|
Year |
Number of Customers |
Number of Tellers |
Productivity (Customer serve per teller) |
|
1 |
650,000 |
580 |
1,120.69 |
|
2 |
690,000 |
610 |
1,131.15 |
|
3 |
640,000 |
575 |
1,130.04 |
|
4 |
585,000 |
550 |
1,063.64 |
|
5 |
550,000 |
515 |
1,067.96 |
|
6 |
605,000 |
560 |
1,080.36 |
|
7 |
625,000 |
570 |
1,096.49 |
|
8 |
669,000 |
590 |
1,116.95 |
|
9 |
680,000 |
605 |
1,123.97 |
Scatter Plot
The Number of Tellers Needed to Forecast Sales of $1,547.81 Million and $1,702.27 Million
|
Year |
Number of Customers |
Number of Tellers |
Productivity (Customer serve per teller) |
|
1 |
650,000 |
580 |
1,120.69 |
|
2 |
690,000 |
610 |
1,131.15 |
|
3 |
640,000 |
575 |
1,130.04 |
|
4 |
585,000 |
550 |
1,063.64 |
|
5 |
550,000 |
515 |
1,067.96 |
|
6 |
605,000 |
560 |
1,080.36 |
|
7 |
625,000 |
570 |
1,096.49 |
|
8 |
669,000 |
590 |
1,116.95 |
|
9 |
680,000 |
605 |
1,123.97 |
|
10 |
725,000 |
468 |
1,547.81 |
|
11 |
789,000 |
453 |
1740.27 |
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Advice to the HR Planner
The banking industry is always trying to get more customers and retain the existing ones. Banks have discovered new growth opportunities via mobile apps and online banking. Thus, the bank should adopt online banking and mobile apps to provide what customers are increasingly attracted to the speed and convenience of online and mobile solutions. Besides, the HR planner should conduct market research to understand consumer trends to help the bank understand how to position itself as the world moves into a progressively mobile realm ( Mullan, Bradley & Loane, 2017) . The bank could also provide customers with self-services. Today, customers are progressively more self-reliant. Customers have been conditioned by digital services such as online banking. The bank should thus invest in these services to allow customers to be self-service at the convenience of their homes, without necessarily visiting the branches. Further, the bank should educate its clients on financial literacy. The concept of educating existing and potential consumers on financial literacy is not essentially new. Thus, the bank should invest in financial literacy programs which target youths and low income earners. The targeted financial education programs should create new paths into unexploited populations. These programs could also generate goodwill in the community and reinforce relations with local clients as well as community partners.
The Risk of Using the Plotted Information Alone
The use of plotted information only could be risky because they do not show the exact level of relationship. Besides, it does not show the quantitative measure of the correlation between the variables. It only shows the quantitative appearance of the quantitative change. Essentially, the plotted information is risky as the information in the plotted diagram does not show the precise turnover of the bank and the turning point of the customers.
Other Factors to be considered
Other factors which may be considered by the bank when attracting new customers would be embracing financial technology and complying with stringent regulations and fulfilling consumer demand ( Ferrari, 2016) . Also, the bank could consider creating personalized customer expectations to offer customers unique and tailored services based on their needs and preferences.
Quantitative and Qualitative Techniques for Forecasting HRs Demand
One quantitative technique to consider would be straight line regression method. The straight line method is among the easiest and simplest forecasting techniques. Financial analysts use historical figures and trends for predicting future growth of the company. Therefore, the bank could use the straight line technique to predict the human resources demand by using the historical data and trends of human resources in the bank to forecast the future demand for the human resources. The qualitative method which could be used is executive opinions. The personal views of experts or executives from the administration and human resource management department can be used to produce forecasts about future HR needs of the bank. Normally, the method is utilized along with some quantitative techniques like trend extrapolation ( Putra, 2009) . The HR team would then modify the resulting predictions, based on their outlooks. The prediction is done easily and quickly, with no need for elaborate statistics. Besides, the panel executive opinions could be the only way of forecasting viable if the data is insufficient.
References
Ferrari, R. (2016). FinTech Impact on Retail Banking–From a Universal Banking Model to Banking Verticalization. The FinTech Book: The Financial Technology Handbook for Investors, Entrepreneurs and Visionaries , 248-252.
Mullan, J., Bradley, L., & Loane, S. (2017). MOBILE BANKING ADOPTION: FUTURE CHANNEL USAGE, SERVICES AND PLATFORMS. Journal of Current Issues in Media & Telecommunications , 9 (4).
Putra, L.D. (2009). Qualitative Forecasting Methods and Techniques. Retrieved from http://accounting-financial-tax.com/2009/04/qualitative-forecasting-methods-and- techniques/
