Banking & Financial

The banking and financial sector has just seen the worst financial crisis in a long time. This sector will no longer be the same. The developed countries are bringing about new regulations and the developing economies are expanding their banking and financial sector.

There are many other changes happening in the industry, for instance:

  • The customer who had ample time to spend in the banks waiting for various services is now on-the-go
  • Giving attention and better experience to customer provides the banks the competitive edge in the market
  • Takeovers of weaker banks by the stronger players is the trend
  • Job security is replaced with perform or perish
  • A fixed salary structure has now given way to performance based incentives
  • Skilled employees are becoming scarce
  • The banking veterans are retiring and the bench strength is becoming much younger

To ensure their existence and growth, banks and financial institutions need to take steps to recover from the crisis and manage this change to remain ahead in the race.

The most critical factor which would enable the banks and financial institutions to deal with the multitude of changes and market challenges is the human resource. This sector will require skilled and energetic workforce to manage all the changes relating to IT, market competition, and corporate sustainability.

HR Challenges

To strengthen the human resources, the industry needs to overcome the following challenges:

  • Create a bench-strength of skilled and talented manpower
  • Ensure job-person fit by recruiting the right employee and ensure long term commitment
  • Create dynamic training and development plans to address the ever changing industry requirements and to cater to individual employee needs
  • Improve employee motivation and satisfaction and arrest attrition
  • Retain the highly skilled manpower and effective managers to ensure stability in implementing long term plans
  • Take decisions on letting go of employees who do not fit in with the corporate goals
  • Manage and integrate HR policies and employees post mergers or acquisitions  
  • Manage employees across global locations
  • Reduce functional operating costs without compromising on productivity

Solution

KensiumHR provides various modules for organizations in the banking and financial sector to manage and execute almost all HR activities.  

The following KensiumHR modules provide the solutions for the specific HR challenges faced by this sector:

Recruitment

This module enables the HR to:

  • Define specific criteria required for the role
  • Plan and organize candidate data
  • Select candidate matching the defined role requirements
  • Schedule interviews as per the role and candidate skill sets and
  • Automate processing of communication to internal stakeholders and the candidates

Employee Management

This module is a key source of employee data and forms the basis for various other modules.
This module enables the HR to:

  • Provide timely rewards and recognition to the employees
  • Facilitate employee engagement and improve team bonding with the help of built-in social engagement tools
  • Integrate performance management functions with employee records for a more objective analysis
  • Manage tasks and activities across the organization with automated tracking and reminders

Performance Management

This module enables the HR to:

  • Define role based KRAs
  • Enable employee to assess his own performance
  • Receive 360o performance appraisal from peers, subordinates, boss, and clients
  • Measure ‘pay for performance’ to align merit increments and bonus dissemination with the performance
  • Analyze performance gaps and plan for employee development

Payroll Management

Apart from regular payroll functions, this module also enables the HR to:

  • Manage company policies and other policy documents and prevent time-consuming and sensitive discussions
  • Manage assets by tracking purchases and saving on costs by making employees responsible for company property

Apart from these modules, as per the organization’s requirement, KensiumHR can be customized to include modules like: Onboarding, Induction, Confirmation, Training Management, Attendance, Leave Management, Tasks and Notifications, Contractor Management, Exit and Separation, Organization Management, and Asset Tracking.

About Kensium

We are a fast growing full service information technology services providers with a deep knowledge of business functions in a variety of industries.This enables us to deliver innovative technology based solutions to meet our clients business needs.

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