Organisation Design And Management Assignment Sample

Employee Engagement at HSBC: Strategies and Theories

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Introduction Of Organisation Design And Management Assignment

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Employee engagement is important in today's organizations, and various strategies have been adopted to enhance it. Furthermore, the report discusses work engagement in modern firms as well as the theories that underpin it (Ababneh, 2021). Furthermore, it covers various aspects of employee engagement in firms, as well as certain potential ramifications for the company and its stakeholders. Finally, it includes an explanation of various facets of staff engagement at HSBC.

Main Discussion

Topic background of employee engagement in contemporary firms and its related theory

Employee engagement is defined as the degree to which staff members are passionate about their duties and organizations, and are inspired to make a contribution to their progress. Workers who feel valued are more likely to like their jobs, show initiative, and go beyond what is required of them. Employee engagement has grown in importance in modern businesses because of its effects on staff well-being, work performance, economic output, and preservation. Employee engagement refers to the psychological pledge, encouragement, and optimism that staff has for their work and the company for which they operate (Byrne, 2022). Employees who are involved are enthusiastic about their jobs and are ready and able to do more than fulfill their job responsibilities to donate to the organizational progress. Employee participation, according to the investigation, is a crucial component of accomplishing the goals of the organization because it did lead to improved staff effectiveness, work performance, and loyalty. Workers who enjoy their jobs are far more plausible to remain with their present employer, which reduces attrition and the costs involved in hiring, shortlisting, and mentoring. Furthermore, brand loyalty and economic condition have been related to staff commitment. Workers who are passionate about their job tend to provide certain superior customer service, which results in improved client satisfaction rates, which results in higher sales and earnings for the organization. As a direct consequence, modern companies have begun looking to invest in methods that increase employee satisfaction (Raza, et.al., 2021). Fostering a positive work atmosphere, providing growth and development possibilities, recognizing and rewarding pension benefits, and publicizing the workplace are examples of these methods. Businesses may develop a more constructive, imaginative, and popular work environment by prioritizing employee satisfaction.

A number of employee satisfaction theories contribute to clarifying the variables that impact it. Here are a few of the most widely mentioned speculations:

  • Self-Determination Theory (SDT): So according to SDT, workers are happier if they have a feeling of independence, professionalism, and close relationships. Job refers primarily to their level of managerial authority, professionalism to their capacity to carry out daily duties, and close relationships to their sense of community and connectedness to others (Malik, and Garg, 2020).
  • Job Demands-Resources Model: According to this concept, work overload (e.g., work output, time restraints, stressors) as well as job funds (e.g., social help, personal freedom, responses) influence job satisfaction. People with a substantial degree of work funds and who can efficiently control job requirements, based on this theory, are now more likely to enjoy their jobs.
  • Social Exchange Theory: According to this supposition, the friendship between employees and employer influences staff morale. Workers who think that the values of an organization reinforce them seem to be more likely to feel involved and devoted to their job, in accordance with this concept.
  • Job Characteristics Theory: According to this principle, particular job features like work engagement, role clarity, meaningfulness, independence, and comments can have an effect on worker satisfaction. Jobs that are daunting, purposeful, and offer chances to advance and innovate are more inclined to result in involvement (Men, O’Neil, and Ewing, 2020).
  • Positive Psychology: In order to increase employee participation, psychology highlights the significance of positive experiences, personality factors, and interesting employment. Workers who feel good feelings have chances to use their strengths and consider their jobs to be important are now more likely to enjoy their job, according to this hypothesis.

A different aspect of different aspects of employee engagement in contemporary firms

Employee engagement in modern businesses is a multifaceted idea that covers various facets. Here are a few of the most important elements related to worker participation:

  • Emotional Engagement: Emotional engagement is an individual's emotional connection to their job and the organization for which they work. It entails being enthused, dedicated, and dedicated to one's job and the organization. Emotional participation is vital for creating an enjoyable work culture and a sense of belonging among employees.
  • Cognitive Engagement: The level of psychic complicity and permeation in one's task is called cognitive participation. It entails being fully involved in one's work and concentrating on duties with intensity and passion and commitment. Learning is required for outstanding job effectiveness and efficiency (Hamadamin, and Atan, 2019).
  • Behavioural Engagement: Behavioral component relates to an individual's desire to go beyond what is required for their job demands in order to donate to the business's survival. It entails demonstrating initiative, and be assertive, and seeking out ways to enhance work procedures as well as results. Behavioral engagement is critical for encouraging place of work innovative thinking and process improvement.
  • Social Engagement: The degree of involvement and conversation a worker has with colleagues and the larger organizational public is referred to as social connection. It entails developing healthy relationships, proficiently partnering, and making a contribution to a welcoming and uplifting work environment (Guan, and Frenkel, 2019). Social engagement is critical for cultivating group work, communicating effectively, and nurturing a feeling of belonging and common goals.
  • Intellectual Engagement: The level of academic interest and inquisitiveness in growing as an individual in one's role is referred to as defining the notion. It entails searching for fresh hurdles, broadening one's expertise and abilities, and going to seek constructive criticism to enhance one's effectiveness. Erudite engagement is critical for fostering worksite invention, the ability to adapt, and flexibility.

The degree of involvement and conversation a worker has with colleagues and the larger organizational public is referred to as social connection. It entails developing healthy relationships, proficiently partnering, and making a contribution to a welcoming and uplifting work environment. Social engagement is critical for cultivating group work, communicating effectively, and nurturing a feeling of belonging and common goals.

Companies may use tactics that tackle all of those different facets to foster staff morale in modern firms (Shkoler, and Kimura, 2020). Organizations could really start concentrating on direct interaction by building an enjoyable worksite atmosphere that supports staff well-being, provided an opportunity for praise and admiration, and fosters a sense of purpose and significance in work. Organizations can encourage cognitive involvement by offering staff members with worthwhile and difficult work that matches their abilities and hobbies and provides possibilities for professional development and growth. Organizations can promote an environment of accountability and responsibility by empowering employees to take an effort and contribute effectively to the organizational progress (Kwon, and Kim, 2020). Businesses may encourage user interactions by building teams, partnerships, and connectivity through teamwork, mentoring programs, and encompassing leadership effectiveness. Eventually, to define the notion, organizations could provide staff with possibilities for education and growth, such as training programs, training, and mentorship.

To summarise, employee participation is a multifaceted concept that embodies multiple facets. Fostering involvement in modern firms necessitates a comprehensive strategy that tackles all of these different facets through customized tactics and initiatives. Businesses that prioritize employee retention can generate a somewhat more constructive, inventive, and effective work environment that benefits both employees and organizations overall.

Various aspects of employee engagement in the HSBC

HSBC is a global financial institution with over 65 nations where it operates and over 235,000 employees. Employee engagement is a critical component of HSBC's organization because it is related to a variety of results like improved retaining employees, economic output, and customer experience (Santhanam, and Srinivas, 2019). Employee engagement is an important aspect of any organization because it affects the industry's efficiency and effectiveness. HSBC is one of the largest global financial institutions and a global leader in the financial service and banking industries. The company places a high value on work engagement and has edge measures aimed at improving staff morale, fealty, and effectiveness. In this section, we will go over the various facets of staff involvement at HSBC.

  • Leadership: The leadership of HSBC is essential to encouraging employee satisfaction. Leaders provide clear vision, set standards, and focus on ensuring staff members have everything they need to do their jobs effectively. The current leader at HSBC promotes public dialogue and input, which makes workers feel appreciated and endorsed. This strategy has aided in the development of a society of openness, confidence, and oversight, which would be critical for employee satisfaction (Pongton, and Suntrayuth, 2019).
  • Work-Life Balance: HSBC recognizes the value of having a positive work-life balance for employee satisfaction. Flexible scheduling options, such as remote employment, condensed working time, and career, are available at the business. HSBC also provides programs to help individuals handle their workflows and family matters. The employees value their co-workers very well and encourage a positive working balance.
  • Career Development: Employees at HSBC have chances to pursue professional expansion and have to learn. The company will offer instruction, mentorship, and mentoring programs to help staff improve their abilities and grow as professionals. HSBC also has an efficiency management strategy in place to lend a hand in setting goals, seeking advice, and tracking their advancement. This strategy has improved staff participation by making them feel valued and backed (Kwon, and Park, 2019).
  • Rewards and Gratitude: HSBC recognizes and rewards workers for their dedication, which is critical for employee satisfaction. To recognize coworkers' successes, the business offers a number of programs including rewards, bonuses, and accolades. HSBC also allows workers to provide and give comments, which contributes to a society of gratitude and respect.
  • Diversity and Presence: HSBC understands the value of inclusion as well as diversity in performance management. The business has introduced policies that advertise workplace inclusion and equality. HSBC's method of being inclusive and diverse has helped facilitate the creation of a civilization of respect and acceptance of all people, which has resulted in greater engagement among workers (Armstrong, and Taylor, 2023).
  • Corporate Social Responsibility: Employees at HSBC are encouraged to take part in initiatives pertaining to corporate social responsibility. Policy frameworks and partners have been carried out by the business to support networks, make them sustainable, and assist those in need. This strategy has assisted in instilling a feeling of meaning but also prestige in HSBC workers, leading to a greater degree of interaction.

Finally, HSBC has applied a range of programs to boost employee involvement, such as great leadership, task balance, career advancement, recognition and bonuses, inclusion and diversity in the workplace, and social responsibility in the workplace (Chahda, 2019). Those same projects have made a significant contribution to greater engagement among workers besides fostering a culture of openness, belief, and personal responsibility. HSBC's strategy for staff involvement had also allowed it to define its position as a ruler in the payments market, and it is proof of the firm's dedication to its staff members.

Implications Of Different Aspects of Employee Engagement for The HSBC And Its Stakeholders Explain Using Relevant Theory

The Social Exchange Theory is a theory of psychology that describes how people form but instead develop contact that involves resource interaction. According to the hypothesis, individuals will have the incentive to keep in contact where the perks are comparable to or higher than prices. This theory states that in an atmosphere of staff involvement, staff members receiving assistance and assets from their company will feel more involved as well as dedicated to what they do (Kidd, and et.al., 2020). As a worldwide financial institution, HSBC understands the value of talent management and has executed a variety of efforts to assist it. Leadership, employment alignment, career opportunities, recognition and praise, and inclusiveness and diversity are all components of employee retention at HSBC that have an impact on the profitability and its decision-makers. Improved worker preservation is one of the repercussions of performance management for HSBC and its decision-makers. Workers that get assistance and facilities from one‘s institution, according to the notion of social exchange, will just be inspired to return the favor by demonstrating greater levels of involvement, fealty, and achievement. The emphasis on performance management at HSBC can aid to create an environment of mutual recognition in which staff feels appreciated and assisted, resulting in greater levels of involvement, effectiveness, and fealty (Shrotryia, and Dhanda, 2019). This can lead to lower staff turnover, lower staffing and instruction expenses, and improved economic performance for the business. Furthermore, workers who feel respected and endorsed are more inclined to write in positive ways about the organization, improving the brand reputation and rendering the business more appealing to prospective shareholders and staff. Increased client happiness is another benefit of employee retention for HSBC and its stockholders. For workers that get assistance and aid from their organization, it is important to give back by having provided customers with superior service, as shown by the concept of social exchange. HSBC's emphasis on employee engagement can contribute to the development of a cultural context of superior service in which staff members strive purpose of providing outstanding client service. This can result in greater client fulfillment, which can boost the business's reputation and draw in fresh consumers and shareholders. Besides that, work engagement can have a beneficial effect on worker health. Workers that get assistance and assistance from their organization, in accordance with social exchange theory, will have fewer problems with stress and tiredness. Employee engagement initiatives at HSBC, such as job state of equilibrium and career advancement, can significantly minimize work requirements capable of providing advantages for staff, resulting in a greater sense of involvement and very well (Sopiah, and et.al., 2020). This can result in higher output, reduced absenteeism, and better worker retention. A positive work rebalancing and a favorable work atmosphere can also help to improve the image of a business, increasing its appeal to consumers, shareholders, and job applicants. Ultimately, employee engagement may have a positive impact on HSBC investors and society. Workers who get assistance and supplies from their organization, as per the theory of social exchange, will indeed be energized to give back by demonstrating greater levels of involvement, fealty, and effectiveness. This can translate into increased profitability for common stockholders. Furthermore, a civilization of commitment and discipline that promotes social change can improve the company image, providing care and support by helping to promote ethical and sustainable business practices (Lesener, and et.al., 2020). Finally, the Social Exchange Theory indicates that worker engagement can benefit organizations and their decision-makers. Employee projects at HSBC, such as current leader, task alignment, career advancement, recognition and incentives, and diversity training, can result in enhanced staff morale, client satisfaction, employee and well, and profitability. In turn, this can link to global culture besides encouraging accordance with ethical practices.

Conclusion

From the above study, it can be concluded that the different aspects of employee engagement help to influence people and manages the strategies for promotion at the workplace. The different aspects of employee engagement help to develop a positive environment at the workplace and increase opportunities for appreciating others. Thus, it provides an idea about the multidimensional culture with the development of different aspects which addresses the initiatives at the workplace. The approach of HSBC helps the business to develop its activities as a leader and enhance the services with opportunities.

References

Ababneh, O.M.A., 2021. How do green HRM practices affect employees’ green behaviors? The role of employee engagement and personality attributes. Journal of Environmental Planning and Management, 64(7), pp.1204-1226.

Armstrong, M. and Taylor, S., 2023. Armstrong's Handbook of Human Resource Management Practice: A Guide to the Theory and Practice of People Management. Kogan Page Publishers.

Byrne, Z.S., 2022. Understanding employee engagement: Theory, research, and practice. Routledge.

Chahda, E., 2019. Exploring the relation between strategic openness, alignment, and employee engagement: the case of Bank of Beirut (Doctoral dissertation, Notre Dame University-Louaize).

Guan, X. and Frenkel, S., 2019. How perceptions of training impact employee performance: Evidence from two Chinese manufacturing firms. Personnel review, 48(1), pp.163-183.

Hamadamin, H.H. and Atan, T., 2019. The impact of strategic human resource management practices on competitive advantage sustainability: The mediation of human capital development and employee commitment. Sustainability, 11(20), p.5782.

Kidd, A., Maak, T., Pless, N. and Harris, H., 2020. Development of employee engagement through CSR. Employee engagement in corporate social responsibility, pp.28-46.

Kwon, K. and Kim, T., 2020. An integrative literature review of employee engagement and innovative behavior: Revisiting the JD-R model. Human Resource Management Review, 30(2), p.100704.

Kwon, K. and Park, J., 2019. The life cycle of employee engagement theory in HRD research. Advances in Developing Human Resources, 21(3), pp.352-370.

Lesener, T., Gusy, B., Jochmann, A. and Wolter, C., 2020. The drivers of work engagement: A meta-analytic review of longitudinal evidence. Work & Stress, 34(3), pp.259-278.

Malik, P. and Garg, P., 2020. Learning organization and work engagement: The mediating role of employee resilience. The International Journal of Human Resource Management, 31(8), pp.1071-1094.

Men, L.R., O’Neil, J. and Ewing, M., 2020. Examining the effects of internal social media usage on employee engagement. Public Relations Review, 46(2), p.101880.

Pongton, P. and Suntrayuth, S., 2019. Communication satisfaction, employee engagement, job satisfaction, and job performance in higher education institutions. Abac Journal, 39(3), pp.90-110.

Raza, A., Farrukh, M., Iqbal, M.K., Farhan, M. and Wu, Y., 2021. Corporate social responsibility and employees' voluntary pro?environmental behavior: The role of organizational pride and employee engagement. Corporate Social Responsibility and Environmental Management, 28(3), pp.1104-1116.

Santhanam, N. and Srinivas, S., 2019. Modeling the impact of employee engagement and happiness on burnout and turnover intention among blue-collar workers at a manufacturing company. Benchmarking: An International Journal, 27(2), pp.499-516.

Shkoler, O. and Kimura, T., 2020. How does work motivation impact employees’ investment at work and their job engagement? A moderated-moderation perspective through an international lens. Frontiers in psychology, 11, p.38.

Shrotryia, V.K. and Dhanda, U., 2019. Content validity of assessment instrument for employee engagement. Sage Open, 9(1), p.2158244018821751.

Sopiah, S., Kurniawan, D.T., Nora, E. and Narmaditya, B.S., 2020. Does talent management affect employee performance?: The moderating role of work engagement. The Journal of Asian Finance, Economics and Business, 7(7), pp.335-341.

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