CHAPTER ONE

INTRODUCTION

1.1 Background to the Study

The business world has become intensely competitive and survival and sustainability have become a rarity for many business organizations. The competition has been born out of the rapid growth of technology and the overload of information available to business organizations today. This has made has improved the quality of products and services being offered by business organizations today (Makinde, 2014). With the competition so high, businesses have been forced to develop areas of core competencies which they can use as areas of competitive advantage. As such, the employees of business organizations have become valuable assets to organizations and sources of competitive advantages which imply that their management and handling is pertinent to the success and sustainability of any business organization (Versailes, 2015). More so in Nigeria, with the scramble for talents high amongst business organizations especially in the banking industry, there is a need to for organizations to appropriately direct their human resource to meet their needs. Thus human resource planning has become a vital management tool for organizational performance (Iraniwo, 2016).

Human Resource Planning (HRP) can be described as an attempt to anticipate the future of the organization and to provide personnel to satisfy customer’s demands. Furthemore, Bulla and Scott (2004) described it as the process that ensures that human resource needs of an organization are identified and plan and procedures are made to satisfy those requirements. Globally, the challenge of HRP is to translate the organization’s plans and objectives into a timed schedule of employee requirements (Dimba, 2013). The nature of business world today is such that for a company to excel it must be able to employ the right employees that meet the specific needs of the firm and fit into their organizational vision and goals (Plesil, 2009). All too often, managers end up hiring the wrong people and this translates to poor employee performance and ultimately organizational performance, hence the need for HRP (Mason, 2016). Furthermore, the globalization of the trade today and the development of new and emerging economies around the world have created a competition for talent and employees around the world (Lamiro, 2014). For instance, in the United States of America, there has been complaints from the Silicon Valley concerning the shortage in supply of talent in the technology industry, the same complaints has also been raised in the engineering industry (Jackson & Schuler, 2011). This can be due to the failure of human resource planners to forecast the future needs of the industry and find adequate strategies to meet those needs.

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