Channelise talents for competitiveness of Indian Banks

 Indian Banking, a customer centric sector,  has transformed itself from time to time to face the multi- dimensional  challenges and expectations of the regulators, government and customers since nationalization in 1969.These challenges have been in all areas of operation : delivery of new products and services, branch automation, operational guidelines, compliance of regulatory guidelines , board management , risk management , image building , profitability aspects besides key area of human resources aspects.  On every occasion, people at all levels in Indian banking acclimatized themselves to deliver the best possible results. As of March 2019, India had more than 120,000 branches and about 15000 were expected to be opened during next two years . A MAMMOTH TASK WITH HUGE MANPOWER.

With the passage of time, Routine HR functions have been metamorphosed into new strategic roles calling for clear cut understanding of challenges and future demands. The 21st century is confronted by VUCA (Volatile, Uncertain, Complex and Ambiguous) conditions.

Corporate including Banks and financial institutions would always face turbulent times in their organizational life. These challenges may be internal or external. The successful organizations would survive and thrive and sail in rough weather in right direction with strategic visionary talent management leadership and remain sustainable and competitive with 360 degree approach.

Talent Management has to be an integral component of Vision and Mission of each bank.

Talent Management may be expressed as :

Talent = Capacity to learn + capacity to think + capacity to relate + capacity to act accordingly and  TO CREATE  value

In this article some strategic issues emerging for TALENT MANAGEMENT (Acquisition, Development, Retention and Employee Engagement  ) in Indian Banking are mentioned so that suitable action is taken at appropriate levels:

1. 1. Search and identification of competent Board Members and talented top leaders for public sector banks from cross functional areas or from banking sector by effective coordination among Banking Board, Reserve Bank of India and Ministry of Finance and their further grooming. 
   2. Developing suitable Leadership Pipelines at all levels within the organization.
   3. Banking industry would face severe manpower crunch as the emoluments offered to banking personnel is not attractive and young qualified competent graduates are not inclined to make banking as career. Therefore, there is urgent need to improve salary, facilities, rewards etc. urgently and to recognize their contributions in socio economic development of the country.

• There is famous saying :”Learn, Unlearn and Relearn” to be competitive in competitive world. Therefore, banking officials are to be developed in new emerging areas of Artificial Intelligence(AI),Could computing ,Business Analytics,Digital business , besides Compliance,  ethics, vigilance ,credit management, risk management , international business, forex, international business, forex, communication and many more 

• If necessary, different teams: business/strategic areas are to be developed at branch/zonal/corporate level. Also special focus on soft skills, flexibility and Adaptability is to be developed.

• Regular interface and on ground training of banking officials with various industries/ business lines to understand the ground working .

1. Special talented teams to be developed for implementation od various schemes/projects under “ATMANIRBHAR BHARAT”: AGRI BUSIENSS, MSME, Export and many more.
2. Focus on skill development /upgradation of branch level front line and supporting staff periodically. “Ordinary people deliver extraordinary results in motivating culture”.

1.  Emotional connect is to be maintained with retired staff so in case of necessity national urgency their talent/services may be utilized for. 

1. In the era of mergers and amalgamation, besides other critical operational issues , key point is cross- cultural assimilation and developing talent as per main organization and purpose of mergers. This is to be kept top priority. 

1. Nurture the culture of creativity and innovation at all levels .

1. Train staff to deal crisis aspects as it happened in Corona pandemic.

1. Create HAPPY MOMENTS for staff and their families and Keeping morale of staff high.
2. All talent management activities must have support of top management with clear and constant communication.