EVALUATING THE EFFECTIVENESS OF HUMAN RESOURCE MANAGEMENT STRATEGIES ON EMPLOYEE CONTENTMENT IN NIGERIA'S SERVICE SECTOR (BANKING INDUSTRY)

Abstract

The aim of this study is to assess the effectiveness of human resource management (HRM) practices on employee contentment in the service sectors, focusing particularly on the Nigerian banking industry. A questionnaire was designed and distributed to 540 individuals working in service sectors, with a specific emphasis on the banking sector in Nigeria. Of these, 406 responses were collected. Statistical analyses including regression analysis using the Statistical Package for Social Science (SPSS) and one-way ANOVA were employed to test the research hypotheses. The findings revealed that overall, HRM practices, including HR planning, staffing, training & development, and performance appraisal, demonstrated high levels of effectiveness. However, the efficacy of remuneration was deemed to be moderate. Employee contentment levels were found to be moderate as well. Importantly, a strong positive correlation was observed between the effectiveness of HRM practices and employee contentment. The report suggests that banks should enhance their financial compensation policies to improve employee morale and contentment. Additionally, it recommends conducting comparative studies between commercial banks and Islamic banks to gain further insights.