HR Flashcards
Why do you want to pursue a career in HR?
Shift in role of HR within a business
- recognition of value HR can add to company performance and objectives
- not just admin
- increasingly progressive + forward thinking
- large influence on company performance
- links between diversity and innovation/business performance
Inspiration
- cooper parry - Chief People Officer
- progressive HR strategy
- research into office space
- onboarding of new staff -
- encouraging personal growth
- staff do weekly feedback reports on engagement
- voted best place to work in Europe - European Engagement Awards 2018
- Really inspired me
Parallels between FCA and Cooper Parry / Redbull
- same progressive approach
- diverse and inclusive environment
- Targets - 50% women 13% BAME
- progressive - Employee Engagement Groups/Diversity committee
- excited for the future of HR will continue to develop - evolving as society evolves
Skills
- adaptable - don’t always know what will arise
- embracing of change - continually evolving
- team work
- effective communication
What HR experience have you had ?
Helping out at an assessment centre.
Preparing an employee wellbeing week
Transfer to a new appraisal system
Assisting in the managing of exits from the business
How did you go about preparing for an employee wellbeing week.
- Work with st Johns Ambulance
- tie something in with employee appreciation day
- work with cooper parry
- big team challenge
- set up some employee feedback groups
- provide fresh fruit
- yoga and meditation sessions
- set up a games area in the canteen
- walk around watermead park
- invite the local elderly people for bingo
How did you help to transfer to a new appraisal system.
Current in house appraisal system wasn’t providing a credible source from which to base performance related pay reviews
Issues
- in house
- inconsistent results across departments
- data clumped together
- no room for improvement - 5 year growth strategy
YouMatter
- much quicker
- 360 appraisal - 3 people - constructive feedback
- HR providing consistency
- clear methodology
- analysing data from old appraisal system
- attended some meetings on the new system
Positive results
- reflecting reality
What areas of HR are there?
Recruitment and staffing Learning and Development Rewards and Benefits Employee Relations Labour Compliance
What is you favourite area of HR?
HR experience isn’t extensive
Lucky as in my current role I’ve had the ability to get involved in project that take my interest
Recruitment
- Assessment centres
- work as a team
- rewarding - helping to find the skills that will take the company forward
- direct positive impact
Eager to learn more - CIPD studies and experience in the workplace
What new developments are there in HR?
Deloitte Human Capital Trends report:
- learning in the flow of life - continual development
- human capital management systems - allowing organisations to be more progressive with HR
- personalised rewards - more important than money - meet employee needs - employee retention
- collaborative learning
Are you happy to complete additional qualifications alongside your work?
Driven - outstanding HR professional
Expertise in HR so that I can give the best advice and help the FCA to the best of my ability
Geography degree - useful to HR - completed modules such as Gender and Geography - want to become more specialised in my career path
Gain experience while training - perfect
What CIPD news do you know about?
Research by CIPD and Westminster Business School - research that maps out current evidence of D&I interventions in organisations, analysing scientific evidence and seeing what works
Debates between HR practitioners and academics
- lack of research behind the quality of diversity training in organisations
- importance of buy in by CEO and line managers - acts as agents of change
- explored next steps to be taken by organisations to increase diversity - normalising and greater use of flexible working practises - support people of all backgrounds to remain in the labour market
- need to improve quality of diversity data - design better targets and initiatives
- need to focus on more than just one strand of diversity
Questions to ask at the end.
What projects will I be involved with on the scheme that will add value to the company?
Can you tell me a bit more about how the CIPD qualifications sit alongside the graduate scheme.
Where do you see the FCA in 5 years time?
Recently saw an article by senior associate critiquing the FCA diversity and inclusion strategy - what is your view on this? Is it a threat?
What’s your on boarding process for new graduates?
What do you know about the FCA?
The FCA is the UK financial market regulator.
Independent public body set up in April 2013 and took over from the FSA.
Responsible for regulating 59,000 firms and is the prudential regulator for 18,000 firms
Accountable to the treasury and parliament
Mission to enhance and protect UK financial market integrity by making sure the financial market is efficient, effective and reliable.
Prioritise areas that pose a higher risks to its objectives.
Objectives:
Protect consumers
Protect financial markets
Promote competition
Who does the FCA work alongside?
Accountable to the treasury and parliament.
Works with:
- consumer groups
- trade organisation
- professional bodies
- domestic regulators
- EU legislators
Why is the FCA’s work needed?
Economy plays a critical role in many people’s lives
- pensions
- mortgages
- ISAs
- over 2.2 million employed in financial services
- contributes £65.6bn in tax
Lack of knowledge amongst the public on financial matters making them extremely vulnerable without a regulator
Regulation needed so customers aren’t exploited
Protecting firms, staff and consumers
Protect the UK reputation as a global financial hub
Why do you want to work at the FCA?
Passion for FCA mission - protect and enhance UK financial market integrity
- degree link between geography and economics
- meaningful work that adds public value
- help FCA find skills to meet objectives / create a culture in which people are motivated to meet these goals
- charity / social initiatives are important to me
Progressive HR
- strong D&I agenda
- Recognised the benefits of HR on company performance - performing better as a regulator
- differences are valued, respected and embraced
Reflected in:
- women in finance - employer of the year
- stonewall top 100 employee
- other awards to recognise race, equality and social mobility
Targets:
- increase number of women in leadership roles to 50% 2025
- increase number of BAME leaders to 13% by 2025
Proactive:
- employee network groups - shape the environment/ way we interact/ make decisions
- positive action framework - internal framework- make decisions that value difference
- Executive Diversity Committee - makes strategic decisions to influence equality, diversity and inclusion
—> contribute and enhance not just as a HR member but as an employee
Offers great career development opportunities
- great for career progression and personal development - valued as employees - invested in
- CIPD qualifications - eager to develop and become an outstanding HR professional
- more women in leadership based roles - I want to be in that statistic
What would you bring to the team?
Experience
- assessment centre - rewarding
Knowledge
- modules at university that relate - gender and geography - assignment on women in the workplace
Core skills (JEDS)
- teamwork
- clear and effective communication
- project management
- adapting to change
Champion FCA values
Drive to progress and learn
Participate in all areas of FCA life - CEO award
What are the FCA doing to promote a diverse and inclusive culture?
Achieve diversity and inclusivity through inclusive leadership
Targets
- 50% women in SLR 2025
- 13% BAME by 2025
Projects:
- Inclusive Culture and Engagement Sessions
- Senior Leadership Role Model
- Hiring agencies that have rep for diversity
- Divisional Initiatives in local communities
- Network groups
- Engagement Programme
Why is a diverse and inclusive people strategy important?
Annual Diversity Report
Reflecting the society the FCA serve
- endure all society feel valued, supported and represented
Inclusive culture
- employees feel they can be themselves
- differences embraced and celebrated
- yearly employee survey
- moves offices last year - more accessible working practices
Consumer focused
- consider the impact of FCA projects on different groups in society
- close relationship between FCA and Age UK, Samaritans
Leading by example
- D&I leads to good conduct
- transforming the culture of financial services - psychological safety - culturesprint - speak out, listen up culture
- leaders speaking externally about importance - Andrew Bailey
Why have you chosen this graduate scheme?
Progressive HR strategy
- D&I strategy
- HR not purely admin role
- targets
- initiative
Rotational programme
- good foundation needed to be an outstanding HR professional
- find where strengths and skills lie
Secondment
- take on new challenges
- stretch myself
- important to have a perspective from other areas
Opportunities for development
- CIPD qualifications
- driven to develop and become an expert
- want to be as equipped as possible to help shape the future of the FCA
Reacting to an ever evolving world - keep me motivated / interesting
What is unique about the FCA executive team?
Made up of key figures from industry
Worked at the highest level in a number of sectors - domestically and abroad - bring in a range of opinions/view points
What do you think of the FCAs values?
Very effective set of slurs that align and work towards achieving the core mission and objectives of the FCA
Realistic and aspirational
Can be applied to all areas/roles
I’ve demonstrated these values in my past and current roles therefore in a strong position to strengthen and promote them
Deliver in public interest Act with integrity Be ambitious Work inclusively Deliver and connect
Demonstrate and champion not only as a HR member but as an employee
Who is the CEO?
Andrew Bailey
In what ways does the FCA protect consumers?
Monitor - what forms and individuals can enter the market - must meet standards
Supervision - of firms activities - meeting standards / regulations
Intervene - take action against those breaking regulation - penalties / securing redress
Campaigns - increasing knowledge
Trust - righting wrongs - giving people the confidence to make choices / switch providers
Innovation - promoting innovation to come up with smarter products and services
What is the most interesting article you have read about the FCA?
New appointments to the FCA board
Liam Coleman, Alice Maynard, Tommaso Valleti
Non- executive directors
Extensive combined experience valuable to supporting the mission of the FCA
Advisory experience across regulatory industries, financial services and public organisations
Serve three year terms starting in November
Robo Advice
Research undertaken by FCA and Treasury
Widespread and affordable way to gain financial advice guided by algorithms
Consumer attitudes to robo advice show that those most in need are least likely to trust it
Uncovered those most in need of advice - lower SES, financial literacy and trust in financial corporations
More likely to rely on social networks of friends and families
Large developments are needed before people will fully trust it
Technological developments seen as a challenge to the FCA but in some cases people are keen for these developments
What challenges are the FCA facing?
Ever evolving world with shifts in political landscape, climate change and technological advancements. FCA have to keep adapting to keep fit for purpose
Brexit
- unprecedented challenge
- extensive planning to make sure necessary safeguards and contingencies are in place
- uncertainty of time frame
- general election all with different strategy - great uncertainty
Climate change
- impact stability of financial markets
Set to increase if current trends continue
Physical risk:
- more natural and man made disasters - droughts, floods etc - losses in asset value - insurance losses will negatively impact growth
Transition risk:
- transfer to a greener economy to meet targets such as the Paris agreement
- limits fossil fuel consumption and stricter regulations on greenhouse gas and CO2 emissions - decrease in demand for emission high products such as cars
Rise in crypto currencies and financial crime
Tell me one of the FCAs achievements and why it inspires you.
Personal Protection Insurance
One of the biggest betrayals of UK financial market integrity
Exemplifies what the FCA stands for - how vulnerable consumers are and why the FCA is there
Possible to right a wrong even at this unprecedented level
Through a clear and informed strategy it’s possible to rectify a situation even of this magnitude
Shows the extent and scope of influence the FCA stands for - 3 million people visit the website - 78% aware of PPI
Trust can be built back
