Analyzing HR Strategies Across Public and Private Sectors in India

Introduction

Human resource management is one of the effective ways of the organisations in the recent era of globalisation to manage their workforce, where the employees are the major stakeholders of the company to conduct the operational activities and run the business sustainably (Cascio, 2015). The performance of the organisation depends on the employees and the employees are playing crucial role in achieving the organisational objectives in near future. In this regard, managing human resource at the organisation is necessary for the organisations and this study provides a scope to review the HR policies and practice in both the public and private organisations in India, where the companies try to manage their workforce for better performance in near future. The study also aims to develop comparative analysis between the HR policies and strategies in the private and public organisations, where the companies are trying to improve the Human resource management practice and retain the efficient employees for long run.

Scope of human resource management in public and private health care

Human resource management is the strategic approach to the effective management of the people where the companies are trying to run the operational activities by managing the people at the workplace, so that the efficient employees can concentrate on their work and maximise the organisational objectives by contributing with their full potential. Through managing the human resource at the organisations, the companies try to gain high completive advantage over other competitive firms, where the employees try to maximise the organisational performance as a whole. In order to maximise the employee’s performance and strategic objective of the firm, the organisations try to restructure the human resource policies and practice for encouraging the employees and retain them for long run. There are major scopes of managing the human resource in the organisation, and selection and recruitment is the one of them, where through developing appropriate human resource strategy, the companies can recruit and select the right candidate who can handle the organisational activities strategically (Bratton and Gold, 2017).

Apart from that, the organisation can enhance their performance and build strong brand in the market where the employees are contributing with their full potential or maximising the organisational objective. Hereby maximisation of the profitability and gaining competitive advantage through improving the organisational performance can be possible through the human resource policies and practice (Mondy and Martocchio, 2016). Additionally, the organisations can expand their operations across the globe though developing effective human resource polices and practice and apart from that, employee motivation and encouraging the innovation and creativity among the employees are another scope, where the staff embers become interested to contribute positively with their full potential for the benefits of the organisations. In addition to these, industrial relationship, merger and acquisition as well as employee maintenance and retention of the efficient employees for lion run are other scope, where the organisations have the opportunity to retain the employees for long run and maximise the organisational performance as a whole.

Discussing the HR policies and practice in public and private companies

The human resource policies are practice includes developing training and development program or learning initiatives for the employees, improving organisational culture, providing remunerations and bonus, restructuring the salary for the employees, compensations and benefits, health and safety at workplace, providing freedom and harmony and performance related pay, where the employees are encouraged to work with others at the workplace and maximise the organisational goals successfully. In this regard, HDFC bank is the private banking institution in India, where State bank of India is the public banking organisation in the country. It is possible to analyse the HR policies and practice in both the private and public institutions of banking so that it is easy to develop comparative analysis between the organisations in developing their strategic planning to manage their employees at the workplace. SBI is the multinational public sector banking and financial service statutory body, where it is government statutory body, headquartered in Mumbai. Total number of employee in the organisation is more than 257252, and the organisation is successfully in raising its revenue in US$ 40 billion in this year (Pattanayak, Koilakuntla and Punyatoya, 2017).

On the other hand, HDFC bank is the private banking service, headquartered in Mumbai, where the total numbers of employees are 104154 and the revenue in this year is approximately US$ 17 billion. Both the organisation tries to develop HR policies and practice in the organisation in order to retain the employees or long run. In SBI, the major strategies for people management are collaborative relationship, approachable and open communications, courteous, efficiency and effective service and flexibility and fairness, where the company develops the values for all the employees in order to retain them for long run. Continuous training and development program is also another initiative of the organisation to provide them the opportunity of self learning activities and it in turn helps to enhance the performance of the employees as a whole (Ijigu, 2015).

Apart from that, the manager is looking for developing collaborative relationship, here the staff members are trying to cooperate and communicate with each other for developing an effective grownup, so that every employee can contribute positively and share their experience and knowledge to each other for achieving the team objective. On the other hand, the HDFC bank is efficient to manage their employees, where the salary and remunerations is attractive and the employees get performance related pay at the workplace, this is effective to motivate the employees and retain hem for long run (Malik, 2017). Continuous training program, both online and offline and assistance from the senior are also effective to mage the employees and retain them for long run. additionally, HDFC also contrast in developing appropriate organisational culture, where the management team is responsible to encourage the employees, manage transparency and accountability at the workplace, improve harmony and give freedom to work as well as enhancing cooperation and communication with positive body language are effective for the organisation to retain the employees for long run and maximise the organisational culture (Noe et al., 2017).

Comparative analysis between the HR initiatives of the companies

The organisations, both private and public are concerned in developing HR policies and practice in the workplace in order to retain the right employees and improve their efficiency in the organisation, as well as to encourage their innovation and creativity and maximise their performance as a whole (Kadiresan et al., 2015). In this regard, the public organisation is less efficient to restructure the policy and practice for managing the human resource of the organisation as compared to the private firm, where the HDFC banking institution is efficient more to restructure their policies and practice to manage their staff and retain them for long run. The policies of implementing Health and Safety at workplace, Minimum Wage Payment, Employees rules and legislations are effective for the employees to feel free to work. Apart from that, Equality Act 2010 and Data Protection Act 1998 are also effective where the employees are treated fairly and their personalise information are kept safely at the organisational database. This in turn improves trust and loyalty among the employees and it provides a scope to encourage the employees to perform with their full potential (Noe et al., 2017).

On the other hand, the public firm is also trying to develop suitable organisational culture with enhancing communication and cooperation, so that it is possible for them to manage the employees and motivate them to work with partnership basis and maximise the organisational objective successfully. In this regard, both the public and private sector companies try to satisfy the employees and retain them for long run to maximise the organisational objective where the efficient staff is responsible to run the operational activities proficiently so that the organisational purpose can be fulfilled well (Kadiresan et al., 2015). However, the private sector companies are concentrating more in developing the human resource management in order to enhance their performance in the market as there is high competition in the industry across the globe and it would be beneficial for the private firm to gain high competitive advantage.

Conclusion

It can be concluded that, both the public and private sector firms are effective to restructure the human resource strategic planning and implement the policies and practice for fair treatment and maximisation of the employee’s values at the workplace. In this regard, as per the findings, the private sector firms are more efficient in motivating the employees with high salary and remunerations as well as performance related pay for encouraging the efficient staff and satisfying them in long run, so that it is possible to motivate the employees and increase their interest to performance better so that the competitive advantage can be gained proficiently in the market. The private firms are also willing to encourage the employees for retaining then and grabbing the scope for maximising the organisational performance so that the company can establish their business at the market sustainably.

Reference List

Bratton, J. and Gold, J., 2017. Human resource management: theory and practice. London: Palgrave.

Cascio, W.F., 2015. Managing human resources. New York, NY: McGraw-Hill.

Ijigu, A.W., 2015. The effect of selected human resource management practices on employees' job satisfaction in Ethiopian public banks. EMAJ: Emerging Markets Journal, 5(1), pp.1-16.

Kadiresan, V., Selamat, M.H., Selladurai, S., Ramendran, C.S. and Mohamed, R.K.M.H., 2015. Performance appraisal and training and development of human resource management practices (HRM) on organizational commitment and turnover intention. Asian Social Science, 11(24), p.162.

Malik, A., 2017. Human Resource Management and the Global Financial Crisis: Evidence from India's IT/BPO Industry. London: Routledge.

Mondy, R. and Martocchio, J.J., 2016. Human resource management. London: Pearson.

Noe, R.A., Hollenbeck, J.R., Gerhart, B. and Wright, P.M., 2017. Human resource management: Gaining a competitive advantage. New York, NY: McGraw-Hill Education.

Pattanayak, D., Koilakuntla, M. and Punyatoya, P., 2017. Investigating the influence of TQM, service quality and market orientation on customer satisfaction and loyalty in the Indian banking sector. International Journal of Quality & Reliability Management, 34(3), pp.362-377.