The Employee`s empowerment strategies in the Financial institutions of the Developing countries

Abstract

The main emphasis of this article was to examine and elaborate the implications of the employee`s empowerment regarding the financial institutions of the developing countries. Strategies should be devised which can provide an insight about the employee`s empowerment and elaborating the key factors leading towards it. Empowerment is a kind of process which can be explained under the heads of cultural empowerment, sharing of information, enhancement of competency level, vesting autonomy to an extent, provision of resources and betterment of supportive measures. The benefits of employee`s empowerment were being categorized and the constraints in this regard as well. Theoretical foundations of the employee’s empowerment were examined in the literature extensively thus providing a sound framework about the subject. The focus of this study is to conclude that on the part of the employee, his/her empowerment is a key towards innovation, competency and modernization in the contemporary corporate culture. Employers of the both public and the private sectors do aspire to bring about certain changes in the working format of their employees. Still, the phenomenon of empowerment is hindered by the vested interests of the employers and other stakeholders around. This study is an effort to make the employer and the employee both well abreast of almost all the prerequisites, implications and the benefits of the empowerment, especially in the financial institutions.

Keywords: Employee`s empowerment, financial institutions, Developing countries