netrashetty
Netra Shetty
The Bank of New York Mellon Corporation (NYSE: BK) is a global financial services company formed on 1 July 2007 as result of the merger of The Bank of New York and Mellon Financial Corporation.[5] The company employs about 48,000 staff worldwide and has over US$ 1.17 trillion in assets under management and $25.0 trillion in assets under custody and administration.[4] It operates in six primary financial services sectors including asset management, asset servicing, wealth management, broker-dealer and advisory services, issuance services, and treasury services.[6] It is the oldest banking corporation in the United States, tracing its origins to the establishment of the Bank of New York in 1784, by American Founding Father Alexander Hamilton.
Quality of Work Life:
This means a job that not only is reasonably safe but also for which the pay is equitable. At every employee in confident of his job security and has the assurance that he would remain on the job for the agreed period. In addition to this, the workload is equitable divided between the employees and therefore, they work with peace of mind and tranquility resulting in the overall enhanced performance of the employees.
Mutual Commitment:
Both the employees and the management try to meet the common objectives. They coordinate their activities to ensure that they are heading towards achieving the established goals and meeting the set targets within the specified time frame.
Mutual trust:
At prevails an environment of confidence and mutual trust. The documented employment policies are honestly implemented to the satisfaction of both management and employees.
Job Design:
Job design comprises of six components. These are:
Labor Specialization:
The Bank aims at hiring specialized people and their recruiting criteria are based on their knowledge, expertise, past working experience and their exposure to the professional fields. Employee wages are set in accordance with the aforesaid recruitment criteria and most of them are intent with what they earn at
Job Expansion:
The Bank improves the quality of work life by assigning various tasks to the employees so as to equip them with the different services offered by the Bank. Job expansion includes job enlargement, rotation, enrichment and empowerment.
Psychological Components:
For enhancing the skills and abilities of the work force, the psychological components of job design are also catered for by . These psychological components focus on how to design jobs that meet some minimum psychological requirements of the employees. These components are utilized in accordance with Core Job Characteristics, which suggests that the jobs designated to the various employees in the bank include the following five aspects:
1. Skill Variety
2. Job Identity
3. Job Significance
4. Autonomy
5. Feedback
Self-Directed Teams:
A self-directed team is a group of empowered individuals working together to reach a common goal. At , these teams are found in almost every department to achieve the set targets. These teams are an integral part of the personal loans, sales and credit cards department where they are established to achieve both, the short-term as well as long term objectives.
A great human resource strategy must provide a compelling and convincing business case for aligning people and organization with business strategy. It helps to command the attention of the entire management and build the specific commitment for the required resources as well as the support for the implementation. Great strategies create different dissatisfaction with the current state and then build an acute sense of urgency and readiness to change (Walker 1999, p. 11).
It is important to make sure that the human resource strategies are integral to the business strategy. That is why it is important that the HRS is developed with accordance to the context of the organization’s current and ongoing strategic management process. Thus the people and organization issues are directly related to the given strategic business issues, that is why in return, it must be derived from the forces that drives the business and other critical business success factors (Walker 1999, p. 11).
In addition to that, all the right levers are also connected to change. Different people and organizations issues are commonly complex, that requires attention to the multiple levers for the process of strategy implementation, including the different processes or organization, development, recruiting and staffing, rewards and appraisal, performance management as well as the entire employee relations. It is important to focus on application of HRS as a systems approach that will diagnose and develop the alignment of the levers with the strategies via the application and use of alignment as well as fit model
Quality of Work Life:
This means a job that not only is reasonably safe but also for which the pay is equitable. At every employee in confident of his job security and has the assurance that he would remain on the job for the agreed period. In addition to this, the workload is equitable divided between the employees and therefore, they work with peace of mind and tranquility resulting in the overall enhanced performance of the employees.
Mutual Commitment:
Both the employees and the management try to meet the common objectives. They coordinate their activities to ensure that they are heading towards achieving the established goals and meeting the set targets within the specified time frame.
Mutual trust:
At prevails an environment of confidence and mutual trust. The documented employment policies are honestly implemented to the satisfaction of both management and employees.
Job Design:
Job design comprises of six components. These are:
Labor Specialization:
The Bank aims at hiring specialized people and their recruiting criteria are based on their knowledge, expertise, past working experience and their exposure to the professional fields. Employee wages are set in accordance with the aforesaid recruitment criteria and most of them are intent with what they earn at
Job Expansion:
The Bank improves the quality of work life by assigning various tasks to the employees so as to equip them with the different services offered by the Bank. Job expansion includes job enlargement, rotation, enrichment and empowerment.
Psychological Components:
For enhancing the skills and abilities of the work force, the psychological components of job design are also catered for by . These psychological components focus on how to design jobs that meet some minimum psychological requirements of the employees. These components are utilized in accordance with Core Job Characteristics, which suggests that the jobs designated to the various employees in the bank include the following five aspects:
1. Skill Variety
2. Job Identity
3. Job Significance
4. Autonomy
5. Feedback
Self-Directed Teams:
A self-directed team is a group of empowered individuals working together to reach a common goal. At , these teams are found in almost every department to achieve the set targets. These teams are an integral part of the personal loans, sales and credit cards department where they are established to achieve both, the short-term as well as long term objectives.
A great human resource strategy must provide a compelling and convincing business case for aligning people and organization with business strategy. It helps to command the attention of the entire management and build the specific commitment for the required resources as well as the support for the implementation. Great strategies create different dissatisfaction with the current state and then build an acute sense of urgency and readiness to change (Walker 1999, p. 11).
It is important to make sure that the human resource strategies are integral to the business strategy. That is why it is important that the HRS is developed with accordance to the context of the organization’s current and ongoing strategic management process. Thus the people and organization issues are directly related to the given strategic business issues, that is why in return, it must be derived from the forces that drives the business and other critical business success factors (Walker 1999, p. 11).
In addition to that, all the right levers are also connected to change. Different people and organizations issues are commonly complex, that requires attention to the multiple levers for the process of strategy implementation, including the different processes or organization, development, recruiting and staffing, rewards and appraisal, performance management as well as the entire employee relations. It is important to focus on application of HRS as a systems approach that will diagnose and develop the alignment of the levers with the strategies via the application and use of alignment as well as fit model