Kishore Kulothungan, M.Com., M.Phil.
Assistant Professor, Department of Commerce,
Sacred Heart College (Autonomous)
Dr. J. Srinivasan, M.Com., M.Phil., M.B.A., Ph.D
PG Department of Commerce,
Arignar Anna Government Arts College,
Cheyyar – 604407
Banking sector in India has been largely participated by the government owned institutions. This has shown slow progress in the sector for past decades. Of course, the recent trends have showed some positive achievements, but it doesn’t mean it will be carried out effectively, unless and until a strong regulatory and supervisory system is developed to follow up the employees in the sector. As extended marketing mix, the fifth ‘P’, people (employee) should be focused now as a high priority in public sector banks. All people directly or indirectly involved in the consumption of a service are an important part of the extended marketing mix. Knowledge workers, employees, management and other consumers often add significant value to the total product or service offering. People are the assets on which competitive advantage is built, they are an inimitable asset. So it is very important to manage the people in the public sector from top to bottom.
This paper analysis the possible transformation or restructuring the HR practices, also suggests much more careful selection and recruitment, better communication between staff and management, talent management, encouragement of employee suggestions and innovations, trainings and finally risk management.
Keywords: Transformation, Restructuring, Public Sector Banks, HR practices, Extended Marketing Mix.