9. Conclusion

In today’s globalized economy, the success or failure of every business organizations depends on the quality of their human resources. Well trained and highly developed employees are considered as corner stone for success of every organization. Therefore, the prime purpose of this study is to examine the impact of training and development in finance & banking industry. 

The study started from highlighting the importance of Training & Development for business in the present day. It was being evidenced through previous researches that training the workforce is inevitable for all the organizations keeping aside their size, scope, and geographical boundaries. This is much due to the increased need for innovation and increase expectations from the customers. The globalization and industrial revolution have initiated a war of competition among the corporate players. Most of the companies have added the T & D into their philosophy for translating their mission and vision into reality.

Although developing countries have not yet fully accommodated all the changes in the financial world, yet they have begun to cater for recent developments in the money and capital markets. Financial liberalization is an important concept in this regard. This study attempts to analyze foreign and local commercial banks on the basis of their human resource activities, which play an important role in the development of the economy’s banking sector. Training and development have become the most important factor in the business world today, because training increases the efficiency and the effectiveness of both employees and the organization. As banking business involve high risk of default, it is an imperative need to train the employees how to reduce risks by strictly evaluating the worth of clients . 

Training is a systematic restructuring of behavior, attitude, and skills through learning- education, instruction, and planned experience. Training is designed to change or improve the behavior of employees in the work place so as to stimulate efficiency. The cardinal purpose of training is to assist the organization achieves its short and long term objectives by adding value to its human capital. Training and development are not undertaken for the sake of training, but rather are designed to achieve some needs. Therefore, training and development are need based in the sense that they are undertaken to fill some knowledge gap within an organization. Many organizations have over the years introduced good manpower training and development strategies in order to enhance better employee performance at work and increase their productivity. However, the efforts of such strategies in most cases have always been jeopardized in most organizations, as a result of some factors that impede against the achievement of their objectives. Some of the impeding factors include recruitment/selection problems, training procedure and inadequate facilities, government policy, the economy, and labor legislation . 

Generally, it has been observed that the environment that hosts the organizations is dynamic. The dynamism of the environment has many implications on the organizations: It is the determinant of the product that the organizations will produce; there must be a market before the organizations will produce a product. Thus as the consumers’ taste and preference change, there is need for the organizations to also change their product and work process. [3]. Training and development therefore, become necessary. It reduces high employees turn over cost and create sense of loyalty among them. They devote their times to their job rather than searching a new job [4]. Working environment also plays a vital role in motivation of the employees and enhancing their output. It facilitates the workers to work wholeheartedly to complete their assigned tasks in satisfactory manner, which satisfy not only to workers but also the employers as well [5]. Professional training enhances the skill and experience of the workers who learn new ideas, new methods, and new process during the training. After professional training they can perform multi-dimensional tasks and give benefit the business firm to utilize their expertise in different fields [6]. Today the managers use quality management practices to enhance the working quality of their workers and to produce qualitative products. It gives the business firm a competitive edge over its competitors. Quality management practices and training transform the working force into human capital and the management avails opportunity to encash this valuable capital to achieve its business objectives [7].

Hence, it can be concluded that the performance and productivity of employees in finance & banking sector was significantly and positively influenced by various aspects of training and development programmes. The different aspects of training like objectives of training, methods/sources adopted to identify the training needs, fundamentals/basics of training in banks, do positively impact the performance and productivity employees in finance and banking sector . Therefore, much emphasis must be made on designing the adequate training and development plans and strategies, as it is one of the most important factor that augments the performance and efficiency of employees.

References

Ramu, N. (2012) Human Resource Management in cooperative banks : Issues and challenges, SSRN. Available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2193677 (Accessed: April 20, 2023).