Challenges in Managing Human Resources in Finance Sector

Running head: MANAGING HUMAN RESOURCES
Managing Human Resources
Name of the Student
Name of the University
Author Note

MANAGING HUMAN RESOURCES1
Table of Contents
Introduction:...............................................................................................................................2
Discussion:.................................................................................................................................2
Industrial relations: frameworks and practices:.....................................................................3
Work design challenges in a global environment:.................................................................4
Talent retention and development:.........................................................................................6
Managing workplace health and safety:.................................................................................7
Strategic reward management:...............................................................................................8
Conclusion:................................................................................................................................9
References:...............................................................................................................................10

MANAGING HUMAN RESOURCES2
Introduction:
The necessity of handling the human resources in the organizational context is
detected to be pretty noticeable. Kehoe and Wright (2013), claimed that majority of the
corporations functioning in the modern world of trade such as Amazon or Walmart are
observed to be affected by the inappropriate management of their human resources and that is
one of the major concern for the companies in achieving their business goals. Quarshie, Salmi
and Leuschner (2016), highlighted that the business groups have the necessity to handle the
impact of the increasingly competitive trade environment and under such situation, one of the
few feasible tactics applied by the companies are seen to be the improvement of the quality,
increment in the productivity and efficient management of the supply of the products to their
clients. In handling these situations, the companies have the necessity to improve their
capability in retaining the talented staffs in the business groups. Hence, the efficient
management of the human resources is an important aspect of the business for the
corporations functioning in the modern world of trade. The paper delivers an important
understanding of the challenges that the companies are facing in the finance sector. While
evaluating the challenges that the managers face, the paper covers the aspects such as the
industrial relations: frameworks and practices, work design challenges in a global
environment, talent retention and development, handling workplace health and safety and
strategic reward management.
Discussion:
Kolk and Rivera-Santos (2018), claimed that the accomplishment of the modern
business groups in the effective management of their business procedures and in the much
required achievement of their business objective is observed to be dependent on their ability
in handling the human resources in an efficient manner. According to Renwick, Redman and

MANAGING HUMAN RESOURCES3
Maguire (2013), all the major companies are observed to face the necessity to generating
larger revenue with the consumption of the least possible resources and under such situation,
the efficient controlling of the human resources is much needed for the companies to
implement an efficient HR system. The capability of handling the grievances of the staffs is
essential for the companies to make sure that they achieve the desired sustainability in their
performances. As mentioned earlier, the companies are facing the necessity to improve their
ability in providing the required quality to their clients for the effective customer retention, it
becomes important for the companies to strategize their business and human resource
management abilities. However, there are several companies operating in the modern trade
world, with the considerable amount of impurities in their human resource management and
the human resource managers are observed to face significant number of challenges. Having
said that, the modern human resource managers primarily face the challenges in the aspects
such as the industrial relations: frameworks and practices, work design challenges in a global
environment, talent retention and development, handling workplace health and safety and
strategic reward management.
Industrial relations: frameworks and practices:
Considering the finance sector, the primary job functions are observed to be the
business development management, finance management, financial advisory management
and the traditional insurance management. With an exact emphasis on the job functions, it is
understandable that the companies operating in the mentioned sector have the necessity to
maintain an appropriate reputation. Alfes et al. (2013), claimed that the successful business
operations in the finance sector is largely dependent on the ability of the companies in
developing an efficient corporate image which has the capability to influence the clients
towards the consumption of the services of the companies. According to Karabag and
Berggren (2016), the increasing business competition in the finance sector is forcing the