Abstract:

Career development is regarded as a concern to scholars, researchers, decision makers and human resource experts. These stakeholders strive to manage issues such as recruitment, selection, training and development, promotion, and so on emanating from career development. Some of these issues such as restructuring, mergers, acquisitions, etc, have great impact on the approach in which employees and organizations view their career especially in the financial institutions. Therefore, this study identified various ways of measuring career development and its effects on organisational growth using the banking sector as a study area. A descriptive research method was adopted using stratified and simple random sampling techniques. The use of a structured questionnaire was employed and completely filled by 377 respondents and analysed with Structural Equation Model (AMOS 22). The results show closed relationships between the dependent variable and independent variables. However, the study indicated that effective skill acquisition via career development impact on employee effectiveness and organizational growth/survival. In the same vein, a positive correlation between employee experience about their career growth and the intention to leave. Thus, we recommended that since different facets of career development (skills, experience, promotion, recognition and reward) are correlated positively and significantly with different facets of organisational growth (effectiveness, efficiency, intention to leave, profitability, customer satisfaction and competitive advantage), organizations struggling to remain competitive must not see career development as a luxury but an essential tool in their quest to survive and thrive in this competitive environment