Reforms in the Nigerian Banking Sector and Strategies for Managing Human Resource Challenges

Abstract

The banking sector anywhere in the world occupies a very strategic position in the nation’s economy. Hence, instability in the sector is capable of creating perennial crises not only for the economy, but also for the workers in the sector. In Nigeria, the banking reforms that commenced in the sector since 2004 till date has thrown a lot of disengaged workers into the over bloated and saturated labour market with vary consequences even for the surviving ones. This paper reviews critically the reforms in the sector and the attendant human resource challenges. It argues that surviving workers who are not very certain about their future career path in the sector are facing a number of challenges with may scuttle and undermine the entire reform process. Using Neo-liberalism and Weberian Social Action as a theoretical guide, the paper examined a number of strategies that may be adopted in the sector to manage the surviving workers so that human element which is a very critical aspect of the banking reforms in Nigeria will not be compromised.

Keywords: Bank reforms, Human resource, Retrenchment, Neo-liberalism, Surviving workers