In an aim to retain and manage the talents, Citibank takes the effort to motivate and reward through the monthly programs of the employees. Some are mandated benefits such as social security and insurance coverage. Other optional benefits such as paid leave, training and retirement plans are provided based on the performance of those employees. There are sufficient people practices to recognize and retain the employees with the provision of bonus plans and stock options.
To evaluate the people and HR practices followed by Citi Bank, it is essential to determine the types of employees. These include part time, contractual, full time and outsourced (Citigroup, 2008). The additional employees are used whenever there is an emergency requirement such as sudden expansion of the firm. Every employee is provided with a handbook that guides them regarding the workplace conditions and obligations. For instance, the major areas discussed in the handbook are harassment, dress code, retirement plans, overtime conditions, leave, compensation, employment issues and non discrimination policy.
The handbook on code of conduct has been well crafted to alert and educate the employees on the workplace. Citibank ensures to maintain a respectful workplace where the cultural diversity is effectively handled and every employee gets a chance to express their views without any discrimination (Citigroup, 2008). Further, employees are also encouraged to display professional skills and participate in drug free and safe workplace campaigns. The ethical approaches are followed by Citibank handle conflicts of interest, public appearances, criminal wrongdoing and protection of company information.
Upon the evaluation of people practices and human resource management strategies followed by Citibank, it is evident that the firm maintains transparency to its employees. The handbooks display loyalty to the employees and produce better knowledge and understanding about the company’s expectations and services. There is one critical problem in the policy which is layoff. Despite the presentation of these policies, Citibank is known for the large number of layoffs which tend to affect the performance as well as talent retention (Scott, 2014). There are no alternatives offered to such layoff resources. This could probably create credibility issues.
Another problem with the human resource policies is encouraging people to raise voice against fraud which is sometimes misleading. Though this ensures transparency, it has not set quality reporting procedures and methods to avoid misrepresentation of information. As a result, employees might have confusions between what and what not to report. The employees might lose the privacy when people report on activities that are assumed to be fraudulent. This could create a culture devoid of trust and security.