IMPACT OF TRAINING AND DEVELOPMENT OF HUMAN RESOURCES AS A CRITICAL FACTOR IN THE BANKING SECTOR
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IMPACT OF TRAINING AND DEVELOPMENT OF HUMAN RESOURCES AS A CRITICAL FACTOR IN THE BANKING SECTOR
Abstract
This research focuses on the impact of human resource training and development as a vital aspect in the banking sector, using a case study of First Bank of Nigeria plc’s main branch in Enugu. The study’s major goal is to assess the impact of human resource training and development on bank operations.
The population of the study is the staff of First Bank of Nigeria plc’s main branch, which currently numbers 100, with an 80-person sample size. During the research process, the researcher acquired data from two sources: primary and secondary.
Primary data were obtained from questionnaires conducted to First Bank plc employees, while secondary data came from textbooks, journals, publications, and manuals. The researcher utilised the Yaro Yamene Formula to calculate sample size.
In order to establish sample size, as quoted in Nigeria, n -N/1 + N (e)2 was utilised. The descriptive survey and descriptive analysis were based on responses to research quotations that were produced.
Based on the findings, the researcher recommended, among other things, that First Bank of Nigeria plc’s main branch on Okpara Avenue in Enugu implement any training programmes or budgets properly and gradually in order to improve banking operations.
To develop a favourable working environment, management should establish positive and mutually beneficial relationships with employees. To motivate employees to perform their best in their jobs.
CHAPTER 1.
1.1 Introduction
Many years ago, the idea of training and development was
Misunderstood and undervalued in most Nigerian organisations. Today, the situation has completely changed, to the point that many organisations, both for profit and non-profit, recognise the importance of employee training and development for organisational growth and functioning.
Training and development have existed since the beginning of humanity, as man’s actions are guided by what to do and when to do it. Just as a young child is taught several ways to walk, stand, and sit, this is done to help the youngster acquire the ability to adapt to his surroundings.
1.1 Background of the Study
The preceding phrase applies to an employee who is being trained to adapt to the environment and organisation in which he finds himself. With this, it is apparent that any organisation must train its employees in order to achieve greater growth and production.
According to E.M. Abolo (2000), the African Banking Corporation established the banking business in Nigeria in 1892. In 1894, the bank was acquired by Standard Bank, which is today known as First Bank.
The two expatriate banks dominated the banking sector until 1933, when the National Bank of Nigeria was founded. Between 1929 and 1933, numerous indigenous banks were created.
However, the majority of them failed, most likely due to a lack of training and development. Only three indigenous banks and two foreign banks survived the time; in 1952, the first bank regulation was enacted, establishing minimum capital requirements and licencing for banks.
From 1952 to 1962 and 1970, no new banks were established in Nigeria, most likely due to the impact of restrictions and the civil war (1967-1970).
The era of regulation began in 1959 and ended in 1986. Nigeria’s central bank was created in 1969 to promote and integrate the country’s financial system. Nigeria’s central bank fostered the growth of money and capital markets.
It also promotes the financial industry. Another important development throughout the period that influenced human resource development in banks is:
a. The Company Decree (1968). Which made it essential for all enterprises in Nigeria, including banks, to register locally and comply with Nigerian laws?
b. The Indigenization Decree (19720) established the system of purposeful Nigerianization.
d. Acquiring controlling interests in three major expatriate banks. The period 1986-to-date is nicknamed the second Banking Boom Era, because of the pace with which banks were founded due to deregulation of the PPPPPPPPPPPP.
economy. The government and corporate sector rely on banks to allocate human resources. In 1986, the banking industry had 12 (twelve) merchant and 29 (twenty-nine) commercial banks. By December 1990, there were 48 merchant banks and 58 commercial banks, with 5 development banks created in 1989.
Around the end of 1990, a unit banking system geared mostly towards rural communities emerged. As of May 1991, there were 120 (one hundred and twenty) merchant and commercial banks, excluding the Central Bank of Nigeria, four development banks, people banks, and community banks.
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