An Empirical Research on the Correlation between Human Capital and Career Success: Serbian and Macedonian Banking Sector

Abstract

Understanding the impact of human capital on the achievement of career success is essential for each individual in turbulent times on the labor market. Banking sector also is human capital intensive and plays a critical role for the banks in meeting their goals and offering services to its clients. In the current era of technology, globalization and the general progress principles of "knowledge economy" are ruling. So, each individual in the labor market who wants to build own career, should work on continuous improvement of human capital. This helps their recognition in the increasingly competitive labor market, which eliminates "weak players" since their inability to adapt the modern trends and staff needs. The paper determines that human resource management (HRM) in banking sector must embrace strategic human resource planning programs with all banks strategy. This underlines the essential meaning of designing an effective recruitment policy with these strategies as formulation and implementation of active reward policy. Also, banks should include more active training and development for employees. This paper presents a statistical analysis of the correlation mentioned categories, based on 474 employees, in Serbian and Macedonian banking sector. Analyses such as Chi-square test, Mann-Whitney U, Kolmogorov-Smirnov Z test and linear regression, proving the significance impact of the development of employees' human capital on career success, viewed through different hierarchical positions in a particular sector.

DOI: 10.5901/mjss.2017.v8n1p279