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New Trends Affecting Human Resources In The Financial Sector

Author

Listed:
  • AVLONITIS, Spyridon

    (FINE-International University of Georgia, Georgia, USA)

  • VERNARDAKI, Alexandra

    (B.Sc.(Econ), B.Sc (HRM), M.Sc.(Healthcare Management), MBA)

  • MANTA, Otilia Elena

    (”Victor Slăvescu” Center for Financial Research and Monetary, Romanian Academy, Bucharest, Romania)

Abstract

With the rise of globalization and mass communication, the world is becoming a smaller place. The financial sector must navigate the choppy waters of a complex global economy by understanding the major demographic, technological and societal shifts. It is obvious that the global trends also affect human resources role. The continuous evolving financial sector will face several challenges from both the future workforce and from the changing nature of work itself. Technology transforms workforce composition and culture by eroding physical barriers in the workplace. An increasing number of jobs may be conducted virtually (save on the costs of premises) with direct impact on job creation. Employees may work from a place of their own, making their physical presence less important: the growing phenomenon of crowdsourcing - ―the human cloud‖ – where employees possessing a wide range of skills and expertise, take advantage of technology to perform a variety of tasks. Sweeping demographic changes across both the developed and developing world will place greater pressure on both the government and private sector to initiate and implement creative solutions to educate, integrate and retain a rapidly changing and diverse working population. In this context, training in banking services and finance as well as in financing rural activities is a very important tool. Banks are there to make money, but not in a risky way, and they require a different profile for success. The financial sector is looking for different leadership qualities. It‘s about how the business interacts with customers rather than innovation with products.

Suggested Citation

  • AVLONITIS, Spyridon & VERNARDAKI, Alexandra & MANTA, Otilia Elena, 2017. "New Trends Affecting Human Resources In The Financial Sector," Journal of Financial and Monetary Economics, Centre of Financial and Monetary Research "Victor Slavescu", vol. 4(1), pages 174-177.
  • Handle: RePEc:vls:rojfme:v:4:y:2017:i:1:p:174-177
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    References listed on IDEAS

    as
    1. Stephen A. Rhoades, 1996. "Bank mergers and industrywide structure," Staff Studies 169, Board of Governors of the Federal Reserve System (U.S.).
    2. Ben R. Craig, 1997. "Where have all the tellers gone?," Economic Commentary, Federal Reserve Bank of Cleveland, issue Apr.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    human resources; financial sector; banking; training;
    All these keywords.

    JEL classification:

    • I22 - Health, Education, and Welfare - - Education - - - Educational Finance; Financial Aid
    • O39 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Other

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