Human capital management in banking sector-a conceptual framework

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This paper investigates the background, current status and practice adopted by banks for development of their human capital.

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International Journal of Management (IJM) Volume 8, Issue 6, Nov–Dec 2017, pp. 44–55, Article ID: IJM_08_06_005 Available online at http://www.iaeme.com/ijm/issues.asp?JType=IJM&VType=8&IType=6 Journal Impact Factor (2016): 8.1920 (Calculated by GISI) www.jifactor.com ISSN Print: 0976-6502 and ISSN Online: 0976-6510 © IAEME Publication HUMAN CAPITAL MANAGEMENT IN BANKING SECTOR-A CONCEPTUAL FRAMEWORK Sudershan Chadha Senior Manager, Union Bank of India Dr. Daleep Parimoo Professor, School of Business Studies, Sharda University, Greater Noida, India ABSTRACT The issue of human resource management has been a long-debated topic for business and professional organisations. Modern view and approach see the workers and employee as human capital. So many research and studies have established the direct relationship between human capital management practices and employee performance, which finally establishes a positive relationship between human capital management practices and organisational performance. Traditionally, in banking sector, there was no such concept of human resource development and so for, human resource department was not the part of organisational structure. As professionalism and competition are increasing in banks, a need of human development initiative is much felt now. To fulfil the gap, banks are setting human resource department in their system. Now a days according to required benchmarks, the banks are also trying to establish their standard for human capital management. Although, the reports say that most of the commercial banks adopt human capital management practices to an average degree. Some reports also say that HRD department’s functioning is far from satisfactory level in majority of the banks yet. But, a positive gesture and initiative in this direction is on the flow. In many banks along with training, other activities like manpower planning and performance appraisal have also been introduced. This paper investigates the background, current status and practice adopted by banks for development of their human capital. The methodology adopted for the study includes literature review for conceptual background, theoretical perspective for establishing the relationship between human capital management practices and employee performance as well as organisational performance, and chronological presentation of empirical research done on human resource development practices in banks. Key words: Human Resource, Human Resource Management, Human Resource Development, Human Capital, Human Capital Management, Banking Sector. http://www.iaeme.com/IJM/index.asp 44 editor@iaeme.com
Human Capital Management In Banking Sector-A Conceptual Framework Cite this Article: Sudershan Chadha and Dr. Daleep Parimoo, Human Capital Management In Banking Sector-A Conceptual Framework. International Journal of Management, 8 (6), 2017, pp. 44–55. http://www.iaeme.com/ijm/issues.asp?JType=IJM&VType=8&IType=6 1. INTRODUCTION Present day business approaches view and express the workers in terms of resource. They are dealt with as most vital resource named as "Human Capital". The expression "Human Capital" is in some cases utilized synonymously with "human resources", though human capital regularly alludes to a more restricted view i.e. the information the individual encapsulate and add to monetary development. The human resource is, of all resources appointed to man, the most beneficial, the most flexible and the most resourceful. Human resources constitute the most essential and irreplaceable constituent in any economy. The concept of human capital as an economic asset was first given in 1960 by Theodore Schultz. Presently in the period of the most genuine economic emergency since the 1930s, policy makers and experts in governments and commercial organisation are looking at their workers as their most essential resource in recuperation of economic stability and attaining growth. Human capital is the supply of information, propensities, social and identity traits, including imagination, encapsulated in the capacity to perform work in order to deliver monetary esteem. On the other hand, Human capital is a gathering of assets—all the learning, gifts, aptitudes, capacities, encounter, insight, preparing, judgment, and knowledge had exclusively and all in all by people in a populace. These assets are the aggregate limit of the general population that speaks to a type of riches which can be coordinated to achieve the objectives of the country or state. Nowadays, we are moving towards a learning economy where interests in intangibles resources are viewed as crucial components to esteem creation in business organisation, and the development of this approach is changing the entire procedure treatment to execution in changing Human Resource work. Presently, there is a general understanding that scholarly capital, all the more particularly human capital is basic to an association's prosperity, and that the HR centre must be more considered in the new information based economy period (Afiouni Fida, 2009). For advancement of "Human Capital" to perform at competitive level with set benchmarks, the HRD development in banks is progressively working ahead. A lion's share of the banks have setup isolate HRD Departments inside a time of working; HRD Department in a few banks have increased certain noteworthy achievement. The thorough feedback of the displaying HRD work as "garish connection" can't be defended. Then again, the reality of the matter is that HRD Department's working in a greater part of the banks is a long way from satisfactory level. There are many banks where alongside training, different exercises like manpower planning and performance appraisal have been presented. However, some different banks have made fast walks similarly as the presentation of new HRD exercises and sub-frameworks, for example, systematic training, quality circles and staff meetings are concerned. Other than presenting these frameworks, a few banks have likewise taken critical endeavors in idealizing certain frameworks like training and performance appraisal. In any case, there is an expansive spread inclination in banking industry that there are no adequate result from the HRD capacities and framework at the operational level are directed to level of customs. This paper examines what are issues and difficulties raised by different researcher and banking administration monitoring professionals and boards in regard of human asset improvement named as "Human Capital Management". http://www.iaeme.com/IJM/index.asp 45 editor@iaeme.com
Sudershan Chadha and Dr. Daleep Parimoo 2. OBJECTIVES OF THE STUDY The overall objective of the study is to underline the background, current status and practice adopted by banks for development of their human capital. 3. LITERATURE REVIEW 3.1. Conceptual Background Human capital (HC) speaks to the knowledge, ability, judgment power and skill of workers. HC is imperative since it is a wellspring of advancement and consider recovery (Bontis (1998). Likewise, it is said that Human Capital is the most imperative device revenue driven era in the knowledge-driven economy. A knowledge-driven economy is an economy where era and abuse of knowledge assumes a prevalent part during the time spent riches creation (Harman, 2007). Human capital was characterized as the consolidated insight, abilities and aptitude that gives the association its particular character (Odhong et al., 2013). Human Capital (HC) was as a method for clarifying the benefits of putting resources into instruction on a national scale (Afiouni, 2013). The idea of human capital has assumed an imperative part in the neoclassical investigation of work markets (Omolo (2007). This is in especially with respect to the part it plays in wage assurance. It has additionally come to rule the monetary examination of the training. The accentuation on human capital in organisation mirrors the view that market esteem depends less on substantial assets, but instead on impalpable ones, especially human assets (Kulvisaechana, 2006). Chatzkel. J.L (2004) stated human capital as: "the pack of collected knowledge, aptitudes, experience, innovativeness and other important workforce traits" and propose that HCM includes "instituting the measurements to gauge the estimation of these characteristics and utilizing that knowledge to viably deal with the association" Baron, Armstrong, 2007 Human capital which might be called as human resources capital (Shun Wang, 2011) is spine of intangible resources and is considered as a fundamental component in organisation'(Royal & O‘Donnell, 2008). It incorporates every single scholarly resource of organisation like workers' learning and mastery (which empower them to take care of authoritative issues and address clients' issues and wants (Ditillo, 1998). This sort of capital is recognized as the most imperative model of intellectual capital represents organisation's capacity to locate the best arrangement by focusing workers' learning (Cornachione, 2010; Bontis, 1998) . Human capital shows learning stock of representatives and is a crucial asset of vital development . Human capital is a standout amongst the most imperative and in deeds the most essential knowledge resource in organisations (Bontis & Fitz-enz, 2002), in light of the fact that these benefits are imagination resources. The capital incorporates workers learning in an organisation contain capabilities, aptitudes and capacities . The organisation are not proprietors of these capitals and representatives leaving of organisation confront them with new medications (Bontis, Keow, & Richardson, 2000). Human capital is seen by financial analysts and scientists as a noteworthy mainstay of a nation's monetary development and thusly the base for accomplishing the focused on level of expectations for everyday comforts. Human capital mirrors the total aggregate attitudes and experience, learning and innovativeness, and vitality and excitement appeared by individuals to put resources into their business (Ingham, 2007). human capital is decidedly connected to the execution of the association and its benefits. From the prior, clearly human capital is an imperative factor for the info and yield of present day organisations (subjective private) and has highlights that are not accessible in other capital (Ukenna et al. 2010). http://www.iaeme.com/IJM/index.asp 46 editor@iaeme.com
Human Capital Management In Banking Sector-A Conceptual Framework 3.2. Theoretical Aspects of Human Capital The theory of human capital was produced in the middle of the crisis of human capital progression (Schultz,1960; Becker (1962). These two researchers views human capital in different yet close points of view; Schultz analyzes the utilization of instruction as a type of venture though Becker view human capital development as the rate of come back to put resources into training. In any case it is pleasing that both of the two perspectives are right and can be utilized as a part of each other. It is a total financial perspective of the human being acting inside economies, which is an endeavour to catch the social, organic, social and mental multifaceted nature as they cooperate in express as well as monetary exchanges. Numerous hypotheses unequivocally associate interest in human capital improvement to instruction, and the part of human capital in financial advancement, efficiency development, and advancement has regularly been referred to as a support for government sponsorships for instruction and employment abilities preparing (Van, 2002). . The connection between financial development and human advancement has been a subject of thorough observational econometric work since the 1970s. Training, which is a critical segment of human advancement, has been found to clarify fluctuating levels of return and monetary development (Crook et al 2011). The establishment of the human capital hypothesis lies in the way that people and firms put resources into human capital construct not in light of present picks up but rather on future financial and non-monetary returns. Ventures incorporate different perspectives, for example, tutoring, preparing, getting data, relocation, and exercises that enhance a person's wellbeing. (Afiouni Fida, 2009) Moreover, Gavaran et al (2011) quoted that human capital concentrates on two primary parts which are people and association. He additionally brings up that the human capital have four key traits which are; adaptability and flexibility, improvement of individual capabilities, the advancement of hierarchical skills and individual employability. Every one of these qualities create and increase the value of individual and association results (Marimuthu et al (2009). At the organisational level, human capital assumes a vital part in the strategic planning how to gain competitive advantages (Marimuthu et al., 2009). Crafted by Snell et al., (1999) stress that an organizations' human capital has two measurements which are esteem and uniqueness. They contended that assets are profitable when they permit allow improvement of effectiveness capitalizing on opportunities and minimize threats. Utilizing the theory to clarify the circumstance of labourers execution at Union Bank of India in Delhi district, it was expected that their working performance relates with the level of human capital potential which may perpetually be connected to the degree to which they have been taught in extending the knowledge and skills significant for their occupations 3.3. Human Capital Management Practices and Organisational Performance Despite the fact that, there is a wide presumption that human capital has constructive outcome on firm performance, the idea of execution for human capital remain to a great extent unquestionable. The always showing signs of change business condition expects firm to take a stab for competitive advantages through dynamic marketable strategy which consolidate imagination and innovative. This is basically essential for their long term sustainability. Without a doubt, HR input assume a critical part in upgrading company's competitiveness (Barney, 1995). Because of current worldwide market changes, most firms have grasped the thought of human capital as a decent upper hand that will improve higher execution. Human capital advancement turns into a piece of a general push to accomplish savvy and firm execution. Consequently, firms need to comprehend human capital that would upgrade employee's satisfaction and enhance their performance. http://www.iaeme.com/IJM/index.asp 47 editor@iaeme.com
Sudershan Chadha and Dr. Daleep Parimoo Initially, generous investigations were done on human capital and their suggestions on organisation's performance on generally premise and clearly, human capital improvement will bring about more prominent performance and execution (Choudhury et al (2010). From the individual level, Snell & Dean, 1992) call attention to the significance of human capital relies upon how much it adds to the formation of competitive advantage. From a economic perspective exchange cost demonstrate that firm gain competitive advantages when they claim firm-particular assets that can't be replicated by competitors. Hence, as the uniqueness of human capital builds, firm have impetuses to put assets into its administration and the point o diminish risk and benefit from profitable possibilities. Henceforth, individual needs to upgrade their competency abilities keeping in mind the end goal to be focused. From the hierarchical level, human capital assumes a vital part in the key anticipating how to create competitive advantages. Following crafted by Snell et al, (1999) it expressed that an organisation's capital has two measurements which are esteem and uniqueness. Firm showed that assets are profitable when they permit enhancing adequacy, capitalizing on opportunities and minimizing threats. in the context of viable administration, esteem concentrates on expanding benefits in correlation with the related cost. In this sense, company's human capital can add esteem in the event that it adds to bring down expenses and provide increase performances. 3.4. Human Capital Management Practices and Employee Performance The world has been encountering a war for talent', it is critical to hold the current talent and furthermore to upgrade their skills and capacities to enhance the performance. As indicated by an overview directed by Hay Group in 2002 among the employees who worked in 330 organizations in 50 nations, 33% of them revealed that they expected to leave from their occupations inside the following two years. A large number of the world's most appreciated organizations recognize that they will lose a large portion of their senior officials in the following five years. This circumstance will be much more dreadful in the coming years; associations ought to deal with their human capital pool all the more applicably so they can deal with the erratic employee turnover. HCMP like employee engagement, leadership practices, learning capacity and so forth can have affect on employee retention and performance enhancement. In their assessment, Nadoushan, Saeedi, Amidzadeh, and Hosseini (2013) , researches the connection between human capital administration practices and employees' performance and they found a positive and important connection between human capital and its measurement with employee performance. As per Chen, Zhu, and Xie (2004), human capital alludes to factors as employees' learning, aptitude, capability, and attitudes in connection to cultivating performances which clients will pay for and the organization's benefit originates from. Wan (2007) declares that human capital advancement strategies can upgrade employee fulfilment and it is apparent from many research ponders that employee fulfilment has positive critical connection with employee performance. As indicated by Peccei (2004), fulfilled employees are all the more ready to buckle down and invest additional exertion for the benefit of the association, in this way effectively adding to the general productivity and effectiveness of the framework. Employee work performance is multidimensional and huge for authoritative achievement (Dyne, Jehn, and Commings, 2002) and effectiveness (Ohly and Fritz, 2010). Work performance is portrayed as ―synonymous with conduct it is the thing that individuals do that can be watched and measured regarding every individual's involvement or level of contribution‖ (Pulakos, Arad, Donovan, and Plamondon, 2000). Jones and George (2008) additionally showed that performance can be seen as an assessment of the after effects of a man's conduct which incorporates deciding how well or ineffectively an undertaking has been finished. http://www.iaeme.com/IJM/index.asp 48 editor@iaeme.com
Human Capital Management In Banking Sector-A Conceptual Framework 3.5. The Indian Banking System The Indian banking framework comprises of 26 public sector banks, 20 private sector banks, 43 foreign banks, 56 regional rural banks, 1,589 urban cooperative banks and 93,550 rural cooperative banks, notwithstanding cooperative credit institutions. As on September 2016, the exceptional credit to NBFCs remained at US$ 55.27 billion, developing at 25 for every penny on year-on-year premise. Bank credit to non-banking finance companies (NBFCs) has touched the most elevated in three years. Table 3.5.1 Indian Banking System PSB Pvt. SBs Foreign Banks Number of banks 26 20 43 Total business (INR 102,185 25,391 5,517 billion) Number of employees 801,659 269,941 25,384 Source: Reserve Bank of India Indian banks are progressively concentrating on receiving incorporated way to deal with risk management. Banks have just grasped the worldwide banking supervision accord of Basel II. As indicated by RBI, larger part of the banks effectively meet capital necessities of Basel III, which has a due date of March 31, 2019. The vast majority of the banks have set up the system for asset-liability match, credit and derivatives risk management. Deposits under Pradhan Mantri Jan Dhan Yojana (PMJDY) are developing. As on November 09, 2016, US$ 6,971.68 million were stored, while 255.1 million records were opened. Rising incomes are required to upgrade the requirement for banking services in rural areas and in this manner drive the development of the sector; programs like MNREGA have helped in expanding rural salary supported by the current Jan Dhan Yojana. The Reserve Bank of India (RBI) has loose its branch licensing policy, accordingly permitting banks (which meet certain financial parameters) to set-up new branches in level 2 to level 6 focuses, without earlier endorsement from RBI. It has stressed the need to concentrate on spreading the compass of banking services to the un-saved money populace of India. (https://www.ibef.org/industry/banking-india.aspx, dated-03/06/2017, 12:14 pm) Figure 3.5.2 Structure of Banking Source: EXIM Bank, NABARD, NHB, SIDBI http://www.iaeme.com/IJM/index.asp 49 editor@iaeme.com
Sudershan Chadha and Dr. Daleep Parimoo 3.6. Chronological Presentation of Empirical Research done on Human Resource Development and Organizational Performance: Becker (1994) distinguish current practices of banks concerning accounting for human resources and the degree of utilization inner and external information and accounting information. The study has concluded that there is extremely constrained utilization of accounting information and information in these zones. The after-effects of the investigation show that there are essential components have added to this circumstance are: (1) the absence of an accounting standard for revealing information of human resources in the financial statements, and (2) the absence of the establishments and basics of cost frameworks. Bassi et al., (2007) directed an investigation on Human Capital and Organizational Performance: Next Generation Metrics as a Catalyst for change. The overview concentrated on the connection between HCM metrics (for instance, employee turnover rate) and resulting organizational performance. The review directed crosswise over American Standard Organizations and results summed up. The exact research uncovered a centre arrangement of HCM drivers that anticipate performance are leadership practices, employee engagement, knowledge accessibility, workforce optimization and learning capacity. Regal Bank of Scotland perceives that in the event that it is to convey its objective of being 'the world's most respected bank' and outflank others in the segment, the commitment and performance of its staff is the key differentiator. To accomplish this goal, RBS places extensive significance on having HR arrangements set up that effect decidedly on staff. The Bank has possessed the capacity to demonstrate that by enhancing employee engagement, quantifiable enhancements in business performance and benefit levels can come about. McMurrer, (2007) built up a framework that enables officials to evaluate HCM and to utilize those metrics both to foresee organizational performance and to direct associations' interests in individuals. The structure depends on a centre arrangement of HCM drivers that fall into five noteworthy classifications: leadership practices, employee engagement, knowledge accessibility, workforce optimization, and organizational learning capacity. By utilizing thoroughly composed reviews to score an organization on the scope of HCM practices over the five classes, it's conceivable to benchmark organizational HCM abilities, distinguish HCM qualities and shortcomings, and connection changes or falling away from the faith in particular HCM practices with enhancements or deficiencies in organizational performance (Bassi et al., 2007). A study directed by Bassi et al., (2008) dissected the connection between human capital and organizational performance of Banking Sector. Discoveries of their investigation uncovered that the human capital pointers had a positive relationship on organizational performances. Bassi et al., (2008) refered to in Jamal (2011) recommended that HCM pointers have association with result of the association and upgrade in expertise level of individual, change in human capital administration and disposal of information inadequacies will be utilized as strategy goals to contend in knowledge period. Royal Bank of Scotland (RBS) Group, for instance, is an acknowledged pioneer in the field of human capital administration that has held consistency of HCM detailing and estimation from HR that has a huge concentrate on business affect. Yahaya (2008) researches the effect of interest in human resource training and development on employees' viability in banks. The outcomes demonstrated that Zenith Bank had the best Human Resource Management and Accounting practice performed best. The investigation additionally distinguished the primary training and development exercises in the three chose banks as introduction and at work training, aptitudes change training, use of the recently gained abilities, consistent training and procurement of job experiences in every aspect of banking. http://www.iaeme.com/IJM/index.asp 50 editor@iaeme.com
Human Capital Management In Banking Sector-A Conceptual Framework Olufemi (2009) led an examination on human capital development practices and organizational effectiveness. The primary reason for the examination was to pick up a superior understanding of the hypothetical and experimental connection between Human Capital Development (HCD) practices and some measurement of organizational effectiveness of banks especially after the banking sector changes of June 2004. A research think about led in 2010 by CFO Research Services uncovers that human capital issues as a key guilty party in fizzled and ensuing financial misfortunes. In this study of Finance and HR officials, the researchers investigated how associations are handling human capital issues identified with value-based action. The after-effects of the study proposed that HR offers one of a unique value and guidance, especially in relationship to overseeing and valuing human capital resources which can fundamentally contribute to effective pre-and post-transformational events (Hewitt, 2010). The conceptualization of human capitals is firmly connected to a few essentials of financial aspects and firms' performance. Nzuve and Bundi (2012) conducted a study to decide the connection between human capital management practices and performance of Commercial Banks in Kenya. The researchers utilized a cross sectional survey configuration and additionally a correlation research. The investigation inferred that most business banks embrace human capital administration practices to a normal degree. The study additionally presumes that human capital management practices for the most part impact performance as measured by both turnover development and profit for resources. Nzuve et al., (2012) directed a study on Human capital administration practices embraced by the National Social Security Fund. The fundamental target of the study was to decide the degree to which Kenya National Security Fund (NSSF) had received the HCM practices. The study utilized the contextual investigation outline that depended on an objective populace of 98 administration staff in the human resource and organization division. Both substance and quantitative investigation were utilized to analyze information. The researcher found that NSSF had actualized HCM practices yet to a unimportant degree. Some of HCM practices at NSSF incorporates: upgrading the association's capacity through staff training and development and setting of clear performance standards. In this way, the research prescribes that Banks ought to assess the nature of their human resource consistently and gives satisfactory training and development chances to their employees. Likewise, the expert bodies in India ought to build up a standardized scale for the evaluation of human resource in banks and other corporate associations. Likewise, training and development programs intended for the employees ought to be comprehensive and identified with their requirements 3.7. Emerging Trends In the present situation technology has changed the method for banking is finished. To matchup with it bank employees should be more taught and made agreeable in utilizing technology. Re- skilling of employees required at each level for the banks to make a move from predominantly back office parts to predominantly deals and administration parts. Soft skill training to the banking employee is additionally required. Underneath the figure and table represent the Incremental Human Resource Requirements and Skill Gaps in Banking Sectors. It requires bank employees to be prepared and stay refreshed on the procedures associated with different distribution channels. http://www.iaeme.com/IJM/index.asp 51 editor@iaeme.com
Sudershan Chadha and Dr. Daleep Parimoo Table 3.7 Incremental Human Resource Requirements Employment Growth 2013- Employment Employment( in Million) 17 Growth 2017-22 2013 2017 2022 (in million) (in million) Banking & 1.89 2.38 3.16 0.48 0.78 NBFC Table 3.7 Skill Gaps in Banking Sectors Banking Segment Job Roles Representative Skill Gaps Entry Level (Clerks, Senior Detailed understanding of various bank offerings Officers, and processes, Knowledge of various third-party Asst. Manager) offerings, Knowledge of core banking system and various technology platforms, awareness of regulatory norms, understanding customers’ requirements, Patience and perseverance, Good oral and written communication skills Middle Level (Manager, Knowledge of banking operations, regulations and Senior Manager, products, Sound understanding of credit appraisal, Chief Manager, asset liability management, asset class and risk AGM, AVP, DVP, VP) management concepts, knowledge of legal norms and sensitivities involved in contracts and agreements, motivating employees to put their best performance, ability to manage profit centre and drive revenue targets with focus on cross selling, setting up sales targets for executives, and putting together a plan to achieve it Top Level (DGM, Quick decision making ability, analytical bent of GM, SVP, SGM, EVP, ED, mind,, relationship management skills, ability to President, ED, CEO, Chairman) design products that match market dynamic, ability to develop sales strategy Source: KPMG in India analysis 4. CONCLUSION Modern approach of professionals and organisation has been changed to see and treat the employees and workers as most valuable resource which may be termed as “Human Capital”. Now a days, there is a general consensus that human capital is most important for organisations’ growth and development, and that the Human Resource Development activities must be more considered in the new information based economy period. In different studies, researchers found and established the fact that there is direct relationship between human capital management practices and employee performance which at last, is converted and assessed in terms of organisational performance. It has been stated that from the organizational level, human capital plays an important role in the strategic planning to create competitive advantage. In terms of human resource development practices, the studies show that although every bank understands the importance of human resource development practice and its impact on organisational performance these days, the amount of focus and activity for the same vary from bank to bank. Most of the commercial banks adopt human capital management practices to an average degree. Some reports say that HRD department’s functioning is far from satisfactory http://www.iaeme.com/IJM/index.asp 52 editor@iaeme.com
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