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HR Planning

Eric Rafat
Eric Rafat

This document provides an overview of Scotiabank, including its history, current operations, mergers and acquisitions, diversity management practices, economic indicators, and recommendations for human resources. Scotiabank was founded in 1832 in Nova Scotia and has since expanded internationally through strategic mergers and acquisitions. It emphasizes diversity and inclusion through various initiatives and programs. Looking ahead, Scotiabank aims to continue its international growth strategy amid expected modest economic growth rates across Canada in the coming years.

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A Review of Scotiabank:An HR Planning PerspectiveAnthony M.Eric R.Jeff J. Priyanka A.
Agenda:History of ScotiabankEconomic IndicatorsMergers and AcquisitionsDiversity Management Future implications and HR Recommendations
HistoryIn 1832 a group of businessmen gathered at the Merchants Exchange Coffee House in Nova ScotiaRoyal assent and granted an opening provision of 贈100,000 Opened its door for business on August 29, 1832 under the direction of the Honourable William LawsonIn 1874 opened its first branch outside of Nova Scotia in Saint John, NB
History Continued Became first Canadian bank to open outside of the United States of America or the United Kingdom After the Second World War began expanding its business to incorporate loans and public trading of goldBecame the first bank to appoint a woman as a branch manager
CurrentlyOffers a variety of financial products and services covering:
retail
small business
wealth management and
commercial banking accounts
Core Purpose: to be a leading multinational financial service provider, based in Canada by being the best at helping customers become financially better off Scotiabanks Motto: STRENGTH, INTEGRITY AND SERVICE
Business SnapshotCanadas Most International Bank
Third largest bank out of Big Five BanksTotal Assets = $496.5 Billion Number of employees = 607,000 Number of customers worldwide = over 14.6 million Founded in 1832 Halifax Nova Scotia
SWOT: Opportunities and ThreatsBank of Canada report on post recession economic recovery Expected growth rates of only 3.0% in 2010, 2.3%, and 2.6% in 2012 Policy interest rate at 1% Business investment rates vs. Residential business investment rates
SWOT Continued Exhaustion of combined Old Age and Survivors insurance and Disability insurance Trust Funds by 2039 Increased focus on commercial and government business Personal banking geared towards savings and securities for future growth and protectionAdvantages with debt restructuring and high interest savings accounts
SWOT: Strengths and WeaknessesEntering market in Trust Funds by merging with other companies Wealth managementStrength of Canadian banking industryExperienced high growth in profits due to a drop in loan loss provision Acquires small stakes in local banks and increases interest over time (conservative approach)SWOT ContinuedSubdividing its business into four categories Focusing on each of its businesses on different markets and geographies Making a strategic move to concentrate on what will be successful based on product and geographyDeveloping market conscientiousness Committed and diverse workforce: integration of women and visible minorities
Mergers and Acquisitions Abysmal success rate of Mergers and Acquisitions due to lack of culture management Originally executed this strategy to obtain markets in PEI, New Brunswick, Quebec, and OntarioMerger with Montreal Trust Company Scotiabank is successful at building cohesive cultures
Some of Scotiabanks Mergers
Mergers and Acquisitions Involved mostly with market and product expansion mergersMergers as an integral part of business growth strategyInterested in passive but prominent market players Culture of diversity and commitment
Future Forecasts for Mergers International expansion or individual product expansionMarket trends indicate most banking will be related to large business transactions and investment for upgrading technology Solidifying their product offerings for large businesses Increase in consumer market for saving strategies and trust offerings Consequences of strong Canadian dollar
DiversityBenefits of diversity management include: - Talent and new ideas - Recruiting and retention - Increase market shares - Lower costs
Diversity Management at ScotiabankOne of Canadas best Diversity EmployersManagement commitment to diversitySeries of programs and initiatives What is Scotiabanks idea of Diversity?Optimization of an organizations multicultural workforce in order to reach business objectives.Business case of diversity management Economic necessity Scotiabank builds competitive advantage through an include culture that celebrates diversityDiversity Continued Commitment to creating and maintaining an accessible workplace for its employees (e.g. accommodating a blind employee)Create a workforce and consumer base that mirrors Canadian society Global Human Resources and Communications leader Sylvia Chrominska....leveraging the strengths of our employees of all ages, nationalities and genders to provides us with a competitive advantage.
HR Planning
Advantages of linking corporate strategy with diversityRecognize the value of having a diverse workforceLanguage proficiency,knowledge of foreign culture market and trade links overseas
Diversity management continued Programs and initiatives as a part of HR planning: - Diversity and inclusion strategic plan - Diversity component - Target recruitment for Aboriginals - Disability support management team (e.g. accommodated a blind employee in 2009) - Support for women employees (e.g. Networking series)
Future Implications for 2011Experts reports Ontario will see considerably slower economic growth in 2011Growth rates across Canada are expected to vary between 1.9% in PEI up to 3.5 % in Alberta. Ontario is expected to see a growth rate of 2%Scotiabank wants to continue to grow into the future and achieve their ultimate goal to be the largest international bank in the worldProjected mergers for this year and focus on diversity demonstrate just a few aspects of their corporate strategyScotiabank is and will continue to be a successful market leader
RecommendationsFocus on international growth and investmentsDiversity included in all succession plansIncreased use of multi-cultural employees in the assimilation of cultures in foreign marketsContinuing to offer specialized training and development programs for people with disabilities

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HR Planning

  • 1. A Review of Scotiabank:An HR Planning PerspectiveAnthony M.Eric R.Jeff J. Priyanka A.
  • 2. Agenda:History of ScotiabankEconomic IndicatorsMergers and AcquisitionsDiversity Management Future implications and HR Recommendations
  • 3. HistoryIn 1832 a group of businessmen gathered at the Merchants Exchange Coffee House in Nova ScotiaRoyal assent and granted an opening provision of 贈100,000 Opened its door for business on August 29, 1832 under the direction of the Honourable William LawsonIn 1874 opened its first branch outside of Nova Scotia in Saint John, NB
  • 4. History Continued Became first Canadian bank to open outside of the United States of America or the United Kingdom After the Second World War began expanding its business to incorporate loans and public trading of goldBecame the first bank to appoint a woman as a branch manager
  • 5. CurrentlyOffers a variety of financial products and services covering:
  • 10. Core Purpose: to be a leading multinational financial service provider, based in Canada by being the best at helping customers become financially better off Scotiabanks Motto: STRENGTH, INTEGRITY AND SERVICE
  • 11. Business SnapshotCanadas Most International Bank
  • 12. Third largest bank out of Big Five BanksTotal Assets = $496.5 Billion Number of employees = 607,000 Number of customers worldwide = over 14.6 million Founded in 1832 Halifax Nova Scotia
  • 13. SWOT: Opportunities and ThreatsBank of Canada report on post recession economic recovery Expected growth rates of only 3.0% in 2010, 2.3%, and 2.6% in 2012 Policy interest rate at 1% Business investment rates vs. Residential business investment rates
  • 14. SWOT Continued Exhaustion of combined Old Age and Survivors insurance and Disability insurance Trust Funds by 2039 Increased focus on commercial and government business Personal banking geared towards savings and securities for future growth and protectionAdvantages with debt restructuring and high interest savings accounts
  • 15. SWOT: Strengths and WeaknessesEntering market in Trust Funds by merging with other companies Wealth managementStrength of Canadian banking industryExperienced high growth in profits due to a drop in loan loss provision Acquires small stakes in local banks and increases interest over time (conservative approach)SWOT ContinuedSubdividing its business into four categories Focusing on each of its businesses on different markets and geographies Making a strategic move to concentrate on what will be successful based on product and geographyDeveloping market conscientiousness Committed and diverse workforce: integration of women and visible minorities
  • 16. Mergers and Acquisitions Abysmal success rate of Mergers and Acquisitions due to lack of culture management Originally executed this strategy to obtain markets in PEI, New Brunswick, Quebec, and OntarioMerger with Montreal Trust Company Scotiabank is successful at building cohesive cultures
  • 18. Mergers and Acquisitions Involved mostly with market and product expansion mergersMergers as an integral part of business growth strategyInterested in passive but prominent market players Culture of diversity and commitment
  • 19. Future Forecasts for Mergers International expansion or individual product expansionMarket trends indicate most banking will be related to large business transactions and investment for upgrading technology Solidifying their product offerings for large businesses Increase in consumer market for saving strategies and trust offerings Consequences of strong Canadian dollar
  • 20. DiversityBenefits of diversity management include: - Talent and new ideas - Recruiting and retention - Increase market shares - Lower costs
  • 21. Diversity Management at ScotiabankOne of Canadas best Diversity EmployersManagement commitment to diversitySeries of programs and initiatives What is Scotiabanks idea of Diversity?Optimization of an organizations multicultural workforce in order to reach business objectives.Business case of diversity management Economic necessity Scotiabank builds competitive advantage through an include culture that celebrates diversityDiversity Continued Commitment to creating and maintaining an accessible workplace for its employees (e.g. accommodating a blind employee)Create a workforce and consumer base that mirrors Canadian society Global Human Resources and Communications leader Sylvia Chrominska....leveraging the strengths of our employees of all ages, nationalities and genders to provides us with a competitive advantage.
  • 23. Advantages of linking corporate strategy with diversityRecognize the value of having a diverse workforceLanguage proficiency,knowledge of foreign culture market and trade links overseas
  • 24. Diversity management continued Programs and initiatives as a part of HR planning: - Diversity and inclusion strategic plan - Diversity component - Target recruitment for Aboriginals - Disability support management team (e.g. accommodated a blind employee in 2009) - Support for women employees (e.g. Networking series)
  • 25. Future Implications for 2011Experts reports Ontario will see considerably slower economic growth in 2011Growth rates across Canada are expected to vary between 1.9% in PEI up to 3.5 % in Alberta. Ontario is expected to see a growth rate of 2%Scotiabank wants to continue to grow into the future and achieve their ultimate goal to be the largest international bank in the worldProjected mergers for this year and focus on diversity demonstrate just a few aspects of their corporate strategyScotiabank is and will continue to be a successful market leader
  • 26. RecommendationsFocus on international growth and investmentsDiversity included in all succession plansIncreased use of multi-cultural employees in the assimilation of cultures in foreign marketsContinuing to offer specialized training and development programs for people with disabilities
  • 28. ReferencesCBC News. (2010, September 16). Scotiabank to buy Brazilian bank. Retrieved November 2010, from CBCNews: http://www.cbc.ca/money/story/2010/09/16/scotiabank-brazil.htmlContact Center Employer Of Choice. (2010). Scotiabank. Retrieved November 2010, from http://www.ccemployerofchoice.com/registry_scotia_bank.htmFrench, C. (2010, August 31). Scotiabank profit gains on retail strength. Retrieved November 2010, from MSN Money: http://money.ca.msn.com/investing/news/breaking-news/article.aspx?cp-documentid=25406048Greenwood, J. (2010, September 27). Scotiabank buys Royal Bank of Scotland's Chilean operations. Retrieved November 2010, from The Financial Post: http://www.financialpost.com/news/Scotiabank+buys+Royal+Bank+Scotland+Chilean+operations/3585134/story.htmlJackson, R. M. (2007). Human Resources Management, 12th edition. Toronto: Nelson Education Ltd.McBey, M. B. (2010). Strategic Human Resources Planning. Toronto, ON: Nelson Education Ltd.Monica Belcourt, G. B. (2011). Managing Human Resources. Toronto: Nelson Education Ltd.Reuters. (2010, February 3). Scotiabank sees wholesale growth opportunites: CEO. Retrieved November 2010, from Canada.com: http://www.canada.com/business/fp/Scotiabank+sees+wholesale+growth+opportunities/2517797/story.html
  • 29. References ContinuedReuters. (2010, September 7). Scotiabank separates wealth management unit. Retrieved November 2010, from Reuters: http://www.reuters.com/article/idUSN0722273920100907Scotia, T. B. (2010). Retrieved November 2010, from Scotiabank: www.scotiabank.caScotiabank. (2010). A History of Trust. Retrieved November 2010, from http://www.scotiabank.com/cda/content/0,1608,CID11732_LIDen,00.htmlScotiabank. (2010). Corporate Profile. Retrieved November 2010, from Scotiabank: http://www.scotiabank.com/cda/content/0,1608,CID821_LIDen,00.htmlScotiabank. (2010). Diversity and Inclusion. Retrieved November 2010, from http://www.scotiabank.com/cda/content/0,1608,CID844_LIDen,00.htmlThe Bank of Cananda. (2010, October). Where's the Economy Going? Retrieved November 2010, from www.bankofcanada.caThe Bank of Nova Scotia. (2010, November 4). Canada's Balance Sheet & Economic Advantages Mitigate Household Debt Risks. Retrieved November 2010, from http://www.scotiabank.com/cda/content/0,1608,CID8339_LIDen,00.html#The Bank of Nova Scotia. (2010, November 4). QE2 Sets Sail. Retrieved November 2010, from http://www.scotiabank.com/cda/content/0,1608,CID8339_LIDen,00.html#Wikipedia. (2010, November 27). Scotiabank. Retrieved December 2010, from http://en.wikipedia.org/wiki/ScotiabankYerema, R. C. (2010, March 23). Chosen as one of Canada's Best Diversity Employers for 2010. Retrieved November 2010, from Eluta.ca: http://www.eluta.ca/diversity-at-scotiabank-group