HR Strategy for HSBC Essay Example | Topics and Well Written Essays - 3000 words

HR Strategy for HSBC - Essay ExampleThis paper aims to provide an overview of the business dodge of HSBC Holdings plc and to develop the HR strategy that go away fit the new companys strategy.HSBC retail banking segment targets premium market, focusing on customers with medium to high incomes. Thus, the company is capable to earn life-threatening profits and to minimize risks associated with high-risk borrowings (Uvais, 2015). Recently, the company has updated its business strategy aiming to be where the growth is, connecting customers to opportunities (Hsbc.com, 2015). HSBC introduced a two-part strategy comprised of the following two elements (1) a network of businesses connecting the world, and (2) riches management and retail with local scale (Hsbc.com, 2015). Therefore, on the one hand, the company aims to achieve global reach and develop its business operations in the worldwide arena, achieving thus economies of scales, and on the other hand, it aims to capture opportunitie s in wealth management and retail markets with a focus made on growth markets (Hsbc.com, 2015). Strategically, the company aims to run its business in Asia, North Africa, and the Middle East as the markets with huge potential.Currently, the HSBC is restructuring its operations worldwide and in the UK. The company aims to improve its profitability and to reduce costs. In order to achieve this goal, the management is planning to cut the number of jobs significantly in the UK and across the globe. According to the most recent information, the company has introduced a cost-cutting strategy whereas its management aims to cut costs by $4.5 billion (3 billion) to $5 billion (3.3 billion) a year by 2017 (ITV News, 2015). However, in order to dampen the general effect of this cost-cutting strategy, the company also has a plan to create more than 2000 new positions (Uvais, 2015).