Page 33 - Banking Finance February 2022

ARTICLE

the key to high performance. Talent management can be scenario in the banking era. To understand the concept of
defined as an integrated organizational process in HR which the talent management better let us discuss the stages
is required for motivating, developing, attracting, retaining included in the talent management process.
and engaging employees.
Step by step talent management
Talent management is aimed at improving business process:
performance through practices that make employees more 1. Identify organizational goals:
productive. Talent management is a completely new
The first and the foremost step in the talent
Department which is required in all the various sectors to
meet the advanced and unique style of work management. management process is to identify the organizational
As we all know that the Indian banking plays a key role in goals and set strategies to achieve the same.
the development of the Indian economy so with rapid 2. Understand the requirement:
changes taking place in the financial landscape, scheduled
The second step in the talent management process is
commercial banks in India needs a new generation of
professional bankers who are more customer centric, to understand the requirement of both the organization
technology savvy, more highly qualified, flexible and agile and the employees and meeting the set goals of the
with behavioral skill sets that are now more comprehensive organization.
than previous era of the banking scenario. 3. Sourcing and attracting the talent:
It is rightly said that the workforce of any organization
The quality of human capital will increasingly become the lays the foundation stone of the organization. So, the
cutting edge of competitiveness having competent staff to third step continues with the sourcing and attracting
deliver high quality products and services. It is important to of the best talent available among the candidates.
build customer confidence, goodwill, driving customer
satisfaction, enhancing reputation, and ultimately releasing 4. Recruiting and selecting the talent:
individual banks corporate vision and strategic goals. Therefore, Commercial bank plays a catalyst role in the conversion
banking institutions are interested to ensure competency and of static credit into dynamic credit. As such the health of
professionalism to serve their customers better through the the economy is influenced by the performance of banking
introduction of talent management system. sector. To fulfill this next step of human resource in the
banking sector recruitment and selection is required.
Banking is like any other business and the staff have to carry
out multifarious activities, When talent management was 5. Training and development:
introduced in the banking system it was observed from the The next step in the ladder where talent management
results that the employees are ready to improve their plays the most effective and vital role in the training
performance anyway with the positive attitude towards the and development which is an important component of
customers where satisfaction of the customers and the every organization's survival strategy.
performance of the employee is very important for the
banking sector to groom and succeed. 6. Employee retention:
In the era of global and dynamic technology a common
Talent required in a place and the talent required for the set back that every organization faces is the retention
best output in the same place should be integrated with of the employees. TMS helps in reducing the attrition
strategic and business plans. As it is very complex and is rate in the organization.
therefore very difficult to handle, the sole purpose of the
entire talent management process is to take the right 7. Promotion:
person at the right place at the right time. It is a never Coming further in the process, to establish a sound
ending process that starts with targeting people. The foundation to the banking sector the next step of TMS
process regulates the entry and exit of talented people in is channelizing a proper system of the promotion.
an organization to sustain and stay ahead in business. Talent Promotion is advancement of an employee to a better
management cannot be ignored in the recent challenging job in terms of higher responsibility, more prestige,

BANKING FINANCE | FEBRUARY | 2022 | 33