Exploring Regulatory Framework Guiding Bank Employees\u27 Career Advancement in Nigeria

The current global labor market tends to be knowledge based and workers are consistently required to develop new competencies and adapt to changing environments. Bank employees in Nigeria do not have training that sustains future employment in other sectors, largely as a result of regulatory requirements that impede the development of soft skills and life-long learning opportunities. Little attention has been given to the lived experiences of these bank employees who are currently faced with the challenges posed by globalization and technology adoption. Guided by institutional analysis and development theory (IAD), this exploratory study examined the regulatory framework guiding bank employee career advancement in Nigeria. Qualitative data were collected from a total of 57 participants using semi-structured interviews administered on the three population samples drawn from the regulatory institutions, a pool of ex and current bank staff with a minimum of 8 years in the banking sector. Transcribed data were open coded, and then subjected to a thematic analysis procedure. The results offered a correlative effect and social cost of poor employee training to national development. The results indicated that competitive edge of Nigerian bank workers can be enhanced through acquisition of skills and training that will boost post-banking career transition opportunities. The positive social change implications of this study include recommendations to the three critical demographic blocks; the regulators, the banks and the bank employees. Recommendations of this study can improve the lives of many bank employees including those in other sectors, the economy, and the lives of those in the community