Human Resource Practices and Technology
MADS 6602-V5- Theory and Practice of Administration
Instructor: Dr. Nisa Chand
July 24, 2018
Fairleigh Dickinson University
Table of content
3. Structure of RBC
7. Human Resource Management
8. Some shortcomings in HR practices
This paper illustrates about the Royal bank of Canada and explores more about the hiring practices of the bank. This study generally focuses on use of technology in human resource management in RBC to assist hiring of talented and deserving candidates. It gives the brief idea about the background, vision, values and structure of the bank by referring to most recent studies. As every organization have some limitations and for RBC some are described in the end of the paper.
Keywords: -RBC (Royal Bank of Canada), HRM (Human Resource Management), Technology
Royal Bank of Canada is a well- established and largest bank in the world. This enterprise is based on the market capitalization and is famous for providing efficient financial services throughout the world. Royal bank of Canada has various subsidiaries running successfully in Canada, United States and other 56 countries. All these branches operate under a common brand name RBC. The organization has proved its remarks by evolving as North America’s leading company for providing various monetary services such as personal and commercial banking, insurances, revenue management services, Global payment assistances and appropriate services for raising financial capital to individuals, cooperation and governments (Corporate Responsibility Report and Public Accountability Statement, 2011).
Structure of RBC
According to a report aggregated amount of assets of RBC bank was C$680.3 billion at April 30, 2009 (Stanley, July 16, 2009). The Bank has achieved a valuable business by serving more than 11 million people around the world by assisting in their personal and commercial needs by providing facility of ATM (Automated Teller Machine), Online and mobile Banking and affluent professionals. RBC bank gives employment to almost 74000 employees both full time and part time and gives special consideration to diversity at workplace by taking care of designated groups (Corporate Responsibility Report and Public Accountability Statement, 2011).
The bank considers trust and integrity as essential components for long term success. RBC bank works on the vision of earning rights to their client’s first preferences (Corporate Responsibility Report and Public Accountability Statement, 2011).
All the actions and decisions are made according to a set of pre- established core values in all the branches of RBC. Employees are motivated to work following ethical code of conduct while being productive at the same time. RBC tries to ensure the success of all sectors of the society and consider the long-term benefits for the economic and corporate welfare. The organization consider five fundamental values which are listed below: –
• Trust and integrity are the main factors incorporated in all the employees
• Providing supreme quality of services to their clients.
• Every employee understands and holds the responsibility for preeminent accomplishments.
• Collaboration is instilled in all the employees for prosperity.
• Diversification is essential for development and creativity.
These values build the innovative culture of the organization and RBC train their employees to follow this code of conduct (Corporate Responsibility Report and Public Accountability Statement, 2011).
The strategic goal of RBC is to become a leading organization for delivering investment assistance to all the sectors of the society and its expansion in North America (Corporate Responsibility Report and Public Accountability Statement, 2011).
Human Resource Management
Structure of RBC has five different divisions such as Canadian Banking which deals with personal and domestic day to day activities , International Banking which provide wide range of applications of investment and transferring money in maximum feasible ways, Insurance Services for health conditions , savings and retirement policies, Capital Market segment provide financial services to business corporations, governments and institutes to ensure the economical balance in the society and Corporate Management sector is responsible for assigning technological support for all operations and services. To manage all the sectors responsibilities are divided into equal divisions between the committees. Human Resources committee is liable for management of people within the organization and focus on implementing policies and procedures (Corporate Responsibility Report and Public Accountability Statement, 2011).
Human resource management in RBC always strives to maintain diversity in workplace for more creativity. RBC have strong representation of women employees and it increases to 42% from 3% according to report published in 2016. Statics of visible minority are also raising day by day and have reached up to 34% in 2016. Moreover, graph for the representation of the employees with disability is also high rather than the outside workforce ration and it value is 7.2% as compared to 4.8%. All these statics reveals that RBC has 99% representation of diversity among their employees (RBC employment equity report, 2016).
RBC is emerging as a global market place because of its unique policies. The organization tries to bring the people from the minority group in leadership roles and boosting their confidence to maintain the balance in the economy. Also, when we review the history evidences are available which show that RBC always supports the immigrants to develop their career in the organization. It always gives considerable attention to generate various policies and strategies for recruitment of all the representative members of the society for better understanding of customer need (RBC employment equity report, 2016).
Hiring Procedure Development- RBC has adopted various policies which have shown positive results over the period. Firstly, the recruitment team is constructed in such a way that it represents the variance of skills, talent and other minority groups. This ensures fair selection of the candidates. RBC is one of those companies which gives equal opportunities to the immigrants by accepting international credentials and does not require Canadian experience to support the selection procedure. It also takes the assistance of various software’s to eliminate the bias in hiring process and specially gender discrimination is completely eradicated by using such software. The organization has got many rewards for supporting new talents by giving them career placement and has a partnership with the organization named Access which provides services to people for developing resumes and networking for getting desired jobs (RBC employment equity report, 2016).
Recruitment procedure is assisted by software which recommends similar candidates as per the description in the requirement and it lessens the workload of hiring committee and enables them to do all these tasks with minimum efforts. The system also offers other facilities such as creating job requirements according to the need of skill set and education level and helps in creation of description and comparison of salaries within the market for similar level of jobs. Implementation of technology in human resources also helps in job postings on various platforms such as on corporate website, social media and other job boards. Moreover, it keeps a check on candidates applying through various mediums and it resembles them and maintains a proper sequence of candidate suitable for specific job. After the selection of the correct candidate with the aid of technology audio or video interviews are arranged. All these procedures clearly explain the vital role of technology at every step of the selection process (Moses ; Sharma, June 21, 2018).
In this revolutionary era of technology, organizations are adopting various technological advancements in their daily practices which has enabled human resource departments to focus on other required matters to improve the work productivity. To manage the skill shortage organizations are increasing diversity in their employees to facilitate learning from different cultures and hiring new fresh outs from the educational institutes with maximum flexibility to provide them favorable work environment and ultimately high work commitments are observed in those employees. RBC is one of the top employers who are using these scenarios in practice. It is organizing various employee engagement surveys, customer reviews and use of social media to access acceptability of the organization among public (Srivastava, Nov 25,2016). RBC is using digital technology to assist its employees to learn about their job duties once they have assigned a specific job position, meeting their fellow employees online for team work and to familiarize them in the organization culture. They have developed an application for this purpose and name of that application is ‘Embark’. Furthermore, RBC is developing a ‘prebording’ application by combining HR practices and information technology, which will support the employees to develop their career in future by continuous learning and gaining information about work responsibilities of other employees in the same workplace (Volini, Occean, Stephen ; Brett Walsh, February 28, 2017). RBC is using data analysis to measure the employee performance and financial gains. It has conducted two major people analytics projects. First one was done to evaluate the accomplishments of mangers and other employees. If any employee is lacking behind in any scenario then proper training programs and educational concerts are arranged accordingly to keep them updated with the latest trends in the market. Another project was more focused on assessment of consumer interests in any particular policies and services. As RBC has always given priority to satisfy their customers’ needs, so this step was able to prove its relevance over the period (Shaw & Schifrin, 2017).
RBC has an impressive history in the field of technology and has always taken many unique initiatives to facilitate good service to its customers. In 1961, RBC was the first Canadian
Bank to have a computer in its office and it introduced ATM network in 1972. Other revolutionary changes made by RBC were starting of online banking services in 1995 and launched mobile applications in 2008. Now RBC is working on many new projects to bring the banking technology to the higher level such as using artificial intelligence, machine learning analytics, visualization, speech synthesis and many more (Technology at RBC, 2016).
Some Shortcomings in HR practices
RBC bank was criticized by Canadian citizens for hiring immigrants to replace the current Canadian employees working in RBC. At that time bank was not able to give clear answers about its hiring practices and faces huge amount of indignation by public on social media (Mehta, April 8, 2013). Some other drawbacks which are revealed by RBC employees are that the organization provide very slow raise in their work and minimum salary increase instead of immense hard work for performing their job responsibilities. Another concern is related to long working hours which poses difficulties for many employees to balance work and life.
There is no doubt that the organization is doing well for providing financial services and also for imparting best working environment to its employees by being employer of the choice. But at the same time, they should give more attention to its hiring practices for giving equal opportunities. RBC is providing flexible schedule for part time employees and it should be given to full time employees also so that they can maintain their personal lives also without any difficulties. Promotions should be more focused on performance based and should shorten the time period in between job positions. Horizontal promotion system can be considered for more productivity from the employees.
All in all, RBC is a well reputed and famous banking organization. The bank has a defined purpose and every employee of the company work according to the values and beliefs. Its values, diversity, employee engagement, effective leadership style, adaptability and talent management practices make it a reliable organization in finance sector. It uses the admiring HR practices and technology to support hiring and selection procedure. RBC is also working on its shortcomings and use of environment friendly practices is its biggest strength which will certainly bring it to frontline among other organizations.
Corporate Responsibility Report and Public Accountability Statement. (2011). RBC-CRR- Report-2011-e.pdf. Retrieved July 23, 2018, from http://www.rbc.com/community- sustainability/_assets-custom/pdf/RBC-CRR-Report-2011-e.pdf
Mehta, D. (2013, April 08). RBC scrambles to explain hiring practices. Retrieved July 23, 2018, from https://globalnews.ca/news/461489/rbc-scrambles-to-explain-hiring-practices/
Moses, J. J., & Sharma, A. (2018, June 21). Workplace 4.0 – Here’s how machine learning is transforming HR. Retrieved July 23, 2018, from https://www.peoplematters.in/site/interstitial
RBC Employment Equity Report. (2016). Employment_Equity_Report_EN.pdf. Retrieved July 23, 2018, from http://www.rbc.com/diversity/docs/Employment_Equity_Report_EN.pdf
Shaw, K., ; Schifrin, D. (2017). Royal Bank of Canada: Using People Strategy and Analytics To Drive Employee Performance (A). Retrieved from https://www.gsb.stanford.edu/faculty-research/case-studies/royal-bank-canada-using- people-strategy-analytics-drive-employee
Srivastava, R. (2016, November 25). Best HR practices of 2016. Retrieved July 23, 2018, from https://www.peoplematters.in/article/hr-ready/best-hr-practices-of-2016-14542
Stanely, M. (2009, July 16). Microsoft Word – RBC_2009 Prospectus _07_ _clean_.doc. Retrieved July 23, 2018, from https://www.rns- pdf.londonstockexchange.com/rns/8229v_1-2009-7-16.pdf
Technology at RBC. (n.d.). Make your mark with the RBC technology team. Retrieved July 23, 2018, from http://www.rbc.com/techjobs/
Volini, E., Occean, P., Stephan, M., ; Walsh, B. (2017, February 28). Digital HR: Platforms, people, and work. Retrieved July 23, 2018, from https://www2.deloitte.com/insights/us/en/focus/human-capital-trends/2017/digital- transformation-in-hr.html