IMPACT OF TRAINING AND DEVELOPMENT AND DEVELOPMENT ON EMPLOYEE RETENTION IN AN ORGANIZATION (A CASE STUDY OF FIRST BANK PLC)
1.1 BACKGROUND TO THE STUDY
Over the years, competition among various organizations has made management of corporations to strategically align their human resource to achieve organizational goals. The importance of Training and development and Development is obvious given the growing complexity of the work environment, the
rapid change in organization and advancement in technology, among other things. Training and development and development helps to ensure that organizational members possess the knowledge and skill they need to perform their jobs effectively; take on new responsibilities, and adapt to changing
conditions. Despite the recognition of the importance of training and development by management experts and government as expressed in white papers on various reforms in Nigeria, the experience of manpower training and development and development in the Nigerian public service has been more of ruse and
waste. Until recently there has been a general resistance to investment in training and development in the public service because of the belief that “employee hired under a merit system must be presumed to be qualified, that there were already trained for their job, and that if this was not so, it was at fault” (Dessler,
In global context, employee retention is considered immensely important. Most of the companies arejudged on the basis of their turnover rate. The rate turnover aects the performance of an organization. Low turnover ensures that organization is retaining their competent employees by providing them superior environment which increases the performance of individual employee.Globally there are few companies like; SASGeneral Mills has a turnover rate of 2%, SC Johnson &Sons, Intel, meridian health and national instrument has the turnover rate of 3%. It means that these multinational companies are retaining their employees while ensuring their high performance.
Training and development is one of the most important factors in retaining employees in these organizations. By knowing the factors of retention or the eect of training and development on retention this study can help those organizations to retain their employees which has high turnover rate.
In today’s competitive environment companies are struggling hard to design a most appropriate strategy that could enhance the retention rate and pulls the turnover rate downward. Organizations have realized that competitive advantage could be attained by employees’ skills. There is a great importance of an
appropriate retention strategy;many retention strategies are designed that are related to provision of training and development to employees, and compensation etc. Fheili (2007)believes that organizations are not interested in providing training and developments that are generalized in nature.
They are focusing on specialized training and developments which is relevant to a specific task and make the employees unfit for competitors use. They are limiting employees’ ability to switch to another job in an industry. Organizations are finding ways to make the employees specialized rather than a generalized
one, while rest of the organizations consider training and development as an investment on employees and expect a return in the form of commitment and retention (Danlami Sani Abdul kadir et al 2012).