Innovation and Technological Effects on Labour Turnover in the Commercial Banking Sector in Nigeria

Abstract

The study focuses on innovation and technological effects on labor turnover in the commercial banking sector in Nigeria. It specifically evaluated the effects of innovation and technology on labor turnover and commercial bank employee performance. The study adopted a survey approach which employed both descriptive and exploratory methods of data analysis. Questionnaires were distributed and collected in some selected commercial bank branches in Lagos State. 348 respondents were randomly chosen for the administration of the questionnaire out of five banks purposefully chosen. 296 completed responses were returned for the study. Data were analyzed using frequency distribution table, percentage and regression technique. Three hypotheses was formulated to test the extent in which innovation and technology can cause increase in labour turnover and how labour turnover can affect the performance of commercial bank employee in Nigeria. The study in hypothesis one found an R square of 0.000, adjusted R square of -.003 and a significant value of .000. The second hypothesis found R square of .005 adjusted R square of .002 and a significant figure of .000 and the third hypothesis found R square of .000 and adjusted R square of -.003 and a significant figure of .000. This indicates that there is a significant relationship between innovation, technology and labor turnover rate. In overall, the result obtained in the study , indicates that innovation and technology could impact significantly on the rate of labour turnover. This could be that employees find it difficult to cope with learning new skill and could not cope with the challenges that are associated with innovation and the changes in the organisation structure and operation process due to adjustment to suite innovation and technology. Employers of labor are encouraged to support regular development and training of employee to enable them acquire the necessary knowledge, skill and attitude needed for effective performance of their duty.