Assignment HRM - DISCUSS THE IMPORTANCEOF HUMAN RESOURCE PLANNING IN BANKING Human Resource planning has the following importance in the banking sector

Assignment HRM - DISCUSS THE IMPORTANCEOF HUMAN RESOURCE...

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DISCUSS THE IMPORTANCEOF HUMAN RESOURCE PLANNING IN BANKING Human Resource planning has the following importance in the banking sector. 1. ORGANIZATION Helps in the focusing of the supply and demand of various human resources for instance labor as the resource comes in that when there will be a future shortage of supply of labor then the Human Resource department will come up with the following policies. a) Downsizing – this is a programmed formulated for a mass reduction of excess labor through retrenchment. If a banking organization has many employees then it will employ this method and adopt it in functionality so as to reduce future expenses on surplus labor b) Retirement programs – this could be early or late retirement programmers in case there is a labor shortage in a banking organization. It is advisable to adopt late retirement programs through extension of service years to the employees but should there be surplus labor then the best way is to adopt early retirement program. c) Altering pay and hour- this is when the organization has excess labor and are paid a lot .the payments will be altered an also the working hours are altered accordingly.

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