Training and Developing Human Resources in the Banking Sector |MBA colleges in Bangalore accepting PGCET

Posted by Dr.SUGANYA .S On 30/11/2021 08:55:48

Human competency development is an essential prerequisite for any growth or development effort. By recognizing the importance of employee? competency development, organizations in different sectors have set up new departments known as “HRD Departments”. The HRD departments have been finding out new ways from time to time to develop employee competencies through training, performance appraisal, potential appraisal, feedback and counselling, mentoring, organization development interviews, etc. Worldwide there has been a lot of progress in the field of human resource development particularly from 1980 onwards. The organizations in the service sector and government usually consider the HRD practices as synonymous with training. In order to undertake the activities to facilitate and manage HRD function in any organization, a conceptual background is required. 

In the process of HRM, i.e., bringing people and organizations together so that the goals of each other are met, employees are helped in a continuous way to acquire capabilities, exploit their inner potential, develop an organizational culture, and also with HRD mechanisms. Any organization that is interested in improving its services needs to develop its employee competencies. The development of human resources is essential for any organization that would like to be dynamic and growth-oriented. Thus HRD is a process, not merely a set of mechanisms and techniques. MBA colleges in Bangalore accepting PGCET

The Banking and Financial Services

A strong, healthy and sustainable banking system is essential for the overall development of an economy and failure of which may lead to the collapse of the economy as a whole (Sandeep Sharma and Manish Didwamia). Across the world, technological advances have accelerated changes resulting in higher production of goods and services. With the advent of technology, banks have been offering a wide range of services, identifying new business niches, developing customized services, implementing innovative strategies to capture new market opportunities. Technology adoption has become a necessity, particularly in the aftermath of liberalization, privatization and globalization. Indian banking influenced by the financial sector reforms witnessed a shift away from meeting social priorities to confronting market forces. The Indian banking industry is going through a period of intense change. There are different types of banks under public, private, co-operative and foreign banks. Even though the public sector banks largely dominate the private sector banks and foreign banks have been posing serious competition to the public sector banks.

The existing business environment requires companies as well as their HR team to think creatively and come up with new approaches. Innovative HRD approaches would motivate the employees in the banking sector to utilize their set of skills and knowledge through discretionary effort realizing the bank?s business strategy. The HR practices in the Indian banking sector are significantly different from the manufacturing and other service sector organizations.

Training and Development 

Training is an ongoing function in most banking sector organizations. Training sessions in this sector vary from functional skill development to personal development and soft skills training. According to Burke and Baldwin (1999), there is much evidence suggesting that a considerable part of organizations’ investment in training does not result in an optimal transfer. To improve job performance, the skills and behaviours learned and practised during training have to be transferred to the workplace, maintained over time, and generalized across contexts (Holton & Baldwin, 2003).[8] Workforce training had two purposes: technical, to equip new recruits with sufficient knowledge and skills to enable them to perform their new work roles to some minimum standard; and social, to secure new recruits’ co-operation with the employer’s aims and the working relations into which they enter. 

The training is imposed as part of the functions of human resource management in order to increase competitiveness between organizations and increase and expand the knowledge, skills and abilities of employees in order to perform a more efficient work organization. It is arranged especially when a feature is missing in employees and pushed as part of the successful execution of the tasks. The Human Resources Department should continuously monitor the changes occurring in the market while training their employees to adapt to those changes. 

The training of employees is a key segment for the development of the realization of high performance among employees in the banking sector. In order to investigate the conditions of the workforce in the banking sector, a survey was conducted in the largest and oldest bank in the country where such subjects arise managers of departments within the bank. Based on the results of the research it can be concluded that the training of the employees is extremely important, primarily for their consistent development, as well as to achieve the set targets in terms of flexibility and adaptability to the market, and adapting to changes in technology development. The results of the survey reveal that. It is pivotal that functional training focused on banking sector regulations, law changes, and financial services are increased. Furthermore, personal development and soft skills training need to also be increased.

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