Training & Development in Banking Industry
Introduction
Within the banking practice the use of the integrated accounting principle and standards are very unique that it still leaves the competency in the performance of the banks. In order to have the quality type of service, the hiring and employment in banking institutions is advisable to continuously promote the service and yet, find solutions in the growing number of problem of the financial users. Therefore, the solution that is preferred by most of the leaders is the use of training and development which seems to be feasible for the banks in Pakistan.
Background and Problems Statement
Many studies consider the effectiveness of the performance of the employees which is vital to support the continuous growth of the business. It is important for the organization in global environment to have a competitive performance. Often, the performances are based on the abilities of the people to deliver the knowledge and skills. This same idea is true in banking sector, wherein the performances are the after sought contribution of the employees for the organization. The effectiveness of an employee is manifested in the performance of the organization. Due to this fact, the increase number of opportunities available makes an impact in employee turnover (Akhtar, 2006). The paper addresses the two problems that will be the center of the entire study:
1. What is the impact of training and development in banking industry particularly in Pakistan?
2. What are the ways to provide the improvement among the employees of banking sectors?
Research Aim and Objectives
The main aim of the study is to investigate the idea of training and development within the banking institutions. In order to manage all the related information well, there are four objectives that need to be satisfied. First is to recognize the actions of the banking institutions in improving the performance of the staffs. Second is to measure the ability and capacity of the employees in managing the changes and challenges involved due to the growing financial problems and demands. Third is to demonstrate perceptions of the individuals regarding the training and development in the industry. And fourth is to recommend interventions in training and development of staff to accompany them in their performance.
Literature Review
The banking industry enables to compete in the world of global financing for the bank itself is applying the principle of corporate governance. In the world of the competitive industry, the economic development can be reflected in the continuous corporate financing (Ali, 2007). Most of the banks in Islamic region focus on strengthening the banking practice by adopting the Islamic banking. The singular practice in the Islamic banking is considered as the professional practices in the business environment that can be easily renew the interest and compete in the Western practice (Maurer, 2002). In the international level of the Pakistan’s bank known as the State Bank of Pakistan, there is a goal that the industry needs to pursue in strengthening the links with the International Islamic Infrastructure Institutions. Also, the banks in Pakistan is attempting with the multilateral development. This means that the adaptation of the Islamic banking practices in Pakistan is inevitable. In addition, Pakistan Islamic banking is emerging as a response to both religious and economic needs. Their effort to take the progress and continuous development can be done through allowing the new fully fledged Islamic banks in the private sector. Furthermore, the country allows the conventional banks to set the Islamic banking subsidiaries, and then allowing the existing conventional banks to open the Stand-alone Islamic banking branches (Sarfraz, 2007). The financial stability of the country is the main aim of the implementation of Islamic banking industry. And its role and support in the institution can be the center of the system. However, focus in empowering the employees to seek their competency is missing in the banking industry.
Methodology
The suggested methodology that can be successfully applied in the study is to use of both qualitative and quantitative research. At first, the secondary information will be used by gathering the previous studies that centers in the application of training and development in banking and finances in most of the countries is great advantage for the study. On the other hand, through the use of survey and interview, the study can determine the perception of the employees in banking industry as well as to measure the effectiveness of training and development for the performance of each employee.
References:
Akhtar, S., (2006) Shamshad Akhtar: Pakistan’s Capital Markets – Mobilizing for Growth [Online] Available at: http://www.bis.org/review/r070117g.pdf [Accessed 01 October 2010]
Ali, S.N., (2007) Islamic Finance and Economics as Reflected in Research and Publications, Harvard Law School [Online] Available at: http://www.inceif.org/_system/media/pdf/global_forum/speech_nazimali.pdf [Accessed 01 October 2010].
Maurer, B., (2002) Anthropological and Accounting Knowledge in Islamic Banking and Finance: Rethinking Critical Accounts, Journal of the Royal Anthropological Institute, 8(4).
Sarfraz, A., (2007) Pakistan’s Islamic Banking Sector Review, Islamic Banking Department, State Bank of Pakistan [Online] Available at: http://www.sbp.org.pk/ibd/Islamic-Bkg-Review-03-07.pdf [Accessed 01 October 2010].
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