| Content | CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
The use of modern office equipment is inevitable to offices in this modern era- until the 15th century before the advent of typewriters, publication of business documents was a difficult job and bored mostly to secretaries because everything has to be handwritten.
With time and technological growth, business organizations witnessed information overload due to over increasing commercial transactions. Business therefore, needs technology to turn out words effectively, efficiently and continuously.
These days, the world of work is changing fast, as we approach the new millennium modern equipment are fast replacing manual machines in the workplace, computer automated machines have gradually taken the work of men. With the level of sophistication and cut throat competition in our society, nobody is resting on their oars in the new technological age.
Before now, most employers of labour needed all kinds of categories of workers. Some were trained on the job, while others came as experts. In the factories, people were employed in their thousands to do all kinds of jobs. Production machines, acquired long age, took time to warm up for use while workers took their turn in churning out the large number of workforce.
Most management, employers of labour are of the view that the introduction of high technology to the workplace has made the work easier, faster, saves time and cost, especially on overhead, better than employing a multitude with no result.
Again, with the introduction of new technologies, business men have been saved from carrying huge sums of money all over the place, the advent of electronic fund transfer is a pointer to this topic.
The use of internet, E-mail, pagers, digitized telephone services, mobile phones, answering machines have made the job of executive, top managers less cumbersome and communication gap has been bridged with the popularization of these gadgets. Business and transactions can be discussed through these services.
Even in terms of society for the workplace it is common feature in some big organization to mount circuit television, to monitor movement of people. Big time executive also use close circuit television to wade off intruders and those they donÕt want to see, with this, productivity is thus enhanced.
Brief History of Nigerian National Petroleum Corporation (NNPC) Enugu Depot
NNPC (Nigerian National Petroleum Corporation) depot Enugu is located at Emene `in Enugu East local government of Enugu state. Commissioned on 25th August, 1979 by the military Administration of the then Anambra state Col. D.S Abubakar.
It has a total capacity of 12 million liters of petroleum products. It has only three by products in stock which include Premium Motor Sprit (PMS) otherwise called petrol, Dual Purpose Kerosene (DPK) and Automobile Gas Oil (AGO) ago or diesel for onward distribution to her customers the oil marketing companies.
Enugu depot has a total number of six departments namely: Administrative, sales, security, accounts operation and safely departments with a total workforce of 250 workers. Each department is managed by the head of such department who equally reports to the depot manager who is the overall boss.
1.2 Statement of the Problem
In a developing country like Nigeria, the use of modern office equipment in the office is still minimal because they lack the technical know how to put the one their disposal to good use. Lack of stilled manpower to update and maintain already acquired machines. Besides, constant power failure from the public electricity supply has not helped matters in any way.
More over, some office worker especially secretaries sees the technological improvement as a challenge and also as threat to their job. These problems and anxiety in the minds of office workers, is likely to lead to a drastic reduction in production in most office.
Finally, this situation calls for serious policies by management dealing with the problem, which psychologically destroys the mental and emotional state of workers.
1.3 Purpose of the Study
For every act, there must be a reason and in light of this, the purposes of this study are:
1. To discover what office equipment is all about.
2. To identify the contributions of modern office equipment on the success of business organization.
3. To examine the training needed for the operation of these office equipments.
4. To identify how to maintain them in the office.
5. To discover the problems associated with the use of these equipments.
1.4 Research Question
1. What is office equipment all about?
2. Do these modern office equipments actually have any contribution on the success of business organization?
3. Do the operation of these modern equipments need any training program?
4. Do these modern office equipments require proper maintence?
5. Is there any problem associated with the use of these modern equipments?
1.5 Significance of the Study
The significance of this study Òmodern office equipments and their contributions to the success of a business organization, a case study of NNPC Enugu depotÓ is that it will create awareness as well provide information on the roles these modern office equipment plays in seeing that NNPC Enugu depot achieve their goals and also meet up the standard. It is also recommended to the society in general and whosoever wishes to achieve efficiency on prudent.
1.6 Scope of the Study
The researcher is concerned with the contributions of modern office equipments to the success of business organization with particular reference to Nigerian National Petroleum Corporation (NNPC) Enugu depot in Enugu east local government area in Enugu state.
1.7 Definition of Terms
? Office: it is a place /room /building where clerical duties are carried out.
? Modern: involving up-to-date techniques or equipment. it is also refers as most recent or current
? Equipment: the tools / items needed for a particular purpose. In order words, it also means things that are needed to carry out work / job in the office; it could be electrical or manual.
? Researcher: person that carry out the piece of work.
? Accuracy: error free presentation.
? Machine: a device with an electrical power attached to it used in office production.
? Crude/Manual: equipment that require physical exertion of energy to operate.
? Efficiency: prompt delivering of jobs.
? Business: knowledge of commercial procedures i.e. buying and selling.
? Operation: the manner in which business is carried out.
? Production: output, increase in manpower.
? NNPC: Nigerian National Petroleum Corporation
?
CHAPTE | CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
This research is on Impact of modern office equipment’s on secretarial staff in NNPC Enugu depot. The use of modern office equipment is inevitable to offices in this modern era- until the 15th century. Before the advent of typewriters, publication of business documents was a difficult job and bored mostly to secretaries because everything has to be handwritten.
With time and technological growth, business organizations witnessed information overload due to over increasing commercial transactions. Business therefore, needs technology to turn out words effectively, efficiently and continuously.
These days, the world of work is changing fast, as we approach the new millennium modern equipment are fast replacing manual machines in the workplace, computer automated machines have gradually taken the work of men. With the level of sophistication and cut throat competition in our society, nobody is resting on their oars in the new technological age.
Before now, most employers of labour needed all kinds of categories of workers. Some were trained on the job, while others came as experts. In the factories, people were employed in their thousands to do all kinds of jobs. Production machines, acquired long age, took time to warm up for use while workers took their turn in churning out the large number of workforce.
Most management, employers of labour are of the view that the introduction of high technology to the workplace has made the work easier, faster, saves time and cost, especially on overhead, better than employing a multitude with no result.
Again, with the introduction of new technologies, business men have been saved from carrying huge sums of money all over the place, the advent of electronic fund transfer is a pointer to this topic.
The use of internet, E-mail, pagers, digitized telephone services, mobile phones, answering machines have made the job of executive, top managers less cumbersome and communication gap has been bridged with the popularization of these gadgets. Business and transactions can be discussed through these services.
Even in terms of society for the workplace it is common feature in some big organization to mount circuit television, to monitor movement of people. Big time executive also use close circuit television to wade off intruders and those they do not want to see, with this, productivity is thus enhanced.
BRIEF HISTORY OF NIGERIAN NATIONAL PETROLEUM CORPORATION (NNPC) ENUGU DEPOT
NNPC (Nigerian National Petroleum Corporation) depot Enugu is located at Emene in Enugu East local government of Enugu state. Commissioned on 25th August, 1979 by the military Administration of the then Anambra state Col. D.S Abubakar.
It has a total capacity of 12 million liters of petroleum products. It has only three by products in stock which include Premium Motor Sprit (PMS) otherwise called petrol, Dual Purpose Kerosene (DPK) and Automobile Gas Oil (AGO) ago or diesel for onward distribution to her customers the oil marketing companies.
Enugu depot has a total number of six departments namely: Administrative, sales, security, accounts operation and safely departments with a total workforce of 250 workers. Each department is managed by the head of such department who equally reports to the depot manager who is the overall boss.
1.2 STATEMENT OF THE PROBLEM
In a developing country like Nigeria, the use of modern office equipment in the office is still minimal because they lack the technical know how to put the one their disposal to good use. Lack of stilled manpower to update and maintain already acquired machines. Besides, constant power failure from the public electricity supply has not helped matters in any way.
More over, some office worker especially secretaries sees the technological improvement as a challenge and also as threat to their job. These problems and anxiety in the minds of office workers, is likely to lead to a drastic reduction in production in most office.
Finally, this situation calls for serious policies by management dealing with the problem, which psychologically destroys the mental and emotional state of workers.
1.3 PURPOSE OF THE STUDY
For every act, there must be a reason and in light of this, the purposes of this study are:
1. To discover what office equipment is all about.
2. To identify the contributions of modern office equipment on the success of business organization.
3. To examine the training needed for the operation of these office equipment.
4. To identify how to maintain them in the office.
To discover the problems associated with the use of these equipment's.
1.4 SIGNIFICANCE OF THE STUDY
The significance of this study modern office equipment's and their contributions to the success of a business organization, a case study of NNPC Enugu depot is that it will create awareness as well provide information on the roles these modern office equipment plays in seeing that NNPC Enugu depot achieve their goals and also meet up the standard. It is also recommended to the society in general and whosoever wishes to achieve efficiency on prudent.
1.5 RESEARCH QUESTION
1. What is office equipment all about?
2. Do these modern office equipment's actually have any contribution on the success of business organization?
3. Do the operation of these modern equipment's need any training program?
4. Do these modern office equipment's require proper maintenance?
5. Is there any problem associated with the use of these modern equipment's?
1.6 SCOPE OF THE STUDY
The researcher is concerned with the contributions of modern office equipment's to the success of business organization with particular reference to Nigerian National Petroleum Corporation (NNPC) Enugu depot in Enugu east local government area in Enugu state.
1.7 DEFINITION OF TERMS
- Office: it is a place /room /building where clerical duties are carried out.
- Modern: involving up-to-date techniques or equipment. it is also refers as most recent or current
- Equipment: the tools / items needed for a particular purpose. In order words, it also means things that are needed to carry out work / job in the office; it could be electrical or manual.
- Researcher: person that carry out the piece of work.
- Accuracy: error free presentation.
- Machine: a device with an electrical power attached to it used in office production.
- Crude/Manual: equipment that require physical exertion of energy to operate.
- Efficiency: prompt delivering of jobs.
- Business: knowledge of commercial procedures i.e. buying and selling.
- Operation: the manner in which business is carried out.
- Production: output, increase in manpower.
- NNPC: Nigerian National Petroleum Corporation.
| CHAPTER ONE
INTRODUCTION
1.1 Background to the Study
Firms ought to understand the underlying sources of threats in its industry. These threats result from competitive pressure from other firms in the industry. Understanding these forces is imperative if the firm is to formulate appropriate strategies to respond; which boils down to the firm selecting products, or services to offer and the markets in which to offer them. This makes strategy a deliberate plan of action that the business will adopt in order to develop and grow its competitive advantage. There has been an increasing reliance on Information Communication Technology (ICT) systems for managing business processes as well as driving business strategy across the banking industry. Firms have no option but to comply with globalization trends and to find a fit between globalization and organization strategies. The firms in the banking Sector continue to face a myriad of challenges, from globalization, competition, volatile market dynamics, competition from both bank and non-bank institutions all seeking more innovative ways to add value to their services.
Birch & Young (1997) argues that consumers look for products and services that are convenient and efficient to attain. They also seek for a wide array of products to choose from at competitive rates and which offer maximum returns. Customers have become more sensitized to expect better customer service standards, better products and services as a result of the internet. Banks have to adopt strategies that would ensure their profitability and resilience against the forces that determine industry competition.
This study revolves around three theories, the first being the industrial organization (IO) theory which emphasizes the influence of the industry environment upon a firm. The second is the resource-based theory, which views performance primarily as a function of a firm?s ability to utilize its resources. This theory focuses on the specific organization with respect to the competitive environment. The third is the innovation diffusion theory which is concerned with how an innovation adopter?s perception of the characteristics of an innovation impacts his or her decision to adopt it. This affects all users of the innovation, from the employee adoption of the innovation to the customer.
1.2 Objective of the study
The study was driven by the two objectives below:
(i) To establish the ICT challenges facing First Bank of Nigeria in achievement of sustainable competitive advantage.
(ii) To determine the strategies adopted by the First Bank of Nigeria to cope with these challenges.
1.3 Statement of the Problem
Banks have to come up with competitive strategies in search of favourable competitive positions in the industry in order to adapt to the changed environment and attain competitive advantage. ?Electronic banking systems have become the main technology driven revolution in conducting financial transactions. Banks have made huge investments in telecommunication and electronic systems, users have also been validated to accept electronic banking system as useful and easy to use?, (Adesina & Ayo, 2010).
Organizations encounter a myriad of challenges towards achieving competitive advantage through the use of ICT. Current research shows that organizations are not able to sustain a competitive edge for a long time, (Wiggins & Ruefli, 2005). Increasing global and domestic competition, economic downturns and volatile financial markets have all added to the pressure on organizations to come up with effective responses to survive to counter this. As a result, each bank is developing a strategy unique to its corporate culture, leading to the industry being in a state of constant change. A number of researches have been undertaken in the banking sector. Gan et al. (2006) predicted that e-banking is necessary for banks to stay profitable in the future.
However, the lack of trust by customers on the systems, or online processes remained a barrier to growth in the adoption of e-banking services. Nitsure (2003) conducted his research on the challenges and opportunities of e-banking and concluded that e-banking substantially lowered the costs of transaction and service delivery and could possibly revolutionize the business of banking. He further explained that developing economies faced similar challenges of poor infrastructure, low literacy levels and poor penetration of information.
According to Agboola (2006) the Nigerian banks? adoption of ICT exceedingly impacted on the quality and content of banking operations and therefore presented a notably high potential for business process engineering of Nigerian Banks. The banks? failure to invest in ICT products in order to facilitate the convenience, speed and accuracy of banking operations would result in the banks losing out to their competitors. Ahmed & Islam (2008) observed that banks in developing countries were forced to choose between the two strategic alternatives of the level of sophistication of products and services offered and the choice of delivery channel in adopting e-banking services.
1.4 Research Questions
1. Does ICT enhance business survival in Nigeria?
2. What factors affect ICTs use in the Nigeria?
3. Did the customers have the ability to use ICT?
4. Is there high cost of acquisition of the ICT technology?
1.5 Significance of the Study
To scholars the research will open avenues for further research and analysis of various factors and challenges affecting the application of ICT enabled services in a developing economy. It will also enable researchers to adopt service oriented practices in understanding customer service delivery channels and satisfaction. To the banking world the study would assist in the understanding of the variables and effects of the ICT challenges and how they impact on the banks? success and performance. It will also enable the banks to draft possible policy guidelines in their institutions.
To the government, customers and stakeholders the study would pass on knowledge on the processes, especially the self-serving technologies and their impact to the industry and overall economy. The government can draft policy guidelines using the valuable information gathered. To the stakeholders, the study will reflect the image of the banking industry in terms of its responses to the challenges facing.
1.6 Scope of the Study
To scholars the research will open avenues for further research and analysis of various factors and challenges affecting the application of ICT enabled services in a developing economy. It will also enable researchers to adopt service oriented practices in understanding customer service delivery channels and satisfaction. To the banking fraternity the study would assist in the understanding of the variables and effects of the ICT challenges and how they impact on the banks? success and performance. It will also enable the banks to draft possible policy guidelines in their institutions.
To the government, customers and stakeholders the study would pass on knowledge on the processes, especially the self-serving technologies and their impact to the industry and overall economy. The government can draft policy guidelines using the valuable information gathered. To the stakeholders, the study will reflect the image of the banking industry in terms of its responses to the challenges facing ICT.
1.7 Operational Definition of Terms
The definition of some relevant terms in this study will aid the understanding of the study. This is in accordance with the quote of a Greek philosopher?s sayings that the beginning of any decision or argument lies in the clarification or definition of the relevant term - Aristotle in Iroegbu (2004)
Challenge: Problems
ICT: Information and Communication Technology
Understanding: the ability to perceive and explain the meaning or the nature of somebody or something.
Organization: a group of people identified by a shared interest or purpose.
Innovation: the act or process of inventing or introducing something new.
Banks: a business that keeps money for individual people or companies, exchanges currencies, makes loans, and offers other financial services.
Profitability: yielding a financial profit
Information: definite knowledge acquired or supplied about something or somebody.
Communication: the exchange of information between people, e.g. by means of speaking, writing, or using a common system of signs or behavior.
Technology: the study, development, and application of devices, machines, and techniques for manufacturing and productive processes.
1.8 Historical Background of the Study
First Bank of Nigeria, sometimes referred to as First Bank, is a Nigerian multinational bank and financial services headquartered in Lagos. It is the biggest bank in Nigeria by total deposits and gross earnings and operates a network of over 750 business locations across Africa, the United Kingdom and representative offices in Abu Dhabi, Beijing and Johannesburg set up to capture trade-related business between geographies. It specializes in retail banking and has the largest retail client base in Nigeria. In 2015, The Asian Banker awarded First Bank the Best Retail Bank in Nigeria award for the fifth consecutive year.
The Nigerian banking business operates nationally, with an active customer base of over 10 million, and employs over 7,000 staff. First Bank operates along four key Strategic Business Units (SBUs) ? Retail Banking, Corporate Banking, Commercial Banking and Public Sector Banking. It was previously structured as an operating holding company before the implementation of a non-operating Holding Company structure
As of December 2015, the Bank had assets totaling NGN3.9 trillion ($12.2B according to 2017 exchange rates). The Bank's profit before tax for the twelve months ending 31 December 2015 was approximately NGN10.2 billion. First Bank?s ownership is diversified, with over 1.3 million shareholders. The bank was founded in 1894 and is Nigeria?s oldest bank. It converted to a public company in 1970 and was listed on the Nigerian Stock Exchange (NSE) in 1971. However, as part of the implementation of the non-operating holding company structure, it was delisted from the NSE and replaced with FBN Holdings Plc. in 2012. First Bank has been named "The Best Bank Brand in Nigeria" for five years in a row ? 2011, 2012, 2013, 2014 and 2015 ? by The Banker magazine of the Financial Times Group, and "Most Innovative Bank in Africa" in the EMEA Finance African Banking Awards 2014.
In 2010, the Central Bank of Nigeria revised the regulation covering the scope of banking activities for Nigerian banks. The universal banking model was discontinued and banks were required to divest from non-core banking businesses or adopt a holding company structure. First Bank opted to form a holding company, FBN Holdings Plc., to capture synergies across its already established banking and non-banking businesses. The new structure resulted in a stronger platform to support the Group?s future growth ambitions domestically and internationally. | CHAPTER ONE
INTRODUCTION
The world of business is changing rapidly as a result of technological development. This is very wide departure from the traditional business enterprises to the evolution of international and multinational organizations in Nigeria economy. Some of these establishments have acquired and installed modern communications equipment.
Thus, information technology and an ultimate fully electronic office is fast becoming a reality. In effect, information and communication technology pose a lot challenges to office employees. The impact of technological improvement in the office demands that the development of a successful secretarial career today depends of upon the secretary to acquire information and communication technology (ICT) based skills and expertise as well skills required for each category of staff.
Technology changes in our environment coupled with competition within a particular industry or in the society account for the reason why secretaries should engage in training and development to meet up with the challenges. This is as a result of the need to match changes in structure, policies, technology, processes and producers with the needed performance, attitude and behaviors. This study will provide a sight into the present day technological realities in and office and how a secretary could fit into it.
1.1 BACKGROUND TO THE STUDY
Firms ought to understand the underlying sources of threats in its industry. These threats result from competitive pressure from other firms in the industry. Understanding these forces is imperative if the firm is to formulate appropriate strategies to respond; which boils down to the firm selecting products, or services to offer and the markets in which to offer them. This makes strategy a deliberate plan of action that the business will adopt in order to develop and grow its competitive advantage. There has been an increasing reliance on Information Communication
Technology (ICT) systems for managing business processes as well as driving business strategy across the banking industry. Firms have no option but to comply with globalization trends and to find a fit between globalization and organization strategies.
The firms in the banking Sector continue to face a myriad of challenges, from globalization, competition, volatile market dynamics, competition from both bank and non-bank institutions all seeking more innovative ways to add value to their services.
Birch & Young (1997) argued that consumers look for products and services that are convenient and efficient to attain. They also seek for a wide array of products to choose from at competitive rates and which offer maximum returns. Customers have become more sensitized to expect better customer service standards, better products and services as a result of the internet. Banks have to adopt strategies that would ensure their profitability and resilience against the forces that determine industry competition. This study revolves around three theories, the first being the industrial organization (IO) theory which emphasizes the influence of the industry environment upon a firm.
The second is the resource-based theory, which views performance primarily as a function of a firm?s ability to utilize its resources. This theory focuses on the specific organization with respect to the competitive environment. The third is the innovation diffusion theory which is concerned with how an innovation adopter?s perception of the characteristics of an innovation impacts his or her decision to adopt it. This affects all users of the innovation, from the employee adoption of the innovation to the customer.
In the past decade, there has been a monumental growth of Nigeria banking industry, which has led to increased competition as the banks strive to gain and retain their market share. The banking industry and the wider financial sector have undergone tremendous changes as a result of ICT?s rapid advancement. Increased competition, tighter budgets, regulatory requirements are some of the factors that put more pressure on the banking industry further adding to the hostility of the industry. Banks have had to come up with strategies that would give them a sustained competitive lead over their competitors. ICT as a strategy to achieve this has been adopted by majority of the banks in the quest to achieve lasting competitive advantage through differentiation of products and cost leadership.
1.2 STATEMENT OF THE PROBLEM
Commercial banks have to come up with competitive strategies in search of favourable competitive positions in the industry in order to adapt to the changed environment and attain competitive advantage. ?Electronic banking systems have become the main technology driven revolution in conducting financial transactions. Banks have made huge investments in telecommunication and electronic systems, users have also been validated to accept electronic banking system as useful and easy to use?, (Adesina & Ayo, 2010).
Organizations encounter a myriad of challenges towards achieving competitive advantage through the use of ICT. Current research shows that organizations are not able to sustain a competitive edge for a long time, (Wiggins & Ruefli, 2005). Increasing global and domestic competition, economic downturns and volatile financial markets have all added to the pressure on organizations to come up with effective responses to survive to counter this. As a result, each bank is developing a strategy unique to its corporate culture, leading to the industry being in a state of constant change.
A number of researches have been undertaken in the banking sector. Gan et al. (2006) predicted that e-banking is necessary for banks to stay profitable in the future.
However, the lack of trust by customers on the systems, or online processes remained a barrier to growth in the adoption of e-banking services. Nitsure (2003) conducted his research on the challenges and opportunities of e-banking and concluded that e-banking substantially lowered the costs of transaction and service delivery and could possibly revolutionize the business of banking. He further explained that developing economies faced similar challenges of poor infrastructure, low literacy levels and poor penetration of information.
1.3 OBJECTIVE OF THE STUDY
The study was driven by the two objectives below:
(i) To establish the ICT challenges facing Skye bank in Nigeria in achievement of sustainable competitive advantage.
(ii) To determine the strategies adopted by the Skye bank in Nigeria to cope with these challenges.
1.4 RESEARCH QUESTIONS
1. Does ICT enhance business survival in Nigeria?
2. What factors affect ICTs use in the Nigeria?
3. Will organization strategy affect the use of ICT?
4. Should employees be encouraged in ICT training?
1.5 SIGNIFICANCE OF THE STUDY
To scholars the research will open avenues for further research and analysis of various factors and challenges affecting the application of ICT enabled services in a developing economy. It will also enable researchers to adopt service oriented practices in understanding customer service delivery channels and satisfaction. To the banking world the study would assist in the understanding of the variables and effects of the ICT challenges and how they impact on the banks? success and performance. It will also enable the banks to draft possible policy guidelines in their institutions.
To the government, customers and stakeholders the study would pass on knowledge on the processes, especially the self-serving technologies and their impact to the industry and overall economy. The government can draft policy guidelines using the valuable information gathered. To the stakeholders, the study will reflect the image of the banking industry in terms of its responses to the challenges facing.
1.6 SCOPE OF THE STUDY
This research work focuses particularly on the impact of employee participation in decision making and organizational productivity using SKYE BANK PLC, ERUWA BRANCH as a case study.
1.7 OPERATIONAL DEFINITION OF TERMS
Stakeholders: Group of people with a direct interest, involvement, or investment in something.
Information: Definite knowledge acquired or supplied about something or somebody.
Communication: The exchange of information between people, e.g. by means of speaking, writing, or using a common system of signs or behavior.
Technology: The study, development, and application of devices, machines, and techniques for manufacturing and productive processes.
Performance: A presentation of an artistic work such as a play or piece of music to an audience.
Challenges: Problems.
Transactions: Communication or activity between two or more people that influences and affects all of them (formal).
Innovation: the act or process of inventing or introducing something new.
Banks: Where money is kept for individual people or companies, exchanges currencies, makes loans, and offers other financial services.
Organization: Group of people identified by a shared interest or purpose.
Skills: the ability to do something well, usually gained through training or experience.
1.8 HISTORICAL BACKGROUND OF THE STUDY
Skye Bank Plc is a product of the merger of five legacy banks as a result of the banking industry consolidation and recapitalization exercise of 2005. The legacy banks were Prudent Bank Plc, EIB International Plc, Bond Bank Limited, Reliance Bank Limited and Co-operative Bank Plc.
Following the merger and the seamless integration of the disparate resources, personnel, IT infrastructure, culture and procedures, the bank has since grown into a formidable financial institution showing strong growth and profitability and providing unique financial solutions to a wide customer base both in Nigeria and in the three West African subsidiaries of Sierra Leone, Gambia and Guinea.
In 2014, in our continuous quest to provide better customer experience, Skye Bank won the bid to acquire the 100 per cent ownership stake of Asset Management Corporation of Nigeria (AMCON) in Mainstreet Bank Limited, a deal which made Skye Bank one of the top four banks in Nigeria.
Main street Bank?s operations has since been integrated into the bank?s operations in one of the smoothest and hitch free integration process recorded in the Nigerian banking industry, enabling it to offer banking services to a wider segment of the Nigerian population and with significant positive impact on the bank?s balance sheet, financial performance and profitability.
Skye Bank is quoted on the Nigerian Stock Exchange (NSE) with over 450,000 diverse shareholders with a shareholding structure that puts no more than 5% in the control of any one individual or company. | CHAPTER ONE
INTRODUCTION
1.1 Background to the Study
Job satisfaction can be defined as psychological state of how an individual feels towards work, in other words, it is people?s feelings and attitudes about variety on intrinsic and extrinsic elements towards jobs and the organizations they perform their jobs in. The elements of job satisfaction are related to pay, promotion, benefits, work nature, supervision, and relationship with colleagues (Mosadeghard, 2003). Employee?s satisfaction is considered as all-around module of an organization?s human resource strategies. According to Simatawa (2011) Job satisfaction means a function which is positively related to the degree to which one?s personal needs are fulfilled in the job situation. Kuria (2011) argues that employees are the most satisfied and highly productive when their job offers them security from economic strain, recognition of their effort clean policy of grievances, opportunity to contribute ideas and suggestions, participation in decision making and Managing the affairs, clean definitions of duties and responsibilities and opportunities for promotion, fringe benefits, sound payment structure, incentive plans and profits sharing activities, health and safety measures, social security, compensation, communication, communication system and finally, atmosphere of mutual trust respect. Job satisfaction means pleasurable emotional state of feeling that results from performance of work (Simatawa, 2011)
It commences with the recruiting of right people and continues with practicing programs to keep them engaged and committed to the organization (Freyremuth, 2004). Sutherland, (2004) contends that companies with high quality human capital perform better in marketplace, and deliver higher and more consistent returns to shareholders, than companies with mediocre workers. Sustainable competitive advantage requires satisfaction of employees for retention to the knowledge base of an organization. This knowledge is often tacit and hard to transit between employees. Competitive companies worldwide rely on their employees to provide innovative, advantageous and original solutions to problems the company may have. Employees are deemed to be part of the intangible assets of an organization. They are a precious commodity that forms a significant part of an organization?s value. Employee job satisfaction is supremely important in an organization because it is what productivity depends on. If your employees are satisfied they would produce superior quality performance in optimal time and lead to growing profits. Satisfied employees are also more likely to be creative and innovative and come up with breakthroughs that allow a company to grow and change positively with time and changing market conditions. Employee satisfaction is becoming more challenging for companies including those in the telecommunication industry due to a number of factors such as availability of the right talent in some fields, manager-employee relations, competition, differences in the level of employer-employee expectations, the high cost associated with hiring new talents, among others. Employer? need for strategic effort directed at satisfying current employees is now urgent than ever to improve retention rates and decrease the associated costs of high turnover. Voluntary turnover is a huge problem for many organizations (Mitchell et al., 2001).
Job satisfaction is an important attribute of all labour market matches, as it is a useful summary measure of utitlity at work. The effects of job satisfaction on various labour market outcomes have been widely explored in the literature (e.g. Freeman 1978; Clark et al. 1998). Despite this, there are still relatively neglected areas of research. One of those concerns the effect of employees? job satisfaction on firms? performance. Job satisfaction can have a positive effect of performance, if it increases effort e.g. by reducing employee shirking and superfluous on-the-job activities. This issue has been at a high place on the policies agenda. For example, European Union argues in its Lisbon strategy that job satisfaction positively contributes to firms? performance. This is a rather provocative claims, because it implies that policies to improve job satisfaction would be beneficial for both employees and employers.
The labour market today is growing and changing fast. It is the responsibility of the leader in the organization to adapt to these changes to be able to make the organization profitable. To be able this, it is crucial to satisfy the key employees in the organization since they are the ones that drive the company forward. According to Young (2006), companies are faced with people leaving to join other companies. The average worker is changing jobs ten times between ages of 18 and 37 continuously. Young assert that one answer to this issue is to believe that you can purchase knowledge to replace what you are losing. McCrea (2001) suggests that employees today change jobs frequently and do not have the company loyalty and existed 30 years ago when your valued employees were hired. The article, ?The battle of brainpower? (2006), also states that loyalty to employers is fading therefore companies need to raise productivity by managing talent better. The hunt for talent has gone global as the globalization creates demands and opportunities for most employees.
Employees in an organization have always been key asset to their departure could have significant effect on the implementation of the organization?s business plans and may eventually cause a parallel decline in productivity. At such, employee satisfaction is important in the long-term growth and success of a company. Employee satisfaction would ensure customer satisfaction and effective succession planning (Mello, 2007). Employee satisfaction would also improve investor?s confidence, as they are concern with organization?s capacity to perform in such ways that would positively influence the value of their investment in the company, hence there is no question that uncontrolled employee turnover could damage the stability of the company.
Talent and employee job satisfaction are closely related, in that happy brain lead to creative brains. Job satisfaction and employee happiness should be a big aspiration in talent management due to its impacts on productivity, creativity and loyalty of employees. Talented employees want a clear vision of where the organization is going and an opportunity to personally grow and develop.
Talent is the natural above average ability to perform a task. This individual has the natural inclination to perform the tasks they are talented is better than others. A talent is always a skill but a skill isn?t always a talent. A skill is the ability to do something well i.e. expertise, while talent is the natural aptitude.
1.2 Statement of the Problem
Employees? satisfaction is increasing in importance, as the competition for talent is high and still growing. It is not for a competitor to compete with individual elements of employment such as salaries and benefits. Boyens (2007), focuses on the reasons of involuntary turnover, voluntary turnover, and promotion for employees to leave a particular company. Furthermore, he says that the types of turnover are the most devastating for organizations. The effect of voluntary turnover includes loss of performance, knowledge, expertise, relationship, and loss of the time and resources that it took to train the employees who are left because of the constant disruption of services and too much change which as a result affects the general performance of the company.
Employee turnover rates have, within the last decade become a nationwide epidemic. Employees no longer feel the sense of company loyalty that once existed. Increasing numbers of corporate mergers and acquisitions have left employees feeling detached from the companies that they served and haunted by concerns of overall job security. This research study seeks to investigate the factors that may influence employee satisfaction and how these factors affect retention of employees.
The current level of job satisfaction is quite low. With the constant changes in ownership and resultant management teams which always comes with a myriad of new ways of doing things. Most of these new strategies have not performed well in the market because the employees themselves do not believe in them and will therefore not perform optimally to meet these goals.
1.3 Objectives of the Study
1.3.1 General Objective
The general objective of the research is to examine the relationship between job satisfaction and employees performance and to analyze how these affect employees in an organization.
1.3.2 Specific Objectives
Specifically, the research seeks to:
(i) Investigate the effect of talent development including training and development on job satisfaction and performance at Skye bank.
(ii) Probe the extent to which reward and recognition influences job satisfaction and performance at Skye bank.
(iii) Explore the influence of availability of career advancement, promotions and new job opportunities on job satisfaction and performance at Skye bank.
(iv) To study the influence of organization structure and organization policies on job satisfaction and performance at Skye bank
(v) To investigate the influence of organizational commitment, physical working environment and involvement of employees in decision making on job satisfaction and performance at Skye bank.
1.4 Research Questions
The study will be based on the following research questions:
(i) How has talent management& development influenced job satisfaction levels at Skye bank
(ii) How has reward and recognition influenced employee satisfaction in an organizational productivity?
(iii) Describe how organizational structure has influenced employee satisfaction at Skye bank?
(iv) How does organizational commitment influence satisfaction of employees at Skye bank?
1.5 Significance of the Study
To an organization as a whole, the findings and results of the study will provide a more reliable in-depth understanding of the factors that affect employee satisfaction and to help shape the future policy formulation of the organization. The data provided will assist in monitoring the organization achievement towards the millennium goals as well as vision 2030 objectives. To the management of Skye bank, the findings are expected to provide answers to the fundamental question of while employees stay and what would cause them to leave and to help the company formulate appropriate retention policies and strategies to enhance employee satisfaction and company performance and productivity. To researchers, the result of the study will serve as literature to throw more light on the factors that may affect employee satisfaction. The outcome will further research on the topic.
1.6 Scope of the Study
This research work focuses particularly on the effect of employees? job satisfaction on organizational productivity using SKYE BANK, PLC as a case study.
1.7 Definition of Operational Terms
Employees: A person in the service of another under contract of hire, express or implied, oral or written where the employer has the right or power to control and direct the employee in the material detail on how the work is to be performed (Arthur, 1995).
Satisfaction: The attitudes and feelings people have about their job. It is the degree to which an employee has positive emotions towards the job role.
Organization: Refers to a social arrangement which pursues collective goals, controls its own performances and has boundary separating it from its environment (Harrison, 2005).
Productivity: A measure of how well resources are brought together in organizations and utilized for accomplishing a set of results.
Management: The act of ruling and controlling a business or similar organization.
Reward: Anything given by organizations to employees in response to their contribution and performance. It may be financial or non-financial reward.
Performance: The act or process of performing a tax, and actions
Achievement: A thing that somebody has done successfully, especially using their own effort and skill.
Globalization: The fact that different economic systems around the world are becoming connected and similar to each other because of the influence of large.
1.8 Historical Background of the Study
It is no longer news that Skye bank recently acquired Main Street Bank, formerly Afri Bank of Nigeria. What is news is whether this is going to be Nigeria?s newest mega bank? It was late literary giant, Prof Chinua Achebe stated that in his novel, Things Fall Apart that a chick that will grow into a cock will be spotted the very day it was hatched.
Interestingly, the merging unit had to amicably resolve to prune to five to ensure seamless business combination, sustained strength and guaranteed returns to stakeholders, including investors, customers and employees. According to information at bank?s website, the bank has a cumulative wealth of experience spanning over 50 years, which historically makes the bank, one of Nigeria?s oldest banking institutions.
The major strength of the bank include its diverse ownership structure, quality management and staff, prudent financial management and strong reputation on service delivery. To this, the bank has added size by the acquisition of Main Street Bank, which sees it spring to being ranked among the top five banks in Nigeria by branches.
The recent history of bank shows that in 2006, Prudent Merchant Bank Limited merged with four other banks to become Skye Bank Plc. The four other constituent banks were; EIB International Bank Plc, Bond Bank Limited, Reliance Bank Limited and Co-operative Bank Plc. To the credit of the management of the bank at its take-off, that seamless consolidation exercise soon saw the bank evolve into one of the top financial institution in the country. That high score, analysts posited is set to count in favour of the bank as it takes this bold step to leapfrog contemporaries from being a tier two bank to one of the top five banks in Nigeria by number of branches. | CHAPTER ONE
1.0 Introduction
The task of achieving the aims of an organization is one that has for many years remained a hard not to crack by the management of most organization, and as such left most of the organization either dead or stagnate.
The needs for policy making arise due to the nature of business firm that operates in this era. A firm which has originally commenced operations in a single product line catering for a unique set of customer in a limited geographical area, expanded in one or more dimension. Informal control and co-ordinations became partially irrelevant as expansion took place and the need for integrate functional areas arose. This integration functional area arose. This integration brings about framing of policies to guide managerial action. Policymaking became the prime responsibility for effective management system.
The implementation phases in strategic management process consist of a set of activities by which the top management assures that the strategic choice is communicated and related to both the organization and its people. This is to say that implementation encompasses the activity of developing the organizational structure and climate best suited for the implementation of the chosen or adopted policy.
1.1 Background to the Study
Over the years, worker unrest and agitations has rocked many organizations the world over and non-involvement of employees in the policy-making process has accounted for many of these.
Policy-making in organizations has been the preserve of top management without the involvement of those on the lower rungs of the ladder of management, yet they are the very ones expected to see to the implementation of these decisions.
The non-involvement of lower level management in policy/decision-making also means that vital input from employees is often not factored into decisions made. This gives rise to the problems that are experienced in organizations when it comes to the acceptance of these decisions and its implementation because employees feel slighted and of no importance because their views were not sought.
They also do not feel as being part of the decision process but rather, decisions are taken and ?pushed down their throats?. This leads to resistance to compliance or a lackadaisical attitude to implementation.
1.2 Statement of Problem
The management of most organizations in the world today has been facing the problem of not knowing how they could achieve the aims and objectives of their organization in the face of the changing world, so that their organization will survive and grow.
This problem which has defile many management approaches is what the researcher is aimed at solving.
1.3 Purpose of the Study
The purpose of the research problem include to following:-
1. To ascertain the effect of the policy and its implementation on organization performance.
2. To bring out the relationship between policy and its implementation on efficient management system.
3. To determine the nature of problem militating against effective policy and its implementation in achieving organizational aims (goals).
4. To make useful recommendation based on the findings of the study.
1.4 Objective of the Study
The objective of this study by the researcher is:-
i. To find out the important role of policy making and implementation plays in achieving an organizational objective.
ii. To improve the mental ability of the managers and enable them to link theory with practical such ability is important in making policy where large numbers of factors have to be considered.
1.5 Research Hypothesis
Ho: The efficient management system does not depend on policy making and implementation for attainment of organizational objective,
Hi: The efficient management system depends on policymaking and implementation for attainment of organizational objective.
Ho: Effective implementation does not contribute to an efficient management system.
Hi: In some organization, implementation of polices contribute immensely to an efficient management system.
1.6 Significance of the Study
The importance of policymaking cannot be over-emphasized. It can be viewed in different context where it proves to be helpful.
1. This study will enable management student to know the process of policy making and the important roles it plays in achieving the objective of the organization.
2. This study will help in training of the future managers by showing how things should be done.
3. It will enable public policy makers to provide guidelines for the achievement of the objective of government and private establishment.
4. It will help managers to economies their time, since polices direct future action, managers do not engage in daily guiding of sub-ordinates.
5. It will enable the general readers to be acquainted with the process of making policies.
1.7 Scope of the Study
This study is limited to the topic ?policy making: A tool for an efficient management system to achieve the aims of an organization here is Nigeria Breweries plc, Ibadan.
1.8 Definition of Terms
They are the basic economic and social purposes for which an organization exists. They are also defined in an organization.
POLICY: A predetermined guide established to provide directions to decision making. A policy defined as area within which the decision can be made but it does not take the decisions.
EFFICIENT: The ability to achieve a result with minimum input.
MANAGEMENT: The efficient utilization of the human, material and financial resources of an organization to achieve the objective of an organization.
It can also be defined as body or group of person who see to the efficient utilization of the human, material and financial resources of an organization to achieve the objective of the organization.
ORGANIZATION: A business unit, set up to achieve objective.
POLICY MAKING: Is a purpose of developing an-effective policy?
POLICY CHOICE: Is a chosen policy from among the alternatives?
POLICY IMPLEMENTATION: The process of implementing a chosen policy.
TOOL: An instrument for achieving an objective.
ENVIRONMENTAL APPRAISAL: Is the process of examining the environment of an organization for the identification of opportunities and threats and strength and weakness?
EVALUATION: Is the process of examining the performance of policy in achieving a given or objective.
OBJECTIVES: They are the basic economic and social purpose for which an organization exists. They are also defends the ends an organization seeks to achieve.
EFFICIENT: It is the ability to achieve a result with minimum input.
Management: It is the efficient utilization of the human, material and financial resources of an organization to achieve the objective of the organization. |
