| Content | CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The word motivation comes from Latin word MOVERE, which means to move. It is a general term that refers to all those inner forces as desires, drives, or motives, wishes and so forth which kindle, direct and sustain behaviour towards a goal. To be able to motivate people, managers must do those things that satisfy these forces so as to induce individual to perform.
Over the years many psychologist and scholars have put forth several theories of motivation. Most of these theories have move people to contribute in various ways in bordening management understanding towards accomplishing goals and objectives. And many of the available theories of motivation (Douglas McGregor etc).
In an attempt to evaluate and break the complexity in the process of motivation has called for the study of ?the impact of motivation a key factor for higher productivity? with Ecobank Owerri Imo State as a case study.
The Ecobank is a public limited liability company, was established as a bank holding company in 1985 under a private sector initiative spearheaded by the federation of West African Chambers of Commerce and Industry, with the support of the Economic Community of West African States (ECOWAS).
In the early 1980s, the banking industry in West Africa was dominated by foreign and state owned banks. There were hardly any Commercial Bank in West African private sector. ETI was founded with the objective of filling this vacuum.
The federation of West African Chambers of Commerce promoted and initiated a project for the creation of a private regional bank institution in West Africa. In 1984, Ecopromotions S. A. was incorporated. Its founding shareholders raised the seed capital for the feasibility studies and the promotional activities leading to the creation of ETI.
In October, 1985, ETI was incorporated with an authorized capital of US$100 million. The initial paid up capital of US$32 million was raised from over 1,500 individuals and institutions from West African countries. The largest shareholder was the ECOWAS. A headquarter?s agreement was signed with the government of Togo in 1985 which granted ETI the status of a non-resident financial.
ETI two specialized subsidiaries
Ecobank Development Corporation (EDC) and process international. EDC was incorporated with a broad mandate to develop ECOBANK?s investment banking and advisory business throughout the countries where ECOBANK operates.
EDC operates brokerage houses on all 3 stock exchanges in West Africa and has obtained licenses to operate on the two stock exchanges in Central Africa. The Douala Stock Exchange in Cameroon and the Libreville Exchange groups information technology function with a view of ultimately centralizing the groups middle and bank office operation to improve efficiency service standards and reduce costs.
1.2 STATEMENT OF THE PROBLEMS
Some of the problem observed in Ecobank Imo State are stated below. But for more understanding and clarity, we will summarize the major problems of motivation in Nigeria with more attention to Ecobank Imo State.
1. The management inability to describe properly the task to be performed by the workers inadequate job description workers training before pushing them to the field to go and sell for the company.
2. The workers in most cases suffers from low moral. This can be caused as a result of discovering for themselves the true position of thongs in the field due to the present economic and numerous sitting of workers people.
3. There is increase rate of dishonesty and disobedience amongst the workers who are doing everything to survive the hard times.
4. There is also the problem of the Second tier Foreign Exchange Market (SFEM) flexibility or rather variation in terms of the company importation of its roofing sheet (product).
5. At times, it could be revealed that in one questionnaire the possible outcome of this problem can be traced to changes in the relation to (Price, Place, Product and Promotion).
1.3 OBJECTIVES OF THE STUDY
Since the time of twentieth century, the phenomenon of motivation has been the subject of considerable and extensive study of theorists and researches in a number of disciplines of this span of time, a number of distinct perspective or approaches has been favourable. The study has a broad objective of investigating the impact of motivation on workers performance in Ecobank Imo State. The specific objectives are stated as follows:
1. To ascertain the various causes of low performance of the workers in Ecobank Plc Owerri.
2. To determine the extent of the relationship between motivation and productivity.
3. To ascertain the extent of relationship between job satisfaction, motivation and productivity.
1.4 RESEARCH QUESTION
1. To what extent is the level of low performance of the workers in Ecobank Plc?
2. To what extent is the relationship between job satisfaction, motivation and productivity?
3. What are the causes of low productivity of the workers in Ecobank Plc Owerri?
1.5 SCOPE OF THE STUDY
The researcher is focused on motivation and its impact on performance. Sequel to this typical organization (Ecobank Plc in Owerri Imo State) has been selected for study since the study focuses mainly on workers profitability. The target population is workmen and workers manager.
This study will look at the sale job and some programmes on performance or measures designed to motivate the workers in a typical production and sale force, training the workers evaluating the performance of their supervision. Furthermore, formulating workers objectives and task and establishing workers structure and size.
1.6 SIGNIFICANCE OF THE STUDY
This study will be of great benefit to the staff and management of Ecobank Plc Owerri. Also it will be of benefit to both government and private business in Nigeria. The work will serve as a further research material to researchers.
1.7 LIMITATION OF THE STUDY
In the course of this study, the researcher encountered lots of constraint which includes:
? Time: There was no insufficient of time to carryout this research such a enough time study.
? Finance: Also a great threat to this study because of this nature require large funds which could not be obtained.
? Academic Workload: Academic workload was another limitation of this research work due to the nature of our lecture from Monday to Friday which provides little time for student to go for the information needed for the research.
? Availability of Information: The major limitation to this study are access to necessary related information due to the organizational set upon employee want to be involved for the fears of queries from superior officers and maybe subsequent termination of the job.
1.8 DEFINITION OF TERMS
The terms used in this study which have unique meaning that could be subjected to this project report are defined as follows:
? Joint Consultant: It is a process or machinery set of motives for labour and management to sit together and iron out their problems or differences.
? Management: This is a set of group of people that occupies the high posts or problems in an organization. They controls and take decision concerning an enterprise or business in other to achieve the organizational goals or objectives effectively and efficiently.
? Organization: This could be defined as a social and economic entity in which different individuals perform a variety of functions in other to achieve their goals.
? Relation: It is the art of relating or interacting between a thing or people of relative quality or combination.
? Productivity: Productivity can be seen as t he ability of something, person or group to produce its designed effect or achieve its objectives effectively and efficiently. | CHAPTER ONE INTRODUCTION The banking sector of Nigeria in the past could be divided into two groups-the elite foreign banks which concentrated on the rich of the society and the local banks mainly owned by the state.The latter served the interest of most working class people. The elite banks were Barclays Bank (formerly called the Colonial Bank) and Standard Chartered Bank (formerly,Bank of British West Africa). The second group of banks with state ownership include Nigeria Commercial bank (GCB), Social Security Bank (now SG-SSB), Agricultural Development Bank (ADB), and the National Investment Bank (NIB). The clients of the localy owned banks found business transations very frustration espercally during salary payments, for example, it was not uncommon observing long winding queus extending serveral meters outside the banking hall. The few foreign banks on the other hand, apply high charges and the initial deposit to open accounts was very high. The average Nigerian could therefore not open accounts with these banks. Choices were very few and competition was virtually absent in the sector. The Bank of Nigeria (BOG) with the support of government undertook a process of financial sector restructuring which transformed the financial sector. Some of the initiatives that led this transformation is the movement to universal banking, the adoption of an open licensing system and the modernization of the payments systems. According to Acquah (2006) the governor of the BOG,?universal banking involves the removal of restrictions on banking activities which allow banks to choose the type of banking services that they would like to offer in line with their capital, risk appetite and their business orientation?(2006). Universal banking creates room f | CHAPTER ONE INTRODUCTION 1.0 Background of the Study The workplace today is in a state of metamorphosis with contemporary issues such as customer satisfaction , competitive advantage, revenue and expenditures, organisational culture, technological advancement, global markets, diverse customer demands and need for effective workforce with a global mindset penetrating every aspect of the organisation. Effective workforce is crucial as it is the organisation?s primary player in accomplishing goals and delivering service. According to Burke & Cooper (2004), ?a firm?s human resource management (HRM) practices and the kind of workforce help attain organisational competitiveness.? HRM is the organisational function that enhances creativity, innovation , speed, flexibility , and efficiency of the workforce to transform them into organisational assets . Human resource management is now highly recognised as a strategic lever for the organisation in creating value. For a long time, different companies or organizations in the world are taking advantage of, and spending money and trusting external providers of human resource services in order to offer cost effectiveness and efficiency of internal human resource procedures. This is particularly important for organizations, which are considered as important players in the financial sector in any country because of the economic benefits they provide in their economic environment. Efficiency in these institutionsis a question of how well they allocate inputs such as staff, assets and subsidies to produce the maximum output such as number of loans, financial self-sufficiency and poverty outreach, (Balkenhol, 2007). Balkenhol (2010) also provide a working definition for efficiency as the optimal combination of staff time, staff number and cost of operations to respectively disburse and reach the maximum number of loans and clients, especially the deprived, while delivering a range of valued services. | INTRODUCTION Life is full of risk and every human being is confronted with possibility that one day one of these hazards which form part of life may befall them because one financial loss or the other. The purpose of insurance is to indemnify the victims for the financial loss they might have suffered as a result of these risks. Risk is a concept that denotes a potential negative impact to an asset or some characteristic of value that may arise from some present process or future event. In everyday usage, "risk" is often used synonymously with the probability of a known loss. Paradoxically, a probable loss can be uncertain and relative in an individual event while having a certainty in the aggregate of multiple events (see risk vs. uncertainty below). Risk is the possibility of an event occurring that will have an impact on the achievement of objectives. Risk is measured in terms of impact and likelihood. Insurance was not set out to climate and cannot soften the blow in a purely financial sense of obtaining monetary compensation to the victims thereby placing them in a financial position. The purchasing of an insurance has been earlier describe as the insured person as a policy holder in order to protect himself against a particular risk, take out a policy with an insured, thereby passing over the risks to the insured on a payment of a fee known as premium. Life is associated with different kind of risk some of this risk are insurable while some are not. The insurance industry in each devices different type of insurance policy to carter for each one to the insurance risk. The more conventual‟s, one being marine, fire, life, aviation, motor, person, accident and a lot of others. | CHAPTER ONE INTRODUCTION 1.0 Introduction to the Study Internal financial controls are systems within a company that design methods and procedures to produce effective operations, establish reliable financial reporting, avoid fraud and maintain compliance with regulations and laws. Internal financial controls evaluation is meant to help institution review and assess the structure of accountability within the organization. An effective system of internal financial controls gives assurance regarding the integrity of financial reporting and safeguarding of assets. Fraud can easily be detected through internal controls. Such controls also help accuracy in financial reporting (Asare, 2006). Internal financial controls are used by organisations to make sure financial information is accurate and valid. The existences of internal financial controls are important because they protect the integrity of an organisation's financial information and allow stakeholders a measure of financial health. Strong internal controls can also increase the profitability of a company (Krishnan, 2005). Public corporations have shareholders demanding accountability. However, in public hospitals accountability demands are not as strong. In the case of hospitals, the taxpayers and donors typically are late in taking action, but because of funding questions, the incentives for and number of effective internal financial controls in the public sector continues to increase (Hardimam, 2006) U.S. Government Accountability Office (GAO) recommends the use of internal financial controls to improve financial reporting in the public sector (George, 2005). 1.1 Statement of the Problem | CHAPTER ONE INTRODUCTION 1.1 BACKGROUND OF THE STUDY The rise of e-business in the late 1990?s led to the development of new opportunities related to procurement: e-procurement, spend management, outsourcing and joint product design (Lancioni, Smith, and Oliva, 2000). E-procurement is defined as an Internet-based purchasing system that offers electronic purchase order processing and enhanced administrative functions to buyers and suppliers, resulting in operational efficiencies and potential cost savings. Most of the companies nowadays can be seen as being composed of three primary processes which are purchasing, manufacturing and distribution based on the overall flow of materials (Thawiwinyu and Laptened, 2009). So, in order for the companies to remain competitive in the market, it?s must reduce the costs of their components or parts and materials by sourcing from cost saving suppliers. Nowadays most of the organizations are increasingly doing E-Business using information and communication technologies and the additional use of internet too. The traditional procurement which is lowly, back-end process has been transformed into E-Procurement with the emerging technologies that make everything possible and within reach. Furthermore, with increasing on competitive pressures, supply chain management professionals must continually find solution to reduce costs, increase efficiency, and also to reduce the longest lead time. Procurement now is seen as a core player in supply chain focus on time to market, product quality based competition, cost efficiency, inventory management, and customer uncertainty. According to Monczla and Morgan (2000), this can be solved by the key competitive priorities for the 21st century is the maximization of Internet-based technologies such as E-Procurement. In 1990's along with rapid growth of the Internet, Electronic Commerce (EC) in traditional market was founded. This study attempts to assess the e-Procurement success factors in telecommunication organizations of Nigeria. The main purpose of this study is to understand how the various factors play their role in making e-Procurement technology a success for the business. 1.2 STATEMENT OF THE PROBLEM Overall, e-procurement adoption in private sector in VOI may be below expectations due to a lack of understanding of the consequences from non-adoption and link to competitive advantage, a presumption that e-procurement is mostly for large businesses, and the notion that it is too early to assess conclusively (CFO Europe, 2003). In addition, there is evidence that the adoption process is complex and onerous, and intervention may be necessary to stimulate initial adoption and subsequent implementation. E-procurement adoption is an area of both threat and opportunity in terms of business productivity and competitiveness Even if the benefits of adoption and the potential strategic implications of e-procurement are recognized, the list of impediments for private sectors includes items that are major potential barriers for an effective adoption: risk, uncertainty, inefficiencies from supplier and catalogue-content readiness, cultural change, staff resistance, need for firm wide training with likely disruption of on-going activities each one of these makes it difficult for SMEs to implement e-procurement strategies, to the possible extent that the implementation may be deemed too difficult. One possible explanation for a slow adoption process is that the adoption decision is complex? while many benefits arise in the longer term, major impediments and associated potential costs may be very short term (e.g. extensive staff training). Associated benefits and costs are difficult to estimate in real terms. It is on this basis that the study examined factors influencing implementation of e-procurement in private sector. 1.3 RESEARCH OBJECTIVES 1. To find out the level of the implementation of e-procurement in the private sector. 2. To examine the success of e-procurement implementation in the private sector. 3. To ascertain the effect of skills of private sector employees and suppliers on implementation of e-procurement in private sectors 4. To determine the effect of cost of systems infrastructure on implementation of e-procurement in private sector. 5. To establish the factors influencing implementation of e-procurement in private sector. 6. To ascertain the important factors that contributes to the success of e-procurement in private sector. 1.4 RESEARCH QUESTIONS 1. What is the level of the implementation of e-procurement on the private sector? 2. What is the level of success of e-procurement implementation in the private sector? 3. What is the effect of skills of private sector employees and suppliers on implementation of e-procurement in private sectors? 4. What are the factors influencing implementation of e-procurement in private sector? 5. What are the important factors that contribute to the success of e-procurement in private sector? 1.5 SIGNIFICANCE OF THE STUDY The study will be used by companies to get more knowledge on factors affecting use of e-Procurement in Private sector. The knowledge will be used by the researcher to develop more knowhow on e- Procurement; it will assist scholars interested in conducting research in e- procurement and related areas as a source of reference. The study will assist policy makers on e- Procurement in companies both for private and public sectors, which will help shape the procurement sectors to perform better with implementing e-Procurement in business activities. 1.6 SCOPE OF THE STUDY The study of critical factors that influences e-procurement implementation success in the private sector is limited to the Ibadan Electricity Distribution Company, General Gas, Akobo Ibadan. 1.7 LIMITATIONS OF THE STUDY 1. Network interconnectivity to enhance elaborate research ? 2. High level of illiteracy 3. Organization operational huddles. 4. Time and cost constraints due to cause of scarcity in gasoline to go about the research. |
