Strategic Human Resources Management practices in the Post Consolidated Nigerian commercial banks

Abstract

One of the major issues that require attention in the recent banking sector reform in Nigeria is the human resources management of the newly consolidated banks. Current researches show that Human resources management (HRM) practices are importance for enhanced corporate performance. However, little has been reported on the effect of HRM and corporate performance in the post consolidation era of the Nigerian banking industry. Drawing on the extensive body of research on strategic human resource management (SHRM), this paper examines the effects of SHRM practices on banks performance during significant post consolidation era in a developing economy like Nigeria. This study tries to understand the role of innovative HRM practices and specifically questions how HRM practices, such as the role of HR department, recruitment, retraining and redeployment, performance appraisal and compensation, enhance corporate performance during the post consolidation era. A multiple-respondent survey of 150 staff of the selected consolidated banks in Nigeria was undertaken to study the impact of innovative HRM practices on banks performance. The data collected from structured questionnaire was analysed using descriptive statistics and hypotheses tested using Mean Score. The survey found that the innovative recruitment and compensation practices were ranked higher at influencing banks performance. It was observed that recruitment, the role of the HR department and compensation practices seem to be significantly changing within the Nigerian banks in the context of Consolidation.

Keywords: Innovative HRM; Consolidation; post consolidation era; Nigerian banks; consolidated banks; performance