SUCCESSION PLANNING AND WORKFORCE DEVELOPMENT OF MICROFINANCE BANKS IN SOUTHEAST, NIGERIA

The study explored succession planning and workforce development of Microfinance Banks in Southeast, Nigeria. The specific objectives are to assess the extent of relationship that exists between knowledge transfer and employee competence and to ascertain the extent of relationship that exists between leadership continuity and career advancement of Microfinance Banks (MFBs) in Southeast, Nigeria. Descriptive survey research design was employed and data were analyzed with Pearson Product Moment Correlation Coefficient and for hypothesis testing. Hypothesis was formulated at 5% (percent) level of significance. Findings revealed that there is a statistically significant positive relationship that exists between knowledge transfer and employee competence. Besides, there is a statistically significant positive relationship that exists between leadership continuity and career development of MFBs in Southeast, Nigeria. It is therefore, concluded that adequate knowledge transfer, employee competence, leadership continuity and career advancement foster succession planning and workforce development of MFBs in Southeast, Nigeria. It is recommended that the management of the MFBs need to adequately sustain the various training programmes (workforce development, workforce planning) that encourage knowledge transfer and employee competence. Moreover, leadership continuity programmes (grooming internal employees, development of potentials) need to be enshrined in the Mission Statement of MFBs and recited by all the levels of employees in the organizational structure.