Implement Liberal Immigration Policies †Free Samples to Students

Question: Discuss about the Implement Liberal Immigration Policies. Answer: Introduction: The aim of the assignment is to create a talent management plan for HSBC Bank Australia to align their current practices with the best practices of the banking industry. The assignment has two sections which delve into the banking sector of Australia and its best practices in detail. The first section points out the three sub factors impacting the HSBC bank while the second section contains steps of talent management. The talent management section outline ways in which the international bank can acquire and manage talents to retain its position in the banking industry. The three most important sub factors in the banking industry in the field o talent management are the knowledge economy, globalisation and skill gaps and structural employment. These three most important factors can be linked to key factors driving organisational and economic changes like demographic factors, technological factors and economic factors. These factors play a very significant role in talent acquisition and management in international banking organisations like HSBC Bank Australia. The three important sub factors and their relation to the key factors are discussed as follows: The developed knowledge economies like Australia and their international banking institutions like HSBC Bank Australia consider knowledge as an important form of capital. They emphasise on talent acquisition and retention to maintain their strategic position in the market. HSBC Australia is a subsidiary of the leading British international bank chain, HSBC Bank(Globalconnections.hsbc.com. 2017). The banking industry is undergoing massive changes owing to technological changes which have made it possible for banks to acquire, manage, share and hold an almost endless body of knowledge. The demographical factors affecting the banking industry particularly in Australia shows that as the standard of life and health care facilities allow employees to postpone their retirement. They serve HSBC Bank for longer tenure which allow the bank to form long term business strategies where it can utilise the talented senior employees. Another factor which is strongly influencing knowledge management and talent retention is technological advancements like telecommunication and digitization(Gungor et al. 2013). These advanced technological help HSBC Bank to communicate with business partners all across Australia, gain knowledge from and coordinate between employees stationed in geographically dispersed location. This advanced technology and communication facilities help the banks to integrate the talents of both on role and outsourced employees to attain greater business excellence and business performance. Thus, factors like advancements in technology and demographical factors like increasing working age among people have resulted in more extensive knowledge management and talent acquisition at HSBC Bank Australia(Natek and Zwilling 2014). The banking industry and its practices in Australia are influenced deeply by globalisation. Globalisation has demographic, technological and economic implications on the working of HSBC bank Australia. The demography of Australia toady consists of immigrants from all the leading market nations in the world like the US, the UK, Canada, India, France and China. As a result HSBC Australia can use human resources from these countries to attain high level of work place diversity performances and organisational excellence(Mortimer et al. 2015). This diverse work culture and talent acquisition from various countries results in acquiring diverse knowledge which encourages innovation in the banking practices followed by the international bank in Australia. However, this availability of human resources from several host countries of HSBC has its own challenge and impact on the banks operations. Its diverse groups of employees have increasing expectations from the management which is compelling the take steps to control issues like cultural bias and conflicts among different cultural groups of employees. The advancements in technology has helped the bank to form virtual teams to which motivate employees from diverse cultural backgrounds to achieve high level of performances(Akinnusi, Sonubi and Oyewunmi 2017). Skill gaps and structural unemployment: The banking organisations of Australia like HSBC Bank Australia is experiencing gaps in skills and structural unemployment which is the outcome of change in demographic, technological and economic trends in Australia. The people in Australia owing to improve standard of lives work till longer tenure which allows the organisations like NSBC Bank Australia to utilise their talent for longer periods. Thus the organisation has huge talented workforce whom it has to allocate in strategic job areas(Connell and Stanton 2014). This failure to provide sufficient jobs to this growing population of employees creates large scale structural unemployment. Technological factors like advancements in banking methods and advent of online virtual banking in the banking sector requires the bank employees to have deep knowledge about latest banking technology. This requires often renders senior employees of HSBC Bank Australia without technical knowledge employed. The demographic factors of Australia lik e longer work tenure of employees prevents the bank from conducting career palknni8ng for the junior employees. The bank loses considerable portion of the work force due to this structural unemployment. The bank has resorted to re-skilling and peer to peer training to bridge these increasing gaps between skills like technical skills among old employees and strategic unemployment(Wright 2014). The above discussion shows that HSBC Bank in Australia suffers from three main issues, namely, advent of Australia into a knowledge economy, globalisation and gaps in skills and structural unemployment. The factors have significant impact on the talent acquisition and talent management of the international bank in Australia. The following are the steps to talent management for HSBC Bank Australia to solve these issues aligned with the best practices in the banking industry: HSBC Bank should align its total work force according to the business needs and the industry best practices. The bank is one of the best international banks in Australia and around the world which is recognised for its acquisition and management of talented employees. The increase in the tenure of the employment of employees will help the bank to use their knowledge and talent for longer period of time. The apex management, the departmental heads and the human department should align the employees according to their specialisation and area of expertise(Jackson, Sibson and Riebe 2014). For example, the younger employees could be allocated to sales and customer acquisition since they have knowledge about latest technology in banking and can use it as unique selling proposition to attract customers. The experienced senior employees can be allocated towards senior positions where they can utilise their knowledge and experience to lead their subordinates. This would also give opportunity to the company to train its junior employees to fill in the gaps of the senior employees after the latters retirement and minimise loss of knowledge due to resignation of experienced employees. This alignment of employees towards business needs would bring about career development and retention of both groups of employees(Basili et al. 2014) Create highly skilled pools of internal talents: The senior managers and the human resource departments should create a pool of talented employees who would contribute towards business development of the international bank. The senior managers and the human resource department should provide training to the employees to develop- their competencies and skills as bankers. There should be training sessions which would develop the knowledge of the employees about the best practices of the banking industry, law and customer relations. These trainings will enhance the competencies of the employees and help them to serve the customers better. The banking industry is dependent on the skills and competencies of the employees to offer financial services according to the requirements and expectations of the customers. Training would enable the employees to serve the customers better and yield high revenue for the bank. Thus creating a pool of talented employees would enable the banking organisation to deal with issues like structural unemploy ment(Silberman and Biech 2015). HSBC bank should create a performance linked payment scheme which would recognise the high performances of the employees and provide them with legitimate compensation packages. The company should first provide training to the employees to upgrade their skills and then apply the PLP scheme. The scheme would motivate the employees to over achieve their target levels of performances to get higher salaries and recognitions. This will also help the human resource departments to judge the performances of the employees while considering their appraisals and promotions. PLP would also help the bank to terminate poorly performing and irresponsible employees. This will leave posts vacant giving scope to the bank to acquire talented and highly skilled employees to maintain best practice standards prevalent in the banking industry(Zaleha Abdul Rasid, Ruhana Isa and Khairuzzaman Wan Ismail 2014). Thus PLP would help the bank to encourage the employees to increase their competencies, knowledge and talents to achieve high performance levels. These high levels of performances would enable them to gain promotion, career development and job satisfaction. This will help HSBC Bank Australia to retain and manage talented employees to achieve high market performances in the competitive bank industry. HSBC Bank Australia should exercise efficient management of knowledge within the organisation. The employees of all levels of the organisation should have access to certain extent with prior approval of the reporting managers. This would on one hand increase the level of knowledge and expertise among employees and prevent unauthorised access and misuse of data on the other hand. Conclusion: HSBC Bank should manage its human resources more efficiently to maintain its dominance over Australias financial market. It should give emphasis on making policies to ensure that the employees are motivated to perform and bring about their career growth. The policies and parameters to measure the employee performances should be aligned with the organisational goal. References: Akinnusi, D.M., Sonubi, O.O. and Oyewunmi, A.E., 2017. 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