Abstract
The main objective of this research is to examine the core aspects of the practices of functional human resource management (HRM) in Nepalese commercial banks and insurance companies. This research is focused on primary sources of data. Data was gathered from 10 commercial banks and 10 insurance companies of Nepal by creating a set of questionnaires and distributing these questionnaires to the officer-level employees of each of the commercial banks and insurance companies. The findings point out that there are significant differences between commercial banks and insurance companies in functional HRM practices in terms of employee selection and placement and in the management of pay & bonus schemes. Commercial banks are often found to typically have a higher level of HRM practices, while insurance companies have a lower level of HRM practices. There is a possibility of the mobility of human resources from insurance companies to commercial banks. Therefore, both commercial banks and insurance companies in Nepal must ensure that investment in their human resources and HRM practices definitely attract and retain competent people from the job market. Keywords: Human resource management, Employees, Practices, Commercial banks, Insurance companies DOI: 10.7176/EJBM/12-30-01 Publication date: October 31 st 2020
Highlights
Human resources work efficiently to achieve organizational goals, provide quality services, and produce goods to compete in national or international markets in order to earn a profit
The first section presents the results of descriptive statistics and the section presents the results of comparative functional human resource management (HRM) practices in commercial banks and www.iiste.org insurance companies of Nepal
The results show that more emphasis is given to employee selection and placement out of the four functional HRM practices that are followed by pay & bonus systems management in our context
Summary
Human resources work efficiently to achieve organizational goals, provide quality services, and produce goods to compete in national or international markets in order to earn a profit. They can provide a competitive advantage to companies (Shrestha, 2019). Organizations, mainly of the service industry, need to ensure maximum utilization of their resources to their own advantage; a necessity for organizational survival in today's competitive and rapidly changing business world. Barney (1991) says that organizations can create and sustain a competitive position through the management of non-substitutable, rare, valuable, and inimitable internal resources Organizations, mainly of the service industry, need to ensure maximum utilization of their resources to their own advantage; a necessity for organizational survival in today's competitive and rapidly changing business world. Barney (1991) says that organizations can create and sustain a competitive position through the management of non-substitutable, rare, valuable, and inimitable internal resources
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