Staffing Commercial Bank of Kuwait
·
In all managerial functions, staffing is a
critical one for the Commercial Bank of Kuwait, as they will have to hire staff
as per their needs and requirements, which is derived in the strategy developed
by the bank to achieve its short term and long term goals.
·
The Commercial Bank of Kuwait should develop a
comprehensive strategy and planning based on well-thought perspective so that
they are able to identify their needs in terms of handling human resource,
which is good enough in numbers and capabilities to perform all activities to
achieve organizational goals and objectives
·
It is recommended that the Bank of Kuwait should
go for both internal and external recruitment resources. It means that when
they need new resources, they must look for internal resources like recruitment
within the organization to motivate existing employees, and giving them a
chance of growth. But if internal resources are not deserving for any position,
then skilled and professional resources should be hired from external resources
(Trivikram, 2017)
·
It is advised that Bank of Kuwait should use
various selection tools to assess the ability, skill, and knowledge of
candidates who apply for any particular position. For instance, they should
conduct a complete screening to determine which candidates should be considered
for the next step of selection, and then their CVs should be reviewed. The
candidates should be given a written test to assess their skills and
capabilities and in the end, a proper interview should be conducted. All of
these tools would help to assess the skill, personality, behavior, and
experience of a candidate (Mayhew, 2019)
Training and Development Commercial Bank of Kuwait
·
It is vital for the Bank of Kuwait to realize
the importance of conducting training needs analysis. For instance, if a new
change or policy has been applied in the bank, then proper training needs
analysis is needed to determine what kind of training is needed and how those
training should be given to certain employees who are affected by the change.
The training needs analysis is a great tool for an organization to keep its
processes updated with the latest trends as they are able to provide the right
set of training to employees so they are updated with their knowledge and
skills (Morrison, 2019)
·
Once any training need is determined through
needs analysis, it is vital for the bank to design a proper training strategy
to move forward in the right direction. There are different steps to consider
for Bank of Kuwait while designing a training program. For instance, they must
explain the objectives to be achieved by the training and then design the
materials of training accordingly (Dalto, 2014)
·
The other important thing for an effective
training and development is its proper assessment and evaluation. The training
sessions should be closely monitored and feedback should be taken from
employees regarding every training session. It would allow assessing the
efficacy of training program, and if employees are not getting it, then there
feedback will help to identify loopholes (McNamara, 2019)
Performance Management Commercial Bank of Kuwait
·
The Bank of Kuwait must realize the
importance of determining a detailed Key Result Areas (KRAs) so that every
employee in the bank knows about his/her KRA. It is a minimum performance
standard, which every employee has to meet. The KRAs help organizations and
employees to know their key responsibilities and how those responsibilities
should be achieved to get business goals and objectives (Tracy, 2019)
·
The performance appraisal is critical for
any commercial bank because they work to gain as much as revenue and profits as
possible. There are different performance appraisal methods and it is
recommended to Bank of Kuwait that they should use Behaviorally Anchored Rating
Scales (BARS). In this method, certain performance and behavior showed by an
employee is attributed to some numerical numbers, and then those assigned
numbers are calculated for the performance appraisal. For instance, an employee
may take number 5/10 rating in behavior to customers, which means that employee
needs to improve his/her behavior and attitude towards customers (Sift, 2019)
·
The Bank of Kuwait should understand that
monthly or annual performance reviews are time taking and they also give
feedback, which is not on time. For instance, if an employee is making a
mistake in his/her tasks, and then a feedback mechanism with review meetings
would be helpful to timely tackle the issue. For instance, during a weekly
feedback and review meeting, the employee will share his/her problem, and issue
will be rectified for better performance. So, it is recommended to develop a
feedback mechanism based on regular intervals (Cognology, 2019)
·
It is imperative for the Bank of Kuwait to
align all of its HR functions with their performance management system to keep
things on the right track
Compensation and Benefits Commercial Bank of Kuwait
·
The compensation and benefits are critical to
keeping bank employees happy, motivated as well as satisfied. So, it is
recommended to the Bank of Kuwait to integrate their compensation plan with job
evaluation and assessment. It means certain criteria should be selected to
evaluate the performance of employees, and compensation & benefits should
be given as per the performance like giving extra bonuses, leaves or any
promotion etc (SHRM, 2016)
·
The employees should be given good enough
benefits from the bank because it is vital to keep them satisfied and
motivated. There has been so much research that proved that benefits provided
by organizations keep employees motivated and satisfied. So, a comprehensive
compensation and benefits plan is imperative to win the hearts of employees.
The Bank of Kuwait should provide considerable benefits to its employees o that
they are able to develop a good work-life balance. It would make employees more
committed, determined and loyal to the bank.
·
The Bank of Kuwait should consider using various
other methods to derive their compensation strategy for their employees. For instance,
they can conduct market pay benchmarking, which means that they analyze the
market bases salaries and compensation provided by other banks for certain job
positions, so when they hire any talented employee for that position, he/she
should be given market competitive salary, which is better than the average
market pay scale. It would help them to attract the best talent in the market.
Moreover, they should also give sales-based incentives to employees like SIP
(Sales Incentive Plan). SIP should derive a certain policy that how much
percentage an employee will get to make certain sales by promoting products and
services to customers (PayScale, 2010)
References of HRM Functions of Commercial Bank of
Kuwait
Cognology. (2019). What is a feedback mechanism?
Retrieved October 23, 2019, from
https://www.cognology.com.au/what-is-a-feedback-mechanism/
Dalto, J. (2014). HOW TO CREATE AN EFFECTIVE TRAINING PROGRAM: 8
STEPS TO SUCCESS. Retrieved October 23, 2019, from
https://www.convergencetraining.com/blog/how-to-create-an-effective-training-program-8-steps-to-success
Mayhew, R. (2019). HR Selection Tools. Retrieved October 23,
2019, from https://smallbusiness.chron.com/hr-selection-tools-60384.html
McNamara, C. (2019). Evaluating Training and Results (ROI of
Training). Retrieved October 23, 2019, from
https://managementhelp.org/training/systematic/ROI-evaluating-training.htm
Morrison, K. (2019). What Training Needs Analysis Is And How It Can
Benefit Your Organization. Retrieved October 23, 2019, from
https://elearningindustry.com/training-needs-analysis-benefit-organization
PayScale. (2010). SALES INCENTIVE COMPENSATION PLAN. Retrieved
October 23, 2019, from
https://www.payscale.com/compensation-today/2010/06/sales-incentive-compensation-plan
SHRM. (2016). Performing Job Evaluations. Retrieved October 23,
2019, from
https://www.shrm.org/resourcesandtools/tools-and-samples/toolkits/pages/performingjobevaluations.aspx
Sift. (2019). What is a Behaviourally Anchored Rating Scale (BARS)?
Retrieved October 23, 2019, from
https://www.hrzone.com/hr-glossary/what-is-a-behaviourally-anchored-rating-scale-bars
Tracy, B. (2019). Determine Your Key Result Areas. Retrieved
October 23, 2019, from
https://www.amanet.org/articles/determine-your-key-result-areas/
Trivikram, S. (2017). Internal and External Sources of Recruitment.
Retrieved October 23, 2019, from
https://myventurepad.com/internal-external-sources-recruitment/