial or legal requirements that affect HR planning

Employment policy is the most important area of the legal system affecting human resource plans and it usually change. In most cases, there is plenty of time to make variation to the strategy, since the law may take a while to become effective. Keep the company up to date and have a counsellor specialist to advise some information and solution when nesessary.

Labour policy conversion need be imitated in business policies, applied by administrator and leader, so you must to incorporate another training requirement into your human resources plan.

Monitoring implementation of the HR strategic plan

To implement and develop HR strategic plan successfully, manager have to monitor and review the plan regularly, such as based on “achieve the goal 80% staffs feel happy”, HR manager should have staff survey every 6 months to make sure all of staff feel satisfied.

Moreover, the HR manager should develop a schedule which required to implement the HR plan and services, start day and complete day, resources requirements, etc.