Performance Management System in Bank Assignment Sample

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Dissertation

Performance Management System in

Standard Chartered Bank, UK

Type of Documents : Dissertation

No of Words : 22600

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Performance Management System in Standard Chartered Bank, UK

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ACKNOWLEDGEMENT

I have taken efforts in this project; however it could not have been possible without the

valuable support and assistance of many individuals and the organization. I would like to present

my sincere thanks to all of them and I am extremely grateful to the Bank where in I conducted my

project report and for their precious guidance and constant supervision as well as for offering all

the required information concerned to the project.

I would also like to express my appreciation towards my mentor and mu family members

who gave me the chance to accomplish this project report and helped at each point of this research

project. My thankfulness and admiration also goes to my colleague in developing the project and

all the people who have eagerly assisted me with their capabilities.

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ABSTRACT

Performance management is the process of evaluating an employee’s performance during

the preceding years and deciding where does an individual stands as far as their peers in the same

band are concerned. It is a process that associates the firm’s strategies and aims to individual and

group performance so as to enhance the efficiency of organization. The technique for performance

management is a way through which an employer can maintain and promote efficient employee

performance. It can range from selecting employee management philosophies to acquiring

technical performance trailing tools to enact the formal policies.

Nearly, every organization looks in to monitor performance of its employees through an

assessment system. Performance management program has acquired much more significance over

the past decade; the idea behind this program is to simply manage work of employees. In order to

accomplish performance management program effectively the target and vision should be vividly

defined in much advance. Performance management also carries importance in the area of setting

up effective communication channels between an individual employee and superiors i.e. based on

trust and understanding.

This system has become essential in banking industry, because in banks strive in to manage

risk, enhance its operations, design and execute more suitable promotional activities and attract

and retain more people to join with them. A performance management process designs the platform

to reward excellence by associating individual accomplishment of employees with organizational

vision and missions. This system enables people of a firm to appreciate the importance of specific

job in identifying results. The present research report has been undertaken with an in depth wisdom

about organizational performance management system and its impact on the banking industry. In

this regard an assessment is being undertaken in the leading bank of UK Standard Chartered where

in attention is mainly given to evaluate performance management system of this bank and how

does its impact on enhancement of workforce efficiency. Here, in a secondary research is

undertaken as well in which different scholarly articles and journals have been reviewed to acquire

an insight about the company and its significance in the current competitive business environment.




CONTENTS CHAPTER 1 – INTRODUCTION ........................................................................................................................ 1

1.1. Overview ....................................................................................................................................... 1

1.2. Structure of the research ............................................................................................................... 3

1.3. Focus and Purpose of research ...................................................................................................... 5

1.4. Research Question ........................................................................................................................ 6

1.5. Framework and Analysis .............................................................................................................. 6

1.6. Potential significance of research ................................................................................................. 7

CHAPTER 2: LITERATURE REVIEW ............................................................................................................ 9

2.1 Introduction ......................................................................................................................................... 9

2.2 Meaning of Human Resource Management ...................................................................................... 10

2.3 Significance of HRM ........................................................................................................................ 10

2.4 Meaning of Performance Management ............................................................................................. 12

2.5 Significance of performance management ........................................................................................ 14

2.9 Impact of performance management on organisational performance ............................................... 24

2.10 Identification of gap in literature .................................................................................................... 25

CHAPTER 3: RESEARCH METHODOLOGY ................................................................................................ 27

3.1 Introduction ....................................................................................................................................... 27

3.2 Research Aims and Objectives ......................................................................................................... 28

3.3 Research Approach and Philosophy ................................................................................................. 28

3.4 Research Type ................................................................................................................................... 29

3.5 Research Method .............................................................................................................................. 30

3.6 Sampling ........................................................................................................................................... 30

3.7 Data Collection Method .................................................................................................................... 31

3.8 Data Analysis Method ....................................................................................................................... 32

3.10 Limitations of Research .................................................................................................................. 33

3.11 Ethical Considerations .................................................................................................................... 34

CHAPTER 4: DATA ANALYSIS AND FINDINGS ............................................................................................. 35

4.1 Introduction ....................................................................................................................................... 35

4.2 Thematic Analysis ............................................................................................................................ 36

4.3 Regression Analysis .......................................................................................................................... 47




CHAPTER 5: CONCLUSION AND RECOMMENDATIONS ............................................................................ 54

CHAPTER 6: REFLECTIVE STATEMENT .................................................................................................... 58



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TABLE OF FIGURES

Figure 1: Management by Objective (MBO) Model................................................................................... 18 Figure 2: Balanced Scorecard ..................................................................................................................... 21




CHAPTER 1 – INTRODUCTION

“The process of motivation for employees is designed by setting goals, analyzing progress,

coaching for enhancement of performance, providing feedback and offering rewards for

achievement. Performance management is both an integrated and strategic approach to deliver

successful outcomes in corporate by enhancing the performance of the workforce and developing

capabilities in team and individuals” (Davidson, 2011).

the roles and setting an achievable target (Locke and Latham, 2001). According to Armstrong and

Baron (2005) – Performance management is an ongoing consistent process i.e. carried between the

senior level personnel’s and employees throughout the year. This terminology has acquired

popularity in the late 80s when several different quality management programs received utmost

significance for the achievement of superior level standards and manage quality in performance

(Dent and et. al., 2010).



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The chief purpose of performance management in organizations is that it aids in assessing

the effectiveness of performance in the company and also evaluates the need for training and

majorly encourages motivation towards work (Principles of Management, 2012). Every firm has

a set of functions and the main goal is to achieve the desired functions and objectives. It can only

be attained if the workforces are well acquainted with their roles and responsibilities and acts as

an asset for the organization. In the past few years, firms were very much concerned about the

growth and development of their employees and also considering the benefits of performance

management (Bakker and et. al., 2006). Now, companies are following the novel pattern of

working and in order to achieve the best in technological revolution many of the firms are

enforcing the importance on the implementation of new methods for performance management.

Corporations have identified the significance of performance appraisal and it has been

observed that many of the global companies have implemented the performance appraisal system

to enhance the productivity of its workforce (Frey and Jegen, 2002). There is range of situations

available of distinguished perspectives that give confirmation on the usefulness of performance

management and its measurement. Every organization should present an accurate and fair view of

performance management to acquire trust of the workforce, their job satisfaction and loyalty,

which is the main core in organizational success. However, even today many firms and their

seniors do not get the conception of performance management appropriately (Guest, 2007).

Several authors like Douglas McGregor, Abraham Maslow and Philip Kotler have analyzed its

significance and developed many theories and models to spread the benefits of this term in the

current workplaces.

Nevertheless, the enormous amount of changes had taken place in both employees and the

work associated policies and practices of companies. All these changed factors manipulate the

perceptions and anticipations of the employee of 21st Century. These include the growing focus on

employee commitment, empowerment, job satisfaction, professional development prospects and

work life balance (Work motivation overview, 2002). The current research paper aims to explore

the performance management system adopted in the banking sector of London with respect to the

expected fairness system. This research paper will also analyze the effects of performance

appraisal on the workforce considering job satisfaction, motivation and loyalty of employees in

the human resource functions. Managing the performance of employees effectively has become a

critical factor in the present dynamic business conditions (Garg and Rastogi, 2006).




In order to achieve increased productivity, firms must consistently monitor the team

performance and offer their subordinates meaningful suggestions. This research focuses on

acquiring the significance and method adopted by the UK banking sector for performance

management of its employees (Kirstein, 2010). The present research study will play a major role

in determining the aligned elements with perceived justification for performance management

system, which will aid in better accomplishment of this practice. Many of the articles and reports

define that several banks in UK have implemented the performance management system, which is

specifically designed with well accepted practices and procedures and structure that have been

formulated (Griffin and Moorhead, 2009). The primary research will be mainly done in one of the

leading banks of UK i.e. Standard Chartered bank.

1.2. Structure of the research

The present research moves ahead in a sequential manner as every chapter is associated to

each other and the succeeding chapter can only be accomplished after its preceding chapter. The

structure of the present report is as follows:



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Chapter 1: Introduction – This part of the research offers an overview of the topic of area of study

and covers an outline of focus and purpose, the framework and analysis and the importance of

research in other areas.

Chapter 2: Literature Review – This section of the report gives the significance on the previous

work done by other authors and researchers on the related topic. It majorly informs about

performance management, related methods and its importance in today’s organizations. Several

different academic and scholarly books, journals, articles and online materials have been reviewed

to compile this part of the report. Literature review carries huge importance as it aids the researcher

to understand the different perspectives of various authors and assessing the gap in their path.

Chapter 3: Research Methodology – It represents about the diverse methodologies that have been

applied to accumulate information and analyze the data. It includes aims and objectives, research

question, data collection and analysis methods, approach survey, limitation and ethical

considerations of the study.

Chapter 4: Data Analysis & Findings – This part of study has been designed to analyze the

accumulated primary data and mainly involves the evaluation of outcomes so that conclusion can

be formed from it.

Chapter 5: Conclusions & Recommendations – It is the final concluding section of report and

includes the different conclusions drawn out from findings of research and accordingly suggestions

or recommendations are provided through which the firm can enforce practices to enhance its

overall performance.




1.3. Focus and Purpose of research

Focus The main focus area of research is to assess the performance management system in UK

banking sector. Here, the aim is to aid the UK retail banks in determining the perceived fairness in

performance management system and researcher specifically aims in, to help banks in making their

performance management more effective. This is done with the help of enhanced fairness by

assessing the elements that makes a system to be perceived as more clear.

It has been observed that since the credit crunch has occurred in the banking industry, many

banks faced huge loss and found challenges in retaining the employees within the organization.

Presently many of the bank’s human resource departments are actually working to enhance the

morale and motivation of its workforce. Performance management has its integrated significance



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within any company and it is essential to use the diverse systems of performance measurement in

a proper way to acquire the actual sense and wisdom in an organization (Amir and Timothy, 2001).

The main purpose of this report is to analyze the effects of performance management tool

in the banking sector of the UK. This sector is evolving with time and is using different kinds of

tools to make its operations more refined. Banking industry focuses on to please their employees

as they are the main asset for a firm that helps in building a successful road map (Hays and Hill,

2001). Moreover, the banks should understand that if a performance management system is

essential, it is very much vital for banks to achieve success in the long run and also inform the

employees about the organizational systems.

1.4. Research Question

In order to conduct an inclusive research and evaluate solutions to the main issues

associated with employee performance management in Standard Chartered Bank, below depicted

research questions could be formulated;

What factors influence the performance management system in both the banks?

How the performance of employees could be managed in the bank?

What is the importance of performance management system in the workplace

environment?

Do the employees of the independent British retail banks operating in London perceive the

performance management system of banks as fair?

1.5. Framework and Analysis

This section of the research report mainly provides in details about the sequence in which

research will be undertaken. The framework division of the report presents information about the

several strategies and methodologies enforced for undertaking the research. It fundamentally

represents the actual framework of diverse research approaches i.e. used in the study and

descriptions related to tools and methods of research, method for data collection, sampling and

data analysis method (Chilisa, 2011). The significance of this part is substantial as the reliability

and validity of the survey will be assessed with the help of it. Below mentioned are the techniques

for research that would be employed in the present research:

Research Design – This part covers all the process and method that has been adopted for

undertaking a research. It is mainly of two types i.e. descriptive and exploratory. In the




current research report, exploratory design will be used as the main focus will be given to

analyze the actual factors affecting the performance level of employees in the UK banking

sector.

Research Philosophy – It helps the researcher in identifying a particular pattern for

investigation. Here, both the methods i.e. positivism and interpretivism would be included

to derive a meaningful insight from the research.

Research Approach – In this section the researcher will employ an inductive research

approach because the researcher will firstly analyze the pattern, activities and concepts and

then assess the derived the data.

1.6. Potential significance of research

The present research report carries huge significance in the area of both academic and

practical research area. The existing theories in performance management system are enforced and

analyzed of Standard Chartered Bank. The performance management system differs across various



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companies and it is vital to undertake research in different companies in order to compare and

contrast the results that has been acquired from the research survey (Heeks and Bailur, 2007).

However, the performance management system and factors influencing it have been studied from

both theoretical and practical point of view, the actual conceptual framework is still not clear. It

has been observed that not much is known reasonably regarding performance management which

can be associated with development and employee involvement (Haimes, 2002). Therefore, this

research report will augment greatly to the existing literature and will help in to analyze the

similarities and differences that exist between actual process and authors review.

The current research also have importance in practical framework because firms are paying

due amount of attention towards employee’s performance and motivation. Many of the

corporations are spending much of time and money to enhance the productivity of its workforce

and increase their engagement (Gitman and McDaniel, 2008). But, the knowledge base needed for

such kind of interferences is not enough and without an appropriate knowledge and conceptual

framework, organizations will not be able to achieve success in enforcing performance

management practices in their management and this will ultimately limit their success (Powell,

2011). Hence, this study is aimed towards highlighting the knowledge base for helping in

development of human resource department and developing suitable comprehension between

employees and their performance level.




CHAPTER 2: LITERATURE REVIEW

2.1 Introduction

Literature review section aids in to focus on the several research questions by examining

the knowledge gap and it gives value on analyzing the previously published literature and articles

on the specified topic. This chapter helps in seeking information from various sources and

undertakes a critical assessment in the area of research. In the current research report aim has been

give on assessing the significance of performance management program in banking sector and the

area of research selected is UK. In this context different scholarly articles and author’s definition

on human resource management and the impact of performance appraisal in organizations will be

reviewed.

would be stated. Other than this in the later section assessment would be made on performance

management where it’s meaning, importance and distinguished models in similar area would be

examined. In the last section conversation would be made significance of performance

management in UK banking industry.



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2.2 Meaning of Human Resource Management

Human resource management explains the set of interconnected activities i.e. associated

with employees of an organization and ultimately if reflects to the management of human capital

with the people who contribute in the achievement of organizational goals (Mathis and Jackson,

2011).

According to Peter F. Drucker (2007) – “The success of any organization depends on the

level of performance of its employees; hence the human resource should be utilized for the benefit

of organization” (Drucker, 2007). The vision and mission of a firm may include survival,

enlargement and development in acumination to innovation, prosperity, productivity and

differentiation (Werner, Schuler and Jackson, 2011).

HRM is mainly concentrated in four major activities i.e. acquirement, development,

motivation and maintenance of people. According to Gray Dessler (2010) – “The practices and

policies included in undertaking the people or human resource aspects of a management includes

recruitment, screening, training and appraising”. Banking has been and will always be a people

business and hence it must try in to differ themselves by creating their own niche especially in

apparent situations with high level of competency. In coming time period it would be very much

essential to manage customer satisfaction and who do not meet expectations will find it difficult

to survive and this would be possible with effective human resource strategies.

From the above discussion it could be stated that HRM is basically an organizational

function that deals with several issues related to people in respect of selection, training and

development, compensation and performance management and managing suitable

communication. It is a strategic and broad approach to manage workforce. HRM is now believed

to add more value to strategic utilization of people who contributes in the business in a measurable

way (Kulik, 2004).

2.3 Significance of HRM

The practice of HRM must be seen through the prism of overall strategic goals for a

company instead of a separate shade that takes a micro or unit based approach. The main idea here

is to enforce a holistic approach towards HRM that ensures that there are no piecemeal strategies

and the policies of human resource lays emphasis itself on organizational goals.

The significance of HRM is lot more than managing people and some of them are as discussed

below;




Objective – HRM helps in an organization to accomplish its aims and objectives in the

definite period of time by creating a positive atmosphere and attitude among the workforce.

Facilitates professional growth – The employees can be exaggerated not only in companies

in which they are working but for also in other companies in which they may work in future

(Marchington and Wilkinson, 2005).

Employee welfare – Effective and vigorous practices of HRM aids a firm to manage the

communal relationship with members of union. Employee welfare is about explaining the

employee’s actual needs and accomplishes them with active participation of both

employees and management (Roberts, 2010).

The evolution of banking industry in UK is influenced with HR practices of recruitment, selection

and training system. It is very vital that details of human resource are discussed along with

employees to construct their own career planning, perception and development (Varkkey and

Dessler, n.d).



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2.4 Meaning of Performance Management

Performance management is the process of evaluating an employee’s performance during

the preceding years and deciding where does an individual stands as far as their peers in the same

band are concerned. The process of assessing outcomes, arriving at a rating and then deciding upon

the level of hike to be done in salary is all about performance management. Managing employee’s

performance is one of the chief drivers for success of a firm. The roles and responsibilities of HRM

in the present business environment has noticed a severe change and its aim is on development of

different functional strategies that enables enforcement of major corporate policies and plans

efficiently (Price, 2011).

This term of management acquired much of popularity in early 1980s when total quality

management program received maximum of significance for achievement of superior standards

and excellent performance from employees. In this respect various other tools such as leadership

development, job design, training and reward system received an equal motion along with

traditional performance appraisal process in the new comprehensive in a wider framework. It is an

ongoing process that is mainly undertaken between employees and superiors throughout the

service tenure, it is cyclical and consistent in nature (Redman and Wilkinson, 2006).

In this era human resource department works towards assisting and improving the

performance of workforce by designing a positive and motivating work culture that could offer

maximum amount of opportunity to people to participate in organizational strategic decision

making area. This is the initial step that measures the aims and objectives for individual employees

at distinct level and is commonly discussions with workforce are made through face to face

meetings and are directly reported to managers. These are ultimately put into a formal written

agreement of performance for every staff members; it could also be designed for entire work teams

in a company where joint teamwork is supreme (Ibrahim and et.al., 2006). All the major activities

HRM are determined towards enhancement and development of highly effective performance

leaders and promote enthusiasm among workforce. So, it could be stated that the role of HRM has

developed from an appraiser to an enabler. In current business conditions where there is intense

amount of competition available in the external market and employees easily look towards other

option if they do not achieve job satisfaction. In such situation performance management is the

need of present time in intense market competition and the organization’s battle for leadership

(Martin, 2008).




According to Poole and Cook (2011) – “Performance management is a varied and broader

approach of HR as it involves numerous activities such as common goal setting and consistent

progress and suitable feedbacks, monitoring for increased performance implementation of

programs for development of employees and rewarding on the success” (Poole and Cook, 2011).

The process of performance management initiates with beginning of a new service in the entire

system and gets finished when an individual leaves the company. This system evaluates the useful

variables and successful performance appraisal turns on the basis of suitable usage of every kind

of data (Komoche, 2006).

Performance management program has acquired much more significance over the past

decade; the idea behind this program is to simply manage work of employees. In order to

accomplish performance management program effectively the target and vision should be vividly

defined in much advance. The employees of an organization could be encouraged through this

program and consistency is the main core definition for managing the work efficiently in this

approach. According to Armstrong and Baron (2005) – “Performance management is both a

strategic and an incorporated approach to deliver flourishing results in an organization by



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enhancing the performance and developing efficient capabilities among teams and individuals”

(Armstrong and Baron, 2005).

2.5 Significance of performance management

Performance management is considered as a systematic process through which the entire

performance of a company could be enhanced by the presentation of an individual within a team.

It is an approach through which superior performance could be endorsed by conversing

anticipations, defining roles within a definite competitive framework and setting up achievable

benchmarks (Vance, Vance and Paik, 2010). Managing the performance of employees is one of

the strongest challenges which the firms are facing today, because performance level entirely

depends on employees commitment, competence and understanding. If managed in a proper way

through a well planned reward practice and mechanism for feedback this system can serve as a

significant tool for development and motivation of employee. The need for introduction of a strong

system of performance management was felt during the time when traditional performance

appraisal mechanism started failing. It is a strategic tool and is holistic in nature as it persuades in

every activity of the firm i.e. concerned with the management of individual, team and the entire

organizational productivity (Pinnington, Macklin and Campbell, 2007). The process is

indispensable and very significant for a firm as it is associated with establishment of culture in

which a team or an individual can excel by consistently improving them in terms of designed skills

and process of business.

It facilitates enhancement in quality of relationship among the members of a firm by

encouraging sharing of anticipations and creating a climate of empathy and honesty with strong

interpersonal skills. Todays corporate focuses on to retain the best talent within it hence they are

giving importance to these factors for betterment of business. A performance management process

designs the platform to reward excellence by associating individual accomplishment of employees

with organizational vision and missions. This system enables people of a firm to appreciate the

importance of specific job in identifying results. By setting up particular expectations form

employees that mainly includes results, behaviors and actions, it aids the people in understanding

what exactly is needed from their job and design efficient standards help them to avoid those tasks

which are of not use in long term success (Thomas, 2009).

The efforts of a knowledgeable and trained workforce are the chief factors in recognizing

and satisfying the needs of customer. Along with changing business environment, banks demand




more of specialized personnel with high caliber. This trend towards a more highly skilled staff is

anticipated to continue in the future, whereas the low level clerical component is due to decline.

Banking industry is a customer based oriented business and while new technology is available to

all competitors’ highly efficient and encouraged personnel becomes the trademark endowing banks

with a leading edge over their competitors. With the pace of technological changes a reverse trend

has been noticed in banking industry where machines and building are considered as costs and

people as assets (Talent Management at Standard Chartered Bank, 2012).

Banking industry comprehend that in order to increase their revenue and profitability they

first have to move towards enhancing the performance of its employees to acquire the desired level

of productivity. This system has become essential in banking industry, because in banks strive in

to manage risk, enhance its operations, design and execute more suitable promotional activities

and attract and retain more people to join with them. Performance appraisal in banking industry in

earlier duration were mostly undertaken annually for evaluating the degree of accomplishment of



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an individual and were enforced on a top down basis in which the superiors used to play a major

role in judging the performance of an employee without soliciting active involvement of the

workforce (Stanek, 2000). Previously, performance management were mostly discredited as it

involved looking backward and mainly required to concentrate on employees inability and faults

over a period of time instead of having a forward visualization by assessing the developmental

needs of employees and enhancing them. Conventionally, this system was organized in banks in a

bureaucratic way and suffered from avoidable delays in corruption and delays.

In banking industry performance management were mostly narrowly focused and used to

function only in isolation without bearing any association with the overall organizational goals.

The side effect of this system was that it generated uncertainty among the employees and managers

on any novel imitative of HRM. But later on it was also realized by the banking industry as well

that performance appraisal system of an individual employees helps in to monitor performance in

an organized manner with factors such as job knowledge, co-operation, judgment and includes

factor that analysis should not be limited to past performance alone and potential of the workforce

for future performance must also be analyzed (Smith, 2003).

Performance management tools allows for individual metrics which then facilitates

management to provide achievable goals for enhanced productivity. Providing companywide

reporting and performance assessment initiates fact based identification of an issue and work flow

problems. Management coaching is enhanced when this system presents data on individual

performance of employees have clearer performance expectations. In banking industry it is

considered as a systematic assessment of an individual employee with respect to its performance

on the job and his potential for further development (Power, 2004). In present business

organizations the management expects from all the employees to perform the defined task for

payment it makes. Once the work is delegated to the employees it is essential to measure the work

done to view whether the employee has done the work assigned to them in the manner it was

anticipated (Lertxundi, 2008).

Nearly, every organization looks in to monitor performance of its employees through an

assessment system. Employees who undertake their work are generally rewarded. There is perhaps

no single issue in personnel administration i.e. more significant to an employee that an accurate or

impartial appraisal of their contribution to the firm. UK banking industry has been a driving force

behind the nation’s economic development. The emerging environment includes both threats and




opportunities, mainly in the public sector banks as well as the human resource in changing business

conditions. The primary emphasis needs to on incorporating human resource strategies with

business strategy (Lengnick-Hall and Moritz, 2003). Above the attributes of recruitment, selection,

performance management and employee relations with radical amount of transformation of

existing personnel structure in public sector banks like the seniority over performance is not the

best environment to attract best talent from the young competitive environment.

2.6 Techniques for performance assessment



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Figure 1: Management by Objective (MBO) Model (Source: Power, 2004).

It is a popular way through which employees performance could be appraised that sets up

a goal on the basis of performance according to the attainment of defined goals. In an organization

it is undertaken periodically either every quarterly or monthly, this model explains the roles and

responsibilities for the employees and aids them to chalk out their potential course of action in the

firm. This model guides the workforce to deliver their best performance and achieve the set target

within the stipulated time period (Flamholtz and et. al., 2004). A performance management process

includes an analysis of factors what has been acquired and develops a basis for potential

development, planning for career and developmental plans. According to author Douglas Mc.

Gregor (2000) – “An organization should give emphasis on evaluation and not on appraisal. This

process involves forward looking approach and depends on the capability to judge a performance

that further depends upon specification of vivid standards and eradicate unnecessary projections”

(Gregor, 2000). Perfect analysis can never completely be a reality and is susceptible to numerous

issues like halo effect that means the managers attains a propensity of generalizing some of the

experiences with other aspects of issues of poor perception and interpretation.

In order to overcome these issues a management can implement some of the measures like

ensuring that all the employees and superiors comprehend the concept of performance and learn

to distinguish between effective performance with no so good ones. Measures should be framed to

ensure managers to define and agree upon the standards and establishing distinguish measures for




effectiveness (Khandekar and Sharma, 2005). It should also include training of managers to base

their evaluation so that judgments could be made after carefully scrutinizing the relevant data.

The different techniques that could be adopted for assessing the performance of employees in

an organization are as follows;

A holistic analysis of performance – The supporters of this approach believes that

performance management is all about evaluating the work done instead of assessing it. This

system focuses to reach up to an agreement for further action or development after

cautiously assessing the strengths or probable weaknesses. In this respect some of the

organizations like BP Amoco enforce this method for appraisal of its employees for

providing a feedback to the workforce where they are good at.

Force ranking – In this approach the workforce is assigned ranking on the basis of category

as the concept of performance appraisal is a bit vague so the rankings level should be

associated with meaningful data to support.



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Quota system – This approach specifies the distribution of different ratings and also helps

in to accordingly adjust the ratings off managers after an event in order to ensure that the

quota in every level is met (Power, 2004).

Hence, in here in could be quoted that organizations are showing a high level of commitment

towards reinforcement of practices for reward which are associated with other human resource

practices and the aims of the firm to attract, retain and motivate employees. Effective rewards

system aids in to attract a result driven professional who can thrive and succeed towards

performance based environment. In organizations this approach has become a crucial motivator

towards enhancement of productivity of employees if enforced properly (Flamholtz and et.al.,

2004). Standard Chartered has its secondary listings in Hong Kong Stock Exchange and National

Stock Exchange of India. The company’s largest shareholder is the government of Singapore

owned Temasek Holdings. In spite of its British base, the bank is having few customers in UK

and 90% of its profit comes from Africa, Asia and Middle East. But Standard Chartered bank

remained rigid in their projection to extend and promote their goods and services with the help of

marketing and management approaches with focused on long and short term goals working closely

with shareholders and employing suitable talent in organization.

2.7 Performance management model It is a process that associates the firm’s strategies and aims to individual and group performance

so as to enhance the efficiency of organization. It is a common process that involves both their

subordinates and leaders that commonly assesses objectives that are correlated to higher vision of

the organizations (Scullion and Starkey, 2011). This process ultimately results into setting up of

written anticipations of performance and is utilized in future to measure the dimension of

performance and appraisal.

This system is a way to achieve overall grip on what should be done in diverse levels in a

company and then evaluates whether it is indeed acting in the way required. In this respect a model

for this assessment as for proper comprehension has been described below;




Figure 2: Balanced Scorecard (Source: Choonget. al., 2010).

Balanced scorecard helps in to execute the organizational strategies among the workforce and

also helps in to identify the vagueness and weaknesses in the previous management approach. It

offers a clear description as to what an organization need to measure in order to balance the

different perspectives and employees performance could be enhanced. It provides feedback around

both the external outcomes and internal business processes in order to regularly enhance strategic

performance and results (Martin, 2008).



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2.8 Performance management system in UK banking sector

It has been observed that after the financial crisis that occurred in year 2008, many of the banks

are taking initiative to enhance their capabilities especially in the area of performance

measurement in light of changed economic and market situations and need for new management

structure. For instance the new regulatory structures are influencing the underlying economics of

this industry in payment card issuing and processing. Capital requirements are rising for many of

the banks and new channels like online communication are becoming more important. There has

been continuous difficult in revenue growth to achieve and due to weak economic conditions, low

rate of interest and restrictions in regulations (Beherey and Eldomiaty, 2010).

The banks of UK are trying to manage their cost better, enhance product mix and pricing

decisions and deepen the relationship with customers. These and other factors are causing banks

to re-analyse and improve the ways in which they evaluate and report performance of business. In

UK banks are reviewing and developing major organizational management profitability reporting

methodologies to reflect changes in business models and their underlying economics. One focus

is coordination with risk management definitions and methods. Many of the banks in UK are now

focusing towards performance appraisal of its workforce to help them to achieve monetary and

non-monetary rewards from the management, here it also provides the most significant benefit for

its employees that provides chance to acquire reasonable time for face to face discussion on the

performance over the period of time (Storey and et.al., 2007).

This type of discussion helps in employees and superiors to shed light on the main issues that

acts as a hurdle in the work concern matter and performance addressed. It could be observed from

the banking industry that the feedback of performance appraisal depicts that it creates a strong

bond between leader and subordinates only if the appraisal is undertaken properly and fairly. It

also aids in employees to attain opportunities to review their performances and discuss the

challenges and issues which they are facing in work and also gives direction to acquire aims and

objectives for the future time (Choong and et. al., 2010). Interaction during performance

measurement aids in subordinates and superiors to assist each other in future goals. Hence, it

ultimately enhances the productivity level and provides the best time to employees to chat with

supervisors without any instruction or obstacle.

The banking sector of United Kingdom occupies an important position in the global

economy and it provides basic financial services to larger segment of people by financing the




commercial enterprises and makes credit and liquidity available in the market. Since the economic

downturn faced by this nation many of the authors have tried to analyse the cause and the

underlying reason behind the financial crisis (Laforet and Li, 2005). The actual rating of

performance sets the appraisal system; in this respect rewarding employees for their effective

performance and work done are offered. The rewards offered could be in terms of financial or non-

financial advantages, but the power of non-monetary rewards could not be under estimated such

as appreciation, promotion and recognition that are enjoyed more purposefully with the workforce.

Analysts found that careless lending, excessive risk taking and the short term pressure placed by

development.

In banking industry performance management focuses to develop high performance culture

among individuals and team so that they can communally undertake the responsibility of

enhancing the business processes on a consistent basis and similarly raise the competency by

upgrading their own set of skills within a leadership framework (Harvey, Speier and Novicevic,

2000). It lays stress on enabling clarity of goal to make people do the right things at the right time



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and main objective in it is to achieve the capacity of employees to the full potential for both

organization and employee, by explaining the anticipations in terms of roles, responsibilities and

accountability that is required (Soliman and Spooner, 2000). Performance management in banking

industry requires the capability to model multiple key drivers that directly influences the balance

sheet of bank and the overall profitability such as variable and fixed rate of interest along with

time based investment and deposit remaining balances.

The UK banking industry and its employment management practices had in numerous

ways been out of step with much wider UK economy. After the war this industry enjoyed steady

growth and high amount of profitability. It was an industry which was regulated and cartelized by

the government. The banks offered lifetime employment opportunity, structured career and welfare

oriented human resource policies (Richard and Johnson, 2001). During the past few years there

have been enough amounts of signs of fundamental change with introduction of novel technology

in companies. Banks have been changing their human resource policies and approaches with the

array of management led initiatives which is found in many other sectors can be seen reflected

here. It includes several benefits for employees like flexible working hours, cultural change

programs, performance related pay, new appraisal system and increased forms of direct employee

and other components of novel management that are having huge evidence in banks today

(Garavan, 2001).

The major UK banking industry has experimented with flexible job pattern in order to

minimize cost and enhance productivity. This system provides the choice to employees of how,

when and where they pertain to work. Through this employees can vary in their job hours to

manage ease between work and family life. All these helped in to acquire improve employee

commitment and reduced employee turnover.

2.9 Impact of performance management on organisational performance

In recent years many organizations have been actively implementing new or enhanced

performance management systems. Some of the recent researches depict that regular usage of these

system leads to acquisition of better organizational outcomes. However, there is little wisdom

about the actual mechanism that causes positive impact on performance management, it might be

because a lot of survey has been undertaken in order to design and implement a performance

management system to achieve an organizational results (Storey and et.al., 2007).




An organization that uses the techniques performance appraisal to assess areas of strength

and opportunity can achieve several benefits. It can provide a firm an indication of areas for

training need as well as direction for leadership development, succession planning and

performance improvement. Some of the key areas where in performance management helps

organizations to grow are;

Identifying areas of strength – The outcomes of performance appraisal system can be

evaluated to recognize areas of strong performance across the entire workforce, by

demography, department and standardized performance assessment facilitates firms to

calculate, collect and analyse results to depict where performance is strong (Standard

Chartered Bank, 2011). These strong areas can serve as benchmarks and opportunities to

share of its best practices in other areas of company.

2.10 Identification of gap in literature

The present literature review has been undertaken in the area of human resource

management in banking industry. It has been found from the analysis that human resource is a

crucial factor for the success of an organization and is also concerned with development and

growth of individuals and achieving the integration of goals of firm as well as individuals. From

the literature review it could be stated that HRM is important in banking sector because it is a



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service based industry and management of risk and people are two chief challenges that are faced

by banks, these determines the success in banking industry (Storey and et.al., 2007).

Some of the authors have stated that there are major gap that has been found from literature

review and actual implication is that although several techniques and tools are available in the area

of performance management of employees but very minimal banks or other organizations enforce

these principles in their management practices. According to author Gregor, (2000) –

“Performance management is a system that offers an organization not only a mean to identify but

also gives attention on workforce performance and focuses to enforce those methods through

which performance could be enhanced and utilize the human resources in the best possible

manner” (Gregor, 2000). In this manner many of the organizations avoid implementations of

performance management models either due to risk associated with enforcement of new technique

or due to employee’s state of rejection or avoidance towards change. Hence, it could be stated that

efficient risk management could not be possible sometimes without skilled manpower and by

enforcing new models for performance management that employee’s productivity could be

enhanced with achievement of organizational goals (Scullion and Starkey, 2011).




CHAPTER 3: RESEARCH METHODOLOGY

3.1 Introduction

Research methodology section deals with various methods through the researcher designs

and undertakes the study to acquire the data in project and meet the specific aims and objectives

of research. In order to accomplish a successful study within the constrictions and limitation of

resources and time, it becomes significant for the researcher to develop an appropriate plan and

schedule of activities to be undertaken and to consistently evaluate the progress against the defined

Here, in the present research report, this part will provide a detailed analysis and sufficient

amount of responsiveness about the undertaken research and the impact of performance

management on UK banking sector. The researcher will explain and rationalize the selection of

several different approaches of research that would be important in the research to acquire the final

results. The area of study will be human resource management system in banking sector of United

Kingdom. The researcher will also assess the positive effect of human resource management in

banking industry along with its substantial influences on the changing scenario of employee

management. In the present research report regression analysis has been used to represent the data

in an analytical form. In banking industry of performance management focuses to develop high

performance culture among team and individuals so that they can jointly undertake the liability of



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enhancing the business process on a continuous basis and likewise raise the competency by

enhancing their own set of skills within the leadership framework.

3.2 Research Aims and Objectives

The main aim of the research is to analyze the performance management system in the

banking sector of UK. Here, in focus has been given on the UK retail banks in determining the

apparent fairness system in performance management system and the researcher mainly aims in to

help the banks in making its human resource management system more efficient. It is undertaken

with the help of increased fairness by evaluating the elements that makes a process more effective

and to be determined in a more vivid manner. In context to the aim of the study here in some of

the objectives have been designed that is mentioned as below;

To analyze the effectiveness of enforced performance management practice in the banking

sector of UK.

To assess the role of organizational procedure and adopted performance management

practice in the UK banking sector.

To evaluate the role of consistency and ethicality in perceived fairness of adopted

performance management practices at the independent British retail banks operating in

London.

3.3 Research Approach and Philosophy

The research philosophy section offers knowledge in respect to several methods in which

information for a research should be arranged, utilized and analyzed. In any of the study, the

philosophy of research is undertaken in interpretive practice. For the reason to maintain this

methodology process, it is mandatory to evaluate the pattern of survey with the help of adequate

research philosophy. It provides an idea as well as an overview of different methods and

information related to a specific topic. The numerous information needs to be analyzed, collected

and scrutinized. Research philosophy is being classified in two major parts i.e. Interpretivism and

Positivism (Rubin and Babbie, 2012). These two methods aids in selecting an appropriate approach

for research study. Positivism philosophy is being utilized when there are large numbers of samples

and it gives emphasis on facts, designs a hypothesis and finally assesses them. Whereas,

interpretivism philosophy on the other hand assess small number of samples for a particular time




period. Research philosophy gives an idea as well as presents an overview of methods and

information related to a specific area of research.

The research approach helps in increasing the effectiveness of research report and

usefulness in any of the study; it is mainly of two types i.e. inductive and deductive. In a research

report inductive approach originates with the accumulation of data which is being followed by

observation of different information by using a sharp view to analyze the existing pattern.

3.4 Research Type

During the time of designing phase of a research, the most essential decision which is being

taken by the kind of selection. This part has huge significance as it is the methodology with the

help of which useful information will be attained is evaluated through adequate support system of

approach. The suitable method to assess the data is depicted by the type of data in hand and the

different variables as well as distribution of variables. Research type is classified into three main

forms such as exploratory, descriptive and analytical. A descriptive research is a statistical

approach as it explains the features of population or phenomenon that is being assessed (Walliman,

2010). This kind of research simply provides a systematic explanation but it does not depict the

actual issue of a case.

On the other hand exploratory research is mainly undertaken at the time of any issue in

hand which has not been explained or when its actual scope is unknown. Exploratory research

mainly aids in recognizing the most appropriate technique for data collection along with design of



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research. It is a bit informal in nature and generally depends on qualitative discussion with

customers, management, employees and various methods like accessing the various available data

and literature. In present situation the area of research is human resource management system, in

which actual facts and figures through survey will be acquired. Hence, in this manner descriptive

research type will be used in order to measure the impact of performance management system and

suitable recommendation to improve the process in banking industry (Sekaran, 2006).

3.5 Research Method

Research method is categorized into three major types i.e. qualitative, quantitative and case

study method. Qualitative research is a technique which is intended towards strengthening and

sharpening the level of understanding of researcher with respect to behavioral attribute of study.

There are certain methods which are being implemented in qualitative research i.e. discussion,

interview and focus group interview to undertake the research.

In a research quantitative method represents the actual data plus various information in

numerical format. Most of the descriptive research uses this approach as it basically includes

technique of survey in which questionnaire is designed by researcher (Amaratunga and et. al.,

2002). The significance of survey is in its well planned manner and organized for every participant,

after collecting data through survey it is mostly integrated in both the terms i.e. qualitative and

quantitative methods to obtain a magnified vision in the particular issue. In the case study method,

important details are accumulated in respect to actual time and contingency situations that supports

the area of research. Here, in the present report all the information would be acquired through

interview method, in order to accomplish the desired results.

3.6 Sampling

Sampling is one of the most crucial processes in the plan of assessment; this process is

inclined towards choosing the most appropriate sample for the study, in order to collect

information from a primary research. It is undertaken with wide selection of sampling techniques

with cautiousness in the discipline of research methodology. It is mainly divided into two forms

Probabilistic and Non-Probabilistic sampling methods. In probabilistic sampling different methods

are there like simple random sampling, cluster, stratified, systematic and multi-stage sampling

(Mulder and et. al., 2000). Non-probabilistic sampling includes snowball, judgment, convenience

and quota sampling.




In the present study simple random sampling method will be utilized to attain result for the

study. A simple random sampling is a subset of individuals who has been selected from a large

number of populations. Every individual is selected on random basis from the population and in it

chances of selection is such that each case has the equal probability of being selected at any point

of time through the process of sampling. The basic principle of simple random sampling is that

every object has an equal chance to be selected. In the current report the available population is

very big and thus researcher will select 100 respondents to acquire suggestions and response on

several issues that are directly associated to the area of research.

In order to undertake the survey efficiently a well structured questionnaire is prepared by

researcher that will include both close and open ended questions. In it the questions are designed

by giving consideration to research area and focused towards collection of data in regard to

changing human resource management approach in organizations. Moreover, questions are

designed in a way that information in relation to prevailing performance management system in

the bank. Here, in secondary sources will also be analyzed by the researcher for the reason to

acquire suitable secondary information and data. In a research report secondary report includes



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different facts and figures that are already been acquired from previous researchers and is depicted

in the form of varied sources that can be conveniently accessed by anyone (Howe, 2009).

In this report the researcher will use different secondary material that has been previously

published on a particular topic by evaluating different articles and journals. The researcher has

focused to undertake a survey in the current report because it will facilitate to acquire a large

amount of data within a relatively short duration. Survey method will assist in acquiring the

research question here in because it is less expensive than other data collection method and can be

administered and created in swift manner. Other than this survey method would be beneficial as

the area of research i.e. performance management is vast and includes various factors like personal

facts, attitude of employees, previous behaviors and a range of thing, all these information could

be attained through this method conveniently.

3.8 Data Analysis Method

After the collection of data in the defined area the next step includes analysis of data by

using qualitative or quantitative approach. Data analysis is explained as an organized or sequential

manner to review any data and represent the actual findings of study. Different tools and techniques

are adopted to assess the accumulated data that entirely depends on the kind of research being

undertaken. There are mainly two types of techniques to analyze the data i.e. quantitative and

qualitative (Cao and et. al., 2006).

In a quantitative process statistical tools are used such as MS Excel and SPPS software,

these tools support in making specific accurate and perfect analysis of data. Whereas, SPPS is used

in much of elaborated and composite calculations. MS Excel is used when unsophisticated

statistical assessment is done and that can be further used in testing of hypothesis. Other than this,

different qualitative methods are also adopted to assess the information and derive out correct

inferences. In the present report data is acquired from employees of Standard Chartered bank, UK.

Furthermore, data will be represented in both qualitative and quantitative form by preparing

themes for every question and interpreting the outcomes of respondents in a detailed form. In this

method researcher will use the approach of MS Excel in which different pie charts and bar diagram

would be used to represent the data in a quantitative manner and themes would be prepared for

every question to signify the data in a qualitative manner in the present study.

3.9 Research Validity and Reliability




Research validity facilitates exactness of the measurement from the derived aims and

outcomes. In this different validation methods are being acquired from a sequence of research

report. It aids in assessing the accuracy from survey and conclusion that depicts the objective of

study (Suri and Clarke, 2009). Through validity accuracy of acquired results can be evaluated, in

order to assess the outcomes it is often focus on collection of a valid data. Reliability focuses on

preserving the standardization and uniformity of the results that has been attained from the survey.

In every research report attention is always given on every aspect of study that has been

3.10 Limitations of Research

In the way of undertaking research, some of the constraints are faced by researcher, as in

none of the research can be free from any kind of limitation in spite of several meticulous care is

being taken. While presenting the study some of the limitations that have been faced by researcher

are as mentioned below;

The area selected for the analysis of research in present case is quiet familiar and several

theories are available in this area. In this case there could some chances arise that relevant

information can be acquired but views of several authors could differ and some of them

could be influenced by personal biasness.

The process of data accumulation through survey method is quite time consuming and

could be very much wide ranging. In this case questionnaire has been designed to assess



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the acquired data that will take much of time of researcher. Even the collection and analysis

of secondary information could be quite lengthy and selecting the best theory will also take

much of time (Silverman, 2004).

To accomplish the report a specified time period has been assigned to accomplish the task

and hence maintaining reliability in this report needs much of extensive research.

The findings of research could not be generalized as it is undertaken in a specific area and

is related to a particular topic.

3.11 Ethical Considerations

For accomplishing any research, participation of human and many other issues are being

included. In addition to this, composite factors such as social, political, legal and ethical aspects

are also being raised. Ethical consideration is explained as the process that defines what is wrong

and right in context to individual, society or a group. In research ethics, there are mainly three

kinds of objectives that are being included. Initially it focuses on safety of human rights that are

participating in the study (Peffers and et. al., 2008). The second aim focuses that the research

accomplished is in the interest of group and society and their interest has been given consideration.

Finally, the focus is being given on maintenance of individual confidentiality and ethical

soundness of activities to plan the research and the process of acquiring consent from all the

sources where the information is achieved.




CHAPTER 4: DATA ANALYSIS AND FINDINGS

4.1 Introduction

Data analysis is a process that is mainly used to transform, remodel and improve certain

information with a perception to reach to a certain level of conclusion for a given issue. Data

analysis can be done by various methods according to the requirements of various verticals. In a

research report this section supports the conclusion section and simply reflects the data analysis

section that is significant for research which will be understatement where in no survey can exist

without data analysis.

performance level form time to time and build a strong relationship with workforce and

organization. This organization mainly uses different organizational tools to monitor the

performance of its employees and encourage them to enhance their existing work level.



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4.2 Thematic Analysis

Thematic analysis is the standard practice that is mainly undertaken in qualitative research

report that involves exploration of data with the help of numerous persistent set patterns. Thematic

analysis is a group of associated category that allots related meaning and usually appears through

inductive assessment process that explains the research outcomes in a qualitative form. The

assessment of this research report is undertaken with the help of below mentioned series.

1. Arrange the data for analysis.

2. Assess the text and organize memorandum of points of interest.

3. Separating items of interest into different proto themes.

4. Arrange the sequential form of every theme.

5. Description of every theme in a detailed manner.

Theme 1 – Performance management system of organization is evidently defined to every

employee

During the research it was found that Standard Chartered bank that employees are very

much well acquainted with the organizational performance management system. An effective

performance management system works towards the enhancement of overall performance of a

corporation by managing the performance of entire workforce and it ensures that individuals are

attains the organizational goals and ambitions. An efficient performance management system plays

an important role in managing the work in an organization and it is being anticipated that work is

equally ascertained and sufficient amount of alignment throughout the corporation has been made.

Findings – Employees are well familiar with the organizational performance management system

and every employee is dedicated towards development of individual with the required amount of

commitment and competency to work towards the shared meaning objectives within the

framework of bank. The diagram above depicts that performance management system has been

considerably explained to employees and around 73% of employees agreed with it. The system

has been designed with an aim to enhance both organizational and performance of individual by

assessing the needs and requirements to provide regular feedback and aid in people to develop

their career. The system is dedicated to create a high performance culture for both individuals and

team so that they can commonly take responsibility of enhancing the process of business on a

consistent basis and at similar point of time increase the competency by upgrading their own

personal skills within the organizational leadership framework.




Theme 2 – Performance appraisal is made on yearly basis

After assessing the acquired data it has been found that the bank undertakes performance

appraisal program on yearly basis. The main attention of performance appraisal program of the

bank is to achieve the capacity of the employees to the full extent in favor of both company and

employees. The main aim is to explain expectations and roles and responsibilities with the

expected behavior. Managing the performance of employees is one of the biggest issues that

corporations face today as this entirely depends upon the commitment level of employees and

depicts the clarity of performance.

Theme 3 – Assessing training needs and promotion of employees is main motive From the assessment it has been found that the main motive with which the bank undertakes

performance management program in the organization is for promotion of employees and

evaluating the need for training programs in the corporation. The banking system has enforced the

performance management system well in corporation and the main attention that is being given

here is on the analyzing the need for training among employees and after reviewing the

performance promotes employees accordingly. Performance management and review of



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employees is essential tool for development of individuals through which identification of a

company’s highest level performer is analyzed.

Performance appraisal program aids in to assess the banks top performers and it also

ensures that most productive delivery of pay increase and promotions. The review of employees

can also depict the area of weakness and probable improvement in the workforce that aids in to

assess the training needs. The bar diagram above depicts that maximum number of respondents

believe in that promotion and analyzing the training and development needs is the main motive of

bank. In the bank by consistently updating the training programs which are based on performance

management program can increase the organizational productivity and efficiency within the time

period. While promoting any of the employees the bank gives importance on analyzing an

individual’s performance firstly throughout the year and then undertakes the decision to promote

anyone in the management structure. Other than this the bank also gives attention on assessing the

training needs and look out the gap between an individual’s performance and knowledge level

related to work. It can be stated that performance management system acts as an aligning factor

that acts as a path between employee’s performance and evaluating the training needs for

individuals.

Findings – It can be stated that bank has implemented this system mainly to develop an enthralling

system in the organization. This system provides much of benefit to management as well as

workforce, it entails a collaborative employee appraisal system that facilitates people and

managers to work commonly and set goals to monitor progress in the development of bank. With

the help of a review system management exactly motivates growth and honesty with the help of

which employees speak up about diverse areas of required improvement which they perceive in

themselves. Employees most of the time have deeper insight in their personal issues as compared

to superiors but in this condition the workforce must feel free to bring out the weaknesses without

harming the reputation or trust around the employee workforce.

Theme 4 – Sometimes conflict arises when performance is undertaken After the analysis it has been observed from the response that many of the respondents feel

that sometimes conflict arises among the workforce when performance appraisal is undertaken. It

has been found in many of the researches that whenever performance appraisal is undertaken many

of the times it creates conflicts and issues in the management. The decision taken by management

brings in norm that revolves around conflict and direction is anticipated that personal attacks are




not being tolerated. Any of the group that comes in front together to consistently lead an

organization or to enhance the process would acquire much of benefit from other group norms.

In every workplace conflict arises and is mainly undertaken where in ideas and innovations

are respected and different groups and personalities work together and interact with each other.

Diverse needs and view point on things that can or should be accomplished may arise within the

workforce and have the potential to manage conflict. Most of the time such kind of condition arises

people are able to include in a healthy and respectful issue and consideration among each other

point of view. When it is handled properly and given a chance to deepen the understanding from

others and design more of inclusive and creative outcomes to problems. In order to deal with such

conditions efficiently whenever they arise and build an environment where in individuals are

Theme 5 – On the basis of behavioral efficiency performance appraisal is undertaken in bank

The analysis depicted here in reflects that bank has designed the performance management

system which is mainly focused on enhancement of behavioral efficiency. The system has been

established in the bank to entail a proper monitoring of important performance aspects that are

focused towards checking that company is achieving its predetermine strategies and objectives.

Since employees are an integral part of a firm and hence it is seen as the method that can be used

to the value with full capabilities of employees. It has been assessed in many of the researches that

this system have a strong and straightforward relationship with each other and the very aim of this

approach is enhancement in use of resources that leads to effectiveness.



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This tool enables an organization to evaluate and compare the performance against set

benchmark and appraise strategies and prevailing practices can be improved to augment work

benefit in the organization. Performance appraisal is term that is used to define the process which

is framed by an organization in order to ensure that every employee are well aware about the level

of performance anticipated of them in that particular role as well as objective of any individual

that will be required to attain the overall organizational aims and objectives. Organizations

undertaking per performance appraisal provides employees the opportunity to have one on one

time with their superiors to discuss the scope of their job roles and responsibilities to measure

performance and training needs for future potential.

UK manages the work efficiently and uses various concepts to manage employee’s performance.

Other than this standard chartered also uses diverse techniques in it like online performance rating

system and also follows the concept of consulting with other members prior to undertake any

individual’s performance up gradation.

The management of this bank ensures that effective human resource planning process is

being devised and properly skilled people are present to be organized in the management structure

to meet the future forecast work demands. The structure of this bank offers maximum of

opportunity for development of career and is perceived to contribute to valuable and proficient



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work practices. Suitable workforce data is readily available to inform management decision

making on human resource issues. Every individual employee working in an organization has their

own set of goals that include job satisfaction, fringe benefits, increased salary, self-respect, job

security, appraisal and equal employment opportunities. In this context human resource

management is developed to manage the issues of people in an organization as it is related with

them in several dimension of a firm. Standard Chartered bank of UK performs in a rigorous manner

and every employee’s performance is being monitored and thus rating is giving accordingly. In

this bank no fixed hierarchy system is being followed and each one is given equal opportunity. In

order to manage the performance of employees in an effective manner two types of process is

being followed one is the individual and other team based appraisal.

Findings – The data acquired here in has been depicted above in the bar diagram where in mostly

organizational review and online performance rating system is being used to monitor work

efficiency of employees. The results acquired from the analysis depicts that standard chartered is

undertaking a suitable system to monitor the performance of employees and believes on the

principle of equal appraisal of workforce. As it discussed in secondary analysis it has been found

that prior to accomplish any kind of performance appraisal an equal division of work as well as

individual should be reviewed from every aspect so that detailed information could be acquired.

Theme 7 – Bank follows an excellent performance management system

The outcomes derived from the primary research states that performance management

system of bank is very much efficient and due amount of significance is given to every aspect

while undertaking a performance appraisal system. Bank has enforced an effective performance

management system as it assists in to work towards the enhancement of overall organizational

performance by managing work of every team and individuals in order to ensure that attainment

of overall corporate ambitions and goals are undertaken.

Performance management system of the bank enables it to manage the performance in

corporate and also aids in to ensure that workforce understands about the significance of their own

contributions with organizational goals and objectives. Through this system the bank also

comprehends about what are actually expected form employees and equally analyzes whether the

workforce has necessary skills and support to fulfill the anticipations. The human resource

manager directly interacts with every individual about their performance and achievements in the




organization. In this regard they assess every employee on the basis of their potential, enormity of

work assigned and level of effort being given into it.

Findings – The analysis reflects that bank follows an effective performance management system

through which it enhances the process and acquires organizational effectiveness. This system aids

in to ensure that proper alignments of objectives are associated and facilitates in to effective

communication in the entire organization. Performance management system facilitates a cordial

and smooth relationship between an employees and the superior which is based on empowerment

and mutual understanding. Through this system bank undertakes a continuous open feedback

sessions for job of the employees and establishes a clear link between compensation and

performance.

Standard Chartered believes in innovative and sustainable approach to manage its people

and create competitive advantage by considering people as an asset for the organization. As

strength based organization, the firm undertakes a unique concept and focuses entirely on its

employees individual talents and assists them with several opportunities to put these into practice.

Standard Chartered views the system of Management by Objective (MBO) very beneficially for

its operation mainly as it gives importance to compensation packaging and this is the most vital

factor to retain key employees.

Findings – After the analysis of data it has been observed that management of bank is very much

supportive and offers required skills to manage the work as well as helps in employees to increase



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their performance level. The bank rewards in whatever is achieved and how it is attained and over

diverse culture and the significance on values of both play an vital role in compensation of decision

making and in compensation decision making with sustainable development in performance. The

management of this bank has an approach to reward and performance is designed to acquire

sustainable performance and also ensures that policies of remuneration supports on the business

strategy.

Theme 9 – With current system performance of employees has been considerable increased.

When respondents were asked that do they find that their performance level has been

enhanced with the prevailing system of banking, on this maximum number of employees have

stated that their work effectiveness have been raised with considerable amount. This analysis states

that performance level of employees as well as revenue of corporation has also increased with

increase work effectiveness. The HRM system of Standard chartered bank has led their

organization to collect the most talented and performing employees through extensive recruitment

programs all around the world with structural corporate procedure of training, learning and

mentoring newly employed people for further growth and develop their skills and talent in

organization. The transformed business environment has seen that a change is required in

companies as the employees have come just more than the usual resources. For instance if the

need for training of employees are fulfilled with general training on collective issues, the

companies stand without any direction and loses direction. One of the reasons behind companies

giving a lot of focus on its workforce is the nature of organizations in current business

environment. In the intense competitive business environment in which there has been steady

movement towards an economy based services, it becomes vital for companies especially in

service sector to retain their employees and encourage them to achieve the objectives. This

program includes three major intensive job rotations from different specialization that includes e-

learning, performance and talent development which is undertaken for 28 months training sessions.

It mainly assures that workforce is thoroughly equipped with bets wisdom and is well

aware with current trends in financial and banking services, customer’s engagement, employee

relation, risk reduction, personality development and human resource management. Standard

Chartered bank by enforcing the strategic human resource management program (SHRM) provides

resources to global networks to establish HF functions. Through SHRM and preparing every

member in a consistent manner the bank is offering facilities to incorporate close relationship with




their original company and gets them acquainted with global economic downturn and financial

banking crisis. Economic crisis has influenced almost every company in the entire world by

creating a turmoil and crucial decline to organizations including financial firms that creates a kiosk

in banking, some of them even delimit their borrowing structure and some drop down their

insurance, pre lending and other financial institutions.

Findings – From the primary research it can be stated that performance management system of

any company focuses in to recognize the probable development among workforce and adequately

utilizes it for mutual contentment by offering them right kind of support and guidance to undertake

the work in most suitable manner. In previous time period performance management was only

and top level management and also includes both organized and unorganized workforce with

numerous kinds of skills. Bank has made effective progress in three major areas as part of its

approach to manage people, employee engagement and health and safety.

Standard Chartered took various steps as part of its on-going commitment to create an

exclusive environment for its workforce, community and customers. The bank undertakes an

employee of the month program that is focused to highlight and identify the employee of the

month. Apart from raising the performance of employees it also aids in creating a competition



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among workforce where in every individual would try in to achieve the title of performer of the

month. Bank follows a transparent system where in every employee can easily take their issues to

the management including the top management as bank has an open door policy.

Findings – The results derived from the primary research entails that by offering the people a

supportive and open working environment they are able to develop themselves in a précised

manner and can also bring out the hidden talents that has not been developed till time. The diagram

above states that kind of working environment which is prevailing in the bank, on this around 47%

of participants believes that working environment is very much supportive and open in the bank.

The system of performance management is a continuous process and it aids in to manage people’s

work efficiency in order to acquire the desired organizational goals. This system is beneficial for

every major stakeholder in the firm by specifically defining what is suppose to be undertaken to

acquire particular vision and mission. Performance management is the all heart of any human

resources system and as it has impact on the entire HR functions and processes. By giving attention

on performance management system an organization can attain fruitful benefit with proper

organizational design and management systems.




Theme 11- Bank follows a set standard to review performance of employees

On asking the participants about the condition of performance management program of

bank, on this most of them have stated that it is of prominent quality and can be managed

adequately. The process of performance management in bank is of effective quality and work is

adversely managed. In individual appraisal process weekly flow meetings are organized but fully

fledged appraisal is done on annual basis. At the time of appraisal the salaries are fixed and name

of employees who are eligible for bonus are also fixed. To assess the performance of team monthly

appraisals are also done and campaigns are undertaken when every team is under strict observation.

In this campaign whichever team performs the best is rewarded. Performance of workforce

Findings – From the primary research it can be stated that in present business environment

conditions where in organizations are showing a high amount of commitment towards

strengthening of reward practices that are associated with other human resource practices and the

visions of organization to attract, retain and encourage every employee. An effectual reward

system aids in to attract result driven professional that can thrive and succeed in the performance

based environmental condition. Therefore, it is a vital motivator and contributes majorly towards

enhancement of productivity of employees if enforced effectively. A suitable reward system



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should be associated with development of a suitable system that focuses on performance based

pay and presents ample amount of learning opportunities along with a harmonious working

environment.

4.3 Regression Analysis

Regression analysis is explained as a method that uses in statistics to reflect the relationship

between two variables in the provided sample data. In the process to evaluate out cause and effect

relations among the two different variables that has been undertaken in data. The value of R square

in the regression analysis represents the actual percentage of differences between two diverse

variables in the research. Regression analysis is one of the most commonly used statistical tools in

behavioral and social science as well as in the development of physical sciences. The main

objective is to explore the relationship between a dependent and independent variable and it can

be adequately defines as straight lines to several other dimensions. Here, in regression analysis has

been undertaken in order to assess the effect of performance management system in the Standard

Chartered bank.




Table 1

Skills rating Revenue 10 7623 25 8470 30 10153 35 11010



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Coeffici

ents

Standar

d Error

t Stat P-

value

Lower

95%

Upper

95%

Lower

95.0%

Upper

95.0%

Intercept -

35.581

36891

17.1319

305

-

2.0769

0365

0.1734

28804

-

109.294

1164

38.131

3786

-

109.29

41164

38.131

3786

X Variable 1 0.0065

04334

0.00182

0706

3.5724

23643

0.0702

04895

-

0.00132

9533

0.0143

38201

-

0.0013

29533

0.0143

38201

As per the above table it is being found there has been a selection of variables in the form

of number of skills rating and revenue earned by the bank. The value of R square is found to be

0.864 that represents that there is 86% difference in the dependent variables which shows that there

is an increase performance level of employees with every subsequent year. It shows that as the

performance level of employees have been increased and there has been rise in skills ratings every

year revenue of Bank has been increased with a rising figure. In year 2009 the revenue of bank

was $7623 then in the year 2010 it increased and become $8470, moreover in the subsequent years

i.e. 2011 and 2012 revenue of bank increased and become $10153 and $11010 respectively. It is

due to the enhanced performance level of employees and as management paid increased amount

of attention on development of employees as well as on achievement of the organizational goals.




Table 2

Performance rating Revenue 12 7623 23 8470 28 10153 37 11010

SUMMARY

OUTPUT

Regression Statistics

Multiple R 0.96382

7138

R Square 0.92896

Total 3 326



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Coeffici

ents

Standar

d Error

t Stat P-

value

Lower

95%

Upper

95%

Lower

95.0%

Upper

95.0%

Intercept -

35.6074

1421

11.9725

0006

-

2.974

1002

0.0969

0098

-

87.1209

2426

15.906

09583

-

87.120

9243

15.906

09583

X Variable 1 0.00650

7131

0.00127

2385

5.114

122

0.0361

7286

0.00103

2501

0.0119

8176

0.0010

32501

0.0119

8176

The above table shows the relationship between performance rating and revenue acquired

by corporation. This table states the value of R in 0.928 that represents an increase of 92% in the

performance level of entire workforce. From the analysis it can be stated that as the performance

level of employees increases gradually the profit of bank has also been raised with the time period.

Table 3

Skills rating Behavioral efficiency

10 10 25 18 30 35 35 37

SUMMARY OUTPUT


Multiple R 0.9276

8

R Square 0.8605

9018 Adjusted R Square

0.79088527

Standard Error

4.93930341

Observations 4 ANOVA

df SS MS F Significa

nce F




Regression 1 301.2065

637 301.

21 12.3462 0.07232

Residual 2 48.79343

629 24.3

97 Total 3 350

Coeffic

ients Standard

Error t

Stat

P-valu

e Lower 95%

Upper 95%

Lower 95.0%

Upper 95.0%

Intercept 5.9362

9344 5.961155

443 0.99

58 0.42426

-19.71248

8 31.585

08

-19.7124

9 31.5850

75

X Variable 1 0.7625

4826 0.217020

532 3.51

37 0.07232

-0.171215

7 1.6963

12

-0.17121

6 1.69631

22

SUMMARY OUTPUT


Multiple R 0.98599

9062

R Square 0.97219

4151 Adjusted R Square

0.958291227



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Standard Error 2.68360

1093

Observations 4

ANOVA

df SS MS F Significa

nce F

Regression 1 503.5966 503.5

966 69.9273

135 0.01400

094

Residual 2 14.40343 7.201

715

Total 3 518

Coeffici

ents Standard

Error t Stat P-value Lower 95%

Upper 95%

Lower 95.0%

Upper 95.0%

Intercept

-53.1554

3541 9.442042

-5.629

65 0.03013

3769

-93.7812

64

-12.5296

0637 -93.781

-12.5296

1

X Variable 1 0.00839

1178 0.001003 8.362

255 0.01400

0937 0.00407

364 0.01270

8713 0.0041 0.01270

87

The assessment here in defines the relationship between behavioral efficiency and

organizational revenue. It shows that after giving focus on workforce and offering them adequate

training programs the bank is able to develop itself prominently and revenue has also been raised

with significant amount.




CHAPTER 5: CONCLUSION AND RECOMMENDATIONS

Performance management involves various activities in order to ensure that organizational

goals are continuously being met in the most efficient manner. It mainly focuses on the

performance of an organization, employees, processes or even a department in order to build a

product or service as well as many other areas. With the help of performance management tool an

organization can continuously measure performance of a company and also reflects about the

broader issues of an organization.

It has been found from the research that importance of HRM in the present business

environment has went with an drastic change and its main focus is on to develop diverse functional

strategies that basically helps in enforcement of major plans and policies in order to successfully

manage the work flow. From the assessment it has been observed that human resource mainly

works towards assisting and increasing performance of employees by developing and motivating

the work culture that can offer maximum opportunity to employees and participate in companies



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in the planning and strategic decision making process. From the analysis the results acquired

depicts that performance management system is the current need of time in the intensely

competitive environment. Performance management is a wide and broader approach in HRM and

it involves different activities such as communal goals and consistent progress and acquires

efficient feedback to enhance the process and develop and reward the system.

Here, in it has been found that performance management begins with the beginning up of

a novel service in the entire system and accomplishes when an individual leaves the company. The

standard chartered bank undertakes a suitable performance management system to monitor the

work and from time to time undertakes effective measures to increase performance level of

employees. The results acquired from primary research depicts in that bank has been able to

acquire a distinguished position and has successfully satisfied the customers with full potential.

The bank has enforced a well-defined structure for performance management of employees and

the management has implemented an appropriate communication process that acts as a key to

organizational success and it informs the workforce in well advance about several benefits and

rewards that they can receive if they undertake the work in well defined manner and meets out the

set standards.

The management has enforced a strong channel to communicate between administration

and the workforces as well as defines about the consequences that might arise if the work is not

undertaken in a well defined manner. It also focuses in to offer a feedback and manage individual

employees for the work done and portray an image in their mind set regarding the work whatever

they do meet the goals. The performance management program includes analysis of what has been

attained and represents it in various forms on the basis of career planning and also offers in

guideline for career planning. The bank has put emphasis on assessment and not on undertaking

appraisal, it is basically a forward looking plan that further aids on specification of precise

standards that can never be completed it real terms and is suspected to numerous errors that means

managers will require necessary skills to avoid unnecessary projections and reflects the tendency

to generalize the diverse issues.

The management of bank focuses on to ensure that every superior level manager and

workforces clearly understands about concept of performance management and also learn to

differentiate between effective work done and good ones. The team of human resource

management also undertakes several training and development program from time to time to




motivate workforce and also focuses to develop standards and establish a diverse measure for

effectiveness. The system of performance management of any company seeks in to identify the

potential of development among employees and optimally use it for mutual contentment by

offering them right kind of support to do the job in well defined manner. From the primary research

it has been found that standard chartered is efficiently managing its work but in some of the areas

it needs to develop itself so that work can be adequately managed, as in it has been seen found that

sometimes in the bank grievances or issues arises among the workforce due to which work cannot

be adequately undertaken and chances of conflict also arises.

desired results. But implementation of this approach also have several different challenges

associated where in most of the companies usually struggle with ongoing commitment and puts

in forward a consistent effort to measure and assess performance of employees.

The bank must view in this system in a more holistic approach by including diverse

relations and include different elements within it like organizational culture and the capability to

desire and also ensure that all the employees possess necessary skills, competencies and behaviors



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that facilitates them to comprehend about benefits of concept and also enables in to optimize

advantages for organization as well as individual. Other than this goal of organization as well as

individuals job responsibilities must be defined with aligned corporate goals and secondly each

employee’s yearly performance must be measured and promotion must be made on this basis.

By simply enforcing the performance management system the bank can itself fix its

perceived performance issues and encourage the workforce accordingly and as it has been

recommended that bank while enforcing this system must give in a holistic approach that

remembers that thus approach includes fat more than just performing that an annual appraisal and

also anticipates as in how to enhance the outcomes. The cultural transformation must be based on

performance and accordingly steps should be taken as it can take years to attain the desired goals

and needs the management to commit all the necessary resources. It can be a critical analysis for

the company to acquire it and there are several reasons that can be attributed to implement or

execute the employee’s not taking ownership or focus on activity rather than on resources.

In daily basis in every organization senior level managers are flooded with a high volume

of information and is needed to make in several decisions on daily basis. This is most of the time

difficult in order to be fair and regular in taking strategic decisions when seniors are undertaking

the work in reactive manner rather than on proactive basis. With the help of performance

management tool the senior personnel’s of the bank can also use specific set of parameters to make

decisions and act in a more active way rather than in a passive mode. It also aids in to take initiative

and make swift decisions that positively influences on efficiency level and overall performance of

organization.

In current competitive business environment managers who uses an efficient process and

program to manage performance can make their job life more convenient and decision making is

mostly simplified by performance management as it presents a precise set of frame parameters

with the help of which it can make continuous and reliable decision that moves the entire unit

forward to achieve its goals.




CHAPTER 6: REFLECTIVE STATEMENT

This research report was a splendid and valuable experience for me, in the academic

undertaking of this research report was very much interesting and it also aided me to enhance my

existing knowledge level and develop effective skills. During the study my perception about

changing human resource management structure and its roles in development of organizational

efficiency has been increased and it was quiet interesting to read about different scholarly journals

and articles during accomplishment of secondary research. In this respect many different articles

and useful research paper presented by various authors kept my interest in undertaking the

research.



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Appendix I

Questionnaire

Name _______________

Age _______________

Contact No. _______________

1.) Since how long you have been associated with Standard Chartered Bank, UK?

0 - 5 Years

5 - 10 Years

10 - 15 Years

More than 15 Years

2.) Are you satisfied with your current job roles and responsibilities?

Yes

No

3.) Do you think that performance management system of the organization is evidently explained

to employees?

Yes

No

4.) How often performance appraisal is made in the organization?

Monthly

Quarterly

Yearly

Others _______________________________

5.) What is the main objective of performance management system in the bank?

Promotion

Assessing training and development Needs

Pay Hike

Others ________________________________




6.) Does any kind of conflict arise among employees when performance appraisal is made?

Frequently

Often

Sometimes

Never

7.) On what basis performance management in the bank is undertaken?

11.) How much would you rate the performance management system of bank?

Excellent

Good

Average

Satisfactory



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Poor

12.) Does the supervisor guide you to enhance your performance in organization?

Strongly Agree

Agree

Strongly Disagree

Disagree

Not Sure

13.) Does the promotion of employees are strictly based on performance management system of

bank?

Yes

No

14.) Do you think that the organizational leadership makes in positive contribution in the overall

effectiveness of performance of employees

Strongly Agree

Agree

Strongly Disagree

Disagree

Not Sure

15.) Does the performance of employees have been enhanced due to current performance

management system?

Yes

No

16.) Does 360 degree performance appraisal system is undertaken in the organization?

Yes

No




17.) Are you presently satisfied with your current salary structure?

Yes

No

20.) Define the areas of improvement in terms of your present job responsibilities?

____________________________________________________________________________________________________________________________________________________________

21.) Do you think that performance management system of this bank helps in to identify the strengths and weaknesses of employees?

Strongly Agree

Agree

Strongly Disagree

Disagree

Not Sure



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22.) What kind of growth opportunities in bank you are looking for?

Succession Planning

Higher responsibilities

Career Development

Job enlargement

Increased pay scale

23.) What according to you the current performance management system of this bank is lacking or less beneficial?

____________________________________________________________________________________________________________________________________________________________

24.) According to you what measures should the bank employ in order to manage the performance management system in the organization?

______________________________________________________________________________

______________________________________________________________________________

Thanks for Your Cooperation
