Page 38 - Banking Finance February 2022

ARTICLE

2. Worker Conflicts: 5. Dissatisfaction among employees:
Several workplace realities impede the impact of talent Hiring is mostly based on the interview skills and not on
management. Many functions of the banking system are experience, which can cause dissatisfaction among
outsourced on part-time and temporary workers. Keeping employees if the salaries are below market value.
them motivated while trying to focus on the long-term Getting the needed support from every department can
tenure of full-time, permanent employees is difficult. If be challenging.
your turnover relies on workers who you don't need or
expect to be around for long, it may not be worth the HRMS V/s TMS
effort to install a formal talent management program. The traditional HRMS which is used in recent banking system
Banks of all sizes struggle to come up with effective and enterprise resource planning (ERP) systems focus
recruiting strategies that don't discriminate by age, and primarily on transaction processing and the administration
offering rewards for workers at varying ages that may of basic human resources processes such as personnel
have different motivations can be difficult. Lack of administration, payroll, and time management where as
understanding can at times lead to loss of trust. Talent management systems focus on providing strategic
assistance to organizations in the accomplishment of long-
3. HR and Management Conflicts: term enterprise goals with respect to talent, or human
A core drawback of talent management for small Banks capital. Talent management systems may also be referred
is that the programs are often developed and to as or paired with an applicant tracking system (ATS) in
coordinated by human resources professionals. Smaller either standalone application or as a suite of products.
Banks may not have full HR staffs. Instead, managers An effective talent management system can play a very
often hire, train, motivate and fire their own workers crucial role in managing the performance in the banking
while also performing critical business duties. This means system by the following initiatives taken:
managers don't have the time in many cases to 1. Ensuring proper understanding of the objectives and
implement talent management. Even Banks that do facilitating effective communication throughout the
have HR professionals often get frustrated at the organization.
difficulty of getting managers to concentrate on talent
management needs instead of focusing entirely on other 2. Developing a healthy relationship between an employer
business concerns which can cause conflicts between and the line manage are based on trust and
the human resources team and management. Not all empowerment.
banking sector are prepared for its implementation. 3. Ensuring each employee understands what is expected
Lack of support from line managers can impede the level and equally ascertaining whether the employees
of commitment from employees. A core drawback of possess the required skills and support to fulfill such of
talent management is, it can contribute in raising the expectations.
conflicts between HR and management by not reaching 4. Ensuring employees understand the importance of their
to proper agreement or consensus, Which can cause contributions to the organizational goal and objectives.
frustration among HR professionals.
5. Better and timely differentiation between good and
4. Leadership Limitations: poor performers.
Proper implementation would need the support of the 6. Enhancing the competencies of the employees and
top management. It is clear out that the leadership enabling the managers to gain insight about their
pipeline is often not full enough to carry out talent subordinates.
management. HR professionals often map out the
leadership needs for the business and the skills required 7. Facilitating organizational changes and paving ways for
at each level. Small businesses may struggle to bring in appropriate administrative actions.
and develop enough effective store managers or
business unit leaders to compete with other small Conclusion:
companies as well as larger competitors. To recruit Apart from this having a strong talent management culture
more aggressively, including in other geographic areas, also determines how organization rate their organizations
only adds to the costs of talent management. It can as work places. In addition if employees are positive about
often conflict with the leadership limitations. the talent management practices of the organization, they

38 | 2022 | FEBRUARY | BANKING FINANCE