Human Capital Management And Employees Productivity Of Selected Registered Insurance Companies

This study was carried out on human capital management and employees" productivity of selected registered insurance companies in Lagos state Nigeria. Specifically, the study examine if human capital management affect employee productivity. The study also, examine the level of human capital management on an employee productivity. Lastly, the study find out how to further develop human capital for employee productivity. The study used a descriptive analysis. The findings revealed that human capital management affect employee productivity. Also , the level of human capital management on an employee productivity is high. Lastly, Human capital can be developed for employee productivity. The study hereby recommend that the African Alliance Insurance Plc Lagos should continuously promote human capital management and should constantly train and develop members of staff so as to meet and surpass expectations. Further more, African Alliance Insurance Plc Lagos should focus on fair human investment for better growth of the civil service. This will lead to having creative and innovative staff. The African Alliance Insurance Plc Lagos should avoid hiring new employees while disregarding the current employees. Equally it is important that African Alliance Insurance Plc Lagos should focus more on equitable and transparent human investments policies. These policies should not segregate workers along gender, title, education level, nationality or other forms of discrimination.

Introduction

1.1 Background of the Study

human capital management is a very practical activity in human life. Perhaps is pertinent to assert that is it is the human capital of a nation, rather than its materials (natural) resources that ultimately determine the pale of its economic and social development. Government tat desire to be effective are increasingly reclining that the varied factors contributing to the attainment of capital is the most critical. Physical asset, such as facilities, products and services or technologies can be limited by another organization. Human asserts can not be duplicated and therefore, becomes the competitive advantage an organization enjoys. Sani (2001) states that the development of any nation therefore, depends on a very large extent no the caliber, organization and motivation of is human capital. Sain define management as the process of teaching organization gals by working with and through people and other organization resources. Human capital management is usually defined in broad but common terms. A definition by (Fisher 1998) states human capital management (H.C.M) involves all managements decision and practices that directly affect or influence the people of human capital, who work for the organization. In the specific case of Akwa Ibom state where diversity exerts tremendous influences on politics and administration, the capacity to increase the benefits and reduce costs of this diversity constitutes human capital management challenge of epic proportion. How will an organization set its goals of program and service delivery which is of paramount concern; Bowen and (Osteff 2003) Opine that it can be done by improving administration capacity and especially those aspects dealing with human. Capital offer the most challenge for improving organization effectiveness strategic human capital management polices enhances employee productivity and the ability of government agencies to achieve their mission. Rules and strategic planning process enables an organization to better achieve its goals and objectives. Civil services system are designed to integrate the multiple goals pursued by the public sector can inhibit the adoption of progressive human capital practices, they are not the necessarily rigid barriers to change. A lot of studies (Singh, 2003), Katon and Budhwar. (2006), Domba and K"pbpnyo, (2009) examined the effect of strategic human capital management policies practices in organizations. Performances have been conducted most especially in the developing countries. But most of these studies were actually based on the operation of big private business organizations. How public sectors response to human capital management policies is still unanswered question in the literature. This study fills and the identify the gap by evaluating the human capital management and employees" productivity of selected registered insurance companies in Lagos state Nigeria.

1.2 Statement of the Problem

Human capital management plays a critical role in shaping the productivity and performance of organizations, particularly within the insurance sector in Lagos State, Nigeria. Despite its recognized significance, there is a dearth of comprehensive understanding regarding the relationship between human capital management practices and employees" productivity within registered insurance companies in Lagos State.

Many insurance companies may lack robust human capital management strategies tailored to the specific needs and dynamics of the Nigerian insurance industry. This deficiency could manifest in inadequate recruitment processes, insufficient training and development programs, ineffective performance management systems, and limited employee engagement initiatives (Armstrong & Taylor, 2014; Noe et al., 2019).

The Nigerian insurance sector faces challenges related to skills mismatch and competency gaps among its workforce. Employees may lack the necessary technical skills, industry knowledge, and customer-centric competencies to excel in their roles, impacting overall organizational productivity (Adeyemi & Ayo, 2018; Owoyemi et al., 2017).

The issue of employee motivation and retention presents a significant concern for insurance companies in Lagos State. High turnover rates and low employee morale can result from inadequate compensation structures, limited career advancement opportunities, and poor work-life balance practices, ultimately affecting productivity levels (Albrecht et al., 2015; Saks, 2019).

The rapid evolution of technology in the insurance industry necessitates a workforce capable of adapting to digital transformations. However, the extent to which insurance companies in Lagos State have integrated technological innovations into their human capital management practices and the subsequent impact on employee productivity remains uncertain (Davenport & Harris, 2019; Kowske et al., 2010).

Cultural and organizational barriers may impede effective human capital management practices within insurance companies. Factors such as hierarchical organizational structures, resistance to change, and cultural norms regarding employee-employer relationships could hinder the implementation of strategies aimed at enhancing productivity through human capital management (Hofstede, 2001; Owoyemi et al., 2017).

Addressing the aforementioned challenges requires a comprehensive understanding of the interplay between human capital management practices and employees" productivity within registered insurance companies in Lagos State, Nigeria. By identifying and mitigating these challenges, organizations can cultivate a more engaged, skilled, and productive workforce, thereby enhancing their competitiveness and sustainability in the dynamic insurance market..

1.3 Objective of the Study

The primary objective of the study is as follows

To examine if human capital management affect employee productivity.

To examine the level of human capital management on an employee productivity.

To find out how to further develop human capital for employee productivity.

1.4 Research Question

The following questions have been prepared for this study

Does human capital management affect employee productivity?

What is the level of human capital management on an employee productivity?

Can human capital developed for employee productivity?

1.5 Hypothesis

Ho: There is no significant relationship between human capital management and employees" productivity of selected registered insurance companies in lagos state nigeria

Hi: There is significant relationship between human capital management and employees" productivity of selected registered insurance companies in lagos state nigeria

1.6 Significance of the Study

This study examines human capital management and employees productivity.

This study will be significant to both public and private organization as it will help them see the need for human capital in other to foster employee productivity.

This study will also be of benefit to the academic community as it will contribute to the existing literature and serve as a guide for student who might want to carry out a further research on it.

1.7 Scope of the Study

This study focuses on human capital management and employees productivity. The study also, examine if human capital management affect employee productivity. The study further, examine the level of human capital management on an employee productivity. Lastly the study find out how to further develop human capital for employee productivity. Hence the study will be delimited to African Alliance Insuranc Plc - Lagos.

1.8 Limitation of the Study

In the course of carrying out this study, the researcher experienced some constraints, which included time constraints, financial constraints, language barriers, and the attitude of the respondents. However, the researcher were able to manage these just to ensure the success of this study.

1.9 Definition of Terms

Human capital or human assets is a concept used by economists to designate personal attributes considered useful in the production process. It encompasses employee knowledge, skills, know-how, good health, and education. Human capital has a substantial impact on individual earnings.

Human capital management (HCM) is the process of hiring the right people, managing workforces effectively and optimizing productivity.

1.10 Organization of the Study

This research work is organized in five chapters, for easy understanding, as follows.

Chapter one is concern with the introduction, which consist of the (overview, of the study), historical background, statement of problem, objectives of the study, research hypotheses, significance of the study, scope and limitation of the study, definition of terms and historical background of the study.

Chapter two highlights the theoretical framework on which the study is based, thus the review of related literature.

Chapter three deals on the research design and methodology adopted in the study.

Chapter four concentrate on the data collection and analysis and presentation of finding.

Chapter five gives summary, conclusion, and recommendations made of the study.

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