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EVALUATION OF MANAGEMENT BY OBJECTIVE AND IT’S APPLICATIONS IN FINANCIAL INSTITUTIONS IN NIGERIA

(A CASE STUDY OF UNION BANK OF NIGERIA PLC NEW MARKET ROAD, ONITSHA).

 

ABSTRACT

          This research was undertaken to evaluate the extent of application of management by objective programme in the operations of financial institutions in Nigerian – A case study of union Bank of Nigeria Plc. New market road Onitsha. Motivated by the low productivity and poor job attitudes of staff of the study area caused by the job – centred approach  (management style) and personality trait appraisal system highly favoured by most of the managers, the research focused on how the effective implementation of management by objectives programmes in union Bank can reverse the trend for better performance, job satisfaction and self actualization.

          In the course of the study five major research question were formulated to guide the study.

          Data were collected by means of face-to-face, questionnaire blended with sparing interview. In the analysis of the descriptive answers to the questions the main techniques used was simple percentages.

          The findings revealed amongs other that employees are not always aware of the stated objectives:

1. That the essential elements and pilours of management by objectives programme such as planning, controlling and motivation are poorly handled.

In conclusion, it was very evident that MBO is not effectively implemented and suggestions were made for improved application.

 

TABLE OF CONTENTS

 

CHAPTER ONE

1. INTRODUCTION
   1. BACKGROUND OF THE STUDY
   2. STATEMENT OF PROBLEM
   3. OBJECTIVES OF THE STUDY
   4. RESEARCH QUESTION
   5. SIGNIFICANCE OF THE STUDY
   6. SCOPE OF THE STUDY
   7. LIMITATION
   8. DEFINITION OF TERMS

 

CHAPTER TWO

1. REVIWE OF RELATED LITERATURE

 

CHAPTER THREE

1. RESEARCH DESIGN AND METHODOLOGY
   1. AREA OF STUDY
   2. POPULATION AND SAMPLE INSTRUMENT USED VALIDITY AND RELIABILITY OF INSTRUMENT
   3. METHOD OF DATA COLLECTION AND ANALYSIS

 

CHAPTER FOUR

1. PRESENTATION AND ANALYSIS OF DATA
   1. PRESENTATION OF DATA
   2. DATA ANLYSIS

 

CHAPTER FIVE

1. SUMMARY OF FINDINGS, DISCUSSION AND RECOMMENDATION.
   1. SUMMARY OF FINDINGS/ CONCLUSION
   2. DISCUSSION
   3. RECOMMENDATION
   4. SUGGESTION FOR FURTHER RESEARCH

BIBILOGRAPHY

QUESTIONNAIRE

 

CHAPTER ONE

 

1. INTRODUCTION

1.1 BACKGROUND OF THE STUDY

          Management by objectives and it’s application in financial Institutions in Nigeria will therefore focus on how the effective application of MBO programme will assist in motivating the staff of union Bank towards higher productivity and to reduce the urgly sceneries that are caused by dissatisfaction, at the place of work.

          Management by objectives (MBO) is one of the latest methods advocated by Peter Drucker as a technique of Management where by managers interact with their subordinates by directing, teaching and supporting them to achieve their individual objectives which leads to the achievement of the over all objectives of the organization.

          In the opinion of this prolific  writer on management studies, the basic concept of MBO is that top executives and subordinate managers should all be involved in determing company objectives and define areas of responsibility, and integrate into them the goals of the employees. Such a goal congruency will help to elicit employee’s commitment will resultant increase in productivity.

          To be an efficient and effective worker means so many things the imperatives of which amongs others is that the workers is skilled, trained, willing, ables, is motivated intrinsically and extrinsically.

          In other words, a part from good remuneration, he has reasonable freedom for personal initiative at the work place.

          There is the opportunity of expressing himself through participative decision making process through this, he is aware of the targets and acquires a personal commitment towards it’s fulfillment, he has a sense of belonging and achievement when a target is achieved this is job satisfaction.

          From discussion so far, financial institutions are committed to providing finance services and intermediation to the various segments of the economy needs, efficient and effective application of both human and non human resources to it in achieving  the set objectives.

The achievement of the prime objectives of any organization depends largely on the availability of able, willing, and skilled personnel and relevant technology on the one hand, efficient and effective co-ordination of the various efforts towards a common goal on the other hand. Union bank of Nigeria PLC is one of the bank that makes up Nigeria financial institutions. It is a public limited liability company incorporated under the company’s and Allied matters decree of 1990.

Since it’s inception in 1917 with a registered head office at No. 40 marine street Lagos, it has been variously styled as the Bardays Bank – Dcoi.

Bardays bank of Nigeria limited, and union bank of Nigeria limited, union bank of Nigeria PLC is currently wholly owned by Nigerian public with federal ministry of finance incorporated enjoying 51.67%. (union bank of Nigeria PLC Annual reports and Accounts 1993:13)

          Union Bank is one of the market leaders in Nigerian banking industry with an asset base of over N32 billion and customers deposit of over N20 billion as at September 1993 as against first bank’s asset base of N26 billion and deposit of over N17 billion naira as at December 1993.

 

1.2 STATEMENT OF PROBLEMS

          This study is therefore being undertaken to address the following problems.

1. The objectives to be achieved within a given time frame normally set by management are not always known by subordinate.
2. Subordinates do not participate in establishing target and key result areas departmental levels.
3. Employees personal goals are not always integrated into the overall objectives of union bank.
4. There is hardly any agreed definition of individual major areas of responsibility in terms of results expected and yard sticks for evaluating performance between management and subordinates.
5. Due to lack of knowledge of individual contribution to the overall performance and nature of work which was not give room for personal initiatives, the employee lacks a sense of belonging and finds no joy and meaning in the work.
6. The rate of labour turnover at the branch due mainly to resignations and dismissals for one misconduct or the other may have found expressions in the level of staff frustrations on the job and this turnover is no doubt a costly exercise to management.

 

All the above mentioned problems motivated the researcher to undertake the work which is on “Evaluation of management by objectives and it’s Application in financial Institution in Nigeria with particular reference to union Bank Nigeria PLC New Market Road Onitsha.

 

1.3 OBJECTIVES OF THE STUDY

     This research work is aimed at achieving the following objectives.

1. To evaluate the extent of application of management by objective programme union bank new market road onitsha branch.
2. To educate participants to appreciate the need for effective implementation of MBO programme in their operations.
3. To find out what has been the problems and major obstacles toward full implementation of management by objectives in onitsha branch of union bank.
4. To determine the effects of non application or haphazard application of MBO on the employee morale/ performance as well as the union bank in achieving their targets.
5. To ascertain whether there exist a positive correlation between intrinsic reward i.e. an inner feeling of job satisfaction originating from work itself, recognition of efforts and employees performance/ attitude to work.
6. This study will try to reveal how effective application of MbO programme in union bank onitsha will assist in boasting  staff morale for higher productivity and job satisfaction.