The Impact of Human Capital Development on the Sustainability and Innovativeness of Deposit Money Banks’ Workforces

Abstract

In recent times, there have been calls by scholars and experts for the need to investigate the influence of human capital development (HCD) on the workforce’s innovativeness and the sustainability of businesses. To respond to this call for empiricism, this study examines the impact of human capital developments (HCD) on deposit money banks’ (DMBs’) ability to survive and sustain the innovativeness of their personnel. To achieve this, the research employed a descriptive survey design in its investigation. Five DMBs in Lagos State, Nigeria were chosen as study participants, based on their years in financial operations, staff strength, and the locations of their offices both inside and outside of the country. Amongst these DMBs are the United Bank for Africa, Access Bank, First Bank of Nigeria, Ecobank, and Zenith Bank. Human capital development significantly improves the sustainability and innovativeness of the workforce in these DMBs, as evidenced by the findings of the hypothesis test using regression analysis (r = 0.767; F = 62.720; t = 7.920; p = 0.05). This leads to the conclusion that HCD supports and fosters workforce innovation and creativity, as well as the company’s overall capacity for sustainable strategic competencies.