Jana Erina, Aivija Alekse

Proceedings of the 16th International Multi-Conference on Complexity, Informatics and Cybernetics: IMCIC 2025, pp. 191-197 (2025); https://doi.org/10.54808/IMCIC2025.01.191

Jana Erina
Faculty of Engineering Economics and Management, Riga Technical University, Riga, Latvia

Aivija Alekse
Faculty of Engineering Economics and Management, Riga Technical University, Riga, Latvia

Cite this paper as:
Erina, J., Alekse, A. (2025). Increasing the Efficiency of Human Resources Management in Financial Institutions in Latvia. In N. Callaos, N. Lace, B. Sánchez, M. Savoie (Eds.), Proceedings of the 16th International Multi-Conference on Complexity, Informatics and Cybernetics: IMCIC 2025, pp. 191-197. International Institute of Informatics and Cybernetics. https://doi.org/10.54808/IMCIC2025.01.191

This research examines the efficiency of human resource management in financial institutions in Latvia. Effective human resource management is a critical factor influencing organizational success, regulatory compliance, and workforce engagement, particularly in the financial sector. This research assesses how various human resource management practices contribute to institutional efficiency and competitiveness. The research identifies key efficiency indicators using qualitative and quantitative research methods, including literature analysis and expert evaluations.
The methodology includes a bibliometric analysis of human resource management effectiveness using the Scopus database and VOSviewer visualization tool. Additionally, a focus group discussion with HR professionals from financial institutions in Latvia was conducted to prioritize key efficiency indicators. The Analytical Hierarchy Process (AHP) method and statistical data analysis techniques such as frequency analysis, descriptive statistics, and factor analysis were applied to evaluate the significance of these indicators.
The research findings highlight the most critical factors influencing human resource management efficiency, including compliance with regulations, employee engagement, customer satisfaction, and the availability of digital HR management tools. The study emphasizes the importance of structured evaluation systems in improving workforce performance and institutional success in Latvia’s financial sector.