Finance sector segments and its human resources development in Lithuania

Abstract

The purpose of the article is to analyse and discuss the Lithuanian financial sector, it segments and its human resources evolution and dependence to Sustainable National Economic development. Article use general scientific methods, especially analysis, synthesis, comparison, induction and deduction. Essential sources of information were professional publications, data of state Statistics Department, Bank of Lithuania and the Ministry of Finance documents. This article gives an overview of the Lithuanian financial sector, it segments and its human resources, analysis of the evolution, structure and their perspective. The article analyses Financial and insurance activities (banking sector, credit union, insurance, Monetary intermediation, Insurance, reinsurance and pension funding), as is currently the most important financial chain. It analyses the evolution of the financial sector segments and its human resources in Lithuanian economy recovery. This paper analyses the financial sector staff efficiency indicators and its evolution. Article examines the changes in personnel costs with the economic growth and after the crisis. The crisis has had an impact on the financial sector and it has been forced to cut costs. Article examines the financial sector and its future human resource development, improvement perspective. Information technology advances have changed not only the finance's strategy, but also promoted the evolution of the finance system and its human capital. Due to the changes in knowledge economy, the finance specialist’s profession competence changes as well.