HRMG208 - Performance Management and Development Assignment

Assignment Task

Assessment Overview

This assessment is the culmination of the content across the whole semester for this unit (PM and HRD). It provides an opportunity for the students to determine best practice approaches in PM and HRD for an organisation. This is to be informed and justified by strong consideration and link to theoretical concepts and ideas taught in the unit together with strong links to evidence from the scholarly literature (and industry practice where relevant). The assessment is a culmination of your knowledge and learnings from the unit content to provide real world perspectives and experiences of implementing a specific initiative in an organisation.

In particular, the cost and impact as well as the challenges faced by organisations when introducing and implementing a new performance management (PM) system.

Using your research skills, students are required to explore the academic literature and secondary literature to appraise a PM system and suggest improvements so that it contributes to organisational strategic objectives and employee goals. Importantly, strong consideration must also be given to any real or potential ethical issues that may arise and recommendations on how they should be addressed/mitigated. This work is to be presented in the form of a business report.

Case study: ASIACO growth

Finco Inc. is one of the largest Australia financial services firms, delivering financial, banking and business consultancy services to small and large clients. With 2000 employees, it is structured as a member firm of a larger privately owned parent company headquartered in Europe (Euroco), part of operations in over 30 countries. Overall, Finco, being a host company, has operated with much independence from its parent company (Euroco), with most decisions made at the local level, guided mostly by the domestic market.

A change in regulations in Asia has led to a strategic focus of Finco’s expansion into Asia. To capitalise on the regulatory changes in Asia, Finco executives adopted a quick and aggressive approach to entering the Asian market, knowing that the Asian market is a saturated with fierce competition from existing financial firms operating under traditional bureaucratic and paternalistic management styles. Being a rather small operation in Australia, Finco has the fortunate advantage and ability to tap into the support and talent pool from its parent company in Europe pool (of over 15,000 employees), who have been the dominant player for the past 10 years, and a well established reputation and star quality risk rating in Europe.

Euroco’s HR approach

Up until last year, the parent company (Euroco) used an organic approach to HR systems and processes, introduced and developed mostly in an ad hoc fashion due to rapid and unpredictable growth in Europe in its formative years. Little has changed since then. Human resource systems for recruitment, selection, performance management and development mirrored movements in business activities. The focus on growing and becoming the dominant player in the European financial services market meant that HR systems were often compromised or overlooked. HR practices for attracting and recruiting staff was mostly through word of mouth of existing staff. Performance appraisals were often conducted over dinner and drinks. Early recruitment stages meant the founder relied on family and friends in the local communities to hire relevant staff. The original founder also had a preference for males from southern parts of Europe, known for their strong skills in sales and wider business networks. Little consideration was given to the company’s overall strategic direction. Things generally take much longer to process, with organisations operating around process driven transactions. Performance goals in Europe operations typically focus on the time boundaries and ‘how’ to do it processes, rather than sales or output driven measures.

At the end of the year the managing directors met at private functions and events to determine staff rating, and later inform HR of such decisions. HR’s role served mostly an admin and service function with little consideration of strategy and business planning. Performance appraisals were based mostly based on collective performance and team based targets.

Further, since the parent company was largely based in Europe, the majority of people and talent were employed with a focus on cultural attributes suited to the European client market. Until now this approach was successful because of its reputation and appeal to the broader labour market as an employer of choice in Europe.

Finco

More recently Finco’s HR operations in Australia have seen a deviation in recruitment strategy, with most staff hired being university graduates comprising finance/technical skills, and less on banking skills and work experience. Staff are trained to focus on performance targets based on sales and new loans. Consequently, a large proportion of staff were finance and accounting graduates (mostly male) or mature age people with previous experience in the financial services sector, particularly in sales roles

Asian market

The changes in financial regulations in Asia opened opportunities mostly in the banking services sector, stemming from a growth in new banking institutions in Asia and small IT business ventures owned by female entrepreneurs. This was due to a recent government initiative in Asia aimed at supporting women owned and operated businesses, owing to high growth in female university graduates in key parts of Asia. It is also well known that loyalty and trust matters, relationship building is key before sales and transactions are finalised. However, the cut throat nature of the financial services industry in Asia means that time and efficiency is of the essence. Organisations that thrive are those who operate around output measures. Performance goals in Asian financial services firms typically focus on sales or output driven measures, rather than time or processes.

The assessment task

As Head of People and Culture in Australia’s operations (Finco), you are tasked with analysing the current Performance Management (PM) system in Australian operations to determine its suitability for the Asian expansion. This task is based on a view to implement a modified and improved Performance Management System for the Asian operations. Asiaco’s strategic objectives centre around being a formidable firm that aims to become the leading financial services firm in Asia in the next 12-24 months.

You have received a clear directive from the executive team of the parent company (Euroco) to create a performance based culture in the new Asian based subsidiary organisation to best compete within the existing market. In order to do so, you are to consider the potential client market, and how Asiaco can best ensure its staff performance match the potential client base and client needs. This is to be presented in the form of a business report (1,200 words). In this report you are to:

• Analyse and identify one performance management issue in the case
• Present an informed recommendation of potential changes to address/fix the issue identified
• Suggest an implementation plan to address the one issue you identified

Identify any limitations and ethical issues that may arise in the new PMS

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