The challenges of talent acquisition and retention in the Nigerian banking sector: A case study of First Bank in Yobe State
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Background of the Study Talent acquisition and retention have become central issues for organizations worldwide, and the Nigerian banking sector is no exception. In recent years, the sector has experienced significant challenges in attracting and retaining skilled talent, particularly in regions like Yobe State. First Bank, one of Nigeria’s oldest and most reputable financial institutions, has had to adapt its recruitment strategies to remain competitive in an increasingly complex labor market (Ojo & Asogwa, 2023). The difficulty in acquiring and retaining talented employees has become more pronounced with the increasing demand for a highly skilled workforce in the banking sector.
The banking industry in Nigeria faces unique challenges, including high employee turnover, competition from both domestic and international banks, and a lack of alignment between employee skills and organizational needs. The rapid evolution of banking technology and customer expectations requires banks to recruit employees who are not only skilled in traditional banking operations but are also proficient in emerging technologies like digital banking, mobile applications, and cybersecurity. However, despite the efforts of banks like First Bank, challenges in attracting candidates with the required technical and managerial skills remain prevalent (Adedeji & Ogunjobi, 2024).
Retention of employees in the banking sector is also a growing concern. Factors such as poor work-life balance, limited career development opportunities, and dissatisfaction with compensation packages contribute to the high turnover rate in banks (Salami & Adewale, 2023). In particular, Yobe State, with its unique socio-political and economic challenges, presents an additional layer of complexity for First Bank in both recruitment and retention. The region's relatively lower socio-economic development compared to other parts of Nigeria further complicates the bank's efforts to attract and retain top-tier talent.
This study will explore the challenges First Bank faces in acquiring and retaining talent in Yobe State, with a view to providing insights into how these challenges can be mitigated. Given the importance of a skilled workforce in maintaining a competitive edge, it is crucial for banks to understand the barriers they face in talent acquisition and retention and develop strategies to overcome them.
Statement of the Problem First Bank has faced significant difficulties in acquiring and retaining skilled employees, particularly in its Yobe State branch. Despite the growing demand for qualified personnel, the bank struggles to attract highly skilled individuals who meet the specific demands of the modern banking industry. This issue is exacerbated by the competitive labor market and the limited availability of skilled talent in the region. As a result, the bank experiences difficulties in maintaining a consistent and effective workforce, which affects its ability to meet customer expectations and remain competitive in the Nigerian banking sector (Okoye & Olamide, 2023).
Retention of skilled employees is another major issue for First Bank in Yobe State. High turnover rates not only lead to a loss of organizational knowledge but also incur additional costs associated with recruitment and training. This problem is compounded by the socio-economic and cultural factors unique to Yobe State, which may discourage potential employees from considering the bank as a long-term employer. In addition, the bank’s current compensation structure may not align with the expectations of skilled professionals, leading to dissatisfaction and job changes. This study seeks to examine these challenges in greater detail and recommend strategies to address them.
Objectives of the Study
- To identify the key challenges First Bank faces in talent acquisition and retention in Yobe State.
- To assess the impact of high turnover on the operational efficiency of First Bank in Yobe State.
- To recommend strategies for improving talent acquisition and retention within First Bank in Yobe State.
Research Questions
- What are the main challenges First Bank faces in acquiring skilled talent in Yobe State?
- How does employee turnover affect the operational efficiency of First Bank in Yobe State?
- What strategies can First Bank implement to improve its talent acquisition and retention efforts in Yobe State?
Research Hypotheses
- There is a significant relationship between the challenges in talent acquisition and high employee turnover at First Bank in Yobe State.
- The lack of competitive compensation significantly impacts the retention of skilled employees at First Bank in Yobe State.
- Employee engagement initiatives positively influence talent retention at First Bank in Yobe State.
Scope and Limitations of the Study The scope of this study is limited to First Bank's Yobe State branch and focuses on the challenges related to talent acquisition and retention. The study will involve employees and management of the branch, but may not be representative of all branches of First Bank in Nigeria. The study will use a mixed-method approach, including surveys and interviews, which may be influenced by respondent bias. Additionally, the research will be constrained by time and access to specific data on employee turnover.
Definitions of Terms
- Talent Acquisition: The process of attracting, selecting, and hiring skilled employees to meet the organization’s needs.
- Talent Retention: Strategies and practices aimed at keeping skilled employees within the organization for the long term.
- Employee Turnover: The rate at which employees leave an organization, either voluntarily or involuntarily.
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