OCBC Bank Talent Management and Development – Case Study Example
Human Resources OCBC Bank Talent Management and development Case Study Question A Oversea-Chinese Banking Corporation (OCBC) has laid a lot of emphasis on training and development of capacity of its employees. The bank had developed several programs through which employees can learn different things in regard to their work and thus help them improve their careers. The bank created a learning center called the OCBC Learning Academy with an aim of enhancing learning and talent development for employees. The bank has dedicated a whole floor for learning and capacity development (HRM Asia, 2012).
At the OCBC learning academy there are two major programs that employees have to undergo. These are Career Best and OCBC learning-3 programs. The Career Best program curriculum created to aid employees under the program to know their strengths and then relate these strengths and their talent to the bank’s objectives. OCBC learning 3 programs aims at assisting employees to establish a clear roadmap of their working for the bank in their first three years of work at the bank (HRM Asia, 2012).
After finishing modules in the training programs, employees are given the opportunity to switch between departments so that they can explore their talents. This makes the bank’s talent development programs very unique from other organization’s talent development programs. (HRM Asia, 2012) states that this allows employees to stretch their talents to full potential.
Bank of America (BofA) is a bank which was established in the USA has now expanded to over 40 countries. It has a program to develop talent based on its three core beliefs (Carter, 2012). These beliefs include individual ownership and global consistencies. The talent development program runs for one year and coaches high potential employees to be senior leaders of the bank (Carter, 2012). The program educates the participant on ways of being consistent in achieving goals of the bank globally and how to adapt to different business cultures. The program also provides simulated assessment to the learners to help them to know their strengths.
The approach used by OCBC in talent development and management is well structured and has greater impact in comparison to the approach used by BofA. This is because the OCBC talent development approach is inclusive of all employees. It also has different timelines whereas the BofA approach is selective and only runs for one year.
The approach Oversea-Chinese Banking Corporation has used to develop talent of employees has been a major contributor to the bank’s success over its rivals. The talent development programs under OCBC have helped employees to know their strengths and how to use these strengths in achieving the organization’s goal. As a result, it has in turn led to more focused efforts by employees in their various roles at the bank since the employees now know their responsibilities better. The talent development programs have led to innovation by employees that have assisted the bank to achieve its targets (HRM Asia, 2012).
Job rotation under the talent development programs at OCBC has contributed significantly in making the bank successful for the last decade. This is because it allows people from different departments to bring in new ideas that can solve another departments challenges. Job rotation has also increased cohesion among employees (HRM Asia). The talent development programs at OCBC have also led to low employee turnover rate. This is because these training programs have improved the capacities of employees and thus they feel entitled to give back to the organization by offering efficient services.
Talent development programs however, have not been the only key factor for OCBCs success. Other factors that have contributed in some way to OCBC’s success include better employee remuneration, acquisition of smaller banks and entry into foreign markets. OCBC has acquired some banks and merging with other financial institutions (Tan, 2013). This has led to expansion of the bank locally thus strengthening its regional presence. Entry into foreign markets has contributed to the bank’s success by increasing the customer base of the bank. This has increasing the amount of savings and deposits in the bank. Use of technology in service provision to customers has given the bank an edge over its rivals (Rowley & Benson, 2004).
OCBC talent nurturing approach can be implemented in various other industries including in non-financial industries. However, in some industries such as in the manufacturing industries, some of the practices under the OCBC approach are not viable. Practices such as job rotation are not easy to implement in some other industries.
Therefore, the talent development approach requires modification to fit such industries (Rowley & Benson, 2004). Failure to modify the talent development approach as implemented at OCBC can lead to production of substandard goods in manufacturing industries.
OCBC has excelled in different facets of the financial sector in recent years. The bank was named the strongest bank in the world in 2012 (HRM Asia, 2012). The bank has already been awarded more than seven awards in the year 2014 for its excellent services in supporting SMEs, Islamic banking and in providing different financial solutions. The success is attributed partly to the human resource management strategies employed in the bank (Tan, 2013). OCBC has continued to develop talent of its employees in its different branches by offering online courses and simulated learning.
Rowley, C., & Benson, J. (2004). The management of human resources in the Asia Pacific region: Convergence reconsidered. Hove, UK: Psychology Press.
Tan, M. (2013). Corporate governance and banking in China. London: Routledge.
Carter, L. (2012, April 20). How Bank of America Develops Leadership Talent Around the World. Retrieved October 22, 2014, from http://goo.gl/8RQ8RF
HRM Asia. (2012, October 12). Putting the person in personnel. Retrieved October 22, 2014, from http://goo.gl/xnRxEG