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HUMAN
CAPITAL DEVELOPMENT IN THE NIGERIAN BANKING INDUSTRY (PROSPECTS AND PROBLEMS)
CHAPTER ONE
2.0 BACKGROUND OF STUDY
Human
capital refers to investment in education and training. Recent surveys reveal
that although business executives firmly believes that people are the most
important asset that the organization can use to meet its goal, they are at a
loss to prove that investment in people lead to improved business results.
However,
common metrics like Economic Value Added (EVA) and Return on Investment (ROI)
shed little light on how organizations human assets are performing.
Among the
4M’s namely: Money, Materials, Machines, and Man, what actually makes the
organization thick is Man. The Nigerian Banking Industry is very vibrant and
the most active in the economy. The sector is presently what makes the economy
buoyant, active hence the human capital development needs to be adequate and
consists of people’s skills. The right people should occupy the right places at
the right time within the organization/industry. A peep into what constitutes
the human capital requirement reveals that people with core competences are what
most banks employ. The number of workers employed by banks are usually small in
nature but of high quality. For efficient human capital development to take
place in the banking industry, the members must evolve the learning and
development processes. What this means in essence is that the organization must
find ways of developing and mobilizing the intelligence, knowledge and creative
potential of human beings at every level of organization and become
increasingly skilled in placing quality people in key places and developing
their full potentials. It will also become increasingly important to recruit
people who enjoy learning and relish change and to motivate employees to be
intelligent, flexible and adaptive.
Kauter
(1992) expresses this as the need to develop people as a key lever in human
resource management and makes the correction between the learning of
organizational member and the survival and effectiveness of the organization.
2.1 STATEMENT OF THE PROBLEM
As earlier
mentioned, human capital development hold the key to success of any
organization. For this to happen the Nigerian banking industry must be able to
train and retrain their staff. To do this will amount to paying huge sums of
money to conduct Seminars (in-house or outside). Remember that even when the
fund for training is available, the employees must develop the right mental
attitude for the training. The organization must also create the right
environment for its employees. Human resources environment can either be
internal or external in nature. The internal environment consists of those sets
of controllable factors or variables and forces within the confines of the
organization e.g. the value of top management and the technology in use in the
organization, for example, if the top management values people and sees them as
critical Success Factor (CSF) and adequately rewards them when the need arises,
the employees will be at their optimum and the banking industry will continue
to grow. Another to consider if the banking industry and its human resource
capital development will grow is the technology in use. During this era of I.T.
and globalization, banks should stand up to the challenge. For instance the use
of ATM machine has shapen the future of human capital development in most banks
who can afford it. Human Capital Development in the Nigerian banking industry
is as important as the sector itself. However, there are some problems
envisaged such as:
1. Will human capital development solve
the problems of banking in Nigeria?
2. How does Human Capital Development
assist government and monetary authorities?
3. Which positive effect does it have
on the shareholder, inventors and the general public?
4. How best will organization prevent
labour unrest turnover irrespective of development of it human resources.
5. Does time and money spent on human
capital development correlate with output and returns from the employees?
6. is human capital development a
panacea to performance by employees?
7. Does human capital development
reflect in the organization (banks) profitability?
8. What measures should be taking by
banks in terms of human capital development to usher in more profits?
9. What prospects does human capital
development have for the banking industry?
10. It is right for the employees to be over
used just in the name of making more profits?
2.2 SCOPE OF THE STUDY
The scope of
the study is on human capital development in banking industry in Nigeria.
Human
capital refers to investment in education which in embedded in the workers.
Some of the training “general” or “transferable” skills which can be used
equally productively across different organization. Others provide organization
specific skills which enhance the workers productivity within the training
organization only. These latter skills tend to be those which are best learned
or can be learnt on the job. Workers having organization specific skill will
only be able to obtain a wage premium in respect of that skill within the
organization where they were trained, to leave would mean to seek job in a
place where they will be less productive and hence less paid. Two things follow
from this, firstly there is an incentive for such workers to remain with the
organization in which they acquired their skills. This give the employers a
measure of monopoly power over the workers. Secondly however, the loss of
specific skills would involve the organization in costly training of new
workers. This study has been designed and organized to include a comprehensive
evaluation of human capital development with a case study of Intercontinental
Bank Plc and Union Bank, Bank PHB, Guaranty Trust Bank and Access Bank Plc. It
will highlight the problems and prospects inherent in the industry as a whole.
2.3 OBJECTIVE OF THE STUDY
The research
work is expected to contribute to knowledge, that is existing knowledge will be
of great benefit to the following categories:
a. Government
b. Investors
c. Bank, etc.
Hence the
purpose of the study is:
1. To ascertain the problems of human
capital development in the banking sector in Nigeria.
2. To evaluate and measure how human
capital development will contribute and to increased productivity in the
Nigerian banking sector.
3. To evaluate the ability of the
present human capital development to fit into the global market and face global
competition.
4. To proffer solutions to the problems
of human capital development in the banking industry (filling the existing
gap).
5. To recognize the importance of human
capital as panacea to success and continuous growth in the banking industry in
Nigeria.
SIGNIFICANCE OF THE STUDY
1. To the Banking sector, this research
human capital development will contribute immensely and impressively to the
growth of Nigerian banking industry.
2. It will play an important role and
aid management to realize adequate returns on investment.
3. To the employees human capital
development serves as a veritable tools in equipping themselves in terms of
skill for the present and future challenges.
4. With adequate investment in human
capital development in the banking industry, the investors will be double sure
of their investment being in safe hands because no matter how robust the other
factors of production are without labour (human capital) will yield negative
result.
5. It will serve as reference to future
researchers who may wish to carry out research work on problems and prospects
of human capital development.
6. To make recommendations based on the
forging study.
2.4 RESEARCH HYPOTHESIS
A hypothesis
is an assertion, assumption or a statement of facts which has not been proved.
However, for our research project, the following hypothesis will be tested:
Ho =
shall be used for Null hypothesis
H1 =
shall be used for Alternative hypothesis
Hypothesis 1
Ho: Human capital development will not solve the
problems of the Nigerian banking industry.
H1: Human capital development will solve the
problems of the Nigerian banking industry.
Hypothesis 2
Ho: Human capital development is not a panacea
to efficiency in the Nigerian Banking industry.
H1: Human capital development is a panacea to
efficiency in the Nigerian Banking industry.
Hypothesis 3
Ho: Human capital development does not aid
management in measuring performance.
H1: Human capital development will aid
management in measuring performance.
2.5 RESEARCH METHODOLOGY
For our
research to be complete and reliable, we must collect data. In this case we can
source for information through primary and secondary sources. Primary data can
be collected using Questionnaire and through personal interview and physical
observation. Questionnaire can be administered to the members of staff of any
intending organization but in this case banks.
Secondary
data can also be of use to our study. These can be got from textbooks, annual
accounts, and reports of organization. Since we are dealing with Nigerian
banking industry, we can obtain their data from their annual reports.
More
essential is the use of online facilities such as the Internet. Computers have
made work through research easy hence it continued usage by accountants,
scientist etc.
2.6 DEFINITION OF TERMS
a. ATM = Automatic Teller Machine: A
machine that automatically pays when withdrawal is made.
b. Controllable Factors: Factors
operating within an organization, that is within the confines of an
organization such as size of the organization, value of the top management and
technology in use etc.
c. IT = Information Technology: The use
of computer within the organization.
d. Human Capital: Investment in
education and training.
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