Blog 01: Building Psychological Safety in the Workplace: An HR Perspective in the Banking Sector
Introduction The well being and cooperation of the employees are essentials for operational success in this high-pressure environment. Among the factors that have an important influence on these outcomes is psychological safety-a concept meaning that people can take interpersonal risks without feeling that their actions might lead to negative consequences for themselves (Edmondson, 1999). In banks, where accuracy, compliance, and ethical conduct are so essential, the creation of psychological safety allows staff to speak up if there are mistakes, make recommendations for improvement, and make better use of decision processes. It is hereby evident that human resource professionals have a strategic relevance in embedding psychological safety within banking institutions. Kahn (1990) claims that when people feel safer and more valued at work, they are more likely to be engaged. Sometimes the rigid hierarchy and compliance culture of some banks may discourage openness. HR can tackle this ch...