The Development Bank of Singapore Limited Human Resource Report

Question: Human Resource Report on The Development Bank of Singapore Limited. Answer: Introduction The DBS Bank Limited is arguably the leading financial services provider in the Asian region, having its headquarters in Singapore (DBS Bank Ltd, 2016). According to the DBS Bank Ltd (2016), this multinational financial services group has over 280 branches spread across 18 markets. Furthermore, the corporation has in the recent years increased its presence in Southeast Asia, South Asia, and Greater China. The organization was established in 1968 by the Government of Singapore with the objective of it taking over the industrial financing operations from the then Economic Development Board (Sufian Majid, 2007; National Library Board Singapore, 2016). Subsequently, DBS Bank Ltd (2014) points out that the company has market-dominant positions in asset management, consumer banking, debt and equity fund-raising, treasury and markets, and securities brokerages in Singapore. Incidentally, this report provides a proposal on the finance manager positions job design and analysis, recruitment a nd selection that the DBS Bank Limited can adopt to fulfil its staffing needs in view of its overall Project Management (PM) strategies. Job Analysis for the DBS Bank Limited Finance Manager Position According to the DBS Bank Ltd (2014), a considerable portion of the companys success is attributed to its high regard for its employees. The DBS Bank Ltd (2014) further observes that through the banks effective management strategies, it has managed to ensure that it puts value to its workforce. In fact, recruiting individuals based on their talent is the banks initial step of building a workforce that has facilitated the firm to achieve its project management strategies. Thereafter, the company imbues the recruited individuals with a sense of purpose, offers them with sufficient training, and encourages them to aim high when executing their duties and responsibilities in the organization. The DBS Bank Ltd (2014) explicates that in order to have a high competent workforce; the bank has focused on providing its employees with differentiated experiences, including rewards and recognition, work-life balance, and learning and development. Thus, it is arguable that due to its outstanding c ompetitive edge as a financial provider in Singapore and the Asian region as a whole, the DBS Bank Limited Human Resource (HR) department has put in place an efficient and effective job analysis mechanism for acquiring and retaining a highly talented workforce. Fundamentally, job analysis refers to the process of identifying and determining in detail the particular job requirements and duties as well as the relative significance of these duties for a specific job (Singh, 2008; Stanton et al., 2011; Sanchez Levine, 2012). On the other hand, Goffin et al (2011) describe job analysis as the process in which judgements are made concerning data collected on a job. Therefore, the job analysis for the finance manager position in DBS Bank Limited needs to involve a comprehensive identification and determination of the duties the individual will perform as well as the minimum requirements, both academic and professional experience, the person should have so as to occupy this position in the company. Overall, this identification and determination will generate the ideal job description and specification of the banks finance manager. Traditionally, some of the works performed by finance managers include managing and auditing the companys financial pe rformance, ensuring that the organization complies with the statutory financial regulations, developing and reviewing budgets as well as financial reports (Van Horne Wachowicz, 2008). Hence, it is suggested that when conducting a job analysis for the DBS Bank Limiteds finance manager position, the HR department will have to match the academic and professional experience of the candidate with the skills and requirements of performing the said conventional duties of finance managers. Ideally, the prospective finance manager must have at least a bachelors degree in financial management or related field and moreover, a minimum of five years experience working as a finance manager in a reputable company. Besides using the job analysis to develop the job description and job specification for the banks finance manager, it is recommended that the analysis should also be used for other purposes such as: determining the positions compensation, the training needs, performance review, and the selection procedures (Dowling, 2008; Jackson, Schuler Werner, 2011). Furthermore, it is suggested that the analysis should be conducted using the task inventories approach because, compared to the other methods, it is significantly cost-friendly and effective (Swanson, 2007). Essentially, the main aspects that the job analysis should entail include: duties and tasks, tools and equipment, requirements, relationships, and environment (Fine Getkate, 2014). Job Design for the DBS Bank Limited Finance manager Position Job design, according to Grant (2007), is a fundamental function of the Human Resource Management (HRM) that is related to the specification of methods, contents, and relationship of jobs within an organization so as to satisfy the organizational and technological requirements as well as the personal and social requirements of the individual holding a particular job. Moreover, the tenets of job design are mainly focused towards the manner in which the nature of a persons work influences their behaviour and attitudes at the workplace, especially relating to the characteristics such autonomy and skill autonomy. Often, the central aim of developing a job design is to enhance job satisfaction, to reduce employee problems such as absenteeism and grievances, to improve quality, and to expand through-put (Oldham Hackman, 2010). Thus, when developing the job design for the DBS Bank Limited finance manager, it is proposed that the HRM should emphasize on achieving the mentioned aims. Thus, t o ensure that the companys finance manager is sufficiently motivated to attain the objectives of the banks PM strategies, it is suggested that their job design is developed in a way that is consistent with five core job functions or dimensions: skill variety, task significance, feedback, autonomy, and task identity (Hackman Oldham, 1976). In the context of skill variety dimension, the DBS Bank Limited HR department need to ensure that the finance manager should be in a position to use a wide variety of skills. According to Hackman and Oldham (1976), individuals that have to use a broad range of skills and activities to complete a particular job find their job more satisfying. In regard with task identity dimension, Hackman and Oldham (1976) observe that the employees who engage in a job activity from the start to the end are more satisfied with their work. Hence, it is proposed that the DBS Bank Limited needs to design its finance manager job design in such a way that the holder of the position gets involved in an activity from its start to its eventual completion. Subsequently, empirical evidence demonstrates that the more times people are told about their performance, the more the probability of them being interested in doing a good job (Hackman Oldham, 1976). Therefore, the DBS Bank Limited needs to design the finance manager position in a manner where the holder will be reminded repeatedly about their performance; for example sharing the customer satisfaction scores. Incidentally, Hackman and Oldham (1976) point out that a job is more likely to satisfy people if they are involved in the decision-making process as opposed to being told what to do. Hence, this report recommends that the banks finance manager job design should be such that the holder of the position is capable of making and implementing decisions without undue or direct influence from other quarters of the organization. In the task significance dimension, Hackman and Oldham (1976) establish ed note that job have a higher degree of satisfaction if the people believe that their contribution makes a difference, and are tangible value to the organization, colleagues, or the larger community. Accordingly, it is opined that the DBS Bank Limited HR department should design the finance manager position in a manner that the holder feels that their job is important to the bank. Recruitment Strategies and its Implementation One of the main and important overall strategic objectives of the DBS Bank Limited is to attract and retain talent (DBS Bank Ltd, 2014). However, in the contemporary HRM practice, due to increased competition amongst and between various industry and market players in the economy, finding competent candidates to fill various job openings in an organization has been identified as one of the most difficult and time-consuming aspect of a firms HR function (Harzing Pinnington, 2010). Thus, Harzing and Pinnington (2010) opine that in order for companies to acquire and maintain a competitive advantage in terms of obtaining and retaining the best talent that can help them meet their strategic objectives, it is important that they use a mix of recruitment strategies and methods for their workforce. Moreover, the HR department of these organizations need to ensure that the recruitment strategies they use are objective and consistent. Therefore, when recruiting the DBS Bank Limited finance man ager, it is imperative that the HR department recognizes a recruitment strategy that is both cost-effective and less time-consuming. In other words, the HR department should identify and use a recruitment method or a mix of recruitment strategies that are efficient in helping the company acquire the best talent in the market. Accordingly, Price (2007) explicates that there are three main phases involved in any recruitment process: (i) development of the selection criteria for the position; (ii) selection of the recruitment methods; and (iii) development of the job posting. Thus, in recruiting the DBS Bank Limited finance manager, it is suggested that the HR department needs to consider and implement the mentioned three stages. The author further elucidates that there are several options available when selecting the recruitment method for a particular job in an organization. These methods include: internal recruitment, print, advertisements, internet recruiting, and the use of recruitment agencies. However, for the purpose of ensuring that the recruitment process in the bank is significantly efficient in terms of cost and time, this report recommends the utilization of the internal recruitment method by the banks HR department for the position of the finance manager. Overall, this recruitment method provid es the banks current employees as well as volunteers an opportunity to apply for the open job position. Boxall Purcell (2011) assert that the strategy is closely linked to career development and succession planning. Incidentally, if implemented appropriately, this recruitment approach has a potential of yielding the DBS Bank Limited several benefits. First, the management of the company already has a good idea about the capability of the employees. Second, this approach provides the bank with an opportunity to reward the volunteers or employees for their past performance. Third, the recruitment strategy retains the banks investment in the employee or volunteer, especially if such employees have been trained by the company. Fourth, the approach reduces the amount of time required to orient the holder of the position in the company. Finally, the recruitment method minimizes the costs and time involved in the recruitment process. Nevertheless, to mitigate the potential drawbacks invol ved in the isolated use of the internal recruitment process, this report proposes that the HR department should also consider using a mix of the other methods of recruitment that have been mentioned in the preceding discourse. However, the choice of the mix has to take into account the efficiency of the approaches in terms of cost and time. Furthermore, it is proposed that the implementation of the recruitment should only involve senior members of the company because the position in question is relatively on the top part of the banks organizational structure. Selection Strategies and its Implementation As pointed out earlier, hiring the right people is critical to any business. However, the process of selecting the ideal candidates who have applied for the job opening is never easy due to a number of reasons (Daley, 2006). These reasons include the position attracting a large number of applicants, limited time to identify the appropriate candidate, and the majority of the applicants having the same or almost equivalent requirements needed by the subject job vacancy. Thus, to mitigate some of these selection challenges, Armstrong and Taylor (2014) explicate that the HR department should always consider using a combination of strategies that would enable the organization identify and hire the right people who will facilitate the overall attainment of the organizations objectives. Nevertheless, besides ensuring that the selection process filters the candidates and identifies the ideal candidate or candidates for the job opening, the HR department need also to factor in the issue of di versity. The implication of this consideration is that the HR department has to make a balance between performance and diversity within the organization. According to Shore et al. (2009) and Avery (2011), diversity in organization has been found to be crucial in promoting a companys reputation and brand in the market. One way of achieving diversity is through hiring a diverse workforce. Therefore, when selecting the DBS Bank Limited finance manager, a significant emphasis needs to be put on hiring an individual who will help the bank attain its diversity objective. Nevertheless, this selection should as well ensure that there is appropriate balance between the performance level of the candidate and their diverse contribution to the organization so as to avoid a possible trade-off of a highly performing potential holder of the position. Fundamentally, there are two main types of selection strategies: single stage and multistage selection (Gatewood, Feild Barrick, 2015). The authors observe that in most instances, multistage selection strategy has been identified to be more effective than the single stage approach in hiring the best talents because it strikes an important balance between hiring a diverse workforce and high performers. Thus, this report recommends the use of multistage selection in the selection of the DBS Bank Limited finance manager. Further, to implement this method effectively, the HR department need to consider at least three parameters: Knowledge, skills, abilities, and other attributes (KSAOs), logistical challenges, and cost as well as time. Conclusion The DBS Bank Limited is arguably one of the leading financial service provider in Singapore and the entire Asian region. Thus, when hiring its financial manager, it is important that its HR department develops and implements an appropriate job analysis and job design that would enable the company in identifying and selecting the best candidate that would add value to the company. It is suggested that the banks HR department should focus on using the ideal recruitment and selection strategies for this position by ensuring that the approaches are both cost-effective and less time-consuming. Overall, from the preceding discourse, this report concludes that the effective implementation of the identified approaches would add value to the DBS Bank Limited by reducing the possible loss of time and money in recruiting and selecting the firms finance manager. References Armstrong, M., Taylor, S. (2014). Armstrong's handbook of human resource management practice. London, UK: Kogan Page Publishers. Avery, D. R. (2011). Support for diversity in organizations A theoretical exploration of its origins and offshoots. Organizational Psychology Review, 1(3), 239-256. Boxall, P., Purcell, J. (2011). Strategy and human resource management. Palgrave Macmillan. Daley, D. M. (2006). Strategic human resource management. Public Personnel Management. Current concerns, future challenges, 5, 120-134. DBS Bank Ltd (2014).About DBS Bank Asias Safest Bank - Singapores Bank of Choice. Retrieved 11 June 2016, DBS Bank Ltd (2016). DBS Bank - The Development Bank of Singapore Limited. 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