Article 08- Global HRM Approaches to Addressing Lack of Employee Engagement in the Banking Industry
Introduction:
Singh
(2019) states that the lack of employee engagement is a critical HRM issue
faced by the banking industry globally. Shuck (2019) emphasizes that employee
engagement refers to the emotional commitment an employee has toward their
organization, resulting in discretionary effort and improved performance. Byrne
(2022) argues that this issue can lead to decreased productivity, higher
turnover rates, and a negative impact on customer service in the banking sector.
In the context of global HRM, addressing this issue requires considering
cultural differences, emerging theories, and best practices.
Lack
of Employee Engagement in the Global Banking Industry:
Mishra
(2020) highlights that employee engagement is a universal concern in the
banking sector, affecting service quality, innovation, and customer
satisfaction. Sandhu & Sharma (2022) states that the lack of engagement can
lead to decreased productivity, and high turnover rates, and ultimately hinder
the global competitiveness of banks.
Cultural
Considerations and Global HRM:
Vance
(2023) emphasizes that Global HRM involves understanding and managing the
diverse cultural contexts in which organizations operate. Cultural differences
significantly impact employee engagement strategies (Moutafi, 2008). Hofstede's
Cultural Dimensions theory can be applied here. For instance, in Taras (2017)
in high power distance cultures, employees might be less likely to voice
concerns, leading to disengagement. In collectivist cultures, emphasizing
teamwork and group recognition could enhance engagement.
Video
01 - Exploring Global Human Resource Management Strategies
Source: YouTube
Emerging
HRM Theories:
Positive
Organizational Scholarship (POS): Ragins (2016) emphasizes POS focusing on employees'
strengths and positive experiences. Caza & Carroll (2011) states that Banking
organizations could adopt this approach by identifying employees' strengths and
aligning them with suitable roles. This fosters engagement as employees feel
valued and connected to their work.
Job
Crafting: Huyen and Barber (2022) highlight that this theory suggests that
employees actively reshape their jobs to align with their skills and interests.
Banks can encourage job crafting by allowing employees to customize tasks,
creating a sense of ownership and engagement.
Employee
Experience (EX): Marchington and Suter (2013) state that EX focuses on creating
a holistic experience for employees throughout their journey in the
organization. Banking institutions can enhance EX by streamlining processes,
providing learning opportunities, and offering career growth pathways.
According
to Beddeau (2022), Global HRM Approaches:
|
Global
HRM Approaches: |
Global
HRM Concept |
Implementation |
|
Cultural
Sensitivity and Diversity |
Cultural
differences impact engagement levels. HRM must be culturally sensitive to
effectively address engagement challenges. |
Design
engagement initiatives that respect local customs, traditions, and
communication styles. Training programs should incorporate cross-cultural
awareness to promote inclusivity. |
|
Inclusive
Leadership and Communication: |
Effective
leadership fosters engagement, regardless of location. Communication
strategies should consider linguistic diversity and global teams. |
Train
leaders to embrace inclusive leadership practices that value diverse
perspectives. Use technology for virtual communication and ensure information
is accessible to all employees. |
|
Localization
of Rewards and Recognition |
Rewards
and recognition practices need to be localized to align with different
cultural preferences and expectations. |
Develop
a framework that allows for the customization of rewards and recognition
while adhering to core organizational values. Ensure fairness and consistency
in the application. |
|
Global
Talent Development: |
Offering
career growth opportunities is essential in retaining global talent. Skill
development aligns with the organization's strategic objectives. |
Establish
global talent development programs that provide employees with opportunities
to learn and advance within the organization. These programs should consider
local regulations and market needs. |
|
Flexible
Work Arrangements |
Work-life
balance expectations vary globally. Providing flexible work arrangements
accommodates diverse needs. |
Design
flexible policies that balance work expectations with employees' personal
needs. Consider local laws and customs while offering options like remote
work and adjusted schedules. |
HSBC:
HSBC, a global bank, actively promotes diversity and inclusion through its
employee resource groups, cultural awareness training, and diverse leadership
development programs. This approach fosters engagement by valuing employees'
individuality. HSBC's "Employee Wellbeing Program" is tailored to
different countries, offering a range of resources from health and fitness to
stress management. This approach showcases consideration for diverse well-being
needs (Oberle and Dymski,2009).
Citigroup:
Citigroup's global leadership development program incorporates cultural
intelligence training to enhance leaders' cross-cultural understanding. This
practice exemplifies the importance of inclusive leadership (Maguire and
Phillips, 2008).
DBS
Bank's Learning and Development: DBS Bank, based in Asia, offers a wide range
of learning opportunities, including digital academies and leadership programs.
Such initiatives not only enhance skills but also demonstrate the
organization's investment in employees' growth, leading to higher engagement (Sia
and Zhang,2021).
Standard
Chartered's Well-being Programs: Standard Chartered focuses on employee
well-being through initiatives like mental health awareness campaigns and
flexible work arrangements. These efforts address employees' holistic needs,
positively impacting their engagement (Miller,2016).
According
to Wilkinson and Wood (2015), Here are some global Human Resource Management
(HRM) approaches that can be effective in addressing this issue:
Leadership
Development and Training: Strong leadership is crucial for creating an engaged
workforce. Invest in leadership development programs that focus on skills like
communication, empathy, and coaching. Effective leaders can inspire and
motivate employees, leading to higher engagement levels.
Performance
Management and Recognition: Implement a robust performance management system
that sets clear expectations, provides regular feedback, and recognizes
employees' contributions. Recognize and reward employees for their
achievements, whether through monetary incentives, promotions, or public
recognition.
Flexible
Work Arrangements: Offer flexible work arrangements such as remote work
options, flexible hours, and compressed workweeks. Providing employees with
greater control over their work-life balance can lead to increased engagement
and job satisfaction.
Career
Development and Growth Opportunities: Create well-defined career paths that
allow employees to see opportunities for growth within the organization. Offer
training, workshops, and mentorship programs that help employees develop new
skills and advance in their careers.
Employee
Well-being Initiatives: Launch initiatives that promote employee well-being,
including mental and physical health programs. Consider providing access to
counseling services, stress management workshops, and wellness activities to
support employees' overall health.
According
to Parkes and Borland (2020), Overcoming the challenge of HRM in global
contexts requires a strategic and nuanced approach. Here are steps that organizations
can take to navigate these complexities effectively:
Cultural
Sensitivity and Training:
·
Provide cultural sensitivity training to
employees and leaders to enhance their understanding of different cultural
norms, values, and communication styles.
·
Foster an environment where diversity is
celebrated and employees are encouraged to learn from each other's
perspectives.
Localization
and Standardization Balance:
·
Seek a balance between global
standardization of HR practices for consistency and efficiency and local
adaptation to respect cultural differences and legal requirements.
·
Develop guidelines that allow for
flexibility while maintaining alignment with core organizational values.
Global
Leadership Development:
·
Invest in developing global leaders who
possess cultural intelligence, effective communication skills, and the ability
to navigate diverse environments.
·
Provide leadership training that addresses
cross-cultural challenges and emphasizes the importance of empathy and
adaptability.
Ethical
Frameworks:
·
Establish clear ethical frameworks that
guide HR practices and decision-making across diverse cultural contexts.
·
Ensure that ethical standards are
consistently communicated and adhered to by all employees, regardless of their
geographic location.
Technology
Integration:
·
Embrace digital tools, AI, and data
analytics to streamline HR processes, but ensure that these technologies are
inclusive and do not perpetuate biases.
·
Provide training to employees to
effectively use technology and encourage their participation in shaping
technology-driven HR initiatives.
Conclusion
Addressing
the lack of employee engagement in the global banking industry requires a
nuanced approach grounded in global HRM principles. Recognizing the impact of
cultural diversity on engagement, implementing inclusive leadership, localizing
rewards, and providing growth opportunities are essential strategies.
Organizations like HSBC and Citigroup demonstrate how global HRM practices can
successfully tackle this challenge. By aligning HRM strategies with global
contexts, banks can cultivate a more engaged and productive global workforce,
leading to improved competitiveness and success in the dynamic banking sector.
List
of References
Beddeau,
C. (2022) ‘Strategic HRM approaches’, Global Encyclopedia of Public
Administration, Public Policy, and Governance, pp. 12355–12363.
doi:10.1007/978-3-030-66252-3_3066.
Byrne,
Z.S. (2022) ‘What is employee engagement?’, Understanding Employee Engagement,
pp. 11–24. doi:10.4324/9781003171133-3.
Caza,
A. and Carroll, B. (2011) ‘Critical theory and positive organizational
scholarship’, Oxford Handbooks Online [Preprint].
doi:10.1093/oxfordhb/9780199734610.013.0073.
Huyen,
C. and Barber, L. (2022) ‘Understanding the science of employee job crafting in
organizations’, Understanding the Science of Employee Job Crafting in
Organizations [Preprint]. doi:10.4324/9780367198459-reprw213-1.
Li,
W., Oberle, A. and Dymski, G., 2009. Global banking and financial services to
immigrants in Canada and the US. Journal of International Migration and
Integration/Revue de l'integration et de la migration internationale, 10,
pp.1-29.
Maguire,
S. and Phillips, N., 2008. ‘Citibankers’ at Citigroup: a study of the loss of
institutional trust after a merger. Journal of management studies, 45(2),
pp.372-401.
Marchington,
M. and Suter, J. (2013) ‘Employee experience of informal employee involvement
and participation measure’, PsycTESTS Dataset [Preprint].
doi:10.1037/t41307-000.
Miller,
J., 2016. The well-being and productivity link: a significant opportunity for
research-into-practice. Journal of Organizational Effectiveness: People and
Performance, 3(3), pp.289-311.
Mishra,
S., Singh, S. and Tripathy, P. (2020) ‘Linkage between employee satisfaction
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Moutafi,
J. et al. (2008) ‘Helping organizations retain their employees: Cultural
differences in employee engagement’, PsycEXTRA Dataset [Preprint].
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Parkes,
C. and Borland, H. (2020) ‘Strategic HRM: Transforming its responsibilities
toward ecological sustainability-the greatest global challenge facing
organizations’, Thunderbird International Business Review, 54(6), pp. 811–824.
doi:10.1002/tie.21505.
Ragins,
B.R. (2016) ‘Bridging Diversity Research and Positive Organizational
Scholarship (POS)’, Academy of Management Proceedings, 2016(1), p. 14895.
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Sandhu,
N. and Sharma, S. (2022) ‘Drivers of employee engagement in the Banking
Industry’, International Journal of Project Management and Productivity
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Shuck,
B. (2019) ‘The impact of employee engagement’, Employee Engagement, pp. 52–63.
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Sia,
S.K., Weill, P. and Zhang, N., 2021. Designing a future-ready enterprise: The
digital transformation of DBS bank. California management review, 63(3),
pp.35-57.
Singh,
Y. (2019) ‘Employee engagement as a contemporary issue in HRM’, Advances in
Human Resources Management and Organizational Development, pp. 20–45.
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V. (2017) ‘Cultural Dimensions, Hofstede’, The International Encyclopedia of
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Your insightful analysis highlights the multifaceted nature of addressing employee engagement in the global banking industry. The integration of global HRM principles, along with strategies such as inclusive leadership, cultural sensitivity, localized rewards, and growth opportunities, indeed offer a comprehensive approach. The success stories of HSBC underscore the effectiveness of aligning HRM strategies with diverse contexts to foster a more engaged and competitive workforce. This holistic approach holds promise for enhancing employee engagement and driving success in the dynamic banking sector. I am interested.
ReplyDeleteThank you for your thoughtful insights! Indeed, the global banking industry is complex and diverse, with various cultural, regulatory, and economic factors at play. Implementing effective HRM strategies requires a nuanced understanding of these factors and the ability to tailor approaches to local contexts. The success stories of HSBC highlight the importance of adapting strategies to suit different regions while maintaining a core commitment to employee engagement and growth (Wilkinson,2015).
DeleteIn such a dynamic sector, ongoing efforts to enhance employee engagement can yield significant benefits in terms of customer service quality, innovation, and overall organizational performance (Vance, 2023). As technology continues to reshape the industry, maintaining a motivated and engaged workforce remains crucial to meeting the evolving demands of both customers and the business landscape.
Good article to read. This article explains lack of Employee Engagement in the Global Banking Industry effectively. According to Kristin, (2021) banking industry leaders are facing significant challenges to manage their talent. According to Quantum Workplace research, only 50 percent of employees in the banking sector are highly engaged and 35 percent are a retention risk.
ReplyDeleteAttracting, retaining, and engaging skilled employees has proved difficult amidst the low unemployment rates currently experienced in the job market.
Thank you for your feedback! I'm glad you found the article informative. According to Turner (2020) state that the challenges of employee engagement in the global banking industry are indeed significant, and attracting and retaining skilled employees is crucial for success in a competitive job market.
Deleteagreed. This comprehensive article highlights the pressing issue of employee engagement in the global banking industry. It offers insightful strategies, including cultural sensitivity, emerging HR theories, and global HRM approaches, to address this challenge. The inclusion of case examples from leading institutions underscores effective implementation. By embracing inclusive leadership, localizing rewards, and promoting well-being, organizations can foster a more engaged and competitive global workforce. (Kristin, 2021)This article provides a valuable guide for navigating the complexities of HRM in diverse contexts, ensuring sustained growth and success in the banking sector.
ReplyDeleteThank you for your thoughtful response! I'm glad you found the article comprehensive and valuable in addressing the challenges of employee engagement in the global banking industry. Indeed, the strategies mentioned, such as inclusive leadership, localized rewards, and promoting well-being, can play a significant role in creating a positive and engaging work environment (Singh,2019).
DeleteThe banking sector's global nature and diverse workforce make it crucial for organizations to adapt their HRM approaches to different cultural contexts while also staying aligned with emerging HR theories and practices. By doing so, banks can create a more harmonious and productive workplace, leading to improved employee satisfaction, retention, and overall organizational success (Turner,2022).
The statement highlights the importance of a nuanced approach grounded in global HRM principles for employee engagement in the global banking industry.
ReplyDeleteIt emphasizes the impact of cultural diversity and the need for inclusive leadership, localized rewards, and growth opportunities. Organizations like HSBC and Citigroup demonstrate the practical application of global HRM practices in addressing employee engagement challenges.
According to Farhim (2010) Aligning HRM strategies with global contexts can lead to a more engaged workforce, enhancing competitiveness and success in the dynamic banking sector.
As the industry operates across diverse cultures and contexts, the application of global HRM principles becomes essential to effectively address the challenges of engagement and create a thriving work environment (Parkes,2022).
DeleteInclusive leadership, localized rewards, and growth opportunities are all strategies that can foster a sense of belonging, recognition, and motivation among employees, leading to higher engagement levels. The examples from organizations like HSBC and Citigroup further demonstrate that these principles are not just theoretical concepts but can be successfully implemented to drive positive outcomes (Ragins,2016).
Lastly, aligning HRM strategies with global contexts, as noted by Farhim (2010), holds the potential to create a workforce that is not only engaged but also well-equipped to navigate the complexities and competitive landscape of the banking sector.
I appreciate how your article delivered so much knowledge effortlessly. It is well structured and analyses employee engagement challenges in global banking and offers strategies based on Global HRM principles.
ReplyDeleteIn the context of addressing employee engagement, how can organizations leverage emerging HRM theories such as Positive Organizational Scholarship (POS) and Job Crafting, as discussed by Ragins (2016) and Huyen and Barber (2022), to create a more engaging and fulfilling work environment?
Thank you for your kind words! I'm glad you found the article valuable.
DeleteLeveraging emerging HRM theories like Positive Organizational Scholarship (POS) and Job Crafting can indeed contribute to creating a more engaging and fulfilling work environment in the banking sector. According to Ragins (2016), Here's how these theories can be applied:
Positive Organizational Scholarship (POS): POS focuses on studying and promoting the positive aspects of organizations, such as strengths, virtues, and thriving. Organizations can apply POS principles in the following ways:
• Strengths-based approach: Encourage employees to identify and utilize their strengths. This can lead to increased job satisfaction and engagement as employees are using their best attributes to contribute.
• Positive leadership: Train leaders to exhibit positive leadership behaviors, such as being supportive, and empathetic, and fostering a positive work culture. Positive leadership can lead to higher employee well-being and engagement.
• Celebrating achievements: Recognize and celebrate employees' achievements, both big and small. This fosters a sense of accomplishment and motivation to excel.
Job Crafting: Job crafting involves employees actively shaping and redesigning their job tasks, relationships, and cognitive perceptions to make their work more engaging and meaningful. Huyen and Barber (2022) states that organizations can encourage job crafting in the following ways:
• Autonomy and empowerment: Provide employees the independence to redesign certain aspects of their job to better align with their strengths and interests. This ownership can increase engagement.
• Variety and challenge: Allow employees to take on diverse tasks and projects that align with their skills. This prevents monotony and enhances engagement.
• Meaningful connections: Encourage employees to build relationships and networks that align with their job roles. Strong relationships with colleagues can enhance job satisfaction and engagement.
Both POS and Job Crafting theories focus on enhancing the positive aspects of work, promoting well-being, and fostering a sense of ownership and autonomy among employees. By integrating these theories into HRM practices, organizations can create a more engaging and fulfilling work environment that aligns with employees' needs and aspirations.
The research findings you've mentioned shed light on the critical link between employee engagement and the banking sector's success. Mishra (2020) insights emphasize the far-reaching impact of engagement on service quality, innovation, and customer satisfaction. Additionally, Sandhu & Sharma (2022) perspective underscores the repercussions of low engagement, leading to reduced productivity and high turnover rates that can ultimately undermine the competitive edge of banks in the global market. This underscores the urgency for banking institutions to prioritize and cultivate a culture that nurtures employee engagement, ultimately contributing to their overall growth and resilience.
ReplyDeleteYou've captured the essence of the research findings quite well. The insights from Mishra (2020) and Sandhu & Sharma (2022) emphasize the profound impact of employee engagement on various aspects of the banking sector's performance. It's clear that engagement goes beyond just an internal concern; it directly influences customer satisfaction, innovation, and overall service quality. Neglecting engagement can lead to a downward spiral of reduced productivity and high turnover rates, which in turn can erode the competitive advantage of banks in the global market.
DeleteThis highlights the importance of creating a work environment that fosters engagement, recognizing that engaged employees not only contribute to the organization's immediate success but also contribute to its long-term growth and adaptability.
Good presentation about the banking industry, addressing the lack of employee engagement and the needs of comprehensive and strategic approach that considers the global nature of the industry. The cultural gap, leading , higher learning capabilities and skills are the main supportive arms when recognition the productivity of banking segment,. In your document the comprehensive discussion can be seen.
ReplyDeleteLack of employee engagement is considerable factor for the successive plans not only the banking field but for other industries as well.
effectively delivered your ideas with the understandable ways.
All the best
Thank you for your kind words! I'm glad you found the presentation about the banking industry and employee engagement comprehensive and understandable. You've touched on important points like the cultural gap, learning capabilities, and skills that contribute to the productivity of the banking sector. It's true that employee engagement is a crucial factor in the success of various industries, and addressing it requires a comprehensive and strategic approach (Maguire,2008).
DeleteThe introduction of the article effectively sets the stage by highlighting the significance of the lack of employee engagement within the banking industry. It captures the reader's attention by explaining the relevance of the issue and its implications for productivity and customer service. The inclusion of various authors' perspectives adds depth to the introduction, giving a broader context to the problem.
ReplyDeleteAdditionally, the article demonstrates a strong understanding of cross-organizational and cross-sector relations. The inclusion of these perspectives enriches the discussion by showing how lessons from various industries can be adapted to suit the unique challenges of the banking sector.
Thank you for your feedback! I'm glad to hear that the introduction of the article effectively engages the reader and provides a clear context for the issue of employee engagement in the banking industry. The inclusion of diverse perspectives and cross-industry insights is indeed essential for a comprehensive understanding of the challenges and potential solutions (Sandhu & Sharma, 2022). By considering experiences and strategies from different sectors, we can gain a more well-rounded perspective on how to address employee engagement issues in the specific context of the banking industry.
DeleteOverall, the article presents a comprehensive analysis of the lack of employee engagement in the banking industry, supported by relevant theories, examples, and global HRM considerations. It offers valuable insights into how banks can effectively address this issue to enhance their competitiveness and long-term success in a rapidly evolving global landscape. Can you discuss the role of leadership development and training in fostering employee engagement within the global banking industry?
ReplyDeleteCertainly! Leadership development and training play a crucial role in fostering employee engagement within the global banking industry. Effective leadership is often a linchpin in creating an environment that encourages engagement, motivation, and productivity among employees. Mishra (2020) states that here's how leadership development and training can contribute to enhancing employee engagement in the banking sector:
DeleteSetting the Tone: Leaders set the tone for the organizational culture. When leaders are engaged, committed, and supportive, their attitude and behavior trickle down to their teams. Leadership development programs can help cultivate leaders who model the desired behaviors, values, and attitudes that contribute to a positive work environment.
Communication Skills: Effective communication is key to engaging employees. Leaders who are trained in communication skills can foster open, transparent, and frequent communication. Regular updates, feedback, and recognition from leaders can make employees feel valued and connected to the organization.
Coaching and Feedback: Leaders who are skilled in providing constructive feedback and coaching can help employees enhance their skills and performance. Regular feedback sessions that focus on growth and development contribute to a sense of progress and achievement, enhancing engagement.
Your comprehensive exploration of the challenges surrounding employee engagement in the global banking industry is impressive. You've expertly highlighted the significance of cultural considerations and emerging HRM theories, along with offering practical examples from prominent organizations. Your insights on addressing the issue through leadership development, flexible arrangements, and career growth opportunities demonstrate a thorough understanding of effective strategies. Your article is a valuable resource for anyone seeking to navigate the complexities of employee engagement in a global context. Well done!
ReplyDeleteThank you very much for your kind words! I'm glad to hear that you found the exploration of employee engagement challenges in the global banking industry to be comprehensive and insightful. According to Malini (2022), It's important to recognize the unique dynamics and considerations that come into play in such a complex and competitive sector. Addressing employee engagement issues requires a holistic approach that takes into account cultural diversity, emerging HRM theories, and practical strategies.
DeleteWell Described Divvigaa, Employee engagement is the commitment employees have toward their work, affecting performance (Bakker, A. B. 2011). Global HRM involves managing diverse employees worldwide by understanding cultural differences. Cultural sensitivity means respecting customs. Positive Organizational Scholarship focuses on employee strengths. Job crafting involves reshaping jobs to fit skills.
ReplyDeleteThank you for your kind words! You've provided a succinct summary of the key points related to employee engagement, global HRM, cultural sensitivity, Positive Organizational Scholarship, and job crafting. It's clear that you've understood the main concepts discussed in the previous interactions (Sharma,2022).
DeleteHi Divvigaa,
ReplyDeleteI have gained a comprehensive understanding of below points going through your blog.
Positive Organizational Scholarship (POS) focuses on employees' strengths and positive experiences, fostering engagement. Job Crafting encourages employees to customize tasks, creating ownership and engagement. Employee Experience (EX) focuses on a holistic experience, streamlining processes, offering learning opportunities, and career growth pathways. Banking institutions can enhance EX by implementing these strategies.
Hello! I'm glad to hear that you've gained a comprehensive understanding of the key points from the discussions. You've succinctly summarized the concepts of Positive Organizational Scholarship (POS), Job Crafting, and Employee Experience (EX) and how they relate to fostering engagement in the banking sector. It's great to see that you've synthesized the information effectively.
DeleteHi Divvigaa
ReplyDeleteI particularly liked your point about the importance of cultural sensitivity and diversity in HRM. As you mentioned, different cultures have different norms and expectations around work, and what motivates employees can vary depending on their cultural background. By being culturally sensitive, organizations can create a more inclusive environment where all employees feel valued and respected.
You also highlighted the importance of inclusive leadership in creating an engaged workforce. Effective leaders are able to build trust and rapport with employees from different backgrounds, and they create a positive and supportive work environment. By investing in leadership development programs that focus on inclusive leadership, organizations can create a more engaged and productive workforce.
I also thought your examples of HSBC and Citigroup were very helpful. These organizations are demonstrating how global HRM practices can be used to address the lack of employee engagement in the banking industry. By being culturally sensitive, investing in leadership development, and localizing rewards, these organizations are creating a more engaged and productive workforce.
Thank you for your thoughtful insights and comments. I'm glad to hear that you found the points about cultural sensitivity, diversity, and inclusive leadership in HRM resonating with you. Indeed, in today's globalized and diverse workforce, understanding and respecting cultural differences is essential for creating an inclusive and supportive workplace.
DeleteCultural sensitivity not only contributes to a positive work environment but also enhances communication, collaboration, and overall employee engagement. Shuck (2019) highlight that by recognizing and valuing employees' diverse perspectives and backgrounds, organizations can foster a sense of belonging and improve overall job satisfaction.
You've provided a comprehensive and insightful overview of the challenges related to employee engagement in the global banking industry, as well as the various strategies to address these issues. Your analysis of the cultural considerations, emerging HRM theories like Positive Organizational Scholarship, Job Crafting, and Employee Experience, showcases a deep understanding of the subject matter. Your synthesis of research and theories offers valuable insights for anyone interested in understanding and improving employee engagement in the banking sector
ReplyDeleteThank you for your kind words and for highlighting the key points of the article.
DeleteThe banking sector, like many others, is navigating a complex landscape with evolving workforce dynamics and expectations. Understanding the nuances of employee engagement and implementing effective strategies is crucial for organizations to thrive in this competitive environment (Sandhu,2022).
Informative article. The topic of "Global HRM Approaches to Addressing Lack of Employee Engagement in the Banking Industry" covers methods used by human resource management (HRM) specialists to address the problem of decreased employee engagement within the banking industry on a global level. Also this requires strategies designed for managing workers globally while taking into account differences in culture, law, and economy. Employee engagement refers to the motivation and emotional commitment that individuals show to their jobs and organizations. Lack of employee engagement suggests that workers are not fully committed to their jobs, which could result in lower output and morale.
ReplyDeleteAnother research mentioned; In recent years, the banking industry has been successful in drawing young people who have made banking their preferred vocation. The elements that contribute to an employee's job satisfaction are evolving along with the nature of work at a breakneck pace. According to Islam and Hasan (2005), the modern banking industry places the highest priority on keeping its prized trained personnel satisfied.
Thank you for your feedback and insights on the topic of "Global HRM Approaches to Addressing Lack of Employee Engagement in the Banking Industry." You've provided a succinct summary of the key points discussed in the article. Miller (2016) state that employee engagement is indeed a crucial factor in maintaining a motivated and committed workforce, especially in industries like banking that rely heavily on human capital.
DeleteThe point you mentioned about the changing nature of work and its impact on job satisfaction is important. As industries evolve and workplaces transform, the factors that contribute to employee satisfaction can shift as well (Huyen,2021). This highlights the need for HRM strategies to adapt and address these changing dynamics to ensure that employees remain engaged and motivated.
This comment has been removed by the author.
DeleteAbsolutely, addressing employee engagement in the global banking industry does indeed demand a nuanced approach due to the industry's complexity and the diverse workforce it entails.
ReplyDeleteRemember, the key is to strike a balance between global consistency and local adaptation. What works in one culture may not translate to another, so a thorough understanding of each region's cultural nuances is paramount. By combining global HRM principles with a keen awareness of cultural diversity, the global banking industry can indeed foster higher levels of employee engagement and subsequently thrive in an ever-evolving landscape.
You've highlighted a crucial point about the need for a balanced approach when addressing employee engagement in the global banking industry. Striking the right balance between global consistency and local adaptation is indeed essential. While implementing global HRM principles provides a cohesive framework, understanding and respecting the cultural nuances of each region is equally important to ensure that engagement strategies are effective.
DeleteAccording to Sandhu and sharma (2022), Cultural diversity can significantly impact how employees perceive and respond to engagement initiatives, making it necessary to tailor strategies to resonate with the values and expectations of different cultural groups. This approach not only enhances employee engagement but also contributes to the overall success and sustainability of banking institutions in diverse markets.
Agreed with comments.
ReplyDeleteThe performance appraisal approach you mentioned is effective and fair, but it requires clear goals, relevant KPIs, and stakeholder involvement ([1, 2]). The process should involve one-on-one meetings, stakeholders, and be transparent and fair ([1]). Employee feedback is crucial, and knowledge sharing sessions, capacity building training, and process simplification can improve employee performance and satisfaction ([1, 2]). Additional questions to consider include aligning the process with the organization's goals and objectives, providing training for managers and employees, storing and protecting data, and evaluating the process for effectiveness ([1]).
[1] Strategic Management (Text and Cases). 2023. p. 78.
[2] Setting and applying KPIs for managing stakeholder perceptions. GroupCaliber. https://www.groupcaliber.com/setting-and-applying-kpis-for-managing-stakeholder-perceptions/.
You've brought up important considerations for implementing an effective performance appraisal approach in the banking sector. According to Tirabeni (2021),Clear goals, relevant key performance indicators (KPIs), and stakeholder involvement are indeed essential components of a well-rounded performance appraisal process.Incorporating one-on-one meetings, transparency, and fairness, as well as employee feedback, can contribute to a more robust and meaningful assessment of employee performance.
DeleteThe additional points you've mentioned, such as aligning the process with organizational goals, providing training for both managers and employees, data storage and protection, and evaluating the process for effectiveness, are all crucial aspects to ensure the success of the performance appraisal approach. These steps collectively create a holistic and comprehensive framework that can contribute to improved employee engagement, motivation, and overall organizational success ( (Sharma,2022).
Thank you for sharing these insights and references!
An insightful article about the lack of engagement of employees in the global banking industry and how it affects service quality, innovation, and customer satisfaction. It is impressive that the steps you highlighted above are ways organisations can navigate these complexities effectively. More over, when employees are disengaged, their motivation wanes, leading to reduced productivity, lower service quality, and diminished customer satisfaction. In a sector where customer trust and efficient operations are paramount, disengaged employees can result in costly errors, compliance issues, and increased turnover rates. Further, the banking industry's rapid technological advancements demand adaptable and innovative teams, but disengagement stifles creativity and hampers progress. Addressing this issue is crucial not only for the industry's internal dynamics but also for its ability to navigate an increasingly competitive and evolving landscape.
ReplyDeleteAgreed. Shuck (2019) Highlights that the banking industry's fast-paced nature and technological advancements require adaptable and innovative teams. Disengagement can hinder these critical aspects and impede the industry's ability to stay competitive and relevant in today's evolving landscape.
DeleteHighly informative piece of writing on lack of employee engagement in the Banking sector! About the key word 'Engagement', I thought to quote from 'Emerald Insight' website: ‘Engagement’ is most often defined within the academic domain as “[…] a positive, fulfilling, work-related state of mind that is characterized by vigour, dedication, and absorption” (Schaufeli et al., 2002, p. 74). More broadly, Kahn (1990, 2010) described engagement as the harnessing of people’s selves to their work, such that they fully invest their physical, cognitive, and emotional resources in their work roles. In essence, work engagement is manifested as energy, involvement and a focused striving towards the achievement of organizational goals (Macey and Schneider, 2008; Schaufeli et al., 2002). Research evidence suggests that employee engagement can be a source of competitive advantage. Macey et al. (2009), for example, reported substantial differences between firms in the top quartile of average employee engagement from those in the bottom quartile with respect to return on assets, profitability, and market value.
ReplyDeleteThank you for sharing this valuable quote from the Emerald Insight website. The definition and description of 'engagement' provided by Schaufeli et al. (2002) and Kahn (1990, 2010) indeed highlight the multidimensional nature of engagement. It encompasses not only active involvement in work tasks but also the emotional and cognitive investment of employees in their roles. Your addition of the research evidence from Macey et al. (2009) further emphasizes the significance of employee engagement as a potential driver of competitive advantage for organizations.
DeleteIt's clear that fostering employee engagement goes beyond mere task completion; it involves creating an environment where employees feel motivated, dedicated, and absorbed in their work, ultimately contributing to organizational success. This perspective aligns well with the challenges discussed in the article regarding the banking sector's need to address low engagement levels for improved productivity and overall performance.
Thank you for enhancing the discussion with this insightful quote!
Engagement and turnover go hand in hand. And the state of employee engagement in the banking industry doesn’t look great. Research shows only 50 percent of employees in the banking sector report high engagement.
ReplyDeleteTo retain top talent and maximize your success, your employee engagement strategies should be top of mind. When you regularly assess and adjust your initiatives, you can better support your employees to stay engaged, perform at their best, and drive business outcomes
(Kristin Ryba 2021)
Absolutely, the connection between employee engagement and turnover is crucial, especially in industries like banking where competition for talent is high. The statistic you mentioned, indicating that only 50 percent of employees in the banking sector report high engagement, highlights the pressing need for effective employee engagement strategies.
DeleteAs you rightly pointed out, retaining top talent and maximizing success requires consistent effort in cultivating a positive and engaging work environment. Regularly assessing and adjusting engagement initiatives based on employee feedback and changing needs is essential for creating a workplace where employees feel motivated, valued, and aligned with the organization's goals.
The insights from Kristin Ryba (2021) emphasize the importance of proactive engagement strategies in ensuring that employees are not only retained but also empowered to perform at their best, ultimately contributing to positive business outcomes. This aligns well with the broader theme discussed in the article regarding the role of HRM practices and theories in addressing the lack of employee engagement in the banking industry.
hi divviga,
ReplyDeleteI really enjoyed this post. I found the discussion of the challenges of employee engagement in the global banking industry to be very insightful. I especially appreciated the focus on the importance of cultural diversity and inclusive leadership.
I'm currently working as a manager at a large insurance company, and I'm facing some of the same challenges that were discussed in the post. I'm going to share this post with my team and see if it gives us some ideas for how to improve employee engagement in our organization.
Thanks for a great post!
Hello! I'm glad to hear that you found the post insightful and relevant to your current role as a manager in the insurance industry. The challenges related to employee engagement are often present across various sectors, and strategies that work for one industry can often be adapted and applied in others.
DeleteSharma (2021) states that cultural diversity and inclusive leadership are indeed crucial factors in fostering a positive work environment and enhancing employee engagement. Sharing the post with your team is a great idea, as it can spark valuable discussions and provide potential solutions that align with the challenges you're facing.
The article provides valuable insights into the crucial area of training and development for young leaders within organizations in Sri Lanka. The article aptly begins by emphasizing the recognized value and benefits of Training and Development (T&D) in the literature. However, the statistics presented on the adoption of T&D procedures within businesses indicate a significant gap that needs to be addressed.
ReplyDeleteThe historical context of T&D evaluation, as mentioned through McGehee & Thayer's classification, adds depth to the discussion, illustrating the ongoing relevance of these paradigms in contemporary times. The connection between a lack of T&D and the evident vacuum in young leadership positions, coupled with high middle-level manager turnover in prominent companies like Dialog Axiata PLC, underscores the real-world consequences of this deficiency.
Agreed, Turner (2019) states that developing strong young leaders through effective T&D programs can have a positive ripple effect on organizations and their overall success.
DeleteAs per my understanding, executives from around the world say that enhancing employee engagement is one of their top five global business strategies. Not only does engagement have the potential to significantly affect employee retention, productivity and loyalty, it is also a key link to customer satisfaction, company reputation and overall stakeholder value. Increasingly, organizations are turning to HR to set the agenda for employee engagement and commitment to establish a competitive advantage. Most executives already understand that employee engagement directly affects an organization's financial health and profitability. According to Gallup, just 33 percent of American workers are engaged by their jobs.
ReplyDeleteYou've provided a comprehensive and accurate understanding of the significance of employee engagement in the corporate landscape. It's true that enhancing employee engagement has become a crucial global business strategy for organizations across industries. The ripple effects of engagement are profound, influencing not only retention, productivity, and loyalty but also customer satisfaction, company reputation, and stakeholder value (Byrner,2022).
DeleteHuman resources (HR) departments are increasingly tasked with driving employee engagement and commitment as a means to gain a competitive advantage. This shift highlights the strategic importance of HR in shaping organizational culture, employee experiences, and overall performance (Malini,2022).
Sharma (2021) states that the link between employee engagement and financial health/profitability is undeniable. Research from Gallup and other sources consistently underscores the potential impact of a highly engaged workforce on an organization's bottom line.
The statistic you mentioned from Gallup, indicating that only 33 percent of American workers are engaged, highlights the existing gap and the room for improvement in this area. Organizations that prioritize and invest in strategies to boost employee engagement are well-positioned to create a more positive and productive work environment, ultimately contributing to their overall success.
Depending on the unique conditions of the firm, different strategies will work best to address the low level of employee engagement in the banking sector. However, firms can develop a more engaged and effective workforce by utilizing a global HRM approach that considers the cultural, legal, and regulatory environment.
ReplyDeleteAbsolutely, you've captured a key aspect of addressing low employee engagement in the banking sector. Utilizing a global HRM approach that takes into account the unique conditions of each firm while considering cultural, legal, and regulatory factors is a strategic way to foster a more engaged and effective workforce.
DeleteAccording to Beddeau (2022), Here are some further insights into how this approach can be effectively implemented:
Customization within a Framework: While a global HRM approach provides a framework and best practices, it's essential to customize strategies to fit the specific needs and challenges of each firm. Different banking institutions might have varying cultures, work dynamics, and employee expectations. Tailoring initiatives ensures they resonate and align with the specific context.
Cultural Context: Employee engagement strategies need to align with the cultural values and norms of each organization's location. A strategy that works well in one country might not be as effective in another due to cultural differences. An awareness of cultural sensitivities can help design engagement practices that genuinely resonate with employees.
Legal and Regulatory Compliance: Banking is a regulated industry, and any HRM approach needs to adhere to legal and regulatory frameworks. Global HRM practices should be adapted to ensure they comply with local labor laws, industry regulations, and employment practices to avoid legal risks.
This article is very informative and addresses a real problem of employee engagement. The literature shows that this has been an issue of many companies.
ReplyDeleteGlavas (2016) states that Corporate Social Responsibility (CSR) has an effect on employee engagement. The research has been focusing on addressing the low employee engagement and has found that CSR plays a big role in employees. It further states that, one's whole self at work significantly gets affected by CSR activities. However, the organization support does not significantly impact on employee engagement as a mediator. The study found that volunteering increases the relationship with the employer as an example because they are more real when they engage in that way. The findings of Eisenberger et. al (2016) states that organizational support affects the employee engagement significantly as an opposing statement for the previous article. Perceived Organizational Support (POS) has been recommended to reduce absenteeism and labour turnover in organizations.
Lacmanović (2017) mentioned that lack of employee engagement as one of the major issues back then and found that motivational factors can improve the engagement of them. Likewise, there are different ways of increasing the employee engagement as you have mentioned as well. Hence. the organizations should address these issues if they have it as a problem in the company.
Absolutely, your observation is spot on. The challenges of low employee engagement in the banking sector are complex and multifaceted, and there isn't a one-size-fits-all solution. Parkes (2020) emphasizes that each organization may need to tailor their strategies to their specific circumstances while taking into account factors such as company culture, workforce demographics, and external market conditions.
DeleteWilkinson (2020) justified that a global HRM approach that accounts for cultural, legal, and regulatory variations is crucial in addressing employee engagement issues, especially in the banking sector that operates in diverse and dynamic global markets. What works well in one cultural context might not be as effective in another, and being sensitive to these differences can lead to more successful engagement initiatives.
Great article! Your exploration of Global HRM Approaches, as elucidated by Beddeau (2022), to address the lack of employee engagement in the banking industry is both informative and thought-provoking. In an era of rapid technological advancements and evolving work dynamics, maintaining a motivated and engaged workforce is essential for any industry, especially banking.
ReplyDeleteIn conclusion, your article effectively brings to light Beddeau's Global HRM Approaches as a means to address the lack of employee engagement within the banking industry. It's an insightful read that offers actionable strategies rooted in Beddeau's research, providing HR professionals and leaders with valuable tools to create a more engaged and motivated banking workforce. Well done!
Thank you for your feedback! I'm glad you found the article insightful and thought-provoking. Indeed, Ragins (2016) in today's rapidly changing business landscape, maintaining a motivated and engaged workforce is crucial for organizations across industries, including banking. Beddeau's Global HRM Approaches provide a valuable framework for addressing the challenges of low employee engagement and fostering a more productive and motivated workforce.
DeleteAddressing employee engagement challenges in the banking industry requires global HRM approaches. Implementing cross-cultural training, tailored recognition programs, and open communication strategies can bridge cultural gaps and enhance engagement. Centralizing employee feedback mechanisms and promoting diverse leadership teams can foster a more inclusive workplace. A comprehensive global HRM strategy acknowledges cultural nuances while promoting cohesive efforts to improve employee engagement and overall organizational performance.
ReplyDeleteNice article and a good read.
Thank you for your positive feedback! Ragins (2016) justified that a global HRM approach that accounts for cultural, legal, and regulatory variations is crucial in addressing employee engagement issues, especially in the banking sector that operates in diverse and dynamic global markets.
DeleteI had a great time reading this post. The exploration of the complexities of employee engagement within the worldwide banking sector was truly enlightening. I particularly valued the emphasis on the significance of cultural variety and all-encompassing leadership.
ReplyDeleteI'm glad to hear that you enjoyed reading the post! Byrne (2022) validated that cultural diversity and inclusive leadership are indeed crucial factors in addressing the challenges of employee engagement, especially in a global industry like banking. Recognizing and respecting cultural differences while fostering an environment of inclusion can greatly contribute to creating a more engaged and productive workforce.
DeleteYour blog on global HRM approaches to addressing the lack of employee engagement in the banking industry is exceptionally insightful. By delving into the complexities of cultural nuances and organizational dynamics, you provide a comprehensive understanding of the challenges and solutions. Your adept analysis of how global HRM strategies can bridge gaps, enhance communication, and create a sense of belonging truly adds value to the discourse. It's clear that your expertise greatly contributes to the broader conversation on improving employee engagement in the banking sector. Kudos on a well-researched and well-articulated piece! Great work
ReplyDeleteAgreed. It's important to recognize the role of global HRM strategies in navigating the complexities of cultural diversity and organizational dynamics, especially in sectors like banking (Sandhu,2022).
DeleteIt was an intriguing article to read. The global banking industry is a complex and ever-changing landscape, and employee engagement is no exception. There are many factors that can influence employee engagement in the banking sector, including the culture of the organization, the nature of work, salary and benefits, and growth and development opportunities.
ReplyDeleteYour analysis shows the importance of understanding these factors and developing a comprehensive approach to employee engagement. You also highlight the need to be flexible and adaptable, as employee and industry needs are constantly changing.
This is also what Dajani (2015) concludes in her findings. There is no "one size fits all" model of employee engagement. Different employees have different needs and expectations, and different organizations have different cultures and values. This means that what works for one organization may not work for another. The best way to improve employee engagement is to tailor the approach to the specific needs of the organization and its employees. This may involve a combination of different initiatives.
However, I am curious how you see these Global HRM approaches at the local level.
Thank you for your thoughtful insights and for referencing Dajani's findings. You've raised an important point about the need for tailoring employee engagement strategies to the specific context of each organization, taking into account factors such as culture, work nature, and individual needs. This customization is indeed essential for achieving meaningful and sustainable results.
DeleteAddressing your question about applying Global HRM approaches at the local level, it's crucial to strike a balance between global consistency and local adaptation. While having standardized strategies can provide a foundation, it's important to recognize the unique cultural, legal, and economic factors that exist within each local context.
According to Huyen and Barber (2022), Here's how Global HRM approaches can be applied at the local level:
Cultural Sensitivity: Instead of imposing a one-size-fits-all approach, organizations should be culturally sensitive. This involves understanding the cultural norms, values, and preferences of the local workforce and tailoring engagement initiatives accordingly. For example, in some cultures, team-based rewards might be more effective, while in others, individual recognition could be more meaningful.
Inclusive Leadership: Local leaders play a significant role in driving engagement. Global HRM approaches should include leadership development programs that help leaders understand the diverse workforce and adapt their leadership styles accordingly. This could involve training on cross-cultural communication, conflict resolution, and building inclusive teams.
Localized Rewards: While global reward structures can provide consistency, they should be flexible enough to account for local differences in cost of living, market competitiveness, and cultural expectations. Tailoring rewards to match local norms can enhance their perceived value and effectiveness.
Career Growth Pathways: Global HRM should facilitate the identification of career growth opportunities that align with the local workforce's aspirations and the organization's business needs. This might involve offering specialized training or mentorship programs that cater to the specific skills needed in the local market.
You've done an excellent job of structuring your essay and incorporating relevant theories, examples, and considerations related to addressing the lack of employee engagement in the global banking industry. Your essay provides a comprehensive overview of the issue and offers practical insights into how global HRM approaches can be used to tackle this challenge effectively. You've covered cultural considerations, emerging HRM theories, practice examples, and even considerations for technology integration and ethical frameworks. Overall, your essay is well-researched, comprehensive, and effectively addresses the issue of employee engagement in the global banking industry. Well done!
ReplyDeleteThank you for your kind words! I'm glad to hear that you found the essay well-structured and informative. If you have any more questions or topics you'd like to discuss or explore further, feel free to let me know. I'm here to help!
DeleteHi Divvigaa,
ReplyDeleteThis article, you have discuss global HRM approches on Employee engagement. Today the world of work is rapidly shifting. Human Resource Management (HRM), as a part of organization, must be prepared to deal with effects of varying world of work. Thus, for the HR people it is all about comprehending the ramification of globalization, corporate downsizing, changing skill requirements, the contingent work force, work-force diversity, continuous improvement initiatives, decentralized work sites, re-engineering and employee involvement.
Deloitte’s researchers found that, culture and engagement were rated the most important issue overall, replacing leadership as the top priority. This highlights the necessity for leaders to get hold of a clear understanding of their company’s culture, and re-examine each HR and talent program as a way to engage and empower their people. (Deloitte Global Human Capital Trends 2015 report). So, Above facts can be considered for any organization as well as Banking sector when we disccusing global HRM approches on Employee Engagement. Nice article.
Hello! Thank you for sharing your insights. You've highlighted the evolving landscape of HRM and the challenges organizations face in adapting to changes like globalization, technological advancements, and workforce diversity. You've also pointed out the significance of culture and engagement in today's business environment. Deloitte's findings emphasize the need for leaders to understand and nurture their company's culture to enhance employee engagement effectively. This understanding is indeed crucial in the banking sector and across various industries.
DeleteThe article provides a thorough analysis of employee engagement in the global banking industry, highlighting the importance of cultural considerations, emerging HRM theories, and practical examples.
ReplyDeleteIt includes theoretical frameworks, practical applications, and scholarly sources, enhancing the credibility of the discussion.
Thank you for your feedback! It's great to hear that you found the article interesting and that you see the value of applying Maslow's Hierarchy of Needs to the banking industry. Indeed, tailoring HRM practices to address these needs can have a positive impact on employee engagement, satisfaction, and overall success. Prioritizing elements like well-being, belonging, and growth can contribute to creating a motivated and dedicated workforce within the banking sector (Sandhu,2022).
DeleteVery informative article.you have clearly explained the lack of employee engagement in the banking sector and how it affects the service quality , innovation and productivity with proper literature support. Ryba (2021) states that banking industry faces challenges in talent management, with only 50% highly engaged and 35% retention risk.
ReplyDeleteThis blog demonstrates unequivocally how well the author understands relationships across different organisations and industries.Examples from HSBC and Citigroup were very helpful, and a clear explanation of how international HRM practises may be applied to solve the low employee engagement in the banking industry was provided.
Thank you for your kind words! I'm glad to hear that you found the article informative and that the examples from HSBC and Citigroup were helpful in illustrating the application of international HRM practices in addressing employee engagement in the banking industry. It's true that talent management and employee engagement are significant challenges in the banking sector, and finding effective solutions is crucial for the industry's success (Parkes,2020).
DeleteYour comment accurately highlights the importance of a holistic strategy based on global Human Resource Management (HRM) concepts to address employee engagement within the global banking industry. Your statement, when viewed through the lens of global HRM principles, clearly explains essential tactics and considerations for improving employee engagement in the global banking industry. It stresses the significance of recognizing and accommodating cultural differences, practising inclusive leadership, customizing incentives, and fostering professional development in order to foster a more enthusiastic and effective staff. This, in turn, can help banks succeed and remain competitive in a rapidly evolving sector.
ReplyDeleteAgreed. Ryba (2021) states that by emphasizing the importance of cultural sensitivity, inclusive leadership, tailored incentives, and professional development, you've captured the key aspects of creating a comprehensive strategy that addresses the diverse needs of employees in the global banking sector.
DeleteThis article brilliantly discusses the issue of employee engagement in the global banking industry and provides valuable insights into tackling this challenge. It's impressive to see how the article highlights the significance of cultural considerations in HRM strategies. The examples of global HRM approaches and practices from HSBC, Citigroup, DBS Bank, and Standard Chartered add real-world relevance to the discussion. The step-by-step suggestions for overcoming the challenge in global contexts are clear and practical. Overall, this article is a comprehensive and informative resource that offers actionable solutions for enhancing employee engagement in the banking sector. Great job!
ReplyDeleteThank you for your feedback! I'm glad you found the article to be comprehensive and insightful. It's great to hear that you appreciated the examples of global HRM approaches and the practical suggestions provided in the article.
DeleteThis article explains how critical is the lack of employee engagement in banking sector. Addressing the lack of employee engagement in this industry requires a comprehensive approach that takes into consideration the unique challenges and dynamics of the industry. This article provides a clear view of it.
ReplyDeleteThank you for your feedback! I'm glad you found the article informative and that it effectively highlights the importance of addressing employee engagement in the banking sector ( Ryba,2021).
DeleteYou have done a good job Divvigaa. Global HRM approaches to addressing the lack of employee engagement in the banking industry involve strategies that resonate across diverse cultural and operational contexts. Mainly, fostering clear and consistent communication is essential. Regular updates on the organization's goals, strategies, and achievements keep employees informed and engaged in the bigger picture. Additionally, promoting a culture of continuous learning through training, workshops, and skill development opportunities not only enhances employee competence but also shows a commitment to their growth.
ReplyDeleteSecondly, implementing flexible work arrangements acknowledges the varying needs of a global workforce. Allowing remote work, flexible hours, and job-sharing options can improve work-life balance and job satisfaction, ultimately boosting engagement.
Furthermore, recognizing and rewarding employees for their contributions is crucial. Global recognition programs that align with various cultural norms and preferences ensure that employees feel valued and motivated, irrespective of their geographic location.
Thank you for your thoughtful insights! You've provided valuable suggestions on how global HRM approaches can effectively address the lack of employee engagement in the banking industry. Ragins (2016) states that taking cultural differences into consideration when implementing these strategies is key to ensuring their effectiveness across diverse contexts.
DeleteA very interesting and analytical article! Though the emphasis was on the banking sector, many of the insights (such as the impact of leadership and the performance management) are applicable to other sectors as well, more or less to the same degree, I noted. Well done!
ReplyDeleteThank you for your feedback! Indeed, Beddeau (2022), states that many of the insights and strategies discussed can be applied to various industries, as the fundamentals of employee engagement and organizational success often share common principles.
DeleteThe blog provides a comprehensive look at the challenges of employee engagement in the banking sector from a global HRM perspective. It covers cultural considerations, emerging theories, and practical examples, making it a rich resource for HR professionals. I'm curious about how these global HRM strategies can be adapted for smaller, local banks that may not have the resources of large, international institutions.
ReplyDeleteThank you for your feedback and thoughtful question! Adapting global HRM strategies for smaller, local banks is an important consideration. While smaller banks may not have the same resources as larger international institutions, there are still ways they can leverage global HRM approaches to enhance employee engagement.
DeleteAccording to Turner(2020), Here are a few ideas:
Customization: Smaller banks can tailor global HRM strategies to their specific needs and resources. For instance, they can prioritize the strategies that align most closely with their goals and capacities.
Cultural Sensitivity: While local banks may have a more homogenous workforce, they should still consider cultural factors. Understanding the local culture and employees' values can help tailor HR practices that resonate with them.
Flexibility: Smaller banks can focus on implementing strategies that offer flexibility to employees. This could include providing opportunities for remote work, flexible schedules, and work-life balance initiatives.
Collaboration: Even though they may not have a large global presence, smaller banks can encourage collaboration among their employees. Creating cross-functional teams and fostering an inclusive environment can contribute to engagement.
Open Communication: Clear and transparent communication is crucial for any size of organization. Smaller banks can maintain open lines of communication to address concerns, share updates, and involve employees in decision-making.
Hi Divvigaa
ReplyDeleteYour article brilliantly underscores the need for a multifaceted approach to enhance employee engagement within the global banking sector. The emphasis on global HRM principles, acknowledging the influence of cultural diversity on engagement, fostering inclusive leadership, tailoring rewards to local contexts, and creating avenues for professional growth resonates profoundly. The case studies of industry giants like HSBC and Citigroup further exemplify how these strategies can yield tangible success. By harmonizing HRM strategies with the intricate global landscape, banks are poised to nurture a motivated and efficient workforce, undoubtedly bolstering their competitive edge in the ever-evolving banking arena.
Yes Gayan, Your insightful comment highlights the key takeaways from the article. It's evident that a holistic and culturally sensitive approach is essential when addressing employee engagement in the global banking sector. According to Ahmed (2022), By aligning HRM strategies with the diverse needs and contexts of employees across different regions, banks can create a workforce that is motivated, engaged, and well-equipped to excel in their roles.
DeleteAgreed. Addressing the lack of employee engagement in the global banking industry is imperative. Engaged employees are the driving force behind innovation, customer satisfaction, and overall success. Tackling this issue requires a strategic focus on creating a supportive and motivating workplace culture that values and invests in its people.
ReplyDeleteAbsolutely, your perspective resonates strongly with the essence of the article. Employee engagement is a cornerstone of organizational success, and it has far-reaching implications for various aspects of the banking industry, from customer experience to innovation and operational efficiency (Sandhu,2022).
DeleteYour emphasis on creating a supportive and motivating workplace culture is crucial. When employees feel valued, recognized, and empowered, they are more likely to be engaged and committed to their roles. Investing in employee development, providing opportunities for growth, and fostering open communication channels can all contribute to building such a culture.
Ryba (2021) states that by recognizing the importance of employee engagement and implementing strategies to address it, the global banking industry can enhance its competitive edge, create a positive impact on its workforce, and achieve sustainable growth.
"Great insights on addressing employee engagement in the banking industry through Global HRM approaches! It's refreshing to see proactive strategies being discussed. Looking forward to more innovative solutions like these!"
ReplyDeleteThank you for your positive feedback! I'm glad you found the insights on addressing employee engagement in the banking industry through Global HRM approaches valuable. Marker (2021) state that proactive strategies can indeed make a significant difference in fostering a motivated and engaged workforce.
Delete"Great insights on tackling the lack of employee engagement in the banking industry through Global HRM approaches! It's encouraging to see organizations recognizing the importance of their workforce's well-being and actively working on strategies to boost engagement. Together, we can create a more motivated and fulfilled workforce for a brighter future in banking.
ReplyDeleteThank you for your positive feedback! I'm pleased to hear that you found the insights on tackling employee engagement issues in the banking industry through Global HRM approaches valuable. Indeed, Sharma (2022) states that fostering a motivated and fulfilled workforce is essential for success in any industry.
Delete