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Solution
Since 1913, CIPD has been targeting to champion better work and working lives. According to CIPD (2022c), CIPD is always true to their purpose as it understand organisations succeed by putting people first. And since thriving is essential, responsible entities contribute to strong economy and society. Further, CIPD (2023b) note that all individuals linked to the world of work have a critical responsibility in delivery. This is by setting out appropriate defined purposes and values in their profession with sufficient knowledge and behaviours for putting these values into practice.
Considering the operations of Riyad Bank operations, the CIPD Purpose of championing better work and working lives can be successfully implemented successfully. The best practice would include;
Anticipating the future of work
With the modern business environment being characterised by immense challenges and opportunities, anticipation of future of work is essential. As evidenced in CIPD (2022d), the best practice in CIPD include challenging thinking and offering thought-based leadership on trends shaping future of work and working lives. In particular in the banking sector, the best practice include what Bruskin and Mikkelsen (2020) identify as capacity of anticipating and adapting to the future trends core for maintaining competitive edge. These hey trends which shape operational strategies would mean that Riyad Bank is appropriately positioned to leverage on competitive advantage. CIPD equally anticipate need for collaborating with different institutions including Tomorrow’s Company on Good Governance, Bath University in the area of trust research and UKCES in area of Business in the Community and National Apprenticeship Service and different skills agendas. This means that Riyad Bank would be appropriately positioned to leverage on future opportunities in their business environment.
Embracing change in people practice professionals
Considering CIPD (2023c) megatrends report, the modern business environment has continuously been characterised by change. These changes have been categorised into the nature of work, diverse and changing nature of workforce and changing nature of organisations and workplace context and business environment. Through the application of Resource Based View theory, Collins (2021) observed that these changes have a direct implication on strategic conversations and policy development. Hence, Riyad Bank would need to be ready for future best practice by being alert to the changes in the broad economy and social context and possessing confidence and organisation awareness. This is meant for identifying the different implications for their organisations and readiness in acting on them. For Riyad Ban, they can invest on holistic strategies for human capital management guided by holistic data and analysis process. The outcome of this would be improving the scope in which organisations are investing on resourcing, development, management and utilisation of people in their different operations (CIPD, 2022c). Also, by investing on appropriate data and human capital reporting, it would be possible linking people practice management in an effective manner for corporate governance and leadership. The outcome of this would be an improved trust level, reputation and culture. Part of this would also include identification of entire hindrances of change and adaptability and as such reinvention of approach towards change. This is similarly an appropriate strategy of noting the future role of HR.
Improving engagement and rewards
In CIPD (2022d) exhibition report, it focused on evaluating what motivates employees and delivery of appropriate L&D strategies for sharing their insights and best practice. This is identified to be appropriate and relevant for an organisation to be able to improve commitment towards supporting employees engagement agenda. As evidenced in Burnett and Lisk (2021) this is achieved through maintenance and improvement of staff motivation and engagement level. This would be a major issue when low growth continuing and mitigating constraints on the capacity of the employers in offering sustained improvements in the rewards. For Riyad Bank case, operating in the banking sector, delivery of better work and working lives for the optimum gain for the organisation, the KSA economy and society where they operate would be guaranteed. This is owing to the increased competitiveness in the sector particularly in regard to getting the most qualified talents. In a long-term basis, challenges linked to increasing diverse workforce and issues with management of the employees continuously would be a major limitation. This is as the organisation intend to leverage on dominance of the banking sector and increased profitability.
Embracing Generation Z and Millennials Increasing in modern workforce
In today business environment, Gen Z represent approximately 30% of the global population and required to increase to upto 27% of workforce by year 2025 (Böhlich & Axmann, 2020). The report further evidence that 58% by 2030 would be inclusive of the Generation Z and Millennials. Similarly, for the Riyad Bank, they can increasingly invest on learning to work, inclusive of the success in phases past all the recruitment phases. The rationale of this is informed by Rahman (2023) report which note that high level expectations and passion for social impact, Generation Z and Millennials employees are appropriate catalysts for change process to build future-proof working environment. Further, from the report, a third of the Generation Z and Millennials in both the full and part-time working note as their preference on L&D opportunities. The development and training strategies are important for ensuring that Generation Z and Millennials are increasingly attracted to these organisations. After their attraction, a successful retention is also enhanced in these organisations. The Generation Z’s and Millennials are interested in having promotions and skills development opportunities hence successful in their operations. Similarly, for Riyad Bank, they would need to involve Generation Z in understanding their practices and preferences. With the banks significantly transitioning to modern technology by use of applications and mobile banking, working with Generation Z and Millennials would mean increased market dominance and overall profitability. It is in this regard that CIPD (2022e) had recommended the need for investing on education and employers taskforce strategies for inspiration of their future. The best practice in organisations would include encouraging their teams towards volunteering in learning institutions for people becoming ready in enrolling in different capacity development initiatives.
In summary, from the time it was started,
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