Role of It among Multi-Generational Workforce in Banking Sector

Abstract

Today organizations recruit & retain Multi-Generational Workforce (Age Diversified Workforce) which consists of employees from five different generations having diversified competency. It is always a great challenge for organizations to retain & motivate a Multi-Generational Workforce to achieve their goals & objectives in a competitive era. The growth and development of an age diversified organization depends upon the performance (PFM) level of personnel working in the organization and their PFM level depends upon both ability & adaptability. As banking sector is automated & every activity is done with the help of computers (IT) it is very tough for banks to deal with multi-generational workforce effectively. The banking sector consists of multi-generational workforce who are different in thought, ideology, attitude & perception & they adapt technology differently. Traditionalist, the silent generation is completely resist to accept technology whereas Baby boomers are little bit sound in technology. Similarly Gen-X is technology friendly & uses technology to make work life balance whereas Gen-Y, the tech savvy generation is completely attached with technology & finally Gen-Z the 5G who is more advanced in technology & cannot walk a single step without the help of IT. In India with the introduction of New Economic Policy (NEP), there was enormous change in banking sector. There was enough scope for private sector banks (LPG, policy) which came to be known as “Tech savvy Banks of New Generation”. The introduction of IT paved new wave of automation in banking sector which enhanced performance & at the same time faced challenges regarding adaptability. It is an attempt to study the importance of IT in banking sector & the challenges faced by banks regarding the adaptability of IT as banks lead a multi-generational workforce. The remedial measures are suggested to bring the compatibility of workforce with IT & strategies with the help of which the workforce will attain its goals & objectives & gain competitive advantage. To test hypotheses “Independent t test” have been conducted.