How the Work place attitudes (WPA), Strong Human Resources (HR) practices will help Financial institutions to survive hard times

March 26, 2023

During the past decades the financial services sector has undergone drastic changes, resulting in a market place which is created intense competition, growth in demand and increased regulations. In the new market place inherited relationships between a customer and his/her financial institution is coming increasingly important. Several strategies have been adopted by banks and other financial institutions and all business to retain customers. In order to increase customer satisfaction, many financial institutions and businesses introduced innovative products and services. However such innovations are frequently followed by others in industry. It has been argued that more viable approaches for the financial institutions to focus on less tangible and less easy to imitate determinant of customer loyalty, and making the different in process of “service quality”.

High quality customer service is not just customer service department but all levels of management and staffs need to accept and have a state of mind regarding customer care (Bitner and Zeithaml, 1996) .On the other hand Payne, (1995) stated that higher standard of service are being demanded by customers as they are becoming more sophisticated and updated in their requirements and to them service refers as customer satisfaction ,customer delight ,service delivery, customer relationship ,hence to provide good service to customers, service companies need to take into consideration the important variables of service quality namely assurance, empathy ,reliability responsiveness and tangible. When inculcating service quality culture, in the minds of businesses or banking and finance community, applying strong HR practices, improving of skills and experiences are the most important. But the researches done regarding Work place attitudes proved WPA plays just as big of a role.

Job attitudes such as satisfaction and involvements are criterion for establishing the health of organization, rendering effective service largely depends on human resources job satisfaction experienced by employees will induce the people to give their best to the organization. (Thirunavukkarasu V, 2007).Employee involvement ensure that employees who are closet to the work have the power to control work methods and able to use their knowledge and skills to improve work place process (Lowler, 1992).Job satisfaction is a set of favorable or unfavorable feelings and emotions with which employees view their works. It is an affective attitude a feeling of relative like or dis like towards something (Newstrom and Davis, 2001).According to the https://smallbusiness.chron.com Lynda Belcher on 11^th march 2019 stated that There are five key attitudes that are important in work places:

Respect for others-Employees should have respectful attitude when interacting with clients and customers as well as co-workers. This type of attitudes is willing to treat other people politely and professionally, even if they disagree with the other person’s point of view.
Infectious enthusiasm about life-Some people are born with positive energy, but it can also be developed, Teach your staff to approach every situation, positive or negative as a challenge and an opportunity. Adopt a “glass half full “attitude in the company and encourage employees to build on it. Soon they will extend an enthusiastic attitude towards co workers, customers and everything they do.
Commitment to the job- Employees project a committed attitude by showing a willingness to do whatever it takes to fulfill the duties of their position and via the development of new ideas to make the business even better. When committed individuals work together as a team toward company goals, everyone benefitted.
Innovative ideas and finding new ways-Business need employees who can think outside of the box and innovate new ways to accomplish existing tasks and approach goals. They know the best way to do things.
Helpfulness with others- It’s important to have helpful attitudes at work. The more helpful an attitude employees have ,the more people want to be around them at work and the more willing they are to partner with those employees on key projects and initiatives.

Research done by the Warwick Business School,in UK has proved that the companies which have cultivated comprehensive HR management practices with attitudes changers will best survive the recession following the corona virus crisis as well. The study published in the journal of Human resources management suggested the “invisible, unwritten contracts “managers have with staff, and WPA have a large impact on work place performances in difficult economic times.

The researchers analyzed the British work place employees employment relation study, which polled businesses in 2004, before the financial crash in 2008, and again in 2011.The team compared how work places invested in employment relations, including employee participation development and team work and looked at now this affected their ability to survive crisis. Dr.Hossam Zeitoun,accociated professor of strategy and behavioral science at “Warwick Business school”, said the findings suggested companies with strong HR management and employments practices in place before a crisis were more likely to “pull together to get through the hard times.