Human resource management in banks-need for a new perspective

In current era of highly volatile business environment, organizations are facing various challenges in the form of acquisition and optimization of human resource. Being most valuable and scarce resources, human resources are considered as a source of sustainable competitive advantage. The success of an organization depends upon several factors but the most crucial factor that affects the organization performance is its employee. Human resources play an integral role in achieving the organization's goals by innovative and high-quality product/service. Human Resource Management is important for banks as banking is purely a service industry. Management of people and management of risk are two key challenges facing banks. How banks manage the people and how banks manage the risks, is the determinant of success of the business. Efficient risk management may not be possible without efficient and skilled manpower.