Upgrading Human Resources in Bank of England

Upgrading Human Resources in Bank of England
Author’s Name
The Institutional Affiliation
Course Number and Name
Instructor Name
Assignment Due Date
Upgrading Human Resources in Bank of England
Introduction
HR professionals are uniquely positioned to help organizations manage change and transition. They are the people who are responsible for recruiting and managing employees, and they are often the ones who are most in touch with what is happening on the ground. HR skills are necessary to assess the organization’s needs and identify the skills and resources needed in the present technological change (Greer, 2021). Bank of England is recommended to create and implement training programs to help employees adapt to the new environment. It would be advantageous for BOE to provide support during the implementation process, helping to ensure that everyone is working together smoothly. The report aims to determine constraints in upgrading the HR system to BOE and the technical skills needed to address such issues.
Constraints in the Process of Upgrading Human Resource
The Bank of England might face some constraints in upgrading its human resources. Bank of England is a public sector bank that still relies on traditional recruitment methods, i.e., considers only the academic and on-the-job capabilities of employees in the recruitment process and do not evaluate employees’ psychological well-being (Omar, 2020). That is why the company is in dire need to upgrade its HR management system to technology-based; here are some challenges that the company might face:
Attraction and Selection of Best Candidates
The Bank might face constraints regarding the availability of qualified staff to fill new positions and retain key staff members. It is challenging to process the right talent as every candidate is different from others, and their social views and biases towards a particular culture could influence the managers’ decisions (Greer, 2021). In the 21st century, managers must be well-aware of recruiting the right talent because skilled talent is not abundant, and competitors might have the opportunity to grab the best one. Promoting Organizational Culture
Another challenge in the innovative and abruptly changing world is promoting an organizational culture where diverse minds put cultural values. HR managers need to work hard to develop a thriving corporate culture in such scenarios (Holland, 2019). In addition, upgrading the HR system will require new skills like language and communication abilities while recruiting the best.
Career Development and Training of Employees
Employees might be cautious in upgrading the HR system because they might be afraid of losing their jobs. That is why BOE needs to ensure that employees are well-trained based on the new HR system and have secured positions. The most crucial control might be the availability of funds to invest in training and development programs (Greer, 2021). The restriction on training might impact the overall career development of employees. Besides, training and development based on system up-gradation would be too costly.
Catering to Changing Solutions
Employees might resist the changing solutions, and some might leave the organization, which will create a chaotic environment. Managers will have to work hard to adapt to the changing in the HRM system to make the system more dynamic from traditional to modern HRM. Besides, a massive change in business ethics and values could be observed, which will impact the organization’s sustainability on the global and local platforms (Holland, 2019).
Making New Retention and Motivation Strategies
After upgrading the system, the company has to make new retention and motivation strategies that migh...