Human resource
management is the practice of supporting and managing employees through every
aspect of their jobs, from recruitment and hiring to professional development
and retirement benefits. HR specialists have avarity of day-to-day activites associated with the areas they work on and oversee. In all that
they do, HR professionals must have strong interpersonal skills, since they are
in charge of working directly with employees and managers. Human resource
employees must also have great organizational skills, as they often juggle
multiple duties at once. In addition, they need to clearly understand their
organization’s values to be able to effectively advance them.
The
Importance of Human Resource Practices
The role of HRM practices is to manage the
people within a workplace to achieve the organization's mission and reinforce
the culture. When done effectively, HR managers can help recruit new professionals who have
skills necessary to further the company's goals as well as aid with the
training and development of current employees to meet objectives.
A company is only as good as its employees,
making HRM a crucial part of maintaining or improving the health of the
business. Additionally, HR managers can monitor the state of the job market to
help the organization stay competitive. This could include making sure
compensation and benefits are fair, events are planned to keep employees from
burning out and job roles are adapted based on the market.
Banks,
in the service
industry, delivers its service
across the counter
to the ultimate customer. The activities of banking
industry are all about “relationship”. Hence, banking industry has to provide
better services with a smile to the customers in order to cultivate and
maintain long lasting relationship with
their customers.
Notwithstanding the level
of technology, banking is
primarily a labor intensive service sector. Hence it will not
be possible for the banks to
sustain effectiveness unless
human resource management is
given prime importance because the technology is only an aid to human effort
and not a substitution thereof. If the technology is the equalizer, then
the human capital shall be the differential in future.
The
Human Resources are
the most important element for
the progress of banking.
Though technology can replace manual intervention, the thinking
process is the
exclusive preserve of human beings.
With changing times
and technology, banks would require employees with special skills
in the
areas of risk management, treasury,
product development, customer relationship management
and IT services. The
technology can improve speed and quality of performance, but
at the same
time it can
also unleash the risk factor. It is rightly said: “We are trying to
apply third generation ideas on second generation organizations which are
unfortunately run by first
generation managers”.
Based on NDB bank HR processes are governed
by a comprehensive suite of policies and standards which ensure the equitable
treatment of all employees. The policies in place cover aspects such as
recruitment, training and development, performance management, compensation and
benefits, industrial relations, occupational health and safety and administration
matters. HR practices extend beyond the legal requirements to embrace industry
best practice. Employees are also governed by a Code of Conduct which outlines
the professional and ethical conduct that is expected of employees including
general conduct, competence, confidentiality, handling of material information
and conflicts of interest among others.
Benefits
of Human Resource Management
Human Resource Management
(HRM) helps in estimating the right number of people required for carrying out
the necessary activities of an organization. It analyses different work
positions within a business for identifying the skill sets needed for such
positions. Proper information regarding job designations helps in acquiring the
right peoples.
It enables
business in hiring skilled and qualified workforce by creating a large pool of
competent peoples. Human Resource Management conducts whole recruitment process
of an organization in accordance with the requirements of job positions.
Human Resource
Management plays an efficient role in retaining skilled employees for a longer
term within an organization. It monitors working environment provided to
workers and ensures that they get hygienic working place, better remuneration,
extra benefits and facilities. This leads to long term associations of workers
with organization.
Human Resource
Management influences the overall productivity and profitability of a business
organization. It is the one which monitors the allocation of all resources and
ensures that they are full utilized with minimum wastage. Human Resource
Management matches right person with right job which improves the effectiveness
of an organization.
Motivation of
employees towards their roles is must for achieving the desired goals and
objectives. Human Resource Management motivates workforce by rewarding them as
per their performance and providing welfare facilities. It examines their
output level for deciding their incentives which boost the overall morale of
workers.
HRM focuses on
establishing good relations among management and labors for ensuring continuity
of business. It provides fair remunerations to workers and take cares of all
their necessities. Human Resource Management builds up better coordination in
between employer and employees by considering their ideas and suggestions in
policy making.
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https://www.ndbbank.com/annual-report/2017/management-discussion-and-analysis.humcap#:~:text=OUR%20APPROACH%20TO%20HUMAN%20CAPITAL%20MANAGEMENT&text=Employees%20are%20also%20governed%20by,conflicts%20of%20interest%20among%20others.
Srinivasan.P.T. (2009). Researchgate.
Retrieved 04 22, 2023, from Researchgate:
https://www.researchgate.net/publication/229100744_HUMAN_RESOURCE_MANAGEMENT_PRACTICES_IN_SRI_LANKAN_AND_INDIAN_PUBLIC_SECTOR_BANKS_AN_EMPIRICAL_COMPARISON
Techtarget. (2023). Techtarget.
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