: Public sector banks do reward their staff. The reward to staff is, however, not comparable to those given by private or foreign banks. Things are constantly improving in this area with the liberal financial autonomy package to all public sector banks (PSBs) announced by the government last year and the realisation by PSBs to effectively face the challenges posed by other players. The banks need to make use of this opportunity in a greater measure. Attrition and poaching has made things difficult for PSBs, whose ability to hire fresh talent is constrained by structured compensation packages with limited flexibility. For them talent nurturing has become a major issue rather than hiring fresh talent.
They have to find out ways to incentivise the talent available. This requires a look at compensation packages commensurate with the paying capacity, differentiation between performers and non-performers and institution of a reward mechanism.
Talent management requires differentiating the organisation by building business capability through excellent programmes to attract, engage and retain the most valued employees, underlining the importance of talent differentiation, aligning the talent management strategy to the overall business plan and implementing a nuance approach towards the most valued employees with paradigm shift from uniform service regulations and compensation package structure to a flexible compensation package and service conditions.
Banks should put in place appropriate HR audit could play a vital role in instilling a sense of confidence in the management and HR functions in the organization.
There is a manifest need to address the key drivers in attracting and retaining the right talent. Building an ideal work environment, cultivating and retaining talents in these difficult times requires effective management and leadership in maintaining a 'talent friendly' environment and ensuring alignment of talent... [continues]
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