Comparative Functional HRM Practices in Nepalese Banking and Insurance Companies

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