Title: Human Capital Development: Analysing the Dual Benefits to the Individuals and Their Organization
Authors: Ezeigwe Francisca O. and Martin C. Muo, Ph.D.
Volume: 7
Issue: 8
Pages: 58-65
Publication Date: 2023/08/28
Abstract:
The study analyses the dual benefits of human capital development to the individuals and their organizations, using the Federal Polytechnic, Oko, Anambra State, Nigeria as a case study. Bearing in mind that the human resources of every organization is its most critical asset that appreciate in value, it becomes imperative that organizations that wants to create more value will necessarily invest in the development of its human capital. With this in mind, this study focuses on a critical organization whose primary function is to develop the manpower stock of the nation through innovative education and skills acquisition. It therefore, behooves on such organization to have a stock of human capital that is abreast of the current trends in the society and the world of work especially with the disruptive changes that has been brought about by technology. In order to accomplish the objectives of this study, two specific aims were identified: first, to investigate the correlation between access to funding for further studies and employee performance; and second, to determine the nature of the relationship between staff training and employee performance. The creation of the study questions and hypotheses was based on the specified goals. The researchers conducted a comprehensive evaluation of relevant literature and based their work on Schultz's (1961) Human Capital theory. The data in this study were obtained from a sample of 359 participants, which was selected using the Taro Yamane algorithm, from a larger population of 3486 individuals. The data that was gathered was presented using basic percentage calculations and mean scores, while the hypotheses were evaluated using the Pearson correlation statistical method. The research revealed a significant correlation between the availability of funds for advanced studies and the performance of employees at Federal Polytechnic, Oko, Anambra state. Additionally, it was observed that staff training is also positively associated with employee performance at the aforementioned institution. Based on the results obtained, the research suggests that it is essential to address the matter of financing accessibility in order to incentivize institution staff members to avail themselves of funding possibilities for the purpose of enhancing their knowledge and abilities. Furthermore, it is recommended that the institution implement a management strategy for employee training to facilitate capacity development and foster a more dynamic approach. Greater emphasis should be given to the learning of digital and information and communication technology (ICT) skills.