Human Resource Management in a Multinational Corporation: Standard Chartered Bank (Research Paper Sample)

Human Resource Management in a Multinational Corporation: Standard Chartered Bank
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Human Resource Management in a Multinational Corporation: Standard Chartered Bank
Introduction
The Standard Chartered Bank Kenya (SCBK) is one of Kenya's most prominent commercial banks, despite being headquartered in the United Kingdom (UK). It remains a top-tier financial intermediary in Kenya with aggregate assets of approximately USD 50 million and USD 330 million in shareholders’ equity and total assets, respectively, according to fiscal 2017. The company has 39 branches within Kenya operating in distinct towns with a human resource base of nearly 550 employees. It also has different units that incorporate finance, contact center, commercial banking, institutional and corporate banking, retail banking, human resource, credit, and information technology; staff within the respective departments have distinct education levels and diverse experience (Ambiyo, 2018, p.4). Multinational corporations have to implement strategic human resource (HR) practices, including strategic planning, to provide an explicit picture of what is expected in the organization and set enough resources to meet such needs. Multinationals that implement and adopt efficient strategic planning in HR practices obtain a competitive edge, enabling them to survive and grow in the dynamic business content that is exceedingly competitive.
Despite strategic HR planning being of great significance, there are inherent challenges in its implementation, including lack of management and leadership support, inadequate resources, employees’ negative perceptions, and workforce resistance to change. Accordingly, national culture is a critical factor impacting strategic HRM because the underlying HRM values are not based on respective country beliefs. Given that most HRM frameworks are designed principally within economically developed countries’ contexts, most can be infeasible when directly applied in developing economies in African and its peer continents.