Positioning Nigerian Banks to Compete Successfully in Global Financial Markets-The Human Capital Angle

Abstract

Human Capital is the key asset that helps the organisation to achieve its overall objectives. Up to the year 2011, banking sector is currently in short supply of people with skill and required competence. One of the issues that gave rise to Human Capital Challenge in the banking industry is the pace of post-consolidation expansion (local and offshore), insufficient focus on professional banking qualification, difficulty in attracting and retaining the right people, and acute shortage / intense competition for skilled personnel. Another angle of the reasons being that of inadequate training interventions; frequent movement of officers due to remuneration; and emphasis on marketing skills at the expense of managerial and leadership skills. Businesses with value-adding, superior propositions tend to become profitable ventures. From corporate perspective or Banker’s viewpoint, in as much as it looks to identify and implement employee cost reduction initiatives, at the same time, it also finds ways of holding on to and developing its top talent.  From Personal Perspective, an articulate person prepares himself to have control over his career and earn more in the shrinking global village.  Individuals position themselves for global competitiveness to gain increased job mobility and leverage against unstable political environment by acquiring internationally accredited qualifications. This can be achieved by quality education from world leading institutions, joining organizations that offer international exposure, and acquisition of internationally accredited professional certification. Companies that want to keep pace with the growth anticipated in the years to come must adjust their practices to effectively attract and retain new generation of human capital; create inclusive organisations where all employees feel valued. To enhance competitiveness the banking industry need leaders who understand both local business context and global strategy so that they can think global and act local. Forward-thinking organizations use innovative talent-management approaches to gain a competitive advantage, which help them ride out of downturn and create a strong platform for recovery and growth.