Employee training and development in the microfinance industry: A case of some selected microfinance companies in the Kumasi Metropolis

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Many micro finance institutions employ the services of fresh graduates and people with little or no knowledge in Finance. This does not help in securing competitive advantage since today’s competitive market needs professional competence. This poses a lot of threats to the survival of most micro finance institutions and has driven most of them out of the market. However, others have been able to groom their employees to become professionals and experts in the financial market. Training and development encourages and assists both professionals and personal growth. This helps employees to achieve personal goals, which in turn increases the individual's contribution to the company, leading to heightened job satisfaction; it is against this backdrop that the study seeks to address the issue of training and development in the micro finance sector. The study intended to identify the current training needs and programme of the micro finance institutions, determine how training programmes are implemented, and determine the influences of training on individual and organizational performance. The researcher adopted a survey, and using questionnaires, data was collected, collated and analysed. The researcher found out that the microfinance institutions were doing well with the issue of training since their employees are well versed with practices and skills required for their performance. The organizations employ the on-the-job training method. They also organize training and development programmes which are geared towards capacity building. However, some of the employees indicated that they are not satisfied with the training programme. It was also identified that training has positive impact on the individual and organizational performance. It was recommended that there should be a structure set up for periodic monitoring of employees performance over time to ascertain the impact of training programme on individual and organizational performance.
A thesis submitted to the Department of Managerial Science, Kwame Nkrumah University of Science and Technology in partial fulfillment of the requirements for the degree of MASTER OF BUSINESS ADMINISTRATION (HUMAN RESOURCE).