TALENT MANAGEMENT AND EMPLOYEE JOB SATISFACTION: A STUDY OF SELECTED COMMERCIAL BANKS IN LAGOS STATE
Talent management practice is gaining prominence in the international scene academically and professionally. Many literature on talent management observed that in a competitive marketplace, talent has become a primary driver of organizational success. Scarcity of talent is a global issue, even the Nigerian commercial banks are finding it difficult to attract and retain talents. Hence, there is a need to carry out the present study on talent management and employee job satisfaction in selected commercial banks in Lagos State, Nigeria.
Survey research design was adopted for the study. The population of this study consist of employees of the five selected commercial banks (Guaranty Trust Bank, Zenith bank, Eco bank, Access bank and First Bank Plc) located in Lagos State which amounts to 41,191 employees. Using Yamane (1967) fundamental equation, the sample size was 520 bank employees and stratified sampling technique was employed. A self-structured questionnaire were administered to the respondents, while the research instrument was validated and data gathered was analyzed using descriptive statistics and multiple regression analysis was carried out to test the hypotheses.
The result of the analysis showed there is a significant effect between talent attraction, talent development, talent retention and talent utilization on incentives among employees of commercial banks in Lagos State at the value of (p=000, R=.514a, p<.05). Similarly talent attraction, talent development, talent retention and talent utilization do significantly influence salary of commercial bank employees in Lagos State (p = 0.00, R = .475a, p < .05). Also, there is a positive effect between talent attraction, talent development, talent retention and talent utilization on job security among commercial bank employees in Lagos State with the value of (F(3, 95) = 8.400, P-value = < 0.00, R = .685) and further result showed that there is no combine effect between talent attraction, talent development, talent retention and talent utilization on supervisory support among employees of commercial banks in Lagos State (B = -.596, t = -.334, p> 0.05).
Conclusively, talent management contributes immensely towards the level of employee job satisfaction within the bank industry. The study therefore, recommends that the board of directors of commercial banks should expand employee’s opportunities for personal development or broaden the job description at all departmental level in order to enhance employees’ sense of belonging to the organization and to increase retention level as well as re-consider adding additional financial and non-financial incentives to guaranty higher employee job satisfaction.
Keywords: Talent, Talent management, Job satisfaction, Talent development, Talent attraction, Talent utilization, Job security, Employee, Commercial banks