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A research paper by scholarLawal Comfort Iyabode investigates the relationship between talent management and career development and how they impact an employee’s career in the banking sector. With this data, one can easily make sense of how a part-time MBA degree can help candidates edge over their contemporaries in the business sector and contribute to their peers and the organization.
Career development to every individual and organization is a systematic planning process used to connect an employee’s career goals and objectives with organizational goals. It can be defined as improvement activities taken up by employees themselves and the organization to fulfill job requirements and career objectives aligned with the personal and organizational goals.
For organizations to be successful in the present-day, highly competitive markets, employees need the right competencies to have a competitive edge over others. Development and training are currently crucial in the incessantly changing knowledge and skills in profiles of personnel and their competitiveness and effectiveness.
Accordingly, talent management and career management are primarily considered from both the organization’s and individual employees’ viewpoints. Career management entails assessing one’s work-related interests, values, competencies, and goals.
In contrast, talent management is related to tasks, and actions were taken by the organization to attract and retain its best personnel. Career management and talent management are essential to organizations with several competitors, such as the banking industry.
The research enlists input through structured questions from management staff from six commercial banks based in Lagos. The management staff was questioned on the policies and steps to develop and manage the talent to assess the banking sector’s efforts.
Talent philosophy is the fundamental opinions and beliefs about the nature, value, and instrumentality of the talent determined by an organization’s board members. This quality is found across all the managers who partook in the research survey.
Few companies have the right philosophy, and even they get confused about how to manage employees well. This deep-rooted problem occurs depending on the outlook of the management. A high potential employee might get recognized and be developed and rewarded or sometimes not even acknowledged, if at all.
A well-performing employee with less than perfect talent might be swiftly promoted by a manager or held back by another until those behaviors improve. It is essential to develop the right talent philosophy through the management board to ensure sound development.
The data compiled from the survey allows us to conclude that banks should improve the implementation of talent management policies to impact staff career, and commercial banks should always encourage individual and organizational career development.
The study also highlights the importance and benefits of grooming an employee to reach his/her highest potential and how it would benefit the individual and the organization in the long run.
How Does a Master of Business Administration Degree Help?
A Master’s in Business Administration (MBA) helps professionals aid their career development and foster talent management skills. These factors improve one’s career opportunities and open up higher job promotions within an organization.
The Part-Time MBA program will also sharpen the candidate’s talent identification skills to transform them to craft their organization’s talent philosophy and join a board member’s ranks in the process. The average salary after completing MBA is GY$1,800,000.
While a tenured professional can benefit from an MBA degree, not everyone has the time to pursue a full time. Those professionals can choose to pursue a part-time MBA degree and pursue higher education. At the same time, they work and improve their capacity to become highly productive and influential organization members.