Abstract: Banking sector is one of the vital financial pillars of Indian economy. The liberalization policy has affected the competitiveness of banks due to the global pressures resulting into combination of Human Resource Management with business policies. The survey by Boston Consulting Group (BCG) and Indian Bank’s Association (IBA) report that the Indian banking industry will face two upcoming challenges that is an economically viable solution for financial inclusion and human resources framework in next one decade. While the first challenge demands unusual innovation and experimentation, the second threatens to cripple the ability of the largest segment of the banking industry from being able to innovate and stay competitive. The unique complexities of the public sector make conventional HR solutions ineffective. The initiatives like “Pradhan Mantri Jan-Dhan Yojana” by the Honourable Prime Minister of India, banks contribution in the financial inclusion has boosted up, but the employee’s expectations from the industry have also arisen. This calls for a need to innovate the earlier HR practices of the banks so that the employee productivity can be enhanced. This paper aims to provide an insight to such innovations, related to Human Resource Management with the help of a primary study based on the viewpoints of HR managers of six different Indian banks both from public and private sector. These innovative HRM practices have been listed under seven different heads of HRM namely recruitment & selection, training and development, performance management, compensation management, career development, employee motivation and employee security. A few of the earlier studies have also been referred for the final conclusions. The level of implementation of these innovations may not be satisfactory, yet the implementation has been started and the favourable results in the productivity will make these banks feel how important these are for their growth. It has been found that convergence of practices of new and innovative HR areas will benefit the banks to become more competitive.
Keywords: Innovations, Human Resource Management, Banking, Practices, Indian Banks.
Title: INNOVATIVE HUMAN RESOURCE PRACTICES IN INDIAN BANKS: A STUDY FROM HR MANAGER’S PERSPECTIVE
Author: Teju kujur, Mushtaq Ahmad Shah
International Journal of Management and Commerce Innovations
ISSN 2348-7585 (Online)
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