The purpose of this study is to develop innovations in human resource (InHR) framework in the context of Indian banking industry and further develop a scale for its measurement.
A non-response bias test is conducted on a sample of 300 employees, and the assumptions of constant variance, outliers and normality are tested. Further, the InHR scale is validated through exploratory factor analysis (EFA) and confirmatory factor analysis (CFA) tests.
EFA confirms the existence of five empirically distinct constructs at banking industry in India, and CFA affirms the dependability of the arrived constructs. It is concluded that the InHR framework constructs possess high reliability and validity.
The authors duly recognize the limitations of survey-based research, the exploratory research design and the use of single method.
The proposed InHR scale and its constructs are an important input to guide managers and human resources (HR) policymakers to devise strategies for the Indian banking industry. Banks can also benchmark existing HR policies by applying the proposed InHR framework constructs.
The InHR constructs provide academicians and practitioners with a better approach of understanding the InHR practices.
Despite the significance of Indian banking industry for the socio-economic capital, academic research focusing on this industry’s innovative practices has been limited. This study reveals originality and value by proposing an InHR framework in the context of Indian banking industry which integrates all the major innovative practices. Further a scale has been developed for its measurement.
