IDEAS home Printed from https://ideas.repec.org/b/sea/rstudy/rp74.html
   My bibliography  Save this book

Comparative Strategies of Human Resource Management in Selected SEACEN Central Banks and Monetary Authorities

Author

Listed:
  • Romeo V. Suarez

Abstract

The present economic environment requires central banks to adapt in order to perform their roles properly. With globalisation, they must be able anticipate threats to financial and economic stability. The required competencies of central banks are vastly different from those a decade ago, requiring different ways of managing human resources. As monetary authorities, central banks are required to anticipate the undesirable changes in economic situations. Failing so could lead to disastrous results. To be able to cope with this, and to respond with proper policies, it is imperative for central banks to have a competent workforce. The study reveals a tapestry of comparative differences and similarities in prevailing HRM practices, strategies, and concerns (i.e., challenges, risks, and issues) of participating SEACEN central banks. One recurring concern for HRM of central banks include the problem on talent management covering acquisition, selection, and retention. HR strategies which are embodied in central banks¡¯ medium and long term strategic plans address precisely these concerns. Among them are: Creating winning employee-value proposition in attracting best talent (talent acquisition, selection, retention) Staff turnover due to job environment; lack/absence of motivation; and migration/mobility for competitive job opportunities. Litigation by current/past employees for unfair HR decisions. Linkage between performance management system and rewards. Practices in talent sourcing, management, & retention. The extent of the gravity of these problems and the capacity of the central banks in addressing these challenges, risks, and issues depend on several factors such as the prevailing social climate and political environment, corporate culture, management support, and budgetary constraints. The linkage between the central banks¡¯ organisational and HR plans through their strategic plans or goals is a clear manifestation of each central bank¡¯s desire and aspiration to become a world-class monetary authority and fulfill its role to maintain economic and financial stability that promotes national development and delivers a high quality of life for its citizens.

Suggested Citation

  • Romeo V. Suarez, 2009. "Comparative Strategies of Human Resource Management in Selected SEACEN Central Banks and Monetary Authorities," Research Studies, South East Asian Central Banks (SEACEN) Research and Training Centre, number rp74, April.
  • Handle: RePEc:sea:rstudy:rp74
    as

    Download full text from publisher

    File URL: http://www.seacen.org/GUI/pdf/publications/research_proj/2009/rp74/rp74_complete.pdf
    Download Restriction: no

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sea:rstudy:rp74. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Azharin). General contact details of provider: http://edirc.repec.org/data/seacemy.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.