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BCB Finance Company is one of the most reputable non-banking financial and investment service companies in London, UK. It is also one of the trading marketers of the finance industry of Europe and along with it, it is also the leading “crypto business banking partner" and provider of payments, and trading services regarding the digital asset economy (Bcbgroup, 2022). Founded in the year 2017, the organization is committed to provide quality services to its customers. The presence of the highly experienced “finance professionals” and the technology pioneers helps this firm to gain high competitive benefits by combining deep industry knowledge with innovation leadership. In 2020, the core subsidiary of BCB Finance, BCB Payments Limited was able to secure its API License (Authorised Payment Institution) from UK’s “Financial Conduct Authority” (Bcbgroup, 2022).
The above-stated organisational objectives are considered the top 3 priorities of BCB Finance’s HR. Each of the objectives is suitable enough to ensure the highly competitive benefits for this firm along with getting the scope to develop a dynamic market context in the digital asset economy. Moreover, these objectives help BCB Group to facilitate its quality services for its customers as being one of the first “multi-jurisdictional regulated cryptocurrency” service firms in the UK.
The first objective is evolving by adopting the digital trends along with greater digital securities to protect payments, custody, and trading. By keeping a strong focus on the changing perceptions of the market, it is possible to adopt changes frequently (Bohnert et al. 2019). The second objective such as to ensure the best operational practices, HR of the BCB Finance hires skilled personnel. These individuals are able to adopt the ongoing changes in the market and incorporate these into the business to get effective outcomes. Change regarding leading the crypto banking needs is evolved through the next generation of banking through efficiency and innovation.
Shared services organisations deliver as well as demonstrate such value to their customers in different ways. For example, focus can be provided on Tesco which is recognized as one of the most admired shared service organisations in the UK. Moreover, the organisation is also able to consolidate the global data centers into the “UK shared service” as well (Sahar et al. 2019). Focusing on the “NHS Wales Shared Services Partnership” (NWSSP), it is observed that the organisation maintains its shared services through high-quality as well as consumer-focused support functions along with services. However, in both cases such as for the large multinational private sector business and NHS, the consequences of shared services are quite the same. Local charities in the UK also use the shred service in order to facilitate greater profit areas.
Outsourcing is used by most business firms in the UK such as HSBC Holdings Plc, Avon Products, Inc., and GlaxoSmithKline Plc. Outsourcing helps an organisation to ensure consistent customer service through which it is possible to retain the customer base effectively (Lok et al. 2018). The “Three-legged stool model” is widely used by McDonald's, one of the most reputed fast food chains in the US for managing international business operations effectively (DiPrete Brown et al. 2020). HR business partnering is mainly used by multinational business firms in the UK to develop HR policies and processes in such a way as to fulfill organizational needs.
Lewin’s change model is the most easy-to-understand framework for humanizing the change management process. In order to achieve the change, it is essential to keep a strong focus on essential stages. Initially, it is essential to identify what supports the change and after that, identification of barriers is essential to sustain the change effectively. After that, development regarding proper leadership support and the creation of feedback and reward systems needs to be taken under consideration as well (Coghlan, 2021). Changes in the organisational structure need to be adopted as required to cope up with the change model effectively. In order to communicate changes in this regard, it is essential to set specific expectations with “change management communication”. Moreover, again and again, communication is also required here to make the employees accustomed for adapting changes. In order to evaluate change in this regard, a needs analysis must be conducted here, and obtaining the organisational buy-in is also essential in this regard. A strategic change vision needs to be developed as well and communication must be conducted in a compelling way for finalizing in which ways the changes must occur (Burnes, 2020).
In order to achieve change through Kotter’s 8-step model, initially, it is essential for the organisational leader to develop a greater “sense of urgency” for the change among workers. It can be beneficial enough to provide them with a clear overview of the incorporation of adopting sudden changes. A developed vision needs to be conducted in this regard as well to ensure short-term wins within the business context. Moreover, it is also essential to incorporate the change within the business culture to gain positive outcomes (Laig and Abocejo, 2021). In order to communicate change in this regard, it is essential to communicate regarding the vision and strategies to ensure appropriate decision-making. It is also essential to develop a shared vision in order to facilitate changes more accurately with the help of others. In order to implement this change model, specific stages need to be followed (Subramony et al. 2018). Stages such as the development of a sense of urgency, building the guiding team and developing a clear vision, communicating and empowering effective actions, and creating short-term goals without having the mindset of falling and sticking with the changes that need to be followed while implementing change through this model.
In order to ensure the fact that the HR of BCB Finance works in a professional, ethical and just manner, it is essential to evaluate the performance level of the firm in terms of company build policies. In relation to the first organisational objective of this firm, it is essential to keep a strong focus on the fact that if HR follows government-build policies while developing the infrastructure for covering payments, trading as well as custody (Sharp, 2019). In the case of the second objective such as to develop the operational practices, it is essential to measure the practices in terms of existing legal business policies within the organisation. In the case of the third objective, digital security guidelines that are developed by the UK government must be taken under consideration by HR to ensure ethical practice in this context.
The two main criteria and methods that are used for evaluating the contribution of HR functions are the SLAs (Service Level Agreements) and KPIs (Key Performance Indicators). KPIs are beneficial enough to help the business as well as the employees for defining and achieving professional goals. In the case of actual measurements regarding the HR objectives, it is essential to consider such KPIs here. Initial one is employee productivity through which it is possible to measure workplace efficiency that helps to maintain quality operational procedures as well. The second one is the dismissal rate through which BCB Finance can be able to measure the employee termination rate severely (�i�ek et al. 2020). The existence of an unethical workplace can enhance the number of employee terminations as employees are not able to cope up with this situation. Another KPI is the “retention of talent” based on which it is possible to retain the skilled workforce in a long-term aspect. A skilled workforce is beneficial to lead the market of crypto banking for this firm more adequately.
Human capital is the wide concept that helps to designate the personal attributes of an individual and these are essential for the production process (Sima et al. 2020). It is also effective to encompass the employee's knowledge, skills along with experiences severely. Human capital needs to be used in a particular way in order to gain the best possible outcomes.
Human capital is able enough to ensure a strong contribution to the development of organisational performance effectively (Akoi and Yesiltas, 2020). As an impact, it is also possible to embody the specific knowledge areas, skills, and essential developments in the investment of the labors through training and education. Human capital also affects the orgnisational performance indirectly by shaping those skills, attitudes along with behaviors of the workers. It is also possible to spot the opportunities in this context and it is also possible to develop strategic actions with the help of human capital that facilitate competitive benefits for the organization as well.
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Bcbgroup, (2022). About us. Available at: https://www.bcbgroup.com/about-us [Accessed on 2nd August, 2022]
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