Impact Of Human Capital Development On The Economic Growth Of Nigeria
Training is a process were by individuals acquire knowledge, skill and attitude through experience, reflection, study or instruction.
Training is also the planned process to modify attitude, knowledge, skill, behaviour, etc. through learning acquire effective performance in an activity or range of activities. The purpose of training is to develop the ability of an individual to satisfy current and future manpower needed to supplement education or to train for taking up higher responsibilities.
Training is available for both new and existing staff of any organisation, although the new recruit might already have appropriated some skills and good attitude in all profile, human capital development will help to sharpen both areas so that better performance can be achieved both new and existing staff even well-established staff may need skill refinement and upgrading.
Human capital development may be formal or informal. Some organisations invest in and develop their own high quality training facilities and run a regular series of introductory and refresher courses in house. This has the advantage of ensuring that the training is relevant to the organization and its business as well as signifying an on-going commitment to staff development.
Formal and Informal training appear to have existed as long as the origin of man and this has been accorded varied status in human life. With advantage in knowledge, practice and technology, training and manpower development have become sophisticated and resource consuming. It has also been stressed that training and manpower development is an art and a science in its own right.
Hence, an attempt at establishing the actual meaning and manpower development is beneficial to that is globalism, e-commerce, e-banking and universal banking. All of these pose challenges to the twenty first century bankers and all of these innovations need greater skill to be able to meet future objectives of the organization become all of them are operated through online. And these need training and retraining of the entire work force so as to be able to bridge the gap which may exist as a result of these new inventions. This banking industry in Nigeria has been revolutionized. The bank has all been restricted according to their various capacities.
1.1 Statement of the Problem
There has been a growing emphasis on professionalism, growing bureaucracy, competitive growth, rsie in the education level with demand for better leadership, all of these throw the need for a better equipped work force. As a result of the growing rate of the competition in the banking industry in Nigeria, these has been a growing need for mechanization and automation of the banking process and procedures. The employment of high technologically based service delivery the sophisticated nature and development inevitable there is a new trend blowing across the world.
1.2 Objectives of the Study
In order to identify further the critical importance given to the development of human capital in the Nigerian banks, the main objectives of this study is to test and final out the impact of human capital development on the economic growth of Nigeria.
The objectives of training are associated with overall growth and priorities that must be realistic and practicable, meaningful and quantifiable. The objectives of these study is to identify the primary objectives of training in an organization as that of ensuring the efficiency and must optional use of its human resources.
The specific objectives are:
- To examine the pattern and trend of human development in banking industries.
- To estimate the relationship between economic growth of banking industries
1.3 Research Questions
- Does training and development motivate staff?
- Does training and development improve the quality of service in the bank?
- Does training modify behaviour, attitude, skill and knowledge of individual staff
- Does training and development been able to promote accountability in the bank.
1.4 Scope and Limitation of the Study
The scope of the research study covers the comprehensive appraisal of the cost, benefit and status of training and manpower development. It also provides and insight to ethical standard in which training and development evolved.
It also covers the effect of emergence of technology in banking activities. The study will cover a period of 5yrs i.e from 2009-2013 due to time, and financial constants, i will not be cover all the banks in the country, my study will therefore tom limited to zenith bank only more so this is the bank i have chosen as my case of the study.
1.5 Significant of the Study
Zenith bank plc, as a major organization in the banking industries in Nigeria, stands to benefit from the findings of this study. It will know the efficiency of its training and development programmes, recommendations in these training and development policies as well.
Apart from assisting the organization to achieve itself objectives, training and manpower could project the right kind of image of the organization to the outside world. This could influence more customer and attract the right type of employee to the organization. It could also improve the public relations practice in the organization.
1.6 Research Methodology
This chapter is exclusively devoted to the principles on which this study was based. The researcher drew immensely from the opinion and advice of some human resources manger sought on the appropriate methodology. Items cover in these chapter therefore, include research method and design (a case study of zenith bank plc.) methods and sources of data collection, instrument validity and liability, sampling and sample size and analysis of data.
1.7 Organization of the Study
Rand menally & co. (1976) gave the definition of training as the systematic process of altering the behaviour or attitude of in other to achieve a desire standard or level of performance. He therefore throw more of this by saying that there is need for an environment in which there is need for an environment in which both employer and employees see training as a means of improving performance of individual or group with an expected pay off in improve organization performance.
1.8 Definition of Terms
Term is the period of time before a security expires or is redeemed. Term is one of the periods of the year appointed for holding instruction in colleges and school.
Is the state or condition of yielding a financial profit or gain?
Is an expert valuation for taxation, tariff duty
This skill general or specific acquired by an individual in the course of training and work experience.
Is the quality of being productive or having the power to produce.
The term methodology refers to all the activities in the collection of the necessary data and information required for the research work.
The sources of data can be simplify means the ways or method used to obtain information or data in the process of research work. There are basically two sources of data collection method namely:
Basically questionnaire and oral interview
Are textbooks, journals, seminar magazine newspaper and internet.
Summary, Conclusion and Recommendation
The primary purpose of the study is to gather information from students and qualified bankers/ accountants about the problems and impact of human capital development in the banking industry, vis- a – vis zenith bank plc.
The project consists of five chapters
Chapter one deals with introduction, background of the study, statement of the problem, objective of the study significances of the study, test of hypothesis, research question, scope of the study and definition of terms.
Chapter two deals extensively with Literature Review in order to see the salient objectives of this study are met and its contribution to knowledge, in this chapter, opinions and views of powerful writers/ experts on the topic were used to shed more light on our points
Chapter three deals with research methodology, Sources of data collection, study area and sampling procedure and mathematical tools to be used which are mainly tables, simple percentage and chi- square.
Chi- Square was used to test the hypothesis formulated.
Chapter four covers presentation, analysis and interpretation of data gathered from the field via question naira. Interpretation of the data becomes necessary and was carried out with a view to bringing out the result of our findings.
Based on the data collected from the field survey and various literature reviews on the project topic, it is highly significant to draw conclusion based on the findings. The average success and failure of any organisation depends mostly on the effectiveness’ and of bankers and accountant.
It has been established that most bankers lack basic training, the best motivational technique therefore is for the management and government to direct their resources and time towards.
Human capital Development in the Banking industry and its effect on profitability is a knowledge and personality attributes embodied in the ability to perform labour so as to produce economic value in the banking industry.
Based on the result of our findings, the following recommendations are made by the researcher;
- Workers in the organization irrespective of their status are better motivated by training and development activities. Remuneration packages should be attractive to further motivate the staff for optimum performance.
- The researcher appreciates the management commitment to manpower training and development is a candid opinion that training activities should cost across all the sections that make up the organization selection for training should be based purely on merit and not through favouritism.
- The researcher suggests that a correspondents training schedule should be introduced to compliment the existing one.
- The importance of identifying both organizational and individual training needs for an effective and result- oriented training programme cannot be over- emphasized. The organization should device a better means of identifying and training needs for her Workers. There should be a constant communication between the training officials and human capital management department.
5.5 Limitations of the Study
The following are the limitations of this study:
- Financial problem; in carrying out this research project, the researchers were faced with a lot of financial obstacles. The problem across as a result of economic recession prevailing at the time of conducting the research and this has made the researchers to limit the research to the little available instrument/data used in carrying out the research.
- Attitude of the staff of the organization towards the researcher. Most of the people and organization consulted to render useful information for the consulted to render useful information for the successful implementation of the research refused to supply reliable information and this made the situation worse for the researcher. Some of the management staff interviewed about the subject matter initially refused to give out information. They thought the information could of the information should leak out to their competitors.
- Time factor; It is a time- consuming work which needs to be given much time because it involves migrating to get proper and accurate information for the research project. The time set for the submission of the project is rather short, more so, other academic activities were still to be taken care of.
- Data Constraint; Unlike developed countries that maintain reliable data bank, Nigeria lacks data bank where credible and could be sourced for meaningful research. In other words, there are no robust data banks where reliable data can be sought.
- Furthermore, most of the textbooks in our polytechnic library are not up-to-data this has necessitated souring for data not only from some other tertiary institutions
Suggestions for Further Study
Nobody can stop anybody from researching further into a particular topic. To this end the door is free to further researchers to research into area(s) I did not cover adequately because of time and financial constraints. Surprisingly, result from the exercise maybe beneficial not only to the bank but also to the entire economy generally
Furthermore, the result from the exercise could add more to the literature on the topic.
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