1. About 50% of work force in the Nationalized Banks will be retiring by 2015, on attaining super annuation. While, Banks have accelerated the recruitment drive to fill in these vacancies, the real challenge is in filling the vacuume created by the loss on account of experience which can not be substituted immediately. One of the solutions for the same is lateral hiring. This will only encourage hoping by the talented ones, but will not address the real issues.
2. With the appointment of young, tech savvy personnel, the landscape of Banking will undergo a metamorphosis. The average age profile of employees will fall drastically.
3. Identification of right person for the right job is also a challenge given the complexities of present day Banking. Dearth of good Branch head as leaders.
4. Specialized job requirements like personnel for Foreign Exchange, Derivatives, Treasury, Corporate Banking, Infra sector financing, Marketing.
5. Highly Unionized work force restricting maneuverability.
6.Financial Inclusion a low cost Banking Model to reach the have nots and deploying personnel for the same.
7. Branch expansion to un-banked areas where deployment/ retention of personnel will become more and more difficult.
8. Banks in private/ Foreign sector are also growing very fast. These Banks are in a position to attract the best talent and pay higher compensation. Further, there is a tendency of becoming immobile or to put it in other words Home Sickness with the average employees. These have resulted in a large scale attrition. There is a great demand for personnel with experience to greener pastures else, for lateral postings. Loyalty factor will be missing.
9. Professionalism will be the buzz word of future of Banking. As technology becomes obsolete very fast, it requires up-gradation from time to time. Consequent to this, there will be need for constant up-gradation of skill sets of the work force. In days to come, Brick and mortar banking will be relegated behind and more and more banking transactions will be carried put through IT driven/ Mobile driven products. This would require continuous up-dation of knowledge of banking personnel and training facility will come into picture.
10. With a view to motivate the employees, incentive schemes will have to be introduced. Fast track promotions/ level jumping as a retention strategy are also being introduced.
