INFLUENCE OF INNOVATION MANAGEMENT STRATEGIES ON EMPLOYEE EFFICIENCY IN DEPOSIT MONEY BANKS (A CASE STUDY OF SELECTED DEPOSIT MONEY BANKS IN OSOGBO, OSUN STATE)
Abstract
Abstract
The study investigated the influence of innovation management and strategies on employee efficiency in banking industry. The study objectives were: to examine the relationship between ideation and employee efficiency, to assess the influence of implementation strategies on employee efficiency, to investigate the influence of collaboration on employee efficiency, and to explore the influence of value creation strategies on employee efficiency in deposit money banks. 100 copies of questionnaires were distributed and 89 retrieved using random sampling techniques. ANOVA result for hypothesis one indicated that at F (3,422) = 0.010, and 0.05 significant level. The null hypothesis one (there is no significant relationship between ideation and employee efficiency in deposit money banks) is therefore rejected. The ANOVA result for hypothesis two showed that at F (3,422) = 0.003, and 0.05 significant level. The null hypothesis two (there is no positive influence of implementation strategies on employee efficiency in deposit money banks) is therefore rejected. The ANOVA result for hypothesis three revealed that at F (3,422) = 0.001, and 0.05 significant level. The null hypothesis three (there is no substantial influence of collaboration on employee efficiency in deposit money banks) is therefore rejected. The rejection of all null hypotheses confirmed that innovation management plays a crucial role in improving employee efficiency. The study concluded that innovation management significantly enhances employee efficiency in deposit money banks by fostering a culture of continuous ideation and creative problem-solving. When employees are encouraged to generate and share innovative ideas, it not only improves their engagement but also strengthens their ability to adapt to changing financial environments. The study recommended that deposit money banks should institutionalize structured ideation systems that encourage employees at all levels to contribute innovative ideas. This can be achieved through innovation hubs, suggestion platforms, and periodic brainstorming sessions where creative solutions are rewarded and implemented.
Keywords: Innovation Management, Employee, Efficiency, Bank, Collaboration
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