Human Resources Management and Culture in Banking Sector

A s a result of the global financial crisis and the current economic recession, the rhythm of change and the level of competition in the banking industry are reaching new heights - one can immediately say that this is the decisive level, and levels above it will only increase pressure on the workforce. Stress within the workplace in the banking industry has also proven to be a major issue where approximately 73% of bank employees reported stress-related issues owing to enhanced workloads, unjust pressure to meet organizational goals and other factors in 2023 (Johnson ET AL, 2023). Causes of Stress In The Banking Sector Every one of the financial industry professionals is subjected to specific stress triggers which do not apply to persons in other line of work. Williams and Thompson (2024) list the following triggers as the most common: High levels of compliance Decision-making which has more weight High interaction with customers Attaining performance targets Demands for digital transf...

In the today’s banking industry, the competitive edge has shifted toward providing excellent customer service. This article focuses on the aspects of employee engagement that banks in the US industry should adopt in order to build a customer service culture. It does this with a particular focus on research as well as with best practice examples. Introduction The general trend across banks has been to evolve from a mostly transactional nature of banking to one that is much more focused on customer service. Statistics show that organizations with great employee engagement deliver 47% more earnings per share than their counterparts (Gallup 2023, p. 12). The link between providing great employee engagement and great customer satisfaction begs to be answered by the question why are banks actively trying to construct the internal culture that they have? The Employee-Customer Satisfaction Link This great employee engagement evidenced in the banking sector translates into customer satisfaction...

In recent years, it is clear that the financial system is changing and evolving, and thus the expectations of banking leaders are clearly increasing. This article discusses the approaches which are essential in developing future leaders in the banking sector. The Evolving Banking Leadership Landscape Various experts agree that the evolution of technology, which is accompanied by the development of financial markets, brings positive changes to the company and helps it grow and thrive (Smith & Wright, 2022). The dynamics of modern banking are changing due to the ongoing COVID-19 pandemic, aggressive competition by technologies companies as well as transformations within the same industry (Deloitte, 2023). Essential Skills for Future Banking Leaders Digital Fluency In the modern world of banking, it is almost impossible to survive without strong leaders with deep digitization insights. Kumar & Johnson (2022, p. 45) says, “Resilient organizations are built on a solid structure that...