Human Resources Management HRM 341

Contents
1.0 2.0 3.0 4.0 4.1 4.2 4.3 4.4 4.5 5.0 5.1 5.2 5.3 5.4 6.0 6.1 6.2 Introduction ................................................................................................................................. 2 Research Question ...................................................................................................................... 3 Importance of Study .................................................................................................................... 3 Literature Review........................................................................................................................ 4 Background Information ......................................................................................................... 4 Key point 1: Attitude ............................................................................................................... 4 Key point 2: Qualification & Skills ......................................................................................... 5 Key point 3: Experience .......................................................................................................... 5 Summary of literature review .................................................................................................. 6 Analysis....................................................................................................................................... 7 Key point 1: Attitude ............................................................................................................... 7 Key point 2: Qualifications & Skills ....................................................................................... 7 Key point 3: Experience .......................................................................................................... 7 Summary of analyses............................................................................................................... 8 Conclusion and Recommendation .............................................................................................. 9 Conclusion .............................................................................................................................. 9 Recommendation ..................................................................................................................... 9

7.0

References10

Human Resources Management HRM 341

1.0 Introduction Success of every business enterprise depends on its human resource. Finding the right man for the job and developing him into a valuable resource is an indispensable requirement of every organization. Proper recruitment helps the line managers to work most effectively in accomplishing the primary objective of the enterprise. In order to harness the human energies in the service or organizational goals, HR managers are expected to pay proper attention to recruitment and selection activities in an organization. Thus, personnel functions, recruitment and selection, when carried out properly, would enable the organization to hire and retain the services of the best brains in the market. The worlds best companies have established their strength with their people. The employees identify themselves with the company they are working for. This also helps in building up their spirit, morale and spirit-de-cops which becomes strength of the company. There are certain ways that are to be followed by every organization, which ensures that it has right number and kind of people, at the right place and right time, so that organization can achieve its planned objective.

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2.0 Research Question What are the criteria for recruiting new employees in financial industry in US?

3.0 Importance of Study The purpose of this research question is to employ the right people for US financial industry. Besides that, it is essential to find out the basic requirement for new employees that financial industry is demanding. A wide knowledge of business is required in order to be good in this industry as they have to interact with businesses. Financial industry is a huge field and they are recruiting people from the lower management and even to upper management. One of the examples in financial industry will be the banking industry. In this sophisticated world, the banking industry has a different way to operate. Today, majority of the banking industry is tapping into every business that can generate profit. Therefore, banking industry finds it important to make sure that the potential employee has fulfilled the requirement and help them to achieve goals and objectives. Hence, the criteria of recruiting new employees are being set.

Human Resources Management HRM 341

4.0 Literature Review 4.1 Background Information In US banking industry, different types of employees are required in order to carry out different job task. For example, they required employee with a good communication skills, ability to negotiate and convince people, and also able to calculate the accurate amount in a short time. According to IBD, one of the famous financial magazines in US, it stated that banking job is considered as one of the job that gets highest salaries; however require fast calculation skills, able to communicate well and along with leadership and a wide knowledge in business field. Not only that, employee are require to show their good manners and attitudes to their customers as this become a must in this modern era. Besides that, it is essential for the organisation to have employee with quality working performance in order for them to achieve a high grow rate in their business. The recruitment of banking industry is believed that to have a blow on this growth and success rate. Hence, it is very important for banking industry in US to set their criteria of recruitment while they are recruiting new employees. 4.2 Key point 1: Attitude Recently, when people are talking about hiring or recruiting, the first thing that goes to the mind will be the attitude of the potential employee. Same thing happened even for the banking industry when they are hiring new employees. A list of commercial tests had been conducted and the results show that positive attitude is required and appreciated by colleague and employers in the workplace. According to Mark Murphy, author of hiring for attitude, he stated that 89% of new hires fail to get the job due to their attitude, and another 11% of it fail due to lacking of skill. Positive job attitudes (job satisfaction and organizational commitment) can result in discretionary effort that goes above and beyond the firms expectations and requirements, leading to higher extra-role performance (Harrison, Newman, and Roth 2006; MacKenzie, Podsakoff, and Ahearne 1998; Riketta 2002). A great attitude accelerates an employees ability to contribute valuable results. A great attitude also has a multiplier effect, uplifting the moods and attitudes of every other member (WLC, 2010). From here, we can see that the importance of attitude when come to recruitment.

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4.3 Key point 2: Qualification & Skills

Today, candidate that only comes with professional qualification is not longer the first choice of employers. Instead of that, employers would rather prefer potential employee that comes with both professional qualification and good communication skills; for example able to speak fluent language to the customers and have a good calculation skills. Different organizations in different industries might have a different minimum academic qualification based on their job scale and requirement. According to BCI, the minimum academic requirement for banking industry in US is a high school diploma, or a GED. Without a higher education degree, many positions and advancement opportunities will not be open, even if the prospective employee is talented (J. Nickwel, 2003).Besides academic qualification, most of the banking industries in US are now looking for potential employee that comes with more confidence and also have the ability to communicate well with their customers. The ability that needed in banking industry now is more toward customer service as customers nowadays are much more concerning about the service provided to them. Not only that, potential employee that are IT literacy is usually required for banking industry as almost 80% of their job has to be carry out by using computer.

4.4 Key point 3: Experience Majority of the jobs are requiring potential employees that have a relevant experience. Organization will prefer to employ those potential employees that have a working experience on a related field before compare to those who are fresh to the job field. Hence, we can see the importance of working experience while comes to recruitment as it has a greater chance in acquiring a job compare to the others that dont have any working experience. As for banking industry of US, potential employee that are experienced in cash handling are most welcome as there are not much of employee are really experience in cash handling. Cash handling refers to cashiering or jobs that requiring one to handle money all the time. Experience in handling customer service and relation is another important component that the banking industry in US is looking into. According to Stephen Bastien, there are many advantages of employing an experienced employee compare to those they are not experienced (2006)

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4.5 Summary of literature review As for summary, there are 3 criteria that the banking industry in US is looking into recruit new employees. There are focusing on the potential employees attitude, skills and also the working experience.

Human Resources Management HRM 341

5.0 Analysis 5.1 Key point 1: Attitude As what as mentioned in the above at literature review, positive attitudes are more required and appreciated by others in the workplace. According to James A, he stated that skills of employees can be taught, experience can be gained, and qualifications can be obtained, but they cant teach employee to have the right attitude if they do not do so (2006).

In this business world, it is all about people. Employers can teach their employees how to work with their systems, but having the right attitude at the same time, it is an essential. Therefore, finding the right employee for the bank is vital as the cost of recruiting new employees is high and can cause an additional burden on other staffs if the new employees are not up to scratch or leaving after a short period.

5.2 Key point 2: Qualifications & Skills The potential employee should have been all well educated so that they can acquire the knowledge which they are going to learn in the future faster. We cant make an assumption on whether they can or they cant as long as they have the basic knowledge about their job field. Most of the US banks are turning to retail bank, so the employees skills needed by banks are more related to customer service compare to others component. Not only that, banking career also required a strong understanding of accounting because banking often requires their employee to document loans and justify credit analyses.

5.3 Key point 3: Experience Experience nowadays is very important and essential for everyone. Organization can employ new employee and train them, but it consume more time and money. And there is no guarantee that the employee will not leave after a certain period right after the training. Hence, experienced employees are more welcome as they are familiar with the job and able to perform better and also saves the time and money of organization to send them to training again. Due to the vast range of career paths in the US, getting an initial banking job or finance job in the US will be easiest if concentrating on entering the industry sector where one hold the majority of their recent experience.

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When potential candidate has an experience with the job, it will be much easier for them as well as the company since not much guidance and supervision needed. The organization could also benefit since the potential employee already knows what they have to do especially on tough times such as meeting the deadline, unexpected arrival of loads of tasks and so on. And hence this is the reason that why most banking industry are looking for potential employee which come with years of experience to back them up especially on managerial positions and challenging jobs that requires critical thinking and decision making.

5.4 Summary of analyses In the analyses, the reasons of why US banking industry is looking for the potential employee with the criteria as mentioned above is discussed.

Human Resources Management HRM 341

6.0 Conclusion and Recommendation 6.1 Conclusion As for conclusion, this research paper has clearly shown that what are the requirements of getting job in US banking industries. The basic requirements that they are considering is attitude, qualification and experience. For those who are interested to get a job at banking industry in US, they might refer to this research as there are relevant information for them to consider. 6.2 Recommendation As what as mentioned above, the three key points: skills and attitude are the critical tools and traits that one needs to succeed in the US banking industry. And there are all elements that one can learn, cultivate, develop, and maintain over their lifetime. Once they have identified the sought-after skills and attitude, they will get job easily.

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7.0 References Atkinson, J., and Williams, M. 2003. Employer perspectives on the recruitment, retention and advancement of low-pay, low-status employees, Strategy Unit Occasional Paper Series No. 2, London: Cabinet Office. Baron, J., Davis-Blake, A., and Bie lby, W. 1986. The structure of opportunity: how promotion ladders vary within and among organizations, Administrative Science Quarterly, Vol. 31, 248-273. Barrick, M., and Mount, M. 1991. The big five personality dimensions and job performance: a meta-analysis, Personnel Psychology, Vol. 44, 1-25. Berthoud, R. 2003. Multiple Disadvantage in Employment: A Quantitative Analysis, York: Joseph Rowntree Foundation.

Bunt, K., McAndrew, F., and Kuechel, A. 2005. Jobcentre Plus Employer (Market View) Survey 2004, London: Department for Work and Pensions. Bynner, J., and Parsons, S. 1998. Qualifications, skills and accelerating social exclusion, paper presented at the International Sociological Association World Congress of Sociology, Montreal: Canada, July. Billsberry, J. (2000) Finding and keeping the Right People, 2nd edn, London, Prentice-Hall Cowling, A.G. and Mailer, C.J.B (1981) Managing Human Resources, London, Edward Arnold. Callaghan, G., and Thompson, P. 2002. We recruit attitude: the selection and shaping of routine call centre labour, Journal of Management Studies, Vol. 39, No. 2, 233-254. Carrington, L. 2002. At the cutting edge, People Management, 16 May, 30-31. Central London TEC. 1999. Research in Focus. Choices of Young People at Age 16, London: Central London TEC.

Centre for Education and Industry. 2008. Centrelink, Issue 50, February, (www2.warwick.ac.uk/fac/soc/cei/centrelink/)

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Chambers, E., Foulon, M., Handfield-Jones, H., Hankin, S., and Michaels III, E. 1998. The war for talent, The McKinsey Quarterly, No. 3.

Chartered Institute of Personnel and Development. 2004. Recruitment, Retention and Turnover 2004, London: CIPD.

Chartered Institute of Personnel and Development. 2007. Recruitment, Retention and Turnover Survey, London: CIPD.

Chartered Institute of Personnel and Development. 2008. Recruitment, Retention and Ludlow, R. and Panton, F. (1991) The Essence of Successful Staff Selection, London, Prentice-Hall.

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