Talent Management: Its Effect on the Competitive Advantage of Selected Money Deposit Banks in Ogun State, Nigeria

Abstract

Financial institutions are constantly looking for new competitive advantages due to the intense competition in the banking sector. Financial institutions investing in Talent Management can better weather economic storms and respond to changing customer wants and needs. Furthermore, they have a better chance of attracting and retaining the most talented employees. Deposit-taking institutions have made significant progress in implementing Talent Management strategies. However, the outcome has not been as expected due to high human capital attrition in the banking industry and the fact that the best talents are in high demand and can be expensive to acquire. A survey research design was used for the study. The study included 134 employees from various money deposit banks. The study used a simple random sampling method. For data collection, a well-structured and validated questionnaire was used. The response rate was 69%, and the information gathered was analyzed using descriptive and inferential statistics. According to the findings, Talent Management has a positive and significant effect on the competitive advantage of selected money deposit banks in Ogun State (AdjR2 = 0. 573, F(3, 91) = 39.337, P 0.05). The study recommends that deposit money banks identify, acquire, develop, and retain a competent workforce to improve job performance and competitive advantage.