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Navigating Dynamics for Retention and Success

Navigating Dynamics for Retention and Success

Welcome to "The Banking Workforce Chronicle," where we delve into the intricacies of HRM in the banking industry. This post explores the multifaceted realm of employee relations and its pivotal role in fostering retention and success strategies within banking organizations.



1 Nature and Importance of Employee Relations:

In the banking sector, characterized by intricate operations and customer-centric services, the nature and importance of employee relations cannot be overstated (Armstrong, 2016). Establishing positive relationships between employees and employers is fundamental for creating a collaborative and thriving work environment.

2.Processes of Industrial Relations:

Navigating industrial relations processes is particularly significant in a highly regulated industry like banking (Boxall & Purcell, 2011). Compliance with labor laws and regulations is paramount for HR professionals, ensuring a fair and balanced relationship between the workforce and management.

3. Nature of New Employee Relations/'New Realism':


The 'new realism' in employee relations reflects the changing dynamics of the modern workplace (Guest, 2017). In the banking industry, embracing this shift is crucial for aligning HRM practices with the evolving expectations and values of the workforce.

4. Nature of the Psychological Contract:

Managing the psychological contract is essential in the banking workforce, where trust and commitment play a pivotal role (Rousseau, 1995). Understanding and meeting the implicit expectations between employers and employees contribute to building a resilient and motivated workforce.

5. Concepts of Employee Engagement and Employee Voice:

In the competitive banking landscape, employee engagement and voice are strategic imperatives (Harter et al., 2002). Engaged employees are more likely to deliver exceptional customer service, impacting overall organizational success. Providing avenues for employee voice ensures a collaborative and innovative work environment.

6. Characteristics of the Negotiating Process in Employee Relations:

Negotiation skills are crucial for HR professionals in the banking sector, where hierarchical structures and diverse roles demand effective conflict resolution (Lewicki, Barry, & Saunders, 2010). Understanding the characteristics of the negotiating process is essential for fostering positive relations and addressing workplace conflicts.

As we navigate the complexities of employee relations in the banking industry, it becomes evident that these dynamics are not merely HR considerations but strategic imperatives. By incorporating the principles of employee relations, HR professionals contribute significantly to the retention and success strategies of banks, ensuring a workforce that is not only satisfied but also poised for organizational excellence.

References:

- Armstrong, M. (2016). *Title of Armstrong's Work*. Publisher.

- Boxall, P., & Purcell, J. (2011). *Title of Boxall and Purcell's Work*. Publisher.

- Guest, D. E. (2017). *Title of Guest's Work*. Publisher.

- Rousseau, D. M. (1995). *Title of Rousseau's Work*. Publisher.

- Harter, J. K., et al. (2002). *Title of Harter et al.'s Work*. Publisher.

- Lewicki, R. J., Barry, B., & Saunders, D. M. (2010). *Title of Lewicki et al.'s Work*. Publisher.

Comments

  1. Hashanka Gunasekara - HR360December 20, 2023 at 9:46 AM

    Very insightful content Supun. Thanks for sharing. Under the topic nature of phycological contracts I have a doubt. Would you be able to explain it to me? Have you observed banks HR follow scientific way of proving feedback? Such as sandwich method?

    ReplyDelete
    Replies
    1. Supun RupasingheDecember 25, 2023 at 7:53 PM

      Sure, I'd be happy to explain the concept of psychological contracts. In simple terms, it's about the unwritten expectations and mutual understandings between employers and employees, focusing on trust and commitment.

      As for HR feedback in banks, the scientific approach can vary. The sandwich method, where constructive feedback is sandwiched between positive comments, is used by some, but practices differ. It's interesting to see how each bank tailors their feedback methods based on their culture.

      Delete
  2. Zifath LiyalDecember 20, 2023 at 10:31 AM

    Good blog Supun, what are your organisation's techniques for healthy employee relations?

    ReplyDelete
    Replies
    1. Supun RupasingheDecember 25, 2023 at 7:54 PM

      In our organization, we focus on open communication, regular feedback, and team-building activities for healthy employee relations. We're always exploring new ways to enhance the workplace. Any specific aspects you're curious about?

      Delete

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