Human Resource Management in Banking Sector

Abstract

The banking industry is a highly regulated powerhouse that stabilizes the economic environment of nations around the world. Banks store sensitive, personal information about their clients, and commercial banks often house more valuable inventory, cash than other retail operations. Bank employees, from executives to tellers, must have a higher level of integrity and trustworthiness than employees in most other industries, makes the role of HR in banking that much more important. Human resources departments must design and monitor work processes to reduce opportunities for internal theft and collusion. HR policies separate cash receiving, storage, processing and disbursement, and record all activities via video surveillance. In the event that an employee attempts to steal from a bank, the HR department must handle the legal paperwork and administrative processes required by court proceedings. Certain jobs do not really require a thorough background check, but any job in a bank definitely does. Human resource departments in banks must go the extra mile to uncover the criminal and financial history of job applicants, for the safety of their clients and their organization as a whole. Banks are highly unlikely to hire candidates with financial fraud on their records, for example, due to the sheer weight of temptation a position in a bank would place on someone with that kind of history. Efficient human resource management is one of the most essential requirements for survival in this competitive world. The present study deals with the HRM in Banking Sector and the importance of HRM in Banks. This study is based on empirical data and the secondary data.