Oludipe, Emmanuel Oladimeji & Adesina, Idris Adetayo
Department of Business Administration & Marketing, Babcock University, Illishan-Remo, Nigeria
Correspondence Email Address: [email protected]
Abstract
Deposit money banks are currently grappling with significant challenges in enhancing their employees’ skills amidst a fiercely competitive business environment. In response, these banks have implemented various talent development strategies, such as empowerment, succession planning, and training and development, aimed at boosting employee commitment. Despite these efforts, there has been a noticeable decline in employee commitment within these institutions. This study investigated the impact of talent development strategies on employee commitment in deposit money banks located in Lagos State, Nigeria. The study employed a cross-sectional survey research design, targeting a population of 1,962 management employees from five selected Tier 1 deposit money banks in Lagos State. Using Taro Yamane’s formula, a sample size of 369 was determined. Data were collected through a self-structured questionnaire, which demonstrated reliability with a Cronbach’s alpha value exceeding 0.7. Both descriptive and inferential statistical tools were used for analysis, with Multiple Regression Analysis conducted using the Statistical Package for Social Science (SPSS) version 29. The findings revealed that talent development strategies have a significant effect on employee commitment Specifically, succession planning and empowerment emerged as most critical factors influencing employee commitment, while training and development showed a less significant impact. Based on these results, the study recommends that deposit money banks prioritize talent development practices, with increased emphasis on succession planning and empowerment, to enhance employee commitment and address the current decline.
Keywords: Employee Commitment, Empowerment, Talent Development Strategies, Training and Development, Succession Planning.