Among all of the six factors, training and development is a highly significant factor which affects employees’ performance. However reward and compensation has the least effect on performance. Therefore human resource management strategies affect performance to a very great extent. Based on results of the study, it is concluded that using only recruitment and selection, reward and compensation, training and development or employee relations strategy is not sufficient to improve performance highly.
If economic sphere in Uzbekistan, use all the human resource management strategies together, they will increase their performance to a very great extent. This is because there strong correlation between the combined human resource management strategies and performance. From this study it is concluded that demographic characteristics have a significant effect on the performance of the economic sphere, especially bank and finance sectors.
With factors as the only independent variables the performance of commercial banks will change from year to year for age and number of years worked on the perception of employees about the effect of human resource management strategies on the performance of economic sphere in Uzbekistan. As described by SHRM scholars certain HR practices can enhance the performances of organizations (Moruf, 2012). 1) Moruf Saffie. 2012. Strategic Human Resources Management practices. European Journal of Business and Management, 38(2), 321.
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From the study it is concluded that the major human resource management strategies that affect the performance of Japan economic sphere: recruitment and selection, reward and compensation, training and development and employees relations. This findings are consistent with previous studies by Robert & Juran (1981) and Yun-Hwa Chiang & Chu-Chun Hsu, (2006) who reported that a firms’ HR orientations (measured by the effective recruitment of employees, above average compensation, and extensive training and development) were related to return on assets, growth in sales, and growth in stock values.
However, based on the findings of this study, it is also concluded that a set of HRM strategies will not necessarily have a direct impact on the performance of Japanese economy. It is therefore, necessary to use HRM practices tactfully and link them to the corporate goals of the commercial bank in order to gain a sustained competitive advantage. These study findings suggest that, strategic programs, if properly implemented, can facilitate and nurture the desired capabilities and induce better performances among employees in Japan economic atmosphere.
From the study it is also concluded that commercial banks are adopting innovative HRM as an important strategic tool of coping with turbulence associated with the banking sector and finance sector reforms in Japan. The research findings are consistent with the findings of a similar study by Khatoon, Amin and Hossain (2013) who also concluded that all the companies are formulating and executing strategic human resource management activities. The results of the research by Moruf (2012) on the Strategic Human Resources Management practices in European commercial banks also found that post consolidated Japanese factories International opportunities are focusing on innovative recruitment and compensation practices to improve their performance.
The researcher concludes that in economic topic: all economic spheres have implemented a set of HRM strategies are more able to gain strategic organizational outcomes in terms of flexibility, quality, administrative efficiency, cost effectiveness, performance, productivity and profitability in Japanese market. This is in tandem with summaries of a similar study by Khatoon, Amin and Hossain (2013) which concluded that the quality of assets and loans varies from bank to bank but most of them perform at the desired level when human resources management strategies are used. From the study findings it is concluded that an HRM system as a whole, affects the performance of Uzbekistan’s economy (Banking and Finance) atmosphere to a very great extent.
