Description
CHAPTER ONE INTRODUCTION 1.0 Background of the Study The workplace today is in a state of metamorphosis with contemporary issues such as customer satisfaction , competitive advantage, revenue and expenditures, organisational culture, technological advancement, global markets, diverse customer demands and need for effective workforce with a global mindset penetrating every aspect of the organisation. Effective workforce is crucial as it is the organisation?s primary player in accomplishing goals and delivering service. According to Burke & Cooper (2004), ?a firm?s human resource management (HRM) practices and the kind of workforce help attain organisational competitiveness.? HRM is the organisational function that enhances creativity, innovation , speed, flexibility , and efficiency of the workforce to transform them into organisational assets . Human resource management is now highly recognised as a strategic lever for the organisation in creating value. For a long time, different companies or organizations in the world are taking advantage of, and spending money and trusting external providers of human resource services in order to offer cost effectiveness and efficiency of internal human resource procedures. This is particularly important for organizations, which are considered as important players in the financial sector in any country because of the economic benefits they provide in their economic environment.