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Full Project – THE EFFECT OF TRAINING AND DEVELOPMENT ON EMPLOYEES’ PERFORMANCE IN FINANCIAL INSTITUTION OF NIGERIA

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ABSTRACT

This research focused on the effect of Training and Development on Employees’ Performance in Financial Institution of Nigeria with reference to First Registrars of Nigeria) also attention was drawn on certain specific areas of workers performance. Statistical Package for the Social Sciences (SPSS) along with percentage mean items, factors analysis were used to analyze eighty (80) questionnaires while ANOVA was used to test the hypotheses. There is increasing awareness of the need for staff training and development in the context of many firm’s development activities through the adoption of systematic approach in accessing the training needs of their workers which should be programme in line with set objectives. Proper staff selection methods should be adopted, while close job analysis followed by a careful assessment of the employees. Training and development was found to be an effective agent of change in an organization. However, other areas such as monetary incentive, free transportation to and from work, length of service of workers and selection for further training are also important as motivators to complement training and development of workers in an organization.

CHAPTER ONE

INTRODUCTION

1.0BACKGROUND TO THE STUDY

The ultimate aim of every training and development program is to add value to human resource. Any training and development program that would not add value should be abandoned. Organizations should therefore make training and development of their employees a continuous activity.

Arnoff (2011) observes that training and development foster the initiative and creativity of employees and help to prevent manpower obsolescence, which may be due to age, attitude or the inability of a person to adapt him or herself to technological changes. According to Obisi (2010) training is a process through which the skills, talent and knowledge of an employee is enhanced and increased. He argues that training should take place only when the need and objectives for such training have been identified Scott, Clothier and Spriegel (2007) agree that training is the corner-stone of sound management, for it makes employees more effective and productive. They argue that training is actively and intimately connected with all the personnel and managerial activities. It would be difficult for a new employee to grow on the job and become a manager without adequate training and development.

According to Marnoria (2005), training and development is a practical and vital necessity because; it enables employees to develop and rise within the organization and increase their market value, earning power and job security. Mamoria explains that training helps to mould employees’ attitudes and help them to contribute meaningfully to the organization. The organization benefits because of enhanced performance of employees. He further states that a well trained employee would make a better and economic use of materials and equipment which would go a long way to minimize wastages.

Perhaps the most important resource of an organization is the human resource. The human resources are men and women who are working in an organization. They constitute the active agents who harness and combine other resources towards the accomplishment of organizations goals. Consequently organizations must have competent employees who will be able to carry out assigned tasks for the purpose of attaining organizational goals. It has long been recognized that employees’ competence on a job is acquired not only by formal education but also through experience gained in the work environment and through the acquisition of specific skills and knowledge on the job through training and development. Study of inter-firm comparisons of productivity and competitiveness reveal that the more skilled the firms’ employees are in meeting the strategic purpose of the firm. The better its performance vis-à-vis its rivals. Greater attention should therefore be placed on training and development as a means of obtaining competent employees that will help in achieving greater performance.

One of the critical variables in the performance function of organizations is manpower training and development. This happens to be the vehicle through which the knowledge, skill, and attitudes requisite for the running of organizations are passed on to the people who make the organizations to be. The realization of this fact have made organizations, especially those interested in attaining and maintaining excellent performance, to pay close attention to training and development. Failure to do so can, and indeed does, spell doom for any organization. On the average, therefore, effectively performing organizations plan and invest optimally in training and development.

Banks as all result oriented organizations are aware of critical role of staff development in determining their performance, profitability and competitiveness. Consequently conscious efforts are made to use training and development in order to enhance performance. These efforts can pay off handsomely where there is a good knowledge, and appropriate application of training and development. It is therefore, necessary for all banks to have a good grasp of training and development as an instrument for achieving corporate performance (Gapsiso 2011).

Despite the key role played by human resource development and training towards the achievement of corporate performance, most commercial banks in Nigeria do not attach much importance to staff development and training. In most banks (especially the first generation banks) staff development centre (SDC) is often considered to be “cost centre” and hence it is being marginalized. Moreover, annual budgets allocated for staff training are meager despite the reimbursement assurance from the Industrial Training Fund (ITF), and above all inadequacy of effective training and development personnel who can effectively handle training and development in banks. Training departments are thus believed to be punishment centers (for erring staff or those not liked) and that they are dry as the prosperity in the banking industry does not flow there, which makes good materials posted there to resist. If staff that resisted is finally forced to go there, they remain uncommitted (Daradara 2004).

1.1 STATEMENT OF PROBLEM

In line with recent changes in business circles, Human Resources Department (HRD) have come to stay. This department is usually responsible for handling matters on training and development while personnel and administrative department which have been in existences are still in charge of all other matters. This is done to ensure that all employees are assisted with programmes to enable them acquire additional knowledge, skill and attitude with which to perform their jobs.

It is common knowledge that most companies recognize that most of their principal asset lies within the skill of their employee at all level. Therefore, this research work is aimed at finding answer to questions relating to the effect of training and development employees performance towards the achievement of organizational goals and objectives.

1.2 OBJECTIVES OF THE STUDY

The objective of this study is to assess the impact of training and development on the employees performance of First Registrar Limited in Nigeria.

i. To determine whether training and development has significant influence on employees’ productivity

ii. To know if training and staff development reduced the rate of labour turnover in an organization.

iii. To find out if workers efficiency largely depended on the type and quality of training programe acquired.

iv. To determine if there is a relationship between training and development and organizational performance.

1.3 RESEARCH QUESTIONS

This research work examines the following questions.

1. Does training and development has significant influence on employees’ productivity?

2. To what extent does training and development according to workers need reduce the rate of labour turnover in an organization?

3. How does workers efficiency depends on the types and quality of training programme acquired?

4. Does continuous and systematic training and development serves as good motivators for workers productivity?

5. Is there any significant relationship between training and development and good orientations of workers?

1.4 RESEARCH HYPOTHESES

The research hypotheses of the research work include the following

H1: Training and development has no significant effect on employees’ productivity.

H2: That training and development of workers does not reduce the rate of labour turnover in an organization

H3: That workers efficiency is not largely depended on the type and quality of training programe acquired.

1.5 SIGNIFICANCE OF THE STUDY

The significance of this study is to increase job satisfaction, morale and efficiencies through training and development of workers in order to achieve organizational goals and objectives through efficient manpower development and innovative competencies of highly skilled employees.

1.6 SCOPE AND LIMITATION OF THE STUDY

Many organizations spend a great deal of time and money on training and development of their employees, however the management of some companies are often worried about the effectiveness of such training and development programmes in terms of content and desired usefulness. Therefore, this research attempts to evaluate the effect of training and development employee performance in financial institution Nigeria using First Registrar as case study.

1.7 DEFINITION OF SOME TERMS

1. Productivity:

The overall efficiency resulting from staff involvement in the programme of training. It is also refer to as rate of production, which minimizes costs of production and optimize the efficiency of the First Registrar Nigeria Limited.

2. Management:

In this context means those whose decisions affect the capacity of the organization to perform and obtain results. Management here refer to people employed to forecast, plan, coordinate, organize, control and direct the company’s activities.

3. Employee:

Many or all the working members of First Registrar Nigeria Limited.

4. Orientation:

Here means the workers attitude towards the achievement of the organizational goal

5. Motivation:

To influence workers improved performance when attitude is low and skill is high.

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