MGT 351 - Sec 10 - Group 1
MGT 351 - Sec 10 - Group 1
MGT 351 - Sec 10 - Group 1
Submitted To
Tasfia Mazid(TMd)
Lecturer, Department of Management, SBE
Submitted By
Name Id No.
Faizul Haque Fahim 1921112630
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Executive Summary
Human Resource Management is a strategic approach by an organization to manage its
employees. The report presented has been able to exhibit various areas of human resources
activity of the Platinum Bank. We have discussed all the HR practices the bank performs, such as
The Culture, Recruitment, Selection, Training and Development, Employee benefits and
incentives, and Workplace safety. The corporate culture of Platinum Bank is quite enriched and
has no access to any prejudice or discrimination. Considering the current situation, the data was
collected through the company website, different articles available on the Internet, and books. In
this report, we tried to show the HR functions and practices of Platinum Bank. Platinum bank
recruits employees from both external and internal sources. The hiring committee recommends
competent and experienced applicants. The committee shall first take a written and then oral
interview during the selection process. In the end, the report clarifies the Association enrollment
procedure, determination process, Preparing and advancement, benefits offered, and suggestions.
Table of Contents
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Prologue 7
Methodology 8
Background Information of Platinum Bank 9
Our Vision 9
Our Mission 9
Recruitment 10
Internal Source 11
External Source 11
Succession Planning 12
Selection Process 12
Job Application 12
Online Assessment 13
Assessment Center 13
Final Interview 14
Training and Development 14
Job instruction training (JIT) 14
Internal Training Program 15
External Courses 15
Distance and Internet-based training 15
Resident Management Trainee Program (RMT Program) 15
Performance Appraisal 15
Graphic rating scale 17
Consistency in the performance 17
Behavior of the employee 17
Achieving targets 17
Benefits Plan 18
Haelth Plan and medical allowance 18
Life Insurance 18
Paid leave 18
Loans 18
Severance pay 19
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Retirement Benefits 19
Workplace Safety 19
Implication of Strategic HRM 21
Recommendations: 22
Conclusion 23
Reference 24
Appendices 26
Contribution Table 26
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Prologue
Platinum Bank is a British multinational financial institution which was established in
1856. They are serving banking services & facilities in almost 64 countries of Europe, Asia,
North America, Latin America and North Africa continents. Platinum Bank’s headquarters is in
London, United Kingdom
Platinum Bank Limited, we started their journey in Bangladesh in 1996. Our financial basic
services are-
⮚ Commercial Banking
⮚ Consumer Banking
⮚ Global liquidity and Cash Management
⮚ Trade services, Treasury, Custody & Clearing.
Currently we are providing banking services in Dhaka and Chittagong city with 7 branches.
Along with that Platinum has 28 ATM booths in particular 6 districts of Bangladesh. Besides
providing financial services, we are investing in education & environment as well.
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Methodology
The Primary Sources of Data
We followed our course textbook which Human Resource Management by Gray Dessler.
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Background Information of Platinum Bank
As a Bank institution we are providing financial services in our coverage regions. Now we are
the largest & renowned bank. We want to become the world largest financial services
organization and serve every region.
Our Vision
We aim to be where the growth is, connecting customers to opportunities, enabling businesses
to thrive and economies to prosper, and ultimately helping people to fulfill their hopes and
realize their ambitions.
Our Mission
Throughout our history we have been where the growth is, connecting customers to
opportunities. We enable businesses to thrive and economies to prosper, helping people fulfill
their hopes and dreams and realize their ambitions. This is our role and purpose.
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Recruitment
As we mentioned before that our Platinum Bank Limited is a multinational company so we have
some basic approaches in recruitment. Our line managers and HR managers can determine how
many vacancies they have & also what types of employees they need based on job designation.
Platinum Bank Limited is usually following two types of recruiting which are:
i. Yearly Recruitment: Platinum Bank does this in each year, according to the
organization plan.
ii. Need base recruitment: We do it for sudden vacancy & need to fill it up immediately.
After that, we are following some number of steps for recruiting and selection and that are:
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Now in this segment we are discussing only recruitments. For recruiting, they always get
candidates from this sources which are in the below:
RECRUTMENT
PROCESS
Internal External
Source Source
Former Existing
Internet Advertising Employee
Employee Employee HRIS
refferels
Internal Source
⮚ Former Employee: Platinum Bank hires employees from their former employees as it
would be more beneficial for them that former employees already know the organization
culture, rules & regulation. So organizations do not need to give them proper training.
⮚ Existing Employee: We are also recruiting employees from their organization’s existing
employees as well. As existing employees are well skilled, experienced about that
organization and also knowing about behavior.
External Source
⮚ Internet: Platinum Bank Limited gets candidates via Internet platforms through posting job
descriptions in their official website, job seeking website such as BDJobs.com, Careerjet.com
etc. mediums.
⮚ Advertising: Besides the Internet, we are advertising recruitment in newspapers, social
media specially LinkedIn.
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⮚ Employee referrals: Our Organization also gets appropriate candidates from our existing
employee referral.
⮚ HRIS: As, Platinum Bank is a MNC so their every brunch’s HR department has employee
information in the origin website which is open access to all HR managers. So if we need any
crucial designation’s employee then we will recruit from other countries or brunch’s
employees for the vacancy.
Succession Planning
For hiring executive employees, Platinum Bank implies succession planning. Here we are-
✔ Identify key needs in terms of job designation, skill & experience etc. factors
✔ Develop inside candidates based on those factors
✔ Lastly assess and choose the best employee to fill the key positions.
We identify our demands and also effectively meet our supplies too. That is how we are
maintaining balance in any internal needs like employee leave, retire, die etc. occurrence.
Selection Process
The selection process varies depending on the role a candidate seeks
There are generally four stages for the general selection process of Platinum:
1. Job Application
2. Online Assessment
3. Assessment Center
4. Final Interview
Job Application
This is the first stage of the selection process. Here an application form will be provided. The
form will contain short questions based on the eligibility to apply for the job. A number of
candidates will be accepted for the next round after the application forms are checked and
shortlisted.
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Online Assessment
After the application, the candidates will have to carry out an online assessment test. This test is
taken to identify if the candidate has certain skills required for the job, he/she is applying to. It
also helps to evaluate the sustainability of a candidate for the bank.
1st Stage-Online Aptitude Test: The online aptitude test is an online assessment that helps to
identify whether an employee is intellectually and situationally capable of the job, such as having
the ability to analyze written and numerical data, potential verbal response and having judgement
quality.
● Cognitive Reasoning Test: The cognitive test is a logical reasoning test where a
candidate’s intelligence is assessed based on numerical ability, vocabulary and verbal
fluency. The test generally has three sections:
● Situational Judgement Test: This test assesses a candidate’s features and skills in
dealing with an unknown situation. The candidates are provided with a range of tasks
under different situations and asked to solve them. This test helps to find out how an
employee reacts to a situation.
2nd Stage-Online Job Simulation: Here, a video based situational assessment is done. After the
first round of online assessment, the candidates are called to watch a video. The Videos will be
shown on different scenarios in the daily activities of the bank. Some realistic short questions
will be asked based on the ‘on-the-job’ situations. The employees will be selected based on their
performance.
Assessment Center
In this stage, the selected candidates are invited for an assessment center. The candidates attend
an assessment center with all other candidates and the bank seniors will be taking the assessment.
The candidates will be given different exercises and face-to-face interviews on a strength-based
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strategy. This contains case studies; group works and professional presentations. After the
exercises, a face-to-face interview will be taken regarding the tasks performed. These exercises
help to identify a candidate’s potential, suitability and communication skill.
Final Interview
The final interview takes place either by telephone or a face-to-face interview. The final
interview will be an HR interview round where the candidate will be asked several questions.
They will be asked about specific occasions where they could showcase their skill. The managers
ask questions based on a specific situation to test their personality and their compatibility with
the bank values.
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Internal Training Program
We conduct effective and essential seminars, workshops and locally tailor-made training
according to the necessity of our employees on various topics offered directly by Platinum
Training and Development Department at our training center. By this, employees learn about
their job-related skills and gather plenty of experiences.
External Courses
We provide several seminars, job related courses, conferences and workshops. They are
developed and presented at Platinum offices in Asia and also at Group Training and Management
Development Centre at Bricket Wood, UK. With the help of these, employees of Platinum gain
knowledge and experience about the global markets and international business platform. Thus,
employees become more productive and efficient when they come back from training.
Performance Appraisal
Platinum has a strong HR culture in its organization. We conduct our daily evaluation in our own
way. We measure the performance of our employees through different formats of evaluation.
Platinum takes performance appraisal very seriously because we make important decisions
regarding pay and promotion plans and necessity of any training or development session based
on this. (ELK ASIA PACIFIC JOURNAL OF HUMAN RESOURCE MANAGEMENT, 2016).
Our performance appraisal process is given below:
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Setting Performance Standards
↓
Communicating Standards
↓
Measuring Performance
↓
Comparing with Standards
↓
Discussing Results
↓
Taking Corrective Actions
Platinum’s performance appraisal is usually done by the ratings committees that are composed of
immediate supervisors of the employees and three or four other supervisors. Nowadays, we are
even practicing a 360 Degree Feedback system where we collect performance information all
around an employee from his/her supervisors, subordinates, peers, and internal or external
customers. Platinum even considers participant diary where an employee keeps records of each
activity in which he/she is involved. We follow some performance appraisal methods that are
given below:
Platinum adopts this most popular appraisal technique where we rank employees from best to
worst on various traits. We use this because it is quite easy to identify the best or worst
employees and avoids central tendency and biasness.
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Management by objectives (MBO)
Platinum uses this very effective appraisal technique where the supervisors and employees
cooperate with each other for a specific appraisal period to distinguish, plan, organize, and
communicate objectives (LIoyd, n.d.). We use this to strengthen the trust, teamwork and build
communication between our managers and employees.
Platinum keeps a record of the manners of employees and monitors their attitude toward its
supervisors, colleagues and subordinates. We don’t only look for ambitious employees who are
good at achieving targets but also look for well-mannered employees.
Achieving targets
Platinum always keeps an eye on the performance and achievements of its employees. Every
employee is given targets and we expect them to achieve those. An organization will only
progress if the employees of the organization successfully align with the organizational goals and
targets.
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Benefits Plan
Benefit is a strategy to motivate employees, maintain legal obligation and satisfy employees. We
have benefit plans to achieve high level initiative from their employees for achieving business
objectives. Employees receive financial and non-financial benefits from the company. Benefit
plans are designed on the basis of certain factors such as job Analysis and responsibilities, labor
law of the country, salary structure, and policy of organization. Our providing benefits are-
Life Insurance
We conduct life insurance policy for any accidental death of an employees, their family will get
a lump sum amount of money one time their annual base salary. Also we are giving short term
and long term disability coverage.
Paid leave
This payment is provided employee for time not work. Here we have some categories that are
given in the below:
⮚ Sick leave: We provide this when employees are out of work for illness. According to the
leave policy, employees will get 14 day leave for their illness. The case of leave reason
for illness employees have to submit a medical certificate to get payment for absence.
⮚ Vacation and Holiday: We pay our employees for vacation and holiday, but the payment
varies by employer. The employees who work on holiday get premium pay.
⮚ Maternity leave: Platinum Bank provides 6-month maternity leave for their female
employees that are granted only three times during the entire duration of service with full
salary.
Marriage: Here, we provide a lump sum amount to our employee for a single time in
service.
Loans
We also provide Staff banking privileges, including special interest rates for car loans, sundry
loans and home loans for our employees.
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Severance pay
A lump sum amount is paid when Platinum Bank terminates their employee for humanitarian
gesture and good public relations, two-week quit notice, avoids litigation etc. factors.
Retirement Benefits
This is post-employment benefits. After the completion of employment, organizations pay
benefits for their service.
⮚ Provident fund: Platinum Bank follows a contributory plan for the provident fund of
employees. According to our policy the fund is formulated with 10% employee
contribution and 10% of employer contribution based on basic pay.
Workplace Safety
Nowadays, the banking sector is exposing and developing its own growth. But it should be kept
in mind that employees are the main resources for any organization. Banks are financial
institutions and it also requires more safety for the employees. Thus, Platinum bank is also
1. Pure Drinking Water: Each and every branch of we ensures pure drinking water as many
critical diseases may arise due to the lack of pure drinking water.
2. Free Hygienic Lunch Facilities: Bankers are working at the bank throughout the day.
They need all kinds of hygienic food support like tea break at evening and lunch break at
noon. As we are concerned about the health of our employees, we provide them free lunch.
We should keep in mind that health and hygiene are vital issues.
3. A Safety Committee: Platinum bank has a safety committee and they monitor all the
workplace safety related issues so that the work place has a safe and friendly environment.
(Hogenboom, 2005)
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4. Concern about Bullying and Victimization: Platinum bank is very strict about
employee bullying and victimization. If something like that happens the bank takes action
immediately because if bullying is not prevented, it can pose serious problems like health,
5. First Aid Box: First aid box is always ready so that it can be given in the time of
6. Well Security System: Platinum has enough security personnel with their guns which are
loaded with bullets. Security guards are always ready at the entrance door and outdoors.
7. Fire Extinguish: Fire is the one of the most common hazards exposed at the workplaces.
Nowadays, we have many tall infrastructures and fire accidents are a very big issue. At the
same time there are many paper documents and money in the bank. In order to maintain
8. Child Care: Although many working parents depend on their families to take care of their
children while working, many do not have that privilege which is why we have the Child
Care support.
9. CC Camera on Cash room and Vault Room: Platinum has set several cc cameras on
cash-rooms, booths and also in vault room gates as these rooms are very important and
money is kept there. The entire bank including the entrance door is covered with cc
cameras.
10. Special Care for coronavirus: As coronavirus is a pandemic issue, the world is afraid due
to this. WHO reported that, “Until and unless we are not getting the vaccine, we need to
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maintain the health issues properly.” We are providing masks, hand wash, sanitizer and
maintaining other health issues for the employees and customers as well.
Tools
Digital
Strategy Map HR Scoreboard
Dashboard
Strategy Map: It is also known as helicopter view. Because here we can see a big picture based
on Platinum’s every department performances and contributing to achieving companies overall
goals & objectives. It is the most essential tool because we can overlook our all departments
position, their activities for organization goals. If we need any kind of changes or developments
then we can fix it soon.
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HR Scorecard: It is a scorecard where measures of a HR department achievements, productivity
and other key factors of an Organization. Here we can manage employee performance based on
assigning organization’s financial & non-financial goals and also monitoring employee results.
By following this procedure we can find our problem and also quickly overcome those problems.
Digital dashboard: It is an IT based computerized tool where the manager evaluates the graph
and chart. The manager is determining the organization position and also forecasting where the
organization is going in.
Lastly, by using those 3 tools, we can enable & develop employee behaviours & skills for
improving performance of Platinum Bank. As a Bank, we want to be the world’s leading
international bank so every region's brunch should give their best performance. So in
Bangladeshi region, we must work hard for our strategic goals. If we can properly use our human
resource, policies and basic three strategic tools properly then we must be able to achieve our
desired strategic goal.
Recommendations:
⮚ Platinum Bank should induce programs for both new and existing staff that would cover
health and safety management and not just soft skills development, marketing, accounting
and loan recovery etc. (CFIOSH & Follow,2020)
⮚ Performance management and reward systems should be improved. Current performance
system only considers the job-related aspects. Platinum should introduce a behavior-based
reward system such as compensating employees for coming in as early as possible and
staying late, or for coming up with new ideas or innovation.
⮚ In the recruitment process Platinum bank should conduct online psychometric tests because it
would give an overall picture of a candidate’s personality, working nature and skills.
⮚ Platinum should give more attention to its HR branding strategy otherwise they would fail to
attract high potential employees.
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⮚ Platinum should add a health and fitness test in their selection process to avoid any future
unwanted cost and expenses for the organization.
⮚ Platinum should give more attention on individual training and development so that the
employees feel valued and it would reduce employee turnover and recruitment expenses.
Conclusion
Human resources management is essential for the smooth running of the company activities in
every organization.
This project has been prepared to get a sound idea about the HRM practices of Platinum Bank.
The main objective of every HR department is to hire the best employee for different positions in
a company to work progressively and achieve organizational goals.
Furthermore, Platinum Bank implements various training and development methods to enhance
the ability of its employees. Platinum Bank also provides its employees with a good number of
benefits, provident funds, and gratuity to reduce the turnover rate and motivate their employees
for the future. Moreover, Platinum Bank has the right workplace environment. The bank is
conscious about its employees and maintains the health and safety issues of its employees.
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Reference
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Appendices
Contribution Table
Name Topics
Introduction
Methodology
Background Information
Faizul Haque Fahim
Recruitment
Benefits
ISHRM(75%)
Selection
Mafruha Anbar Tabeena Executive Summary(50%)
Conclusion(50%)
Training & Development
Nishat Mostofa Kabir Performance Appraisal
Recommendation
Md. Mahmudul Hasan ISHRM(25%)
Workplace Safety
Md. Saiful Islam Conclusion(50%)
Executive Summary(50%)
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