Effect of Career Development and Management Policy on the Financial Performance of Deposit Money Banks in Anambra State
CENTRAL ASIAN JOURNAL OF INNOVATIONS ON TOURISM MANAGEMENT AND FINANCE, 4 (10):
52-68 (October 2023)Abstract
This research investigated the effect of career development and management policy on the financial performance of Deposit Money Banks (DMBs) in Anambra State. The specific objectives included examining the effect of career development on profitability performance and evaluating the effect of management policy on liquidity performance. A descriptive survey research design was employed for this study, with the target population consisting of mid and top-level employees in DMBs under both fixed and contract employment. In Anambra State, the researcher identified a total of 2,580 employees falling into these categories. By applying Bill Gooden's two-stage statistical formula, a sample size of 487 respondents was determined. Data was collected using a structured questionnaire. Pearson correlation tests were conducted to assess correlations among the variables, and linear regression analysis was employed to empirically test the research hypotheses. The results of the simple linear regression analysis indicated a statistically significant positive effect of career development on profitability performance (t=38.602; p<.05), as well as a statistically significant positive effect of management policy on liquidity performance (t=26.373; p<.05). Based on this the study recommended among others that managers should effectively utilize coaching and mentoring, as well as training and development programmes to develop the progression of knowledge, proficiency, and skills of their employees to carry out responsibilities effectively.