Hi,
This is Priya, and I am working on a research project where I need to analyze various HR factors in the banking sector in India. I am looking into different HR policies such as training and development systems, promotions and demotions, transfers, grievance handling, performance appraisal, salary, and incentives in private banks and public banks separately.
Could you suggest to me what approach I should use and where I should collect the data from?
From India
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This is Priya, and I am working on a research project where I need to analyze various HR factors in the banking sector in India. I am looking into different HR policies such as training and development systems, promotions and demotions, transfers, grievance handling, performance appraisal, salary, and incentives in private banks and public banks separately.
Could you suggest to me what approach I should use and where I should collect the data from?
From India
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Hello everyone,
I am pursuing an MBA with a major in HR & IR. I am currently doing a summer internship at RBI. My project title is "HR Functions in the Banking Sector in India."
I want to know how I can elevate my project to the highest level. Please suggest all the necessary steps I need to take to give my full effort to this project.
Thank you,
Richa.
From India, New Delhi
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I am pursuing an MBA with a major in HR & IR. I am currently doing a summer internship at RBI. My project title is "HR Functions in the Banking Sector in India."
I want to know how I can elevate my project to the highest level. Please suggest all the necessary steps I need to take to give my full effort to this project.
Thank you,
Richa.
From India, New Delhi
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Hi all,
Hey Richa, I am also working on the same topic. I am pursuing my MBA with the same specialization as yours. I have taken the same subject for my internship, but I am with CBI now. Could anyone please suggest how to work on this project? Data collection for this is really hectic. Please, could anyone suggest me? I am awaiting your help. I hope we both will help each other in our projects, Richa. Many thanks in advance. Please do help. My email id is shiksha4all@gmail.com. Take care, bye.
From India, Delhi
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Hey Richa, I am also working on the same topic. I am pursuing my MBA with the same specialization as yours. I have taken the same subject for my internship, but I am with CBI now. Could anyone please suggest how to work on this project? Data collection for this is really hectic. Please, could anyone suggest me? I am awaiting your help. I hope we both will help each other in our projects, Richa. Many thanks in advance. Please do help. My email id is shiksha4all@gmail.com. Take care, bye.
From India, Delhi
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hi Sanjana... Manimegalai here. I am an MBA student. I came to know from the conversations that u have sent the HR Strategies in mail to Priya. Can u please send the same to me? I need it.
From India, Pondicherry
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From India, Pondicherry
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The primary apprehension of the bank should be to bring in proper integration of human resource management strategies with business strategies. It should foster cohesive teamwork and create commitment to improve the efficiency of its human capital. More than operational skills today, banking calls for these 'soft skills' to attend to the needs and requirements of the customers at the counter.
Banks have to understand that the capital and technology considered to be the most important pillars of banking are replicable, but not human capital, which needs to be viewed as a valuable resource for the achievement of a competitive advantage. The long-term vision for India's banking system is to transform itself from being a domestic one to the global level may sound far-fetched at present. To take up this industry to the heights of international excellence requires a combination of new technologies, better processes of credit and risk appraisal, treasury management, product diversification, internal control, external regulations, and human resources at the most.
The main challenges faced by Banks in our country are the role played by financial instrumentation in different phases of the business cycle, the emerging compulsions of the new prudential norms and benchmarking the Indian financial system against international standards and best practices. There is a need for the introduction of new technology, skill-building, and intellectual capital formation.
The most important need in this service industry is naturally the HRD. During the early phase of banking development in India after independence, opportunities for the employment of educated manpower were relatively limited. This sector was the preferred employer for educated persons in the country in addition to civil services. In recent years, this position has changed dramatically. Certain rigidities have also developed in HRD within the banking system as this system is the public sector. Its hierarchical structure gives preference to seniority over performance, and it is not the best environment for attracting the best talent from among the young.
How well challenges are met will mainly depend on the extent to which the banks leverage their primary assets, i.e., HR, in the context of the changing economic and business environment.
Many literature surveys reveal that a paradigm shift is taking place in the role of the HR function in these organizations. There is a real danger of the function itself being outsourced in most organizations. The danger comes through the following shifts:
- The line manager has become increasingly competent even to handle the matters.
- The government is seriously thinking of privatization, and this leads to a government-protected system, to an environment where it has to contend with market forces and large corporations with significant brand equity and also follow vastly different HR strategies and practices.
- Technology is eliminating routine paper activities.
- Virtual organizations are coming up.
HRD Practices in Bank:
I Staff Meetings
- Staff Meeting aims at group synergy, team building, open culture, family feeling, and talent recognition which individually and cumulatively benefit the organizations.
- Goals/Targets set for the unit/Bank are discussed in the monthly Staff Meetings conducted at all branches/units, and an action plan is drawn to achieve them.
- The forum is being effectively utilized for the harmonious functioning of all the branches and administrative units through greater involvement and the collective contribution of all staff members.
II Brainstorming Sessions
- This is a technique for generating ideas and suggestions on topics of relevance and also to provide alternate solutions to problems by the simulative thinking and imaginative power of a cross-section of employees.
- Corporate Topics are selected for each quarter, and BSS are conducted in administrative offices/branches on the topic during every quarter.
- Worthy implementable suggestions emanated are circulated for necessary action.
III Study Circle
- The concept of Study Circle aims at self-development of employees by kindling the desire to acquire/update knowledge, information, and experience.
- Guest lectures/PowerPoint Presentations/Group Discussions, etc., are arranged on topics of general interest by inviting experts in the field.
- Study Circle Meetings are conducted once every two months in administrative offices and once every quarter in branches.
IV Quality Circles
- It is a time-tested tool of Total Quality Management (TQM) which promotes team spirit, cohesive quality work culture, commitment, and involvement of employees.
CHALLENGES FACED BY THE BANKS:
1. The real challenge of this sector is the "Indian companies," how to transform into global corporations without losing the positive values and culture that they have developed.
2. As most part of the jobs in this industry is monotonous/repetitive and routine, the HRD Department has to empower, engage, and energize employees to create effectiveness and efficiency through motivational organizational structures. Systems and procedures are facilitators of these, and there is a need to focus greater attention on these aspects by the industry.
3. However, the emergence of a core and peripheral workforce in many organizations has presented new challenges for HR managers in public and private sector organizations are fast becoming diverse communities for core workers, flexibly employed casual and part-time workers, consultants, contractors, and business partners.
4. Certain rigidities have also developed in HRD within this banking system itself because this industry is largely in the public sector.
SUGGESTIONS:
The following suggestions are very essential to adhere for effective Banking Administration:
1. HR functions to be linked to corporate goals.
2. Shift from Industrial Relations Manager to Business Manager or Commercial Manager.
3. Teamwork is another important and essential soft skill that is necessary in this industry.
4. The HR Professionals have to introduce and improve the adaptability of their structure that will be able to absorb, draw, and retain the best.
5. As people are the primary asset, it is essential not only to invest in them but also to ensure that the supporting elements for this asset are such that it can provide the maximum value on a sustainable basis.
6. HRD is to be regularly reviewed against business outcomes as part of strategic and operational planning.
7. To overcome the public sector's hierarchical structure, which gives preference to seniority over performance, is not the best environment to attract the best talent from among the young.
RECOMMENDATIONS
1. It is worthwhile to consider broad-basing the courses conducted in these institutions among other higher-level educational institutions so that specializations in the area of banking and financial services become an option in higher education curricula.
2. There is a need to adopt global best practices in financial sector regulation and supervision and adapt them to the domestic environment. This largely depends on the functioning and policies of public institutions, such as the RBI, as it is increasingly subject to public discussion and debate.
3. This calls for greater transparency, more effective communication, and a high degree of professionalism in the bank's staff, indicating the need of the hour.
4. Continuous upgrades of human resources management strategies with a view to enhancing the level of knowledge, sharpening skills are and also to important the necessary work culture must be installed.
5. There is a pressing need to develop work practices that encourage efficiency in this banking sector.
6. Incentive structures need to be conceived, supported by appropriate training and motivations, which align the employee's goals and orientations with the core competencies and strategic advantages of the institution.
7. This service sector has to explore the feasibility of entering into collaborative arrangements with universities and other institutions in India and abroad to identify and provide specialized training in the financial services industry with an ongoing flow of emerging training packages.
8. Information technology is an area where human resources development is critical; fortunately, Indian professionals are world leaders in this area and the spirit of cooperation and partnership between them in banking industries will result in a strong and modern financial system comparable to the best in the world.
9. This committee recommended a system of recruitment from the open market, including lateral induction of experts.
Conclusion:
In a nutshell, it is felt that the changing environment, the forces of globalization and liberalization, and the advances in information and communication technology have major HR implications for the RBI as well. Financial products are becoming increasingly complex and diverse, while the markets in which they trade get progressively deregulated. It also possesses both opportunities and threats, particularly for this public sector banks.
Source - Articlesbase
From India, Bangalore
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482Banks have to understand that the capital and technology considered to be the most important pillars of banking are replicable, but not human capital, which needs to be viewed as a valuable resource for the achievement of a competitive advantage. The long-term vision for India's banking system is to transform itself from being a domestic one to the global level may sound far-fetched at present. To take up this industry to the heights of international excellence requires a combination of new technologies, better processes of credit and risk appraisal, treasury management, product diversification, internal control, external regulations, and human resources at the most.
The main challenges faced by Banks in our country are the role played by financial instrumentation in different phases of the business cycle, the emerging compulsions of the new prudential norms and benchmarking the Indian financial system against international standards and best practices. There is a need for the introduction of new technology, skill-building, and intellectual capital formation.
The most important need in this service industry is naturally the HRD. During the early phase of banking development in India after independence, opportunities for the employment of educated manpower were relatively limited. This sector was the preferred employer for educated persons in the country in addition to civil services. In recent years, this position has changed dramatically. Certain rigidities have also developed in HRD within the banking system as this system is the public sector. Its hierarchical structure gives preference to seniority over performance, and it is not the best environment for attracting the best talent from among the young.
How well challenges are met will mainly depend on the extent to which the banks leverage their primary assets, i.e., HR, in the context of the changing economic and business environment.
Many literature surveys reveal that a paradigm shift is taking place in the role of the HR function in these organizations. There is a real danger of the function itself being outsourced in most organizations. The danger comes through the following shifts:
- The line manager has become increasingly competent even to handle the matters.
- The government is seriously thinking of privatization, and this leads to a government-protected system, to an environment where it has to contend with market forces and large corporations with significant brand equity and also follow vastly different HR strategies and practices.
- Technology is eliminating routine paper activities.
- Virtual organizations are coming up.
HRD Practices in Bank:
I Staff Meetings
- Staff Meeting aims at group synergy, team building, open culture, family feeling, and talent recognition which individually and cumulatively benefit the organizations.
- Goals/Targets set for the unit/Bank are discussed in the monthly Staff Meetings conducted at all branches/units, and an action plan is drawn to achieve them.
- The forum is being effectively utilized for the harmonious functioning of all the branches and administrative units through greater involvement and the collective contribution of all staff members.
II Brainstorming Sessions
- This is a technique for generating ideas and suggestions on topics of relevance and also to provide alternate solutions to problems by the simulative thinking and imaginative power of a cross-section of employees.
- Corporate Topics are selected for each quarter, and BSS are conducted in administrative offices/branches on the topic during every quarter.
- Worthy implementable suggestions emanated are circulated for necessary action.
III Study Circle
- The concept of Study Circle aims at self-development of employees by kindling the desire to acquire/update knowledge, information, and experience.
- Guest lectures/PowerPoint Presentations/Group Discussions, etc., are arranged on topics of general interest by inviting experts in the field.
- Study Circle Meetings are conducted once every two months in administrative offices and once every quarter in branches.
IV Quality Circles
- It is a time-tested tool of Total Quality Management (TQM) which promotes team spirit, cohesive quality work culture, commitment, and involvement of employees.
CHALLENGES FACED BY THE BANKS:
1. The real challenge of this sector is the "Indian companies," how to transform into global corporations without losing the positive values and culture that they have developed.
2. As most part of the jobs in this industry is monotonous/repetitive and routine, the HRD Department has to empower, engage, and energize employees to create effectiveness and efficiency through motivational organizational structures. Systems and procedures are facilitators of these, and there is a need to focus greater attention on these aspects by the industry.
3. However, the emergence of a core and peripheral workforce in many organizations has presented new challenges for HR managers in public and private sector organizations are fast becoming diverse communities for core workers, flexibly employed casual and part-time workers, consultants, contractors, and business partners.
4. Certain rigidities have also developed in HRD within this banking system itself because this industry is largely in the public sector.
SUGGESTIONS:
The following suggestions are very essential to adhere for effective Banking Administration:
1. HR functions to be linked to corporate goals.
2. Shift from Industrial Relations Manager to Business Manager or Commercial Manager.
3. Teamwork is another important and essential soft skill that is necessary in this industry.
4. The HR Professionals have to introduce and improve the adaptability of their structure that will be able to absorb, draw, and retain the best.
5. As people are the primary asset, it is essential not only to invest in them but also to ensure that the supporting elements for this asset are such that it can provide the maximum value on a sustainable basis.
6. HRD is to be regularly reviewed against business outcomes as part of strategic and operational planning.
7. To overcome the public sector's hierarchical structure, which gives preference to seniority over performance, is not the best environment to attract the best talent from among the young.
RECOMMENDATIONS
1. It is worthwhile to consider broad-basing the courses conducted in these institutions among other higher-level educational institutions so that specializations in the area of banking and financial services become an option in higher education curricula.
2. There is a need to adopt global best practices in financial sector regulation and supervision and adapt them to the domestic environment. This largely depends on the functioning and policies of public institutions, such as the RBI, as it is increasingly subject to public discussion and debate.
3. This calls for greater transparency, more effective communication, and a high degree of professionalism in the bank's staff, indicating the need of the hour.
4. Continuous upgrades of human resources management strategies with a view to enhancing the level of knowledge, sharpening skills are and also to important the necessary work culture must be installed.
5. There is a pressing need to develop work practices that encourage efficiency in this banking sector.
6. Incentive structures need to be conceived, supported by appropriate training and motivations, which align the employee's goals and orientations with the core competencies and strategic advantages of the institution.
7. This service sector has to explore the feasibility of entering into collaborative arrangements with universities and other institutions in India and abroad to identify and provide specialized training in the financial services industry with an ongoing flow of emerging training packages.
8. Information technology is an area where human resources development is critical; fortunately, Indian professionals are world leaders in this area and the spirit of cooperation and partnership between them in banking industries will result in a strong and modern financial system comparable to the best in the world.
9. This committee recommended a system of recruitment from the open market, including lateral induction of experts.
Conclusion:
In a nutshell, it is felt that the changing environment, the forces of globalization and liberalization, and the advances in information and communication technology have major HR implications for the RBI as well. Financial products are becoming increasingly complex and diverse, while the markets in which they trade get progressively deregulated. It also possesses both opportunities and threats, particularly for this public sector banks.
Source - Articlesbase
From India, Bangalore
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I am preparing for IBPS common exam for HR. I need suggestions for this exam . Which act’s are applicable for "public sector banks"?
From India, Gurgaon
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From India, Gurgaon
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Hello,
This is Rutvi Pathak. I am doing a project on motivation for employees in the banking sector. My specified banks are ICICI and Axis Bank. Please email me information regarding motivation, especially in the insurance provided by these banks.
Email: rutvipathak939@gmail.com
Thank you,
Rutvi Pathak
From India, Nagari
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This is Rutvi Pathak. I am doing a project on motivation for employees in the banking sector. My specified banks are ICICI and Axis Bank. Please email me information regarding motivation, especially in the insurance provided by these banks.
Email: rutvipathak939@gmail.com
Thank you,
Rutvi Pathak
From India, Nagari
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Aligning HR Policies to Business Objectives.ppt
HR policies & procedures May 2007.pdf
Index of HR Policies.docx