It can be stated that attraction and retention of the Workers can be elaborated as the main aim of the company that focuses on retaining the employees who have talent and also it minimizes the turnover by boosting the positive culture. If positive culture is maintained then it can be easy to boost the engagement level of the employees. The attraction and retention of the workers can be stated as the challenge that is faced by the manager of the human resource and also the negative affect can be evaluated on the overall growth of the company. The attraction and retention of the workers is essential for enhancing the profits of the company and also it minimize the recruitment costs which results in the overall enhancement in the profits. The attraction and retention of the workers is stated as the challenge which takes place in the sector related to baking and finance. In the banking and financial sector, the flow of money takes place. The sectors also emphasizes on the companies like securities companies, banks and also insurance companies. The companies within the sector focuses on the managing the overall flow of money and also focuses on the operations related to investing, lending, trading and also control over the assets. So, in this paper the discussion will be on the challenges that are faced by the sector of banking and finance to attract and retain the workers.
According to Borstor & Marker (2007) it can be said that workers can be stated as the important asset in the banking and finance sector and also the focus is given on securing the workers. It is important for the company to focus on implementing the accurate policies in the workplace so that it can be easy to consider the security of the employees from the injury that take place in the workplace. It is necessary to maintain safe and healthy working environment so that the moral and also the performance of the employees can be maintained (Buers, Karpinska & Schippers, 2018). In the banking and financial sector, there are various factors which influences the overall attraction and retention of workers. The risk related to safety can exist in the banking and financial institutions just because of the wide variety of activities related to transportation of the documents and also the coins which are considered by the workers because of the long hours of sitting and work capacity. Also, it can be seen that it focuses on reporting the workers in the banking sector related to the problems in context to work related stress and also bullying can impact the mindset of the workers in the negative manner.
In relation to this it can be said that in health and safety management model in the banking companies the focus should be given on implementing the risk control strategies so that it can be easy to involve the top management in context of boosting the employees welfare. In Maslow hierarchy of needs theory it can be said that safety is one of the important aspect that should be considered for attaining the overall motivation level of workers. It can also be stated that healthy and safety risks should be controlled in the banking and finance sector so that turnover of the employees can be prevented (Aruna & Anitha, 2015). This can also assist in overcoming the overall issue related with retaining and attraction of workers in banking and finance sector.
It has been stated by Garg & Rastogi (2006), that job designing can be related with the method in which the decisions can be taken in relation to the overall job and also focus should be given on managing the overall evaluation if the need for matching the requirement of the job with the characteristic of the human. There are various aspects of the job that affect the satisfaction of workers in the banking sector. This also consists of the compensation, promotion in the HR department of different banks on the global platform. The job requirement should be defined in a proper manner so that the retention of the employees can be maintained and also the retention of the employees takes place by considering the theory related to job characteristics. The theory has focuses on different aspects like analysis of task significance and also the overall feedback related to job have positive affect on the retention of the employees. It can be stated that by focusing on the theory, it is important to design the job so that it can be easy to create the conditions of the high level of motivation, satisfaction and also it is necessary to maintain the productivity of the employees.
It can be stated by analyzing the report given by workplace culture that there are many people who have the willing to conduct their activities in the banking and financial sector and also it is important to have sound ethical values. The expectation level has been enhanced within the workers that it is important that companies should work by considering the ethical values (Dwomoth & Frempong, 2017). The crisis related to finance in the year 2008 has boosted the risk of the financial institutions like Lehman Brothers. It has been observed that the downfall in the big companies is just because of the failure related with the corporate governance system within the companies. It is also just because of the absence in the sound ethical values and system. It has been seen that there are various employees who are reluctant in their work within the big financial companies and it is because of the negative image boosted within the eyes. So, it can be stated that ethical framework can be considered as the major challenge faced by the managers of the banking companies in relation to attracting and retaining the employees who are competent (Coetzee & Stoltz, 2015). Also, the stewardship theory of corporate governance focuses on managing the activities in a proper manner and also it helps to boost the positive brand image in relation to the stakeholders. So, it is important for financial companies to create a corporate governance system so that it can be easy to maintain the activities in an ethical manner and also it helps to boost the positive image of the people that boost the motivation of the candidates in relation to the process of hiring (Basit, 2017).
It has been said by Bhatti, Khuram & Awan (2011), that in banking sector the focus is given the knowledge based sector in which there is needs of the interpersonal skills, the work area experience and also the capabilities are combines so that it can be easy to give their best and to serve to the customers of the banking and financial sector in the highly competitive market. In relation to the banking and finance sector, it could be difficult to find the workers that can face the skills and knowledge of the employees. So, it can be said that HR planning is necessary at the time of conducting the recruitment and selection process of the workers in banking and financial sector. It is also important to have the skilled workers at the time of selection and also it is necessary to focus on filling the skill gap between the hired workers and also the employees ho are skilled. In many countries, the skill gap is maintained by focusing on the HR planning and recruitment process (Bhatti, Awan & Khuram, 2011). But it can be seen that it is not possible every time to select the best candidate in the banking and finance sector. In this sector the issue can also take place in relation to the overall turnover of the employees, as in this the industry fails to induce the employees to retain in the workplace. The problem in relation to this can also enhance the overall turnover of the employees and also it impact the growth of the employees.
Also, in the banks and finance sector, it can be said that there are various challenges which are faced. It has been said by Tahreem Noor (2015), the major challenge is just because of shortage of the experience employees. At the time of financial crises in the year 2008, the economic has boosted the high employment turnover and also due to this the retrenchment are done by the companies related to banking and finance. This has also led to the overall uncertainty of the workers and also it has enhanced the highly skilled workers in context to the specific job. So, it can be stated that there are few mid and upper level employees who left the banking and financial sector. Also, the employees should have the skills so that it can be easy to maintain the demand that can be easy adapted by the banking and finance sector. The main reason is related with the problem for the financial service recruiters to induce the high trained employees who have the experience in conducting the work related to payroll, account receivable and other banking methods.
According to the report given by PWC, it has been said that to retain the employees is considered as one of the essential aspect in the sector where there are only 10% of the people who think that they will with the company for long time. It can be evaluated that for replacing the qualified workers it only cost thousands of dollars and it can be true that it cannot be possible to replace the employees just because of the lack of skilled employees in the workplace (PWC, 2012). IT can be said that HR planning is essential for retaining employees in the sector related to finance and banking and also just because of this high turnover of the employee could not be easy for companies to focus on the HR planning in a proper manner. So, it can be stated that there are various factors that can be the challenge in relation to HR planning, recruitment and selection of the overall human resource in the banking and finance sector.
It has been said by Haider, Rasli, Akhtar & Yusoff (2015), that human resource management is related with deployment of human resource in the workplace and also it assists the company to attain the overall goals of the company. It has been seen that talent management has an essential role in managing the overall long term approach of the employees. In the workplace, talent management can help in attracting the employees in the workplace and also they offer with the opportunities related with development and using the overall system of the HR practices. The companies in sector of finance and banking face the problem related to employee retention and also it enhances the overall competition. The main reason is related with retention the employees in the workplace and retention is important as compared to hiring the employees. Due to this the companies also focuses on the talented employees who does not leave the job opportunity exist in the market.
To retain the employees is considered as one of the major topic in relation to banking and finance sector. In this it has been seen that workers can depart from the companies and with them they take lot of data which can be considered as one of the challenge for the company to attain growth (Haider, Rasli, Akhtar, & Yusoff, 2015). To maintain the workforce in the company can be one of the challenges as it is important to have proper plans for regarding the employees that can boost the needs. So, human resource management can be considered as one of the essential factor to satisfy the needs of employees.
It can be recommended that it is important for the managers to retain the employees so that competitive advantage can be boosted in the banking sector. The management should focus on maintaining the safety management system so that it can be easy to ensure safety. The job characteristic should be defined clearly so that it can be easy to maintain the match in relation to the skills of the employee. The HR manager should focus on proper corporate governance system so that proper ethical policies and rules can be considered to guide the employees. It can boost the brand reputation and also minimize the employee turnover. The manager should emphasize on proper implementation of the program related to talent management so that training can be given to the employees and retention can be boosted in the banking sector.
Conclusion
It can be concluded that the human resource challenge can be one of the essential problem that are faced by the different companies on the global platform. The attraction and retention of the workers can be considered as the major issue in relation to the overall act of HR. The problems that are faced by the companies are related to job designing, recruitment, ethical context and also strategic human resource management. The HR manager should also focus on considering the proper measures so that it can be easy to reduce the issue and also the employee motivation can be boosted with reduction in the overall turnover rate that affect the growth of the banking sector.
References
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