Development of Human Resources in Commercial Banks Need for a New Approach

Abstract

The highly competitive banking scenario calls for higher skill and quality of human resources for giving a competitive edge, for this banks need to take organization wide transformational initiative. Performance of the banks in our country is inextricably linked with attitude, training, achievement motivation and thoughts of the employees. Far reaching reforms have been set in motion and implemented in the area of technology, financial and prudential norms, but reforms in the area of human resources have been lagging behind and halting, commercial banks were not having an independent HR policy, their recruitment, training, promotion, deployment of the staff are characterized by high level of rigidities, performance appraisal was of a routine type. There is a need for the banks to give proper attention to some critical issues viz, 1. Designing policies for HRD 2. Defining the role of the Board and CEO 3. Improving the productivity of the employees 4. Institutionalization and implementation of performance measurement and Management system 5.Development of leaders for critical roles 6. Compensation, Motivation and Reward mechanism 7. Development of Competency based strategic HR systems 8. Implementation of HRM systems 9. Knowledge management initiatives for learning and growth 10. Skill development, Attitudinal Reorientation and Managing diversities. The other issues discussed in this paper are, Measures for organizational renewal. Career management system. Training and development agenda etc..