Innovative hr practices in indian banking sector

The Indian economy had undergone significant policy shifts in the early 1990s. This new model of economic reforms included LPG i.e., Liberalization, Privatization and Globalization. Liberalization also deals with the working style of the people and hence organizations needed to innovate the HRM practices in an effort to ensure their survival in a highly competitive environment. Innovative HR practices are proposed to enhance effectiveness and efficiency in different organizations and to retain talented workforce in the Organization for a longer period of time. The existing business environment requires companies as well as their HR teams to think creatively and come up with the new approaches to survive the downturn and bind the employees together. So we can say that there is a do or die situation. Innovative approaches would motivate the employees in different sectors especially the Indian Banking Sector to utilize their set of skills and knowledge through discretionary effort realizing Bank's business strategy. This approach to HRM is likely to contribute to improved economic performance of the firm as well as the economy as a whole. The HR practices in Indian Banking sector such as employee sourcing and human resource development initiatives are remarkably different from the manufacturing and other service sector companies.