Manpower Planning and Survival of the Nigeria Banking Industry

Abstract

The study examined the effect of manpower planning on survival of the Nigerian banking industry. A survey design method was used for the study based on stratified random sampling and structured questionnaire was administered by the researcher on a sample size of 101 respondents which serves as the instrument of primary data collection. The data were analysed using descriptive statistical tools such as tables, charts, simple percentages and frequencies. Multiple regression was used for further analysis and test of hypotheses. The study revealed that manpower planning has a positive significant effect on the survival of banks in Nigeria. Based on the findings, the study concluded that recruitment(x1) as a dimension of manpower planning contribute the most to the survival of the Nigerian banking industry as compared to employees training(x2), compensation(x3) and retrenchment(x4). This is indicated by the beta coefficients of 24.5%, 17.5%, 23.2% and 12.8% for x1, x2, x3 and x4 respectively and it recommended that management should ensure that vacancies are replaced as the need arises and should not be taken for granted. Also, management should ensure that employees are well trained by availing them the opportunity of attending seminars, workshop, conferences, and sponsorship for higher educational qualification. Furthermore, staff reward should be matched to employee's needs and preferences and should be based on hard work. Finally, for retrenchment purposes, management should focus on the less productive or redundant for the purpose of cutting cost.