The Role of Professionalism and Regulation of Financial Services Training on Improvement of Employee Competence in Kenya

Abstract

The study aims at investigating the role of professionalism and regulation of financial services training on improvement of employees’ competence. The target population in this study comprised of persons working in the financial institutions in Kenya and more specifically the commercial banks. This study surveyed bank employees only after taking into consideration that banks are the only institutions whose total workforce could be reliably estimated. Population of bank employees in Kenya is in excess of 10,000 . The size of the desired sample was therefore calculated using Fisher’s formula  based on prevalence of 5 per cent, desired precision of 10 percent and 90 percent confidence interval. The data was analyzed using both descriptive and inferential statistics. Responses to closed questions were coded while those of open ended questions categorized and the categories coded. Inferential and descriptive statistics were then used to analyze the findings using Statistical Package for Social Sciences (SPSS) that analyzes data statistics and generate descriptive statistics such as frequency, percentages, means and standard deviations. The study concluded that industries and trades such as supply chain management, accounting, law, engineering amongst others have used professionalism as a way of ensuring that practitioners have both technical and soft skills. Failure to do so exposes those industries to financial and reputational losses brought about by customer complaints due to wrong products, personal injury and financial losses. The study recommends that professional banking qualifications can therefore be used to measure and build passion in both prospective and existing employees

Keywords: Financial services training, professionalism, employee competence.