People as a source of competitive advantage during recruitment and retention of senior managers in financial services sectors in Laos

Abstract

The focus of this research paper is to identify the importance of recruiting and retaining of senior management resources in the banking industry in Laos. This paper reports on some of the findings. Both quantitative and qualitative research methods were used to collect data from three main banks in Laos. Interview section: the questions were designed to explore participants’ understanding of basic concepts of HRM and perspectives towards HRM in their organisations about recruitment and retention. Questionnaire section: part one involves the demographics data, while part two of the survey questions are focused on participants’ attitudes towards HRM processes such as recruitment in their organisations.

The findings of the study demonstrate that HRM plays a critically important role in their banks in terms of keeping their competitive advantage. There is a lack of development and implementation of HRM practices and policies to recruit and retain the right people.