Answer To: You are a HR Manager who is employed at a major bank in Australia. You are asked to write a report...
Soumi answered on May 14 2021
Running Head: HRM AND EMPLOYMENT RELATIONS ISSUES 1
HRM AND EMPLOYMENT RELATIONS ISSUES 2
HUMAN RESOURCE MANAGEMENT (HRM) AND EMPLOYMENT RELATIONS ISSUES
[FOR COMMONWEALTH BANK OF AUSTRALIA (CBA)]
Table of Contents
1. Opinion of Royal Commission for Misconduct in Banking Sector of Australia 4
2. Response of Federal Government to Recommendations of Royal Commission 4
3. Response of Federal Opposition to Recommendations of Royal Commission 5
4. Response of Banking Industry to Recommendations of Royal Commission 6
5. Implications of these Recommendations for Employment in Banking Industry 6
6. Implications of these Recommendations for HRM Practices in Banking Industry 7
HRM & Employment Relations Issues in Australian Banking Industry 8
ent Issues in Banking 8
Overview of Banking in Australia 9
Industrial Relationship in Banking 11
Challenges of Big 4 and Future in Banking Industry 12
HR Practices and Recommendations 14
The Human Resource (HR) practitioners within the Australian banking industry have been facing some uncomfortable bumps over the past few years. There has been an invocation of scandals, which the banking industry has faced, due to which the confidence of the consumers has significantly been affected. Additionally, this poses a serious issue for HR as the response from internal workers has been profoundly divided (Matthews, 2016). These issues have affected employee relations within the banking industry, which have significantly reduced the employee joining rates.
The scope of this essay is learning about HRM of the banking industries in Australia and the way they foster employee relationships. Another learning outcome is getting aware of the manners, in which HRM and Employee relations issues can be mitigated.
In this assignment, some of the cu
ent issues in banking that have been affected employee relations and HRM have been discussed and analysed. In addition, this project also discusses the challenges that Australia's "Big 4" banks are facing as of now and will be facing in the future and some HR-oriented recommendations have been made to resolve such issues to a minimal or to eliminate them completely.
1. Opinion of Royal Commission for Misconduct in Banking Sector of Australia
The Royal Commission has concluded that the whole processes that are related to the misconduct of the banking sector are very much the result of the different disloyal action of the people. The government has given various benefits to the people about the incentives after completing the goals. This is actually increasing the amount of greed within the minds of the people (Royal Commission, 2019).
Thus, the people are able to exploit the minds of the customers and introducing the misconduct in the whole sector. The different treatment of the people of the banking sector is much influenced by the whole phenomenon of the policies of the government (Telfer, 2017). That is why the royal commission has concluded the fact that the government should be stricter about the people and their conduct in the banking sector. Thus, the amount of misconduct can be reduced.
2. Response of Federal Government to Recommendations of Royal Commission
The royal commission is known for the huge amount of recommendations that are given by Kenneth Hayne who was the president of that time. He has hoped that the recommendations that are given for the banking prospect will not be overlooked and they can be adapted in the real-life scenario as well. According to the recommendation, the government of the country should be extra cautious about the implementation of several different strategies within the banking sector. This is able to make several problems for the banking sector as well (Royal Commission, 2019).
The lack of compliance is a very huge cause for the falling down of the banking sector in Australia. The government should be giving extra care to that approach. Along with that, there are different people in the banking sector who are not that loyal and only working for the sake of the greedy incentives. The government also should reduce all these prospects because all of these are
inging down the status of the different banking sectors and it is dissatisfying for most of the customers. After all this, the federal government is very furious over the recommendations. They demanded the elimination of the commission from the financial sector (Royal Commission, 2019).
Besides that, they also did not want the interference of the commission in the matters of the mortgage or the insurance as well. However, in reality, the government should take a step for the different sufferings of the people who are affected by the wrongdoing of the people of the banking sector. However, measurements should be taken against them in order to reduce this entire phenomenon.
3. Response of Federal Opposition to Recommendations of Royal Commission
The oppositions have been agreed to all the measurements that have been talked about in the Royal Commission. They have built a very active and positive behaviour in order to complete and implement all the strategies said in the royal commission. The support of the opposition towards the Royal Commission is only because of the power gaining strategy. They have been deciding to support all the strategies in order to make a secure place in the political grounds of the country (Ve
Besides that, there is the constant urge for the absorption of the power as well for which the opposition has given the constant support to the royal commission. The opposition has targeted the different victims of the wrongdoing of the banking sector and they tried to listen to the different problems associated with them. According to the commission, the environment of the banking sector should be very loyal and secure for the customers. The opposition has also supported this statement (Short, 2016). They have launched many activities in order to make the whole process very much worthwhile. The fear of betrayal can be removed from the minds of the customers as well.
4. Response of Banking Industry to Recommendations of Royal Commission
In terms of the response of the banking industry within the context of the Royal Commission, it is observed that the Commissioner Kenneth Hayne’s report the Royal Commission is taking the reports of Australian banking as well as the finance industry (Royal Commission, 2019). The taking process of the reports of the banking and finance industry will be echoed through the involvement of community and economy in terms of many years. The number of recommendation in respect with the royal commission is approximately 76 have been accepted by both the aspects are such as political practices within the context of principles and the falling out process of the financial situation of the nation.
Thus, the aggressive amendments of the massive restricting process were indicating the weak point (Telfer, 2017). Furthermore, the Royal Commission aimed the weak points of the banking, as well as the finance industry. In that context, it can be mentioned that the implementation of the commission with the thoughtful manner a lot of misconduct or the unethical activities could be banned from the context of that industry. Moreover, in that context, the bankers and the wealth managers require to act within their best interest of the customers of Australia.
5. Implications of these Recommendations for Employment in Banking Industry
Based on the overview of the overall recommendation in term of the implementation of the Royal Commission, it can be mentioned that the government authorities, as well as the responsible authorities, were serving their focus within the improvement of that recommendation within the banking industry. Furthermore, not only the government and responsible authorities focused the improvement process but also the elimination process of the co
uption from the banking industry was done (Jennett, 2019).
Thus, the elimination and improvement process of these recommendations term of the Royal Commission was done within the context of two different factors are such as the banking and finance industry of Australia. Moreover, the recommendation that is served in regard with the activities of Royal commission it can be added that those recommendations were producing all the ways through which the Royal Commission could be able to eliminate all the misconducts from the banking and finance industry of Australia (Jordan, Anthony, Walsh & Markham, 2019).
The recommendations in respect of the process of misconducts would also help in term of the reduction...