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1.1 BACKGROUND OF THE STUDY
The banking industry has been under going several changes in Nigeria in recent years. These change are due to certain environmental factors which include social technological political and economic factors.
In discussing the impact of economic recession on the banking industry. It is pertinent (relevant) for us to understand what economic recession is. Recession in an economy can be described as being associated with trade or business cycle which itself can be conceptualized as a continuum of recession; depression, recovery and boom, that is, usually characterized by a significant and worsening drop in the employment and a crippling rise in the level of inflation.
Generally, economic recession tend to impact negatively on a country’s economy in area such as employment, production, money and wages investment, prices and profits. However, recession may not be harmful to every business organization at a particular point in time or the same company overtime. Hence, while most sectors of the economy are groaning under the present weight of the recession and some of the economic measures introduced by the government, the banking industry has been experiencing and unparallel growth in terms of assets and profits.
Not withstanding, the recession and the different measures introduced by successive administrations have one way or the other affected the manpower planning process in the various sectors of the country’s economy. As a result, in the study, we intend to examine the impact of the recession on the banking industry as well as the various measure taken by government to revive the economy through manpower planning in banks. Thus, manpower planning being “a systematic process through which an organization human resources is managed towards the achievement of set corporate objectives”.
We also intend to analyze how all these affect the various management processes in Oceanic Bank International Plc and how it is coping with the situation. The choice of Oceanic Bank international Plc is informed by the fact that with close to three thousand employees and hundred of branches, it ranks as one of the biggest bank in the country. It is therefore hoped that at the end of the exercise, we would have been able to critically asses and analyze the impact of economic recession on the banking industry and the various policies adopted by the bank to cope with this situation in all sense of direction.
1.2 STATEMENT OF THE PROBLEM
The recession and the various economic measures taken by the government to expedite recovery have a paradoxical effect on the country’s economic polity. This is because for most industrial sector of the national economy, it has meant a contraction of their productive capacity, redundancy, retrenchment of workers and in some extreme cases bankruptcy and liquidation, but for the banking industry, it has been a period of growth and profitability.
Therefore, the basic problem facing the banking industry in the country under the present recession are:
1. Strong business competition and rivalry for customers individual and corporate.
2. External labour supply, that is the attraction of the unemployed and the under employed, cased largely from 8 to 25.
3. Government economic policies. The above list problems are the resultant consequences of the fourth problem. This is because the measures taken by government in its bid to revive and strengthen the economy such as deregulation of interest rate, deregulation of the exchange rate, privatization of government controlled industries, the high inflation rate and the twenty-five billion naira re-capitalization for Commercial Banks.
Oceanic Bank International Plc falls under the banking industry and being one of the leading banks in the country it is one of the institution on which the success or failure of which government economic policy rest.
Against the above problems, the bank has taken various measures:
1. The restructuring of its management.
2. Development of several Automated Teller Machines (ATMs)
and introduction of Pay Advance Salary Scheme (PASS)
3. Improvement of staff welfare
4. Expansion of its branch network.
The aim of this research study is to assess the effectiveness of the above strategies adopted by the bank to solve the problem highlighted above. The recession has no doubt created serious bottlenecks and the implication arising therefore.
1.3 OBJECTIVES OF THE STUDY
The objectives of this study include:
1 To find out survival of an organization in the face of economic recession
2 To find out processes of corporate planning in an organization
3 To find out growth of an organization in the face of economic recession
4 To find out policies adopted by the bank to cope with the recession using manpower strategy.
1.4 SIGNIFICANCE OF THE STUDY
The significance of the study is as follows:
1 Organization would better be informed of effect of economic recession.
2 Organization would be informed on how to take advantage of the various stages of the business cycle.
3. Organization would better be notify of the importance of manpower planning.
4. The work would serve as a reference material for students and professionals alike.
1.5 SCOPE OF THE STUDY
The issue of over-staffing has become a recurrent situation in the country business environment because of the economic recession. This has been further complicated by the recent policy of twenty-five billion naira minimum capital base which has resulted in the reduction of banks as well as merging of banks.
The main focus of the study is Oceanic Bank International Plc with head office located at Herbert Macalay Way, Wuszone 6, P.M.B 5048, Abuja. The bank is one of the new generation banks that have grown steadily over the years in spite of the harsh economic environment brought about by the recession.
1.6 RESEARCH QUESTIONS
In the process of carrying out the research, questions shall be formulated and treated in the following areas. These are:
1. That contrary to theoretical expectation, the banking industry under the recession has not experienced a major shift in emphasis from its recruitment, selection, training and development of employees.
2. That the banking industry under the recession has been experiencing shift competition in recruitment, selection, and retention of highly skilled experienced manpower.
3. That under the recession, management in the banking industry has had a review upward the compensation package of employees in order to retain their service.
1.7 SOURCES OF DATA COLLECTION
Data would be sourced from both primary and secondary sources.
1. Primary Sources: Data would be sourced through this medium by the use of questionnaire and direct interview and observation.
2. Secondary Sources: Date would be sourced through annual report of the bank, books and other publications.
1.8 LIMITATIONS OF THE STUDY
1. The study was limited by the short time given to conduct this research.
2. There was also the problem of funds
3. The study was limited by time on the part of the researcher whose health was poor at the time of researching.
1.9 DEFINITION OF TERMS
Recession: This is a phase (distinct period in a process of change or development) of a business cycle which itself can be conceptualized as a continuum of recession; depression, recovery and boom. A trade (business) cycle is normally characterized by an irregular path of economic activities in the forward sport, followed by pause or even relapses such fluctuations reflect good times and bad times.
Manpower Planning: This is the process by which management anticipated personnel (or staffing) requirements now and in the foreseeable future and therefore seeks ways to ensure that the right jobs at the right time.
Banking System: The frame work of laws and regulations of banks and practices which control the flow of financial resources within the economy.
Economy: Any specified collection of interrelated marketed and non-marketed productive activities.
Industry: A group of firms that sell a well defined product or closely related set of products.
Organization: It is composition of individuals who comes together to purse common interest or goals.
Management: This is getting things done through others.
Development: This is an improvement in the formal state of affairs or in the formal way of doing things that positively affect a greater change of percentage of the populace.
Retrenchment: It is the reduction in one’s expenses.
Labour: This is the ability to work hard physically, to supply every effort needed in the area of work on job assigned.
Capital: This is the amount of money used to start up a business.
Growth: This means an increase in size of any thing.
Personnel: This could be defined as the employed who are well trained and have the skills in an organization.
Bottleneck: Anything that slows down development or progress particularly in business or industry.
Paradoxical: A person, thing or situation that has two opposite features and therefore seems strange.
Continuum: A series of similar items in which each is almost the same as the next to it but the last is very different from the first.
Redundancy: The situation when somebody has to leave their job because there is no more work available for them.
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