Banking & Finance

Banking Sector Overview:

The Banking sector in India has always been one of the most preferred avenues of employment. In the current decade, this has emerged as a resurgent sector in the Indian economy. Today, banks have diversified their activities and are getting into new products and services that include opportunities in Credit Cards, Consumer Finance, Wealth Management, Life and General Insurance, Investment Banking, Mutual Funds, Pension Fund Regulation, Stock Broking Services, Custodian Services, Private Equity, etc. Further, most of the leading Indian banks are going global, setting up offices in foreign countries, by themselves or through their subsidiaries.

Manpower Challenges:

The key to the success of any organization lies in how efficiently the organization manages it's human resources. The principle applies equally and perhaps more appropriately to service institutions like banks. The issue is all the more relevant to the public/Private sector banks who are striving hard to keep pace with the technological changes and meet the challenges of globalization. In order to meet the global standards and to remain competitive, banks will have to recruit specialists in various fields such as Treasury Management, Credit, Risk Management, IT related services, Marketing, sales, Customer Service, HRM, etc, in keeping with the segmentation and product innovation. As a complementary measure, fast track merit and performance based promotion from within would have to be institutionalized to inject dynamism and youthfulness in the workforce. To institutionalize talent management, the first priority for the banking industry would be to spot, recognize and nurture the talent from within. Secondly, the industry has to attract the best talent from the market to maintain the required competitive edge vis–a–vis global players. However, the issue of critical importance is how talent is integrated and sustained in the banks. Therefore, a proper system of talent management has to be put in place by all the banks.