CIBN Emphasizes Career Development for Inducted Bankers

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Professor Deji Olanrewaju, FCIB, 1st Vice President, CIBN, Mr. Oyewale Ariyibi, Executive Director, FBN Holdings, Mrs Kafilat Aeaoye, HCIB, MD/CEO Lotus Bank Limited, Ken Opara, Ph.D FCIB President/Chairman of Council, CIBN, Dr. Tunde Lemo, FCIB, Chairman Titan Trust Bank, Seye Awojobi, Ph.D FCIB Registrar/CEO CIBN at the 2022 CIBN Graduates' Induction held over the weekend

CEM REPORT | The Chartered Institute of Bankers of Nigeria (CIBN) has ones again focused on career development as the sure grip to navigate, remain relevant and exert control in the fast changing glocal (global and local) economic and business environment.

The 2022 Induction and Prize Awards Day of the Institute was themed; Career Development in a Changing World: Strategies for Financial Services Professionals, an event that took place on Saturday, August 27, 2022, At Bankers House, 19 Adeola Hopewell Street, Victoria Island, Lagos.

The President/Chairman of Council, Ken Opara captured the essence of the topic in his opening remark when he said; “Today we live in a world characterized by the New Normal. Change and massive disruption are understood to be the defining factors in how we live, work and operate. The global economy is buffeted by headwinds of change sweeping across national borders and traditional industry boundaries, the financial services industry not exempted.

“Driving these changes are factors such as Fintech, Artificial Intelligence, Robotics, Blockchain, Cryptocurrencies, Cloud Computing and Internet of Things. Essentially, technology has been the major driver of change. Therefore, the need for Career development for Professionals in today’s VUCA world (Volatile, Uncertain, Complex and Ambiguous) has become a very important subject that cannot be over emphasized.”

The movement from use of hammer, spanners and hand-held screwdrivers to automated machines in industrial production made a number of skills and expertize irrelevant. Application of computers in manufacturing and communication caused a major disruption in the entire business space.

While new skills were beginning to align, robotics and Artificial Intelligence is fast defining the new normal in manufacturing, banking, services and communication. Advent of Fintech is getting fraud sophisticated requiring new set of skills.

There are two quotes that capture what career development entails and the need to take it seriously by young professionals in banking and other industries.

Jennifer Ritchie Payette, Marketing research analyst, said; “Your career is like a garden. It can hold an assortment of life’s energy that yields a bounty for you. You do not need to grow just one thing in your garden. You do not need to do just one thing in your career.”

For Rupert Murdoch, an American Businessman, “The world is changing very fast, Big will not beat small anymore. It will be the fast beating the slow”

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The Guest Speaker, Mrs. Kafilat Araoye, HCIB, Managing Director/CEO, Lotus Bank viewed the criticality of career development in two perspective; to the employer and to the employee.

To the employer, career development is the support an organisation provides to an employee’s career, professional and personal growth, including training, coaching, mentoring, skills development, networking, attachment, and career pathing. It helps the organisation prepare for future talent needs

To the employee, career development is the process of self-knowledge, exploration, and decision-making that shapes one’s career. It requires successfully navigating one’s occupational options to choose and train for jobs that suit one’s personality, skills, and interests. It answers the employee’s WIIFM question

Just like in others industries, in the Banking Industry, the employers have role to play in career advancement for their staff, guided by the Central Bank through the Competency Framework and the Chartered Institute of Bankers of Nigeria.

Some of these roles include creating career paths, planning programmes for employees in alignment with the CBN Competency Framework, facilitating or part-funding further studies (academic or professional) in such a way that employees do not have to resign, and  providing opportunities for learning, attachment (including remote), cross-posting, job enrichment, job enlargement, job shadowing, etc.

While the employer is charged on the above responsibilities and more, the employee need to take responsibility for his career development by identifying own values, personality type, interests, strengths, weaknesses, opportunities and threats.

Employees need to match their individual strengths and weaknesses with occupational opportunities and threats, draw and follow through a career plan and an Individual Development Plan (deriving from a SWOT analysis). This is in addition to seeking and having a mentor and seeking opportunities for upskilling, reskilling and multiskilling. In this regard, Problem Solving, innovation, digital skills, etc are critical.

The Institute inducted a total of 1,857 graduates, 1099 Associates through the Regular Examination route, 47 Associates through the CBMBA route, 21 Associates via the MSc/ACIB route and 690 Microfinance Certified Bankers.

President of CIBN, Ken Opara, congratulated the inductees while admonishing them to get focused as they progress in their career.

He said” On behalf of the Governing Council, Members, Management and Staff of the Institute, I congratulate the graduands who have successfully completed the Banking Professional Examinations & Certification programmes of the Institute. This is an important milestone in your lives which represents further progress in your career development.”

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Janessa McKenzie