[Article published in Pakistan Management Review Vol. XL No.1 First Quarter 2003]
This article is based on research readings and personal experiences of implementing career development programs at various organizations served by the author in his over 20 years professional career in Human Resources field.
Researcher: Minhas Bhojani
Advisor: Zafar Hussain
Technical Consultant: Meherban Faroogh
Year Completed: 1998
STATEMENT OF THE PROBLEM
1. What is the present set-up of training and development in Foreign Banks?
2. What are the objectives and budget of training and development in foreign banks?
3. What are the methods or procedures adopted by foreign banks for training and development?
4. What is the impact of training and development on employees' performance?
Personnel management concepts in Pakistan have developed well over the last five decades particularly in the industrial sector. Personnel management has recently undergone another transformation to Human Resource Management which was brought about by changing business conditions and ever increasing competition. This change in essence implies more or less the same responsibilities but with a different perspective of being a full partner in the business with responsibility for the short and the long term investment in Human Resource of the Company.
In the corporate world of ours, managers are being constantly persuaded to change how they manage their employees. They are urged to do more than simply rethink their relationship with their employees. With the cut-throat competition prevailing in the corporate world, businesses have realized the importance of investing in their most important assets, the Human Capital.
Change is a messy, iterative process. Just when you think you've arrived you find you've hardly begun
(Tony Turrill: Change & Innovation - A Challenge for the NHS)
Ever since those two planes hit the twin towers of World Trade Center we talk about 9/11 as if this was the only year that September 11 took place. As a matter of fact the world has seen the eleventh day of the ninth month throughout the Gregorian calendar for over 2000 years. Come 2001 and people started blaming this day for their personal and professional failures. One person got fired by his employer in the month of June but people said it was his 9/11. Even some organizations found a worthy scapegoat in the form of 9/11.
There is a noble promise at the heart of the new world of business: Everyone has the right to meaningful work, and people who do meaningful work create the most value in the marketplace. Even as the talent wars have fizzled into pink-slip parties, few senior executives would dispute the vital importance of finding, engaging, and developing the best people. Ask any CEO, "What's your company's most precious asset?" Without hesitation, the answer will be, "Our people." Ask the same CEO, "What's the primary source of your competitive advantage?" Chances are, the reply will be, "Our unique culture."