Nurturing talent: Biggest challenge before banking sector

As globalization spreads, more foreign banks are entering into Indian market and the challenge before domestic institute is going to be much more severe in the years to come. Many Indian financial institutions are compelled to think globally. The changing workforce demographics concerns dual career couples, couples where both partners are actively pursuing professional careers. With the changes in workforce demographics, employee expectations and attitude also have shifted. Employees demand empowerment and expect equality with the management. Indian banking is likely to face challenges in implementation of Basel II, enhancing corporate governance, alignment of regulatory requirements and application of advanced technology. In order to meet the future challenges, banks need to work on capacity building of its workforce. Increasing rate of attrition is another challenge before this sector. To become competitive and leading institute in this competitive era, bank has no option but needs to adopt strategies that will enable to nurture the talent more effectively and profitably. The Public Sector Banks (PSBs) are now playing the role of catalyst in the process of development of financial system. However this difficult task can't be achieved without having high skilled and talented employees. Hence the exercise of talent management gained crucial importance.