HR Training Within A Bank

Every department in a bank or building society has a great role to play in ensuring the business realises their goals and obligations. One of the most important departments is the human resources department which ensures that the business takes great care of their valued employees. Why does a bank or building society require this department? Apart from training and competency improvement, what are their other functions within the firm?

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Different departments within a bank or building society requires qualified, experienced and committed staff members. The human resource department in collaboration with the head of the departments or business units are tasked with recruiting the most qualified personnel for that department. If this was left to the strategic management personnel, it would take useful resources away from the company which could lead to slow progress. In addition, HRM understand the business and its needs and therefore are more suitable to recruit personnel compared to outsourced companies. To do these effectively, the department required trained and experienced personnel.

Building capacity

International standards, technology, statutory requirements and the clients are evolving daily. Professionals in the banking sector as well as building societies need to keep up with these changes in order to remain market leaders in their respective fields. To do this effectively, these employees need to constantly refresh their knowledge and skills through capacity building. The human resources department is responsible for ensuring constant capacity building in the organisation. This can be done through organising internal training sessions or identifying external training events that would be appropriate for employees at different levels and ensuring that the company has a budget to send employees to these training events.

Systems and processes

Hiring an employee has to be coupled with proper on boarding processes to enhance performance. In addition, the employees should understand the internal compensation packages, benefits and bonuses, promotion policies and any other systems. This ensures that they remain motivated and understand what they need to do in order to progress in their careers. In the absence of the human resources department, it becomes hard for the business to do this efficiently. This leads to neglect of some employees which ultimately breeds dissatisfaction and poor performance. The organisation may also end up losing great employees who were a perfect fit for their needs. With the help of professionals in the HR field, banks and building societies can easily achieve this.

Personnel files

For a business to succeed, it needs to track progress. They also need to track how employees are progressing at all times. This can only be done through maintenance of proper personnel files, a function that falls squarely in the hands of the HRM. It is from these files where employers can derive information that can be used to assess promotions, salary increment, those who needs training and so forth. Without accurate records, the business may overlook important aspects that may be critical to the success of the business. Keeping accurate personnel files can only be done by qualified HR practitioners.