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When people mention HR (human resources) these days you will probably hear a few buzzwords such as talent management and human capital - evidence itself that human resources as a discipline is changing to keep up with the demands of business in the 21 st century. With new opportunities opening up for HR professionals, what will the future hold, and will this future be bright? Initially, the role of the personnel function was a strictly administrative one, a mix of accounting, finance and employee relations. But human resources has become more of a service function than an administrative one, it has become an internal service to help managers do their jobs effectively, and has thus become more important. Now we try to discuss the management practice and workforce diversity of world known company ING group. ING Group is a global financial institution of Dutch origin with 115, 000 employees.
ING offers banking, insurance and asset management to more than 60 million clients in over 50 countries. The clients are individuals, families, small businesses, large corporations, institutions and governments. ING comprises a broad spectrum of prominent businesses that increasingly serve their clients under the ING brand. ING Group is a company with Dutch roots with a wide experience in the field of financial services. ING is active on a worldwide basis, offering its clients a full range of financial products and services through various distribution channels. The basis of ING's continuity is its financial strength, its healthy profit base and careful weighing of the interests of its clients, shareholders and employees.
In all its activities ING is aware of its social responsibilities. As a premier provider of financial products and services ING plays an important role in society. In order to fulfill this role it needs to maintain the confidence of its customers, shareholders, employees, and other stakeholders by acting with professionalism and integrity as well as behaving with prudence and skill. ING Group, therefore, attaches paramount importance to upholding its reputation. It is the responsibility of everyone in ING to maintain its standing for high ethical standards of conduct. This requires constant vigilance and application.
Even a single mistake, for whatever reason, can have far-reaching consequences. The Business Principles described in this statement do not merely reflect laws and regulations; they are also based upon values of integrity, entrepreneurship, professionalism, responsiveness and teamwork. These Business Principles apply to the whole of ING Group, its subsidiaries and business units, and to every employee. Every individual in ING is required to act in accordance with both the letter and spirit of these Principles. It is the responsibility of all those in authority in ING to ensure these Principles are fully communicated to all employees, and they are strictly observed. The Executive Board will receive regular reports, including an annual review, on the effective operation of these Business Principles.
The largest part of INGs staff based in the Netherlands, North America and Belgium. Asia and Latin America account for 12 % and 10 % workforce, respectively. The total number of staff decreased by 1900 to 114300 at the end of December 2003. Ongoing restructuring, integration and cost containment programmers have led to a reduction of the workforce in the banking units within Europe and the insurance units within ING Americas (mainly US, China, Argentina) in 2003. ING Direct attracted some 1700 new staff (including Entries) to handle the strong growth of its businesses. Total staff at the insurance operations in a number of developing markets as well as Canada increased too.
According to the internal CSR survey, total staff turnover in 2003 was approximately 13 %. Of this group, 5. 3 % left at INGs initiative, 5. 2 % on their own initiative and 1. 6 % moved to another business unit within ING. The remaining 1 % refers to pension or death. The turnover percentages vary significantly among the various businesses and countries.
According to the internal CSR survey, total staff turnover in 2003 was approximately 13 %.
Of this group, 5. 3 % left at INGs initiative, 5. 2 % on their own initiative and 1. 6 % moved to another business unit within ING. The remaining 1 % refers to pension or death. The turnover percentages vary significantly among the various businesses and countries. INGs Social Policy Principles serve as guidelines for local human resources policy worldwide. With this common framework ING strives to acknowledge the individual value and equality of all employees, irrespective of race, gender, nationality, sexual orientation, religion or creed, at all levels of organization. It strives to motivate employees and support their personal development and career advancement.
ING wants to provide equal opportunities for all employees within the organization and maintain good labor relations, terms of employment and working conditions. ING strives to balance fairly the interests of its employees and those of the organization. ING aims to provide each individual with a clear image of INGs objectives in order to allow employees to optimize their personal contribution to this objective. The global priorities of INGs human resources policy are talent management and training, performance management and the pursuit of one ING culture. Organizations that have developed the emotional competence of their sales force, for example, have found that the turnover of each individual can as much as double as a result.
Product development time and time-to-market also decreases significantly when you recruit for and develop emotional competence in your research and development teams. Similarly, a number of current studies have shown that increasing the emotional capital of your organization brings advantages, such as higher quality innovation, improved return on investment from new strategies, technologies and acquisitions, greatly increased talent retention and also improved productivity. As an international company, ING has to take into account different local customs, laws and regulations. Thats why labor relations and practices vary widely around the world.
These differences include compensation; employee benefits, and working hours, contract conditionals send the role of labor unions. Benefits for employees, both legally mandated or on ING initiative, differ between countries, especially when it is Asian countries. Benefits provided in ING initiative consist mainly of financial services, compensation for disability, education, sabbatical leave and childcare. Other benefits include parental and emergency leave, counseling and subsidized sport clubs. Diversity is about valuing the variety of people who work for ING, irrespective of gender, ethnicity, age, nationality, sexual orientation, handicap or religion. ING believes that its management and staff should reflect its customer base and the local communities where it is active.
A diverse workforce enhances customer and employee retention. It contributes to INGs goal of cultivating an inclusive corporate culture those welcomes and supports individuals of different backgrounds and interests. INGs diversity policy is based on the following objectives: Retaining existing customers and attracting new customers Diversifying teams in order to provide a more refreshing perspective on business Retaining key employees Increasing motivation and lowering absenteeism Attracting the best talent. Diversity is tailored to local priorities. ING Americas diversity initiative is endorsed and led by senior-level steering committee with involvement by leaders across the Americas. Local diversity councils implement short-term, country-specific plans for each business.
Regional diversity counsels are active in the US and, since 2003, in Asia. Asia is a mosaic of cultural and human diversity. Developing leaders who can meet such a challenge is the essence of HCM in the Asian context. Singapore is an ideal location to help companies develop HCM capabilities and tools for Asian businesses. With the growing importance of Asia to global markets, it is more important now than ever to look at developing HCM knowledge for Asia to help companies address their regional needs. Every management culture in the world has its own tradition and emphasis.
To a large extent, Asian management owes a debt to traditional Chinese management structures and, to Confucianism. This is not to ignore the other distinct management cultures existing throughout the region, including the unique Malay business culture, the always-fascinating mixture of American and Filipino styles evident in Philippine organizations, and the Thai approach to business. But Chinese culture has a strong influence in much Asian business. In Europe, several local diversity initiatives were carried out. In the Netherlands, the Female Development Programmed was run for the second time. This diversity programmed, which focuses on high-potential women, is successful and will be rolled out in Europe in 2004.
In Australia, a Diversity Advisory Team introduced several initiatives to improve the work / life balance. These include the meeting times to between 9 am and 5 pm. ING Australia also improved recruitment practices to ensure that a diverse pool of candidates is considered. Since the introduction of these diversity initiatives, more women have moved to senior management positions. As a global leader in financial services, ING is an experienced provider of employee benefits. The company understands that one size does not fit all, and that the best employee benefit programs are those tailored by the employees themselves.
As an ING employee, people choose benefit coverage for they self, their spouse or domestic partner, and their dependents. ING provides the following benefits: Medical coverage, including HMO, PPO, and out-of-area plans Dental insurance Vision coverage Basic, supplemental, and personal accidental insurance Dependent life and family accident coverage Short and long-term disability coverage Medical and dependent care flexible spending accounts Ability to earn Wellness Credits III. ING Financial Markets today said that Asia is poised to see growth levels unseen since the 1997 / 1998 Asian Crisis, led by eight per cent growth in China, India and Thailand. Undervalued currencies across the region are supporting export-driven growth, which in turn is sparking domestic demand, leading to a virtuous circle of rapid GDP growth. ING estimates total Asia ex-Japan GDP growth of seven per cent in 2004.
Even Japan is experiencing a vigorous cyclical upswing, which could see the economy break out of its deflationary spiral, with a growth forecast in 2004 of 2. 8 per cent, according to ING. China's development and increasing role as a dominant trade partner has strengthened visibly, both for intra-Asia and global trade, with China now accounting for 17 per cent of total intra-regional trade. However, rapid export and investment demand have led to concerns that the economy could overheat. ING believes however that the Chinese authorities have already started to act to cool demand in an orderly way and predicts that the measures being taken by the Chinese Government will include a widening of the reminding trading band over the next nine months to allow for greater currency flexibility. ING believes the reminding is currently 15 - 20 per cent undervalued, and greater flexibility will allow the currency to dissipate some of the overheating pressure Tim Condon, Head of Asian Financial Markets Research, stated: "We believe that China's long-term growth prospects are assured. We have already seen the government implement policy tightening measures to cool the economy and we expect more, including a widening of the reminding trading band, to be announced in the coming months. "The knock-on effect for Asia is positive with the region benefiting from the increasingly important role China is playing in intra-regional trade. " ING predicts that China's forecast growth of eight per cent for 2004 will only slacken slightly to 7. 5 per cent in 2005, and remain at levels that are double those of western economies for the next decade.
In addition, the strengthening role of China's economy within Asia will also support Japan's economic recovery. China's dependence on capital goods imports is enabling Japan to kick start output and employment, ...
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