Impact of Human Resources Development on Economic Growth: An Appraisal

Abstract

The study focused on the inter relationship that exist among educational (formal and non-formal) training, human resources development and economic growth. Opinions of 60 participants were randomly sampled through a research instrument titled “impact of human resources management on economic growth indices” (HRMEGI). The study aimed at assessing role of formal and non-formal education on quality of human resources and evaluating contributions of human resources to economic growth. Findings revealed that there is a reverse causal relationship between quality of human resources and economic growth, and enrollments into the three (3) tiers of education have varying degree of contribution to economic growth. Hypotheses tested revealed a positive and significant relationship between educational training and quality of human resources, as well as human resources management, development strategy and economic growth. Findings suggests that increased funding of education at all levels, Research Institutes, genuine commitment to staff training and development in public and private sectors, putting in place policies aimed at reducing poverty, unemployment and inequality wealth distribution in the economy would impact human resources development which would further translates positively on economic growth.

Keywords: Human Resource Development, Educational Training and Economic Growth