HR IMPLICATIONS IN PRIVATE BANKING MBA HR PROJECT REPORTS
INTRODUCTION TO INDIAN PRIVATE BANKING
Indian Private banking , especially commercial banks, have started recognizing the necessity for a strong human resource introduction for their survival in the face of the rapidly changing environment, global competition and other upcoming challenges.
Externally a position and competitive banking system in India, it cannot produce a stable economics. The banking system of India should not only be stress-free, but it should be able to meet new challenges posed by the technology and any other external and internal factors.
Earlier three decades, India’s banking scheme has many outstanding successes to its credit. The most impressive is its broad reach. It is no excellent restricted to only metropolitans or cosmopolitans in India. In fact, Indian banking scheme has even reached to the far sides of the country. Here is one of the main reasons for India’s progress.
The Government’s regular policy for Indian bank since 1969 has paid rich dividends with the nationalization of many private banks of India.
Private Banks in India
Private sector banking in India received a fillip in 1994 when Reserve Bank of India approved setting up of private banks as part of its policy of liberalization of the Indian Banking Industry. Housing Development Finance Corporation Limited (HDFC) was amongst the first to receive an ‘in principle’ approval from the Reserve Bank of India (RBI) to set up a bank in the private sector.
Client Description, Project Scope, Objectives
The HR team reviewed The Lab’s non-technology improvement templates. They saw how these could rapidly achieve their process improvement, HR cost optimization, and service improvement goals, within six months.
HR operations included 3,000 employees. They served a global bank of 250,000 employees across 50 countries. HR supported the bank from shared service centers concentrated in North America, Europe, and Hong Kong.
The implementation effort targeted rapid results, low risk, and frugal costs. Pilots for lean HR process improvement began in New York and London. Once proven to increase HR productivity and deliver the planned cost reduction, these were implemented worldwide.
The project began with an 8-week, Phase I analysis of HR operations. This initial phase delivered a self-funding, guaranteed business case and work plan that launched the Phase II HR transformation implementation.
Human Resource Management Practices in India
Indian banking sector is making efforts to adopt global best standards in HRM with the local customs and sensibilities.
HRM function in a bank is frequently recognized as a strategic business partner with the responsibility of managing key corporate resources.
It is supposed that HR Function must:
Help the organization to be agile by adopting practices that allows it not only to adapt to changes in the external environment but also to benefit from the same.
HR practices help in improving the potency and quality, and to expand the aggressive position of a workforce strategically aligned with the organization’s goals and objectives. Organizations are becoming increasingly aware of the impact of generation gaps in the interaction between the various parts of its workforce.
Key Performance Indicators for HR Practices
Key performance indicators for Human Resources include
1. Employees’ clarity on HR policies
2. Employees’ clarity on roles, responsibilities and expectations
3. Development of qualitative staff
4. Competitiveness of compensation structure relative to industry benchmark
5. Usefulness and accuracy of compensation survey
6. Measurement of HR policy violation
7. Proportion of training programs resulting in productivity improvement
8. Staff attrition rate
9. Outline internal capabilities
10. Organizational philosophy
OBJECTIVES OF THE STUDY
- To know the various HR implications in private banks.
- To know whether employees are satisfied with their jobs or not.
- To know the various retention practices used in banks?
- To know the motivational factors used by the banks?
- To know whether training and development programs are managed b the banks or not
Key Strategies for Implementing Fundamental Reforms in HR Management
- HR management that respects employees’ individuality
■ Development–focused HR management aimed at enhancing employees’ strengths
■ Multi–track HR management that responds to the career goals of a diverse workforce
■ Promoting the health and well being of employees and maintaining a healthy work environment.
- Strategic employee rotation
- Development of future executive leaders
- Globalization of Mizuho’s talent and HR management
- Promotion of diversity and inclusion