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Strategic Human Resource Management – Bank of Ceylon


Strategic Human Resource Management – Bank of Ceylon

Word count 5408


Executive summary
1.0 Introduction
2.0 Literature review
3.0 Current HRM practices of BOC
3.1 Vision and mission and how it leads to HR strategy
3.2 Management approach
3.3 HR processes
3.1 Recruitment and selection
3.2 Retaining talents
3.3 Training and development
3.4 Performance evaluation
3.5 Reward management
3.6 Employee engagement
4.0 Issues and short coming of current practices
5.0 Recommendations
6.0 Conclusion

Additional information


1.0 Introduction

Bank of Ceylon (BOC) is the state owned leading commercial bank in Sri Lanka. It is the largest bank of Sri Lanka considering revenue, assets, deposits, market share, branches network and also number of employees. BOC has market leadership in financial service sector by having 64% of customer penetration and having 20% of industry assets, 22% of industry deposits and 23% of industry loan (BOC annual report, 2020). It is the only bank in Sri Lanka which has more than LKR 3 trillion assets. Currently, bank has more than 2000 customer touch points including 582 branches (BOC annual report, 2021). All these factors gives BOC a competitive edge in financial sector and its reputation and stability over eight decades has made it to number one banking brand of Sri Lanka. Complexity of human resource management is also increased parallel to the size and complexity of the operation.
Bank considers its work force as their greatest assets. BOC has established Human Resource (HR) Department and HRM is driven and implemented by HR department. BOC has 8479 employees spreading over every districts of Sri Lanka and overseas branches. Bank represents gender diversity by having 60% of female representation out of total work force, it is the largest female representation in the banking sector (BOC annual report, 2021). BOC’s work force is multi-talented, multi-generational, gender diverse team which has long term experience in the industry. BOC won Sri Lanka best employer brands award 2020 and Global HR Excellence Awards 2020 by being best organization to work for (BOC annual report, 2021). Below charts show the age difference and experience level of employees.

Average age of total work force is 34. 60% of employees are lesser than 35 years old. Collective experience of total employees is 82,122 years. According to BOC annual report 2020, value created to employees in 2020 is worth of LKR 18.19 billion (BOC annual report, 2021)
Average revenue per in 2020 was recorded as LKR 29.1 million and net profit per employee in 2020 was recorded as LKR 2.1 million while value added per employee was recorded as LKR 2.2 million (BOC annual report, 2021).
The highest number of employees work as staff assistances and allied grades, it is 4062 out of total no of employees. Below figure shows number of employees by category and gender.