22_FALOLA 29.06-MARE.pdf - Bulletin of the Transilvania University of Braov Series V Economic Sciences Vol 7(56 No 1 2014 EFFECTIVENESS OF TRAINING AND

22_FALOLA 29.06-MARE.pdf - Bulletin of the Transilvania...

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Bulletin of the Transilvania University of Bra ş ov Series V: Economic Sciences • Vol. 7 (56) No. 1 - 2014 EFFECTIVENESS OF TRAINING AND DEVELOPMENT ON EMPLOYEES’ PERFORMANCE AND ORGANISATION COMPETITIVENESS IN THE NIGERIAN BANKING INDUSTRY H. O. FALOLA 1 A. O. OSIBANJO 1 S. I. OJO 1 Abstract : Training and development is indispensable strategic tool for enhancing employee performance and organizations keep increasing training budget on yearly basis with believe that it will earn them competitive edge. The main objective of this study is to examine the effectiveness of training and development on employees’ performance and organisation competitive advantage in the Nigerian banking industry. Descriptive research method was adopted for this study using two hundred and twenty three valid questionnaires which were completed by selected banks in Lagos State, South-West Nigeria using simple random sampling technique. The data collected were carefully analyzed using descriptive statistics to represent the raw data in a meaningful manner. The results show that strong relationship exists between training and development, employees’ performance and competitive advantage. Summary of the findings indicates that there is strong relationship between the tested dependent variable and independent construct. However, bank management should not relent in their quest to train their staff to develop new ideas that will keep improving and retaining employee performance. Key words: training, development, performance, competitiveness. 1 Department of Business Management, School of Business, Covenant University, Ota, Nigeria. 1. Introduction The survival of any organization in the competitive society lies in its ability to train its human resource to be creative, innovative, inventive who will invariably enhance performance and increase competitive advantage [17], [31], [46]. Training and development is an aspect of human resource practices that help in enhancing employees’ skills, knowledge, and competence capable of improving employees’ ability to perform more efficiently [39]. Training and development play a vital role in the effectiveness of an organisation [21]. It is one of the most pervasive techniques for improving employees’ performance enhancing organisation productivity in the work place [22]. Employees are the indispensable asset and key element of gaining competitive advantage of any organization
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