Retention Strategies in Post Consolidation Banking Industry in Nigeria (a Case Study of First Bank Nigeria Plc)

FBN continue to execute on previously articulated regional expansion strategy being consistent in their objective of effectively maximizing shareholder value while harnessing the benefits of diversification. First bank plc have only pursued expansion into countries that will disproportionately add economic value over the medium to long term and bolster the banking group’s strategic positioning in the Su-Sahara Africa (SSA) financial landscape (FBN, 2012). First bank of Nigeria brand of being dependably dynamic is one of its major selling points. Aside being the largest banking group by assets in SSA, the fact that a significant proportion of the banking public has business relationship with the bank attest to the strength of its brand. Part of their strategy is to be dominant financial services group across middle Africa. Having established itself over a 120 years history as the largest bank in Nigeria and already as the largest private sector banking group in Sub-Sahara Africa (Meristem, 2011).

In this paper Team C has discussed the issue of poor employee retention concluding in a high employee turnover rate. This is an issue that can be common among some companies and that is a great example of

= = = The British banking industry has come under extreme scrutiny over recent years and it is likely to continue during the foreseeable future. The perceived anti-competitive nature is as a result of

Deregulation, innovation and globalisation has changed the way banks run from asset management to liability management, as well as the change from ‘mono’ to ‘multi-tasking’ and the increased competition in the sector as well as risk. The banking system has evolved drastically from the traditional mono-tasking institution to what it is now. This change in roles of asset and liability management could be one of the main reasons behind the global

Banking industry is highly competitive as there is high exit barrier. Moreover, competitors are large and quite equally balanced. Additionally, as banking industry has emerged for hundred years, just about everyone who needs banking services already has them.

Workforce turnover is a complex and important issue amongst today's organisations. It is perhaps one of the most often cited cause of increased cost and decreased productivity. No wonder people management has become an important frontier to extract and create more value from company assets. On comprehending the articles, it has become evident that organisations have moved beyond the traditional approach of only investing in core business activities, to invest in employee retention strategies. Many organisations, for example St. George Bank

There is no significant difference in interpersonal relationship among bank employees between Bangalore and Siliguri.

It is against this background, that besides the introduction other parts of the paper are structured as follows. Next to the introduction, the paper takes a look at the structure and development of the Nigerian financial system before explaining the role of the financial system in the Nigerian economy. Next to this is the section that addresses the history of banking reforms in Nigeria and the nature of the reforms. The last part concludes the paper after a critical look at development implications of banking sector reforms.

Employee Retention is the biggest challenge that Human Resource Management is facing today. The uncertainty of a changing economy, increasing competition and diversity in the workplace has compelled the organizations to hold on to their top performers at whatever cost they have to pay. It is a very difficult task for the recruiters to hire professionals with right skills set all over again. Thus the focus has shifted from numbers’ to ‘quality’ and from ‘recruitment’ to ‘retention. So for his companies

The current global business environment is proving to be shaky especially due to the ripple effects of globalization. Both local and international businesses are increasingly feeling the pressure to grow initial investments in order to fulfill the needs of stakeholders. Even as these businesses continue to make adjustment to measure up to the international standard thresholds, the area of human resources continues to readjust itself in accordance with current market demands. Clarke et al (2010) documented that the field of human resource has for a long time been considered the epicenter of any economy’s development processes. The highly competitive business environment coupled with highly deteriorating on social conditions that have weighed-in on the employees thus causing high turnover in the banking institutions. Various definitions of employee turnover have cropped, however, according to Griffeth (2004), employee turnover is considered to be the ratio of the total headcount of members that have left an organization within a specified period divided by the standard number of employees during the period under consideration. It has widely been interpreted as a measure of general effectiveness of human resources in that a high turnover translates to low effectiveness and vice versa. Employee turnover is a big problem prevalent in many institutions and is mostly associated with actions taken by organizations to reduce expenses and

imperative in the industry. This study evaluates the response of Nigerian banks to this new trend and examines the extent to which they have adopted innovative technologies in their operations and the resultant effects. Information and Communication Technology Information Technology (IT) is the automation of processes, controls, and information production using computers, telecommunications, software and ancillary equipment such as automated teller machine and debit cards. It is a term that generally covers the harnessing of electronic technology for the information needs of a business at all levels. Communication is the conveyance or transmission of information from one point to another through a medium. An example of how ICT has had an impact on the Banking Industry is that its emergence allows banks to apply credit-scoring techniques to consumer credits, mortgages or credit cards. Hence, products that used to be highly dependent on the banks´ evaluation of its customers have now become more standardized. Other examples of ICT impact on the Banking Industry include the increased process efficiency, which can reduce costs in banks, and the branch renewal, where focus is gradually shifting away from traditional brick and mortar banks towards the dual-bank concept

In April 2014 statistical "rebasing" exercise, Nigeria has emerged as Africa 's largest economy, with 2015 GDP estimated at $1.1 trillion. Oil has been a dominant source of income and government revenues since the 1970s. Following the 2008-9 global financial crises, the banking sector was effectively recapitalized and regulation enhanced. Nigeria’s economic growth over the last five years has been driven by growth in agriculture, telecommunications, and services. In this paper I will be trying to marketing some of things in Nigeria that might have people interested in getting their hands on or even coming to Nigeria to see. For instance I will give you why some people

The aim of this research work is to look into challenges and numbers of hypothesis were drawn. Information necessary to address the test of hypothesis was gathered through secondary data, source from Central Bank of Nigeria (CBN).

Financial Institutions in Nigeria operate in a highly competitive environment and their key internal strengths and weaknesses are being examined in the context of its industry. A SWOT analysis which summarizes the key issues from the business environment and the strategic capability of an organization that is most likely to impact on strategy development (Johnson, Scholes, and Whittington 2008) will be used to add value to the subject matter.

The Kenya’s banking sector has witnessed rapid growth in the recent past resulting in a scramble for the available customers. There were 49 banks in Kenya in 2003. The banks face stiff competition and the only way to survive is by being updated