Question
Caselet: Bank Muscat-Oman Founded in 1982 and headquartered in Muscat, Oman, Bank Muscat is the Sultanates leading financial services provider and has a proven track
Caselet: Bank Muscat-Oman
Founded in 1982 and headquartered in Muscat, Oman, Bank Muscat is the Sultanates leading financial services provider and has a proven track record of excellence in service. The bank is publicly listed on the Muscat Securities Market (MSM) and on the Bahrain, London and Luxembourg Stock Exchanges. Its international operations consist of a branch in both the Kingdom of Saudi Arabia (KSA) and Kuwait, and representative offices in Dubai, Singapore and Iran. The bank currently has a 100% stake in Muscat Capital LLC, a brokerage and investment banking entity in KSA. The bank has a strong presence in Personal Banking, Corporate Banking, Global Institutions and Investment Banking, and Islamic Banking. The bank, with assets worth US$31.9 billion in 2018, has the largest network in Oman exceeding 150 branches.
As the leading financial institution in Oman, the bank holds an important position in shaping the socioeconomic conditions in the Sultanate, by contributing to its financial stability and economic growth. Bank Muscats customers, ranging from individuals to government entities, remain confident with the banks services, as it provides them with sound advice, enabling them to make informed financial decisions while responsibly managing its investment and lending. As a result, the bank seeks to proactively manage its material sustainability issues through an integrated management approach.
Corporate Governance
Bank Muscat is dedicated to maintaining strong corporate governance and business ethics, adopting best practices, and ensuring compliance with laws and regulations to protect shareholder value and reduce liabilities. From our whistleblower policy to our business continuity plan, we have long standing measures in place to ensure that the bank acts with ethics, integrity, and transparency. The Board of Directors (the Board) is the highest governing body and is responsible for the strategic oversight and decision making within the bank, while our Internal Audit Department evaluates compliance with policies and procedures across our operations. For more detailed information on corporate governance at Bank Muscat, please visit our 2017 Annual Report.
Workforce. Workforce has grown by 3% since 2014. As we seek to realize new growth opportunities, we are keen to improving our impact in the Omani labor market by increasing employment. Largest employer in the financial sector Total Workforce* * All Bank Muscat employees are full-time.
Youth employment. Providing attractive employment opportunities to young adults remains a priority at Bank Muscat. Investing in the future generation is an important aspect of our succession planning and is imperative for the sustainable development of Oman. In 2017, 39% of Bank Muscat employees were between the age of 18-30, which was slightly lower than in 2016; however, new employee hires aged 18- 30 remained high at 80%.
Omanisation. Bank Muscat is committed to the hiring and advancement of Omani nationals. In 2017, Omani nationals represented 74% of senior management, an increase from 68% in 2016, and Omani nationals represented 95% of all Bank Muscat employees, a slight improvement from previous years. In 2018, a key focus will be to support the Ministry of Manpowers employment initiative. Bank Muscat will be recruiting 150 Omani nationals who have registered with the Ministry of Manpower. These new recruits will be allocated roles within the bank across various departments, offering them valuable work experience and the opportunity to contribute to the continued success of Bank Muscat. Female Employment Ensuring equal opportunity in hiring and upward mobility for women remains a paramount facet of Bank Muscats commitment to diversity and inclusion. In 2017, the percentage of new female hires decreased from 58% in 2016 to 37% in 2017. Despite this decrease, women still represent around half our workforce at 48%. Women in management positions witnessed some improvement, with 47% of women now in middle management positions, and the proportion of women in senior management has continued to grow from 12% in 2016 to 14% in 2017. * All Bank Muscat employees are full-time Workforce by Age 1,393 18-30 31-50 1,977 51+ 238 Omanisation 94% 2014 58% 94% 2015 67% 94% 2016 68% 95% 2015 74% Omanisation among total workforce Omanisation among senior management Omanisation 94%
Female Employment Ensuring equal opportunity in hiring and upward mobility for women remains a paramount facet of Bank Muscats commitment to diversity and inclusion. In 2017, the percentage of new female hires decreased from 58% in 2016 to 37% in 2017. Despite this decrease, women still represent around half our workforce at 48%. Women in management positions witnessed some improvement, with 47% of women now in middle management positions, and the proportion of women in senior management has continued to grow from 12% in 2016 to 14% in 2017
Please refer to Bank Muscat provided case facts and informations collected from relevant online resources to answer below questions.
Q1. Discuss the recruitment and selection activities of the chosen organization
Q2. Devise organizational strategies and plans to promote employee retention.
Q3. Discuss how the company manages the following HR procedures:
a. Dismissal
b. Redundancy
c. Retirement
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