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Introduction
Human resource is one of the natural resources of any country's economy. It is the wealth
of the country. In the context of banking, human resource is of greater importance. The
success of any bank or organization largely depends on efficient human resource
management, apart from operations, marketing and sales, the HR department manages all
the efficient people working in operations and marketing divisions in any organization.
Role of HRM
Ø The crucial factors behind successful banking will be continuous and sustained build
up of skills, knowledge, education and attitudes among people working in the banks,
particularly the frontline staff, working in the branches.
Ø Building efficiency in banking is, therefore largely dependent on the best selection
process adopted by the HR department. There is imperative need to build up skills within
an organization for the successful managing of available HR.
Challenges of HR in banking and Insurance Sector
o Team spirit has to be inculcated in the branches and greater focus should be on
customer care. This would be possible only through the unprecedented efforts to
be put forth by the HR department.
o With regard to the accountability for non-performance and for the mistakes, the
HR department's intervention is a must for establishing the facts of each case.
Proper judgment "with impartial attitude helps develop satisfaction among the
staff members.
o The HR department to formulate appropriate policies with regards to
punishments. A set of guidelines and procedures has to be formulated and
followed for punishments to staff in case of any indiscipline.
There are certain inevitable situations in working where the staff needs to
experiment in order to take decisions.
o The HR department should formulate suitable policies to retain the staff by
providing 'incentives, rewards, and better increments every year. These policies
will ensure organizational efficiency.
o In this process, the HR departments of all banks should realize the importance of
recruiting experienced people in higher positions to ensure utmost efficiency. It
will increase the productivity and profitability of the organization.
o Strategic prioritization – The emerging new systems are both an opportunity as
well as a challenge for the HR professionals. Therefore, reviewing staffing needs
and prioritizing the tasks to meet the changes in the market has become a
challenge for the recruitment professionals