Transformational Leadership in Human Resource Development for Financial Innovation Effectiveness of Savings Cooperatives in Thailand
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Abstract
This research article aims to study (1) the effects of transformational leadership and human resource development on the effectiveness of financial innovation in savings cooperatives in Thailand; (2) investigate the influence of transformational leadership on human resource development within these cooperatives; and (3) explore strategies to enhance the effectiveness of financial innovation in savings cooperatives in Thailand through transformational leadership and human resource development. Mixed-methods research, combining quantitative and qualitative research methods. a sample of 500 participants, consisting of officers from savings cooperatives and credit union cooperatives in Thailand. By using structural equation modeling. For the qualitative phase, the key informants were 10 executives from savings cooperatives in Thailand with the highest operating capital in the 2023 fiscal year. Content analysis was used to interpret the qualitative data.
Findings are as follows: (1) Transformational leadership and human resource development significantly influence the effectiveness of financial innovation in savings cooperatives in Thailand at the .01 level of statistical significance. Transformational leadership had a total effect value of 0.80, while human resource development had a total effect value of 0.51. The model's predictive power was 76%. (2) Transformational leadership significantly influences human resource development in savings cooperatives in Thailand at the .01 level of statistical significance, with a total effect value of 0.74 and a predictive power of 57%. (3) Qualitative research found that enhancing the effectiveness of financial innovation in savings cooperatives in Thailand requires fostering an open organizational culture, developing skills, and implementing a mentoring system. It is essential to support transformational leadership, where leaders serve as role models, inspire motivation, and promote goal-oriented human resource development. These factors positively influence the effectiveness of financial innovation.
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