1. Gotham City Bank’s current HR strategy is using bargain laborers. In other words, they are operating with an external labor orientation and a cost leadership HR strategy. An example of this HR strategy at work, is the fact that the bank predominantly uses part-time employees to fill the teller position. Subsequently, there is a high turnover rate amongst these workers and the bank is forced to hire externally in order to fill open positions. Another example of this strategy is that their tellers have skills that could be used at any bank. This means that Gotham hasn’t focused its efforts on creating talent unique to its organization. Also, the high turnover rate hints that employees are motivated to contribute and stay based on wages instead
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By hiring early on, and training their employees extensively, Gotham Bank can mold the tellers to the expectations and standards of the bank. In addition, this allows the bank to teach them the skills that are needed to succeed at Gotham City Bank. The tellers can give Gotham Bank a comparative advantage if they are properly utilized. Therefore, they should make tellers that are hard to imitate. I also recommended this strategy because, internal labor orientation fosters loyal employees that identify with the organization. Consequently, when the tellers are cross-selling and pitching the bank to customers, they are more likely to be passionate and enthusiastic. This is essential, because at the present, tellers are the biggest advocates for the bank. By creating stronger and more meaningful ties between employees and the bank, Gotham will have a lower turnover rate for this position. It will also help improve job satisfaction and reduce absenteeism. Lowering turnover rates and absenteeism has an added bonus of also lowering staffing …show more content…
Training will allow the tellers to hone their natural abilities and develop skills that are needed specifically for Gotham City Bank. Gotham should also continue to re-train employees in order to maintain standards and help their employees evolve as times and practices change in the banking industry.
Compensation: Compensation for the teller position needs to improve. This could be done through pay raises and better benefits. Another way of improving compensation is to give bonuses based on how many new clients a teller is able to bring into the bank. This will motivate tellers to go above and beyond when dealing with clients.
Retention: A simple way to improve retention would be to stop transferring tellers to the customer’s service position when they are successful. In addition, offering more full time jobs and using fewer floaters would improve turnover rates. Another HR practice that could help with retention, is redesigning the teller position and creating a system of hierarchy within this position. Based on tenure and performance, tellers can be move up the ladder and handle more high end and profitable accounts. This upward mobility within the teller position will incentivize more people to stay in the position and grow. Finally, retention can be improved by creating a work environment that is supportive and nurturing. This will lead to greater job satisfaction
By hiring early on, and training their employees extensively, Gotham Bank can mold the tellers to the expectations and standards of the bank. In addition, this allows the bank to teach them the skills that are needed to succeed at Gotham City Bank. The tellers can give Gotham Bank a comparative advantage if they are properly utilized. Therefore, they should make tellers that are hard to imitate. I also recommended this strategy because, internal labor orientation fosters loyal employees that identify with the organization. Consequently, when the tellers are cross-selling and pitching the bank to customers, they are more likely to be passionate and enthusiastic. This is essential, because at the present, tellers are the biggest advocates for the bank. By creating stronger and more meaningful ties between employees and the bank, Gotham will have a lower turnover rate for this position. It will also help improve job satisfaction and reduce absenteeism. Lowering turnover rates and absenteeism has an added bonus of also lowering staffing …show more content…
Training will allow the tellers to hone their natural abilities and develop skills that are needed specifically for Gotham City Bank. Gotham should also continue to re-train employees in order to maintain standards and help their employees evolve as times and practices change in the banking industry.
Compensation: Compensation for the teller position needs to improve. This could be done through pay raises and better benefits. Another way of improving compensation is to give bonuses based on how many new clients a teller is able to bring into the bank. This will motivate tellers to go above and beyond when dealing with clients.
Retention: A simple way to improve retention would be to stop transferring tellers to the customer’s service position when they are successful. In addition, offering more full time jobs and using fewer floaters would improve turnover rates. Another HR practice that could help with retention, is redesigning the teller position and creating a system of hierarchy within this position. Based on tenure and performance, tellers can be move up the ladder and handle more high end and profitable accounts. This upward mobility within the teller position will incentivize more people to stay in the position and grow. Finally, retention can be improved by creating a work environment that is supportive and nurturing. This will lead to greater job satisfaction