INFLUENCE OF HUMAN RESOURCE MANAGEMENT PRACTICES ON JOB SATISFACTION IN INSURANCE INDUSTRY IN OYO STATE, NIGERIA.

Abstract

This study investigated the influence of human resource management practices on employees' job satisfaction in the insurance industry in Oyo State, Nigeria. Specifically, the research aimed to assess how recruitment and selection, training and development, compensation management, and performance appraisal affect job satisfaction. The study employed a descriptive survey research design with an ex-post facto approach to analyze the relationship between HR practices and work outcomes. The target population consisted of 183 employees at Leadway Assurance, Ibadan, Oyo State.  Using Taro Yamane’s formula, a sample size of 125 employees was determined for the study. Data were collected using a structured questionnaire divided into sections on socio-demographic information, human resource management practices, and employee job satisfaction. Data analysis was conducted using descriptive and inferential statistics, specifically T-tests for independent measures, with results interpreted using the Statistical Package for Social Sciences (SPSS) Version 21.0.  Findings revealed that recruitment and selection significantly influenced job satisfaction in Insurance Industry, Ibadan, Oyo State [t (117) =.10.32, p<.05]; training and development significantly influenced job satisfaction in Insurance Industry, Ibadan, Oyo State [t (117) =.11.54, p<.05]; competency-based performance appraisal significantly influenced job satisfaction in Insurance Industry, Ibadan, Oyo State [t (117) =.13.76, p<.05]; compensation and rewards significantly influenced job satisfaction in Insurance Industry, Ibadan, Oyo State [t (117) =.13.76, p<.05. The study concluded that these HR practices are crucial in enhancing employee work outcomes. Based on these findings, the study recommended that insurance companies invest in advanced recruitment and selection tools to ensure the right fit for their organizational culture. Additionally, regular and tailored training and development programs should be implemented to keep employees engaged and updated with industry trends, ultimately leading to improved job satisfaction and performance.

Keywords: Human Resource, Management Practices, Recruitment and Selection, Training, Compensation Job Satisfaction.