TABLE OF CONTENTS
TASK ONE The performance management tools used by the human resource function to monitor organizational performance
TASK TWO How Ecobank manages the Human Resource function.2.1 How Ecobank manages the human resource function with its size and industry sector2.2 How close is Ecobank to Senge’s idea of learning(2010)
TASK THREE How Ecobank ensures consistency, fairness and transparency in reward Management
How Ecobank ensures consistency
How Ecobank ensures fairness
How transparency is ensured by EcobankTASK FOUR Methods of employee selection and induction Ecobank may use to set realistic expectations and standards of organizational performance
4.1 Methods used in employee selection
4.2 Methods of induction
4.3 Justification of the methods used
TASK FIVE Future management talent, how candidate can be identified within the organization and methods used to develop them for senior roles.
5.1 The need for future management
5.2 How suitable candidates can be identified
5.3 Methods which can be used to develop employees for senior roles
BACKGROUND OF ECOBANK
Ecobank, whose official name is Ecobank Transnational Inc. (ETI), is a pan-African banking, conglomerate, with banking operations in 36 countries. It is the leading independent regional banking group in West Africa and Central Africa, serving wholesale and retail customers. It also maintains subsidiaries in the Eastern and Central part of Africa. It is a public company, founded in 1985, with its headquarters in Boulevard du Mono,Lome,Togo. They offer banking services, investments, funds transfer, products and services including pan-African lending, trade services, cash management, internet banking, value-chain finance, treasury services, corporate finance, investment banking and securities and asset management. The key competitors are; Prudential Bank, Stanbic Bank, Bank of Africa, Access Bank, Barclays Bank, Zenith Bank, Fidelity Bank and Omni Bank. It operates in the Western and Central part of Africa but also maintains subsidiaries in the Southern and Eastern part of Africa. It also has representative offices in Angola, China, France, Dubai, South Africa and the United Kingdom. (161 words).
Performance management enables associations to wind up more effectively and remain in front of competition. It basically includes measuring, reporting, and overseeing progress request to enhance performance, both at the individual level and at a corporate level. There are numerous execution apparatuses intended to make the procedure less demanding and more effective. Here are probably the most well-known devices.
Key performance indicators(KPIs) and metrics – KPI and metrics give approach to quantify how well companies, business units, projects or people are performing in connection to their key objectives, but the essential estimation of KPI is no in estimation per say, but in empowering rich information driven execution discussions and better choice making. Measuring everything that moves gives minimal more than fantasy that execution is being managed. Instead, it’s critical to ask, “what objective will this KPI help the association achieve, or what it resolve?” and “what choices will the KPI enable drive?” to well KPIs ought to be crucial navigational instruments, giving reasonable picture of current levels of execution and whether the business is a place it should be.
Performance appraisal – Execution examination or performance appraisal are the most generally utilized execution administration tool. When utilized properly, performance evaluations are unimaginably intense for adjusting the objectives of people to the vital points of the organization. To get the most out of this tool, however, employees must feel the examination procedure is a regular, honest, fair and productive two-way conversation. If not, appraisals would be able to a capable de-motivator, leading to a decrease in execution.
360 degree feedback – 360 degree feedback is an apparatus tied in with noting questions, how well our kin performing according to the individuals who have a stake in their execution. It furnishes people with an expansive appraisal of their execution in view of perspectives of those around them, including their chief or manager, direct reports, peers, customers, suppliers thus on. Results are privately counted and introduced to the employee, usually by the manager. The bits of knowledge from the 360 input are normally utilized as part of worker preparing and development. Done well, 360 degree criticism democratizes the audit process, by measuring the conclusions of numerous people, instead of simply the people’s line administrator.
Management by objectives (MBO) – MBO is the way toward characterizing particular targets and after that setting out how to accomplish every individual objective. It’s especially capable for particular work that should be completed one stage at a time, and is an extraordinary method to make a culture of working towards regular goals. The thought is that, as ever goal is achieved, those inside the association know about their achievements, which in turn, boosts assurance and motivation. Management by objective includes estimating singular execution and contrasting it and benchmarks that have been set.
Balance Scorecard – Executive administration structures is extraordinary compared to other known administration systems is the balance scorecard. Voted as a standout amongst the most compelling business thoughts ever presented. The BSC is a technique execution apparatus that encourages organizations to clear up their procedure and convey their business needs and goals and to screen advance by estimating to degree needs and targets are being conveyed and characterize and oversee activity intends to guarantee activities are set up to convey the business’ needs and vital destinations.
Personal Development Plan – A PDP is viably a custom-made activity arrange for that depends on reflection and mindfulness on a person’s execution and needs, setting out objectives for future execution and activities that will bolster individual development. PDPs are frequently used to distinguish particular preparing and advancement needs and make an activity get ready for addressing those requirements. Example; through particular courses or over shadowing other employees. (616 words)