IMPACT OF JOB SATISFACTION ON ORGANIZATIONAL PRODUCTIVITY (A CASE STUDY OF ANCHOR INSURANCE COMPANY LTD, UYO)

IMPACT OF JOB SATISFACTION ON ORGANIZATIONAL PRODUCTIVITY (A CASE STUDY OF ANCHOR INSURANCE COMPANY LTD, UYO)

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ABSTRACT

The purpose of this study was to determine the impact of job satisfaction on organizational productivity. This study provided a review of job satisfaction in Anchor Insurance Company Ltd, Uyo. The hypothesis and Statement of the problem were formulated in chapter one. This lead to the collection of both primary and secondary data through the use of questionnaires, interview and data collected from textbooks. The population of 36 and sample size of 35 was determined which helped her in the analysis of data and determination of findings with simple percentage table and Chi-square as method of data analysis. One of the researcher’s findings is how job satisfaction is significantly related to organizational productivity. In view of these findings the researcher recommended that the following measures should be considered and implemented. The management of Anchor Insurance Company Ltd should create good working environment to enhance Good Avenue for effective job satisfaction.

CHAPTER ONE

INTRODUCTION

1.1   BACKGROUND OF THE STUDY

Job satisfaction refers to the joy derived from during a job in which a person has a particular interest. This is what Herzberg, a motivation theorist called the job itself. Job satisfaction is usually associated with changing tasks which require a maximum utilization of the person’s ability and skill. When such factor is present in a job, the job holder achieves a high level of satisfaction.

The impact of job satisfaction on organizational productivity can be seen in an employee who is motivated to increase his productivity  in jobs in which he possesses necessary skills. These skills enable him to enjoy satisfaction. A person who does not possess the necessary skills to do an assigned job may derive little or no satisfaction from the job. This situation often leads to frustration, boredom and stress which may in turn result in various defensive behaviours. For instance, a qualified accountant in a bank who is employed as a clerk is being blocked from deriving the joy or satisfaction that will lead to his self actualization. A. A. Chikere and J. C. Okafor 2012.

1.2   STATEMENT OF THE PROBLEM

The study tends to find out how job satisfaction create or ensure full impact to the success of an organization. The smooth flow of job satisfaction range from organization to organization as no challenge could be said as been fixed or paramount to any organization.

Money stands to be a strong and hindering factor to the smooth running of any organization fringe benefits. This also form a vital problem employee loses adequate efficiency if some benefits are not been attached to their salary as maybe specified by the organization e.g. could be health insurance etc. if been attached it foster the full compliance of the organizational goals and objectives but when not be practice  it pose to become a problem.

1.3   OBJECTIVES OF THE STUDY

This study aims at examining the impact of job satisfaction on organizational productivity. The specific objectives include the following;

1.   To examine the cost benefit analysis of the application of job satisfaction on organizational productivity.

2.   To   know the extent to which job satisfaction affects organizational productivity.

3.   To ascertain the extent to which job satisfaction has enhanced organizational productivity in an organization.

4.   To identify the impediment associated with job satisfaction.

1.4   RESEARCH QUESTIONS

To act as a guide to a through investigation of the following questions were asked;

1.   Does job satisfaction lead to increase efficiency in production.

2.   Does job satisfaction have direct impact on organizational productivity?

3.   Is there any significant relationship between job satisfaction and organizational productivity?

4.   To what extent has job satisfaction enhanced organizational productivity in an organization?

5.   Is there any cost benefit the application of job satisfaction on organizational productivity?

1.5   RESEARCH HYPOTHESES

1.   Ho: There is no significant relationship between job satisfaction and organizational productivity.

Hi:    There is a significant relationship between job satisfaction and organizational productivity.

2.   Ho:   Job satisfaction does not have direct influence on    organizational productivity.

Hi:    Job satisfaction has direct influence on organizational productivity.

3.   Ho:   Job Satisfaction does not lead to increase efficiency in      production.

Hi:    Job satisfaction lead to increase efficiency in production.

1.6   SIGNIFICANCE OF THE STUDY

The findings of this work would be very vital to management of Anchor Insurance Company Ltd, Uyo. The significance are as follows:

1.   It would serve as a source of information to management of other organization other than insurance company Ltd.

2.   It will help management and staff of Anchor Insurance Company Limited, Uyo in formulating policy which will help in providing the working conditions of employees and also help trainees in any organization to undergo different training to meet the challenges of their various jobs.

1.7   SCOPE AND LIMITATIONS OF THE STUDY

The scope of this study is restricted to job satisfaction on organizational productivity in Anchor Insurance Company Ltd, Uyo.

The limitations of this study sis as follows;

1.   The financial constraint and the time requirement needed in this study were never easy on the researcher.

2.   The general part of the respondent made in data gathering is a difficult task. In spite of these constraints, the researcher made a satisfactory effort to generate enough needed data for this research.

1.8   BRIEF HISTORICAL BACKGROUND OF ANCHOR INSURANCE COMPANY LTD, UYO.

Anchor Insurance Company Limited (“the Company”) was incorporated on 6th June, 1989 vide certification of Incorporation No. Rc 132269 as a private limited liability company. The company was originally wholly owned by the Akwa Ibom State Government with an authorized share capital of N5, 000, 000 divided into 5, 000, 000 ordinary shares of N1.00 each. The company was registered to carry on all classes of insurance business except life. However, in 1992, it was also licensed to transact Life/Pensions, thus attaining a composite status.

The registered office of the company is located at 7/13, Aka Road, Uyo, Akwa Ibom State. The company has over the years increased its clientele base and geographical spread of its insurance services by opening branch offices in Lagos, Abuja, Port Harcourt, Calabar, Eket, Apapa, Abeokuta, Akure, Ibadan, Calabar, Enugu and Warri. As part of its efforts to reposition the Akwa Ibom State economy as a private sector-driven economy, the state government  decided to privatize some of its enterprises. Anchor Insurance Company Limited was one of such enterprises that were slated for privatization.  

The need to privatize the company was based on the assessment that private ownership and control would provide the strategic focus that will turn around the company’s fortunes and enable it realize its corporate objectives. It was also believed that based on industry experience, an inflow of a large quantum of funds was key to moving the company to the path of sustainable growth and profitability. Hence, in the privatization exercise in January 2003, Ukartel Nigeria Limited emerged as the successful core investor in Anchor Insurance Company Limited. The current shareholding structure in the company is as follows:

ü Ukartel Nigeria Limited                 55%

ü Akwa Ibom State Government              20%

ü Other Private Investors                25%

MARKET ANALYSIS

        The insurance market in Nigeria is set to experience major market shifts in the next few years. A number of factors would drive the expected changes, which include:

Insurance of Public buildings: There is a law recently enacted which makes insurance of all public buildings in the country against fire compulsory. This is going to open up a huge market for fire insurance for operators.

Universal Banking: The universal Banking is now the new way of doing business in the financial services industry. Although Banks are encroaching more into insurance business services, Anchor Insurance Company Limited, already offers the benefits of life policy to its life and savings depositors. Competition in the industry would be keener in the coming years.

Domestication of More Insurance Businesses: The insurance Act of 2003 has domesticated more insurance businesses in Nigeria. The law provides that no person shall transact insurance or reinsurance business with a foreign insurer or reinsurer in respect of any life, asset or general businesses classified as domestic insurance unless with a company registered insurance companies. This would definitely increase local retention capacity of insurance companies in Nigeria.

New NIPC Act: The new Nigeria investment promotion council Act now allows foreign investors to invest in any sector of the Nigerian economy with up to 100% ownership. With more insurance and reinsurance businesses domesticated in the country, the new NIPC Act would attract foreign insurance companies into Nigeria. Such companies with their huge balance sheets and technical expertise would inch up competition in the industry.

The Local content Policy in the Oil and Gas Industry

        The oil and gas industry is the mainstay of the Nigerian economy accounting for about 90% of the nation’s foreign exchange and 80% of the country’s national budget yearly. Until mid 2003, oil and gas insurances in Nigeria were effected abroad. The few participating Nigerian insurance companies only did so as mere agents of foreign insurers. This practice resulted in massive capital flight from the country as virtually all premium ended up abroad. To redress this unacceptable situation, the country is now coming up with a local content policy in the oil and gas industry.

        To ensure implementation of the local content policy, a national committee on local content development has been set up by the Federal government. This committee defines local content as “the quantum of composite value added to, or created in, the Nigerian economy through a deliberate utilization of Nigerian human and material resources and services in the exploration, development, exploitation, transportation and sale of Nigerian crude oil and gas resources, without compromising quality, health, safety and environment”. The local content policy requires that about 40% of all Oil and Gas related businesses should be done locally. This policy coupled with domestication of more insurance businesses would open up more market opportunities for insurance operators in the country. This is capital intensive, hence, the need for insurance companies to shore-up their capital base to be able to participate in the insurance.

The Cabotage Act: The cabotage law which became operational in 2014 is another positive development in the insurance industry. By the provisions of section 22 (1) of the Act, all vessels in coastal trade are to be registered in the country. The insurance of such vessels and their cargoes are to be issued locally. The Act also established Cabotage Vessel financing fund through which insurance companies would be involved in providing funding for vessels acquisition and at the same time providing insurance covers for them. This development would open new market opportunities in the coming years.




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