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IMPACT OF REDUNDANCY ON SURVIVING EMPLOYEES A STUDY OF SELECTED BANKS IN NIGERIA

 

 

 

 Format: MS Word   Chapters: 1-5

 Pages: 90   Attributes: Downloadable

 Amount: 3,000

 Jun 07, 2022 |  05:52 pm |  103



Project topic and material on IMPACT OF REDUNDANCY ON SURVIVING EMPLOYEES  A STUDY OF SELECTED BANKS IN NIGERIA 


CHAPTER ONE 

INTRODUCTION 

1.1 Background to the Study 

In recent times studies tend to suggest that job losses and redundancy are on an alarming increase and the management of it is becoming of central importance to top management and human resource executives (Fiona, 2000). The pressure for improved performance to meet more intense global competition explains why many sectors like the Nigerian banking industry are setting higher standards for employees and are disengaging those who do not meet those standards. In addition, the collapse of many companies in Nigeria due to inadequate funding or inability to make changes that would boost business activities made many workers to lose their jobs. This  has significantly impacted on both the survivors and management of such business. Statistics show that the then Standard Trust 

Bank plc reduced its workforce to 700 from 1,863, while First Bank Plc reduced its staff strength from 7,765 in 2005 to 6,395. In a bid to meet the 25 billion naira capital base more than 8000 workers from different banks were also laid off (Adeniji, 2005). This development creates fear and insecurity among those who remained in the system. 

While communicating with lay off workers tends to receive a lot of attention, there has been neglect of the overall effect of this redundancy on those who survive th disengagement. Indeed, the treatment meted to the departing employees can bealso determine the survivours’ reactions to both their jobs and management.   

A redundancy situation  arises where a business continues to operate but  is no longer a need of the services for which the employee was originally employed. It can also occur when an employer recognizes the need to improve upon its efficiency; as such, fewer people are needed to do the same amount of work. This may be done through disciplinary procedures; however performance management processes are usually used to identify under-performers. Properly administered, such processes will emphasize positive improvement and development plans. The positive result arising from a proactive approach include the organization meeting its ethical commitment to its departing employees, encouraging remaining employees to accept the situation more readily allaying their fears about the future and showing the organization in a favourable light in the business community and the society in general.  

The reactions of the departing employees and those left behind may have a significant impact on the organization and this means that there should be a good policy and procedures of implementing redundancy programme. The purpose of redundancy may be presented as essential to make an organization more successful, productive and competitive, but the impact on those remaining staff may actually inhibit this, for example, the new  policy on  recapitalisation of Nigerian banks led to the merger of some banks and resulted to the reduction of workers. Although , there are many procedures in handling redundancy, the application of these procedures is lacking in some 

organizations, particularly in the areas of planning, the selection and the notification of staff by the company.   

More so, despite staff reductions perhaps being the knee-jerk reaction of management during an economic crisis, it is not always the most financially viable – and certainly not the first method of cash retention that should be turned to instantaneously. It also makes growth of the business very difficult during times of improvement in the economic climate. 

Although there has been some nature recently particularly in the United States of America (USA) and Britain, there has been a death efforts are in Nigeria. This study therefore examines the impact of redundancy on surviving staff in Nigeria Banking industry. The research also explores the emotional, attitudinal and behavioural effects of redundancy on survivours and the implications for the management. The study also attempt to find out the impact of redundancy on the organization in terms of job related stress and organizational commitment. 

 


1.2 Statement of the Problem 

The focal point of effective human resource management is on managing people with the hope of enhancing employer-employee relationship. Banks are considered a critical sector of the economy and it is important that the workforce supporting these banks is well motivated and effective in delivering the services.  

 

In 2004 when recapitalization policy was adopted, many Nigerian banks could not sustain the large number of their employees; these banks has to lay off some staff  with intention to cut cost and increase efficiency.  However,  the desired efficiency envisaged was adversely affected with the input of the surviving work-force. Lay-offs generally have the tendency to create fear, uncertainty, insecurity and feelings of loneliness often termed as “survivours syndrome” among the staff that are not affected by downsizing. These adverse feelings or attitude could be counter-productive since, individual carry their emotions into what they do.  

 

 Redundancy can create acrimony between organization and staff that are not affected by lay-off and thus result in low productivity, high staff turnover, and feeling of insecurity, industrial unrest, which can impact on profit. Redundancy is therefore, a problem that organizations have to contend with, especially, in periods of financial restructuring. An organization that views redundancy as a problem may likely overcome its effects.  However, when insecurity becomes palpable in any organization even the most loyal and conscientious stay be demoralized. This may eventually tend to absenteeism and other unethical issues may escalate.    

 

 Improper planning or inadequate redundancy policies by some organizations constitute great problems to some organizations thus making external and internal relationships potentially difficult and possibly damaging. Making staff redundant is also probably the hardest management policy, but it is sometimes inevitable if an organization is to survive. It is however essential that employees are sensitive to such redundant workers by way of proper management in order to reduce fear and anxiety amongst the remaining workers.  

It is against this background that the study to examine the impact of redundancy on surviving employees in Nigeria Banking industry with a view to proffering some 

solutions.                    

 


1.3  Research question 

The study aims at addressing the following questions.   

i. What factors are responsible for the high rate of redundancy in Nigeria banks ii. To what extent does redundancy affect survivours in Nigerian Banks? iii. How does the reaction of survivours affect the performance of the banks? 

iv. How can redundancy problems be addressed or ameliorated? 

 

1.4 Objectives of the study 

The main objective of this study is to examine the impact of redundancy on surviving employees in Nigerian banks. Other specific objectives include 

i. To examine how survivour’s reactions can affect their performance. 

ii. To determine the causes of redundancy in Nigerian banks. 

iii. To determine whether survivours reactions can affect the performance of the banks. 

 

1.5 Hypotheses of the Study 

In order to guide this study to achieve its objectives the following hypotheses were tested.  

H  : Redundancy has no significant impact on the surviving employee’s reactions




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