Talent Management Programmes and Cost Leadership in Deposit Money Banks in Lagos State, Nigeria
DOI:
https://doi.org/10.53819/81018102t4153Abstract
The article examined talent management and cost leadership of selected deposit money banks in Lagos State, Nigeria. Survey research design was adopted in the study. The population was 2,169 senior employees and managers of ten selected deposit money banks in Lagos State, Nigeria. A sample size of 425 employees was determined using the Raosoft online sample size calculator. A stratified random sampling technique was adopted in the study. The data were collected using a structured and validated questionnaire. Cronbach’s alpha coefficients for talent management dimensions were: talent planning (0.860), talent acquisition (0.864), talent development (0.849), talent reward (0.943), and talent retention (0.919), and cost leadership (0.915). The response rate was 85.6%. The collected data were analysed with findings indicating that some talent management dimensions had significant effect on cost leadership. It was recommended that the management of selected deposit money banks in Lagos State, Nigeria, develop a policy to connect talent management to the cost leadership of the institution to make the sector competitive and sustainable in the long run. Such a policy would be the anchor for actions adopted by or proposed by the firms in matters pertaining to talent management.
Keywords: Talent management, Cost leadership, Deposit Money Banks, Talent Planning, Talent Acquisition, Talent Development
References
Abu-Sahloub, E. (2016). Level of application of integrated talent management according to IBM Institute for Business Value: Case study Palestinian Governmental Agencies in Gaza Strip. (Master Thesis), Islamic University of Gaza, Palestine.
Adeleke, D. (2019). A new Moody's report reveals exactly how Diamond Bank failed. Retrieved from https://www.pulse.ng/bi/finance/a-new-moodys-report-reveals-exactly-how-diamond-bank-failed/t6tqb6x on July 2nd, 2023.
Agbaeze, K. E., Monyei, F. M., & Agu, O. A. (2017). Impact of talent management strategies on organizational performance in selected deposit money banks in Lagos State, Nigeria. International Research Journal of Management, IT & Social Sciences, 4(2), 124-138. https://sloap.org/journals/index.php/irjmis/article/view/455
AlBattrikhi, I. R. (2016). Talent management practices as drivers of intention to stay: Case study (IT Companies in the Gaza Strip). Islamic University of Palestine (Gaza Strip).
Alkasim, S. B., Hilman, H., Bohari, A. M., Abdullah, S. S., & Sallehddin, M. S. (2018). The mediating effect of cost leadership on the relationship between market penetration, market development, and firm performance. Journal of Business and Retail Management Research (JBRMR), 120(3), 190-200. https://doi.org/10.24052/JBRMR/V12IS03/ART-17
Amakiri, D., & Tiebiri, E. (2015). Talent management and organizational growth: A survey of selected registered companies in Bayelsa State, Nigeria. European Journal of Research and Reflection in Management Sciences, 3(4), 56-92. https://www.idpublications.org/wp-content/uploads/2015
Anderson, A.R. & Hardwick, J. (2018). Collaborating for innovation: the socialised management of knowledge. International entrepreneurship and management journal, 13(4), 1181-1197. core.ac.uk/download/pdf/96700999.pdf.
Asrar, Z., Azhar, T., & Hussain, M. (2018). Effect of talent management on the success of organization development. Archives of Business Research, 6(3), 90–103. https://doi.org/10.14738/abr.63.4075
Babarinde, G. F., Gidigbi, M., Ndaghu, J., & Abdulmajeed, I. (2020). Digital finance and the future of Nigerian banking system: A review. Nile Journal of Business and Economics, 6(16), 24-35. https://doi.org/10.1007/s12525-018-0310-9
Baraza, D. (2017). Effects of competitive strategies on performance of manufacturing firms in Kenya, a case study of East Africa Breweries Limited. [PhD Thesis]. http://ir.cuea.edu/jspui/handle/1/2551
Bayraktara, C., Hancerliogullari, G., Cetinguca, B., & Calisira, F. (2017). Competitive strategies, innovation, and firm performance: An empirical study in a developing economy environment. Journal Technology analysis & strategic management, 29(1), 38-52. https://doi.org/10.1080/09537325.2016.1194973
Chepchirchir, A. B., Omillo, F., & Munyua, J. (2018). Effect of cost leadership strategy on organizational performance of logistics firms at Jomo Kenyatta international airport, Kenya. European Journal of Management and Marketing Studies, 3(3), 76-86. https://doi.org/10.5281/zenodo.1445437
Devi, B. E., Khairunnisa, K., & Budiono, E. (2017). The influence of intellectual capital on the company financial performance. JAK (Jurnal Akuntansi) Kajian Ilmiah Akuntansi, 4(1). http://e-jurnal.lppmunsera.org/index.php/Akuntansi/article/view/214.
Faria, R., Nouman, A., Tahira, K., & Tanzila, A. (2015). Talent Management as a source of competitive advantage. Asian Economic and Social Society, 5(9), 208-214
Gorondutse, A. H., & Gawuna, M. S. (2017). Cost leadership strategy and performance of hotels in Nigerian context. Journal of Applied Structural Equation Modelling, 1(1), 1-12. https://jasemjournal.com/wp-content/uploads/
Humaid, H. B. (2018). Talent management and organizational performance: The mediating role of employee engagement-A case study Bank of Palestine in the Gaza Strip (Master Thesis). Faculty of Commerce, The Islamic University–Gaza.
Iliya, A. A., Ononiwu, C. G., Kah, M. M., & Longe Prof, O. B. (2021). The impact of ICT projects on developing economies: The case of people with physical disabilities in Nigeria. The African Journal of Information Systems, 13(1), 4. https://digitalcommons.kennesaw.edu/ajis/vol13/iss1/4/.
Israel, G. D. (2009). Sampling the evidence of extension program impact. Program Evaluation and Organizational Development, IFAS, University of Florida. PEOD-5. www.asasrms.org/Proceedings/y2009/Files/400050.pdf
Jamaica, S.A., Isaac, Z.O., Asawo, S.P. & Baridam-Ngube, L. (2022). The role of globalization and talent management in teaching Hospitals in Nigeria. International Journal of Social Sciences and Humanities Reviews, 12(1), 400-408. https://www.ijsshr.com/journal/index.php/IJSSHR/article
Kago, Z. W., Gichunge, E. M., & Baimwera, B. (2018). Relationship between competitive strategies and organizational performance of petroleum companies in Kenya. International Academic Journal of Human Resource and Business Administration, 3(2), 407-429. https://www.iajournals.org/index.php/8-articles.
Kyengo, J. W., Ombui, K., & Iravo, M. A. (2016). Influence of competitive strategies on the performance of telecommunication companies in Kenya. International Academic Journal of Human Resource and Business Administration, 2(1), 1-16. https://iajournals.org/articles/iajhrba.
Larnyoh, K., Osei-Yeboah, S., & Awortwi, N. (2021). Industrial policy for local economic transformation. Retrieved from https://includeplatform.net/wp-content/uploads.
MasterClass (2022). Cost leadership strategy: Pros and Cons of Cost Leadership. Retrieved from www.masterclass.com/articles/cost-leadership-strategy
Mullan, J., Bradley, L., & Loane, S. (2017). Bank adoption of mobile banking: Stakeholder perspective. International Journal of Bank Marketing, 35(7), 1154-1174. https://doi.org/10.1108/IJBM-09-2015-0145
Najm A., & Manasrah, A. K. (2017). The effect of talent management on organizational performance: Applied study in Jordanian banks. Review of Applied Socio-Economic Research, Pro Global Science Association, 13(1), 36-51. http://reaser.eu/RePec/rse/wpaper/REASER.
Njaaga, A. W., & Ragui, M. (2018). Effect of cost leadership strategies on performance of pharmaceutical companies in Nairobi City County, Kenya. International Journal of Management and Commerce Innovations, 5(2), 720-728. https://www.academia.edu/43770805
Njuguna, S. N., & Waithaka, P. (2020). Cost leadership strategy and organisational performance: A case of insurance companies in Nyeri County, Kenya. International Academic Journal of Human Resource and Business Administration, 3(9), 256-267. https://www.iajournals.org/articles/iajhrba
Nosike, C. J., & Okeke, L. N. (2022). Talent management and effectiveness of banks in Anambra State, Nigeria. International Journal of Advanced Academic Research, 8(4), 12-22. https://www.researchgate.net/publication/341056562.
Olaka, L. O., Okafor, L. C., & Ulo, F. U. (2018). Talent management and innovation in indigenous hotels in Port Harcourt, Rivers State. IOSR Journal of Business and Management (IOSR-JBM), 20(3), 31-40.
Olarewaju, O., Olarewaju, O.O., Oladejo, T.M. & Migiro, S.O. (2017). Nexus of bank personnel and cost-income ratio (CIR) in Nigeria. Banks and Bank Systems, 12(4), 154-162. www.researchgate.net/publication/321960450.
Omoke, O. J. (2020). Adoption of talent management for competitiveness among five–star hotels in Nairobi city county, Kenya (Doctoral dissertation). Kenyatta University.
Onamusi, A. B., Makinde, G. O., & Akinlabi, B. H. (2020). Entry mode strategy, firm-level capability, environmental turbulence, and organisational performance: A moderated analysis. Management and Economics Review, 5(2), 278-290.
Paisey, C., & Paisey, N. (2018). The decline of the professionally qualified accounting academic: Recruitment into the accounting academic community. Accounting Forum, 41(2), 57-76. https://www.tandfonline.com/doi/abs/10.1016/j.accfor.2017.02.001.
Panda, S. & Sahoo, C. K. (2015). Strategic talent development interventions: an analysis. Industrial and Commercial Training. doi/10.1108/ICT-05-2014-0031/full/html.
Sajeda, A. (2017). The impact of talent management on attaining competitive advantage: A field study on Jordanian Telecommunications Companies (Master’s Thesis). Business Administration Department Faculty of Business Middle East University
Saleh Al-Majroob, A. S., Abdelkareem al Raggad, M., & Al-Abadi, A. F. (2020). The impact of talent management strategies on the employees’ performance in the Ministry of Social Affairs and Labor MOSAL in the State of Kuwait. Modern Applied Science, 14(7), 50. https://doi.org/10.5539/mas.v14n7p50
Soud, M. A., Ogolla, D. A., & Mureithi, S. (2020). Relationship between talent management practices and organizational performance in Islamic Banks in Kenya. International Journal of Research -Granthaalayah, 8(3), 98-114. https://www.granthaalayahpublication.org
Xanthopoulou, D., Bakker, A. B., Demerouti, E., & Schaufeli, W. B. (2019). Work engagement and financial returns: A diary study on the role of job and personal resources. Journal of Occupational and Organizational Psychology, 82(1), 183–200. https://doi.org/10.1348/096317908X285633
Yusoff, W. F. W., Kian, T. S., & Idris, M. T. M. (2013). Herzberg’s two factors theory on work motivation: Does its work for today’s environment. Global Journal of Commerce and Management, 2(5), 18-22.
Zikmund, W.G. (2000). Business research methods. 6th Edition. Fort Worth: The Dryden Press,
