EFFECTIVE TALENT MANAGEMENT IN SECURITIES COMPANIES
The development of the securities industry, changes in the operation environment, and increasingly fierce competition are raising and changing the criteria for securities professionals. The high criteria for talents and the complexity of the mechanism have set higher standards for talent management processes including recruitment, training, and incentives in securities companies.
Human resource management refers to the effective allocation of human resources according to a plan based on the requirements of an enterprise's development strategy. It uses a series of processes such as recruitment, training, deployment, assessment, incentives, and readjustment. Human resources management motivates the staff, taps into their potential, creates value for the enterprise, and ensures the realization of the enterprise's strategic goals. It includes a series of human resources policies and the corresponding management activities of an enterprise.
Characteristics of Securities Company HR Management Determined by the Industry
Compared with other types of enterprises, securities companies tend to have an enriched pool of high-caliber talent. Human resources play a far greater role in a securities company than in a common enterprise. This gives rise to some special characteristics of human resources management in a securities company, as compared to other industries.
The securities industry is one of the most talent-intensive industries. A behavior-oriented human-based management model with corporate culture at its core should be the best approach to human resource management in this type of securities company. Human-based management, however, does not preclude competition. On the contrary, the competition mechanism should be the key note of the corporate culture of a securities company. The construction of a favorable working environment sets the stage for all employees to give full play to their talent and display their skills. On the other hand, the introduction of the competition mechanism strengthens the internal motivation and self-discipline of employees. There are many ways to apply human-based management at the workplace. Examples include career planning based on the characteristics of an employee's capabilities, replacing lecturing-based employee training with research-based employee training, providing more opportunities for communication and cooperation between different divisions and between different employees, self-assessment, and project teams voluntarily formed by employees.
Modern organizational behavior studies have started paying attention to motivations of work-related behaviors. Motivation is defined as a process that reflects the magnitude, direction, and persistence of an employee's effort to reach a goal. Magnitude refers to how much effort a person is willing to make. However, high magnitude does not necessarily lead to satisfactory performance at work, unless the effort is in line with the development direction of the company. Therefore, managers should guide the behaviors of employees so that they are aligned with the strategic development direction and business planning of the company. The persistence factor refers to the period of time over which an individual is willing to keep working for the goal. For example, is the individual willing to work on a task for a long time until the target is met?
According to Thomas's (2000) internal motivation theory, the most effective way to inspire the internal motivation of an employee is to let the employee have a sense of choice, a sense of competence, a sense of significance, and a sense of progress. To gain a sense of choice, employees need to be able to choose the work content and approach that makes sense to them, which is also an important factor in human-based management. To gain a sense of competence, an employee has to feel fulfilled at the completion of the work. To gain a sense of significance, the employee has to be able to feel the intrinsic value and long-term significance of the work. The sense of progress comes from the growth and development experienced by the employee at work, which is also the bedrock of the modern human-based management theory. Human-based management allows the employee to engage in meaningful work content that is appealing and inspires his or her internal motivation to accomplish the work.