In the current global economic downturn, the Banking and Financial Services industry has witnessed an adverse impact on its financial performance. The industry now has to deal with an enhanced regulatory environment, and an increased focus on risk management. The industry is also witnessing consolidation and inorganic growth. This necessitates increased operational efficiency, as well as improved workforce productivity and execution ability.
The secret to superior Human Capital Management in the Financial Services industry is to know the risk implications for a certain value/volume level of transactions. HR executives develop a heat map for talent needs based on these very dimensions. The higher the risk/value handled, the more it has to be aware of employees staffing this section of the business. Statement of Professional Purpose, Credit History, Criminal History, Banking Association Opinion, Performance History, Professional Connections, Social Connections, Life Events, Affiliations – all represent value.
The Human Capital Management Software used by the organization can play a vital role here by providing an appropriate environment and platform for people to perform. HR strategies implemented on the floor have to align with the level of automation in the manufacturing facility. When the level of automation is high, HR focuses more on employee training and rewards, process improvements and innovation. When manufacturing is labor intensive, HR focuses on incentivising employees to focus on the target at hand.
Some other trends which can be observed are,
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