Talent Acquisition and Retention Strategies on the Performance of Deposit Money Banks in Akwa Ibom State, Nigeria

Résumé

The study sought to explore talent acquisition and retention practices on the performance of Deposit Money Banks in Akwa Ibom State, Nigeria, with emphasis on First Bank Plc, Access Bank Plc, and Zenith Bank Plc. Specifically, the objectives of the study were to determine the effect of workforce planning on efficiency of operations, assess the impact of strategic sourcing and recruitment on sustainability, assess the impact of compensation and rewards on performance, establish the extent to which an inclusive organizational culture boosts productivity, and assess the impact of career development and training on creativity in the banks in the State. The study employed the use of a survey research design based on Resource-Based View theory, Human Capital theory, and Personality-Job Fit theory. A total of 297 respondents were selected through a stratified sampling approach from a target population of 588 management and non-management staff in twelve bank branches in the state. Data were collected through a questionnaire with a five-point Likert scale, whose reliability was validated through Cronbach's alpha of 0.822. Out of 297 questionnaires distributed, 229 (77.1%) were retrieved, validly completed, and analyzed.The data were analyzed using descriptive statistics, Simple Linear Regression, and Analysis of Variance (ANOVA), aided by SPSS version 25.0. The results showed that there was a significant impact of workforce planning on efficiency (R² = 79.0%, t = 3.418, p < .05); strategic sourcing and recruitment had significant impact on sustainability (R² = 81.8%, t = 3.381, p < .05); compensation and reward systems had significant impact on performance (R² = 83.0%, t = 4.161, p < .05); inclusive corporate culture had significant impact on productivity (F = 294.167, p < .05); and career development and training had significant impact on creativity (R² = 80.5%, t = 3.491, p < .05). The research concluded that the talent acquisition and retention processes had significant positive effect on performance of the deposit money banks in Akwa Ibom State, Nigeria. The research recommended, among others, that the management of the DMBs should embark on workforce planning, continuously benchmark sourcing and recruiting processes, sustain competitive compensation packages, and develop a merit-based career development process.