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SUCCESSION PLANNING IN SMALL AND MEDIUM SCALE ENTERPRISES’ (SMEs) SUSTAINABILITY IN UYO MUNICIPALITY, AKWA IBOM STATE

SUCCESSION PLANNING IN SMALL AND MEDIUM SCALE ENTERPRISES’ (SMEs) SUSTAINABILITY IN UYO MUNICIPALITY, AKWA IBOM STATE

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  • Study Level: BTech, BSc, BEng, BA, HND, ND or NCE.
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ABSTRACT

This study, Succession Planning and SMEs Sustainability in Uyo Municipality of Akwa Ibom State, was designed to underscore the relationship between succession planning and SMEs sustainability. Specifically, the study is designed to establish the relationship between mentoring and the sustainability of the SMEs in Uyo municipality; assess the relationship between job rotation and the sustainability of SMEs in Uyo municipality; and determine the joint relationship between mentoring, job rotation and the sustainability of SMEs in Uyo municipality. The survey research design was adopted in this study. The population for this study was made up 102 staff. They consisted of all senior staffers of the selected SMEs in the service industry. Descriptive and inferential statistics was used in analyzing the data of the study. Findings from the results of analysis indicates that both proxies for succession plan (i.e. mentoring and job rotation) have significant relationship with SMEs sustainability in Uyo Municipality, Akwa Ibom State. The multiple regression analysis also reveals that, jointly they significantly predict SMEs sustainability in Uyo Municipality, Akwa Ibom State. Based on the findings of this study, it was concluded that succession plan significantly affect sustainability of SMEs. Consequently, it was recommended that SMEs owners should put in place mentorship programmes to aid the sustainability of the enterprise; and that management of SMEs should practice the concept of job rotation by moving employees from one job to the other or from one unit/department to another as this will give them all-round knowledge of how the organization works.

 

 

 

 

 

 

 

 

TABLE OF CONTENTS

Title page                   

Declaration      -           -           -           -           -           -           -           ii

Certification    -           -           -           -           -           -           -           iii

Dedication      -           -           -           -           -           -           -           iv

Acknowledgements    -           -           -           -           -           -           v

Abstract          -           -           -           -           -           -           -           vi

Table of Contents       -           -           -           -           -           -           vii

List of tables               -           -           -           -           -           -           viii

CHAPTER ONE: INTRODUCITON

1.1              Background of the Study -      -           -           -           -           1

1.2              Statement of the Problem -     -           -           -           -           3

1.3              Objectives of the Study -        -           -           -           -           5

1.4              Research Questions -  -           -           -           -           -           5

1.5               Hypothesis of the study -       -           -           -           -           6

1.6              Significance of the Study -     -           -           -           -           6

1.7              Scope and Limitations of the Study - -           -           -           7

1.8              Operational Definition of Terms -      -           -           -           7

1.9              Organization of the Study -    -           -           -           -           8

CHAPTER TWO: REVIEW OF RELATED LITERATURE

2.1       Conceptual Framework -        -           -           -           -           9 

2.1.1    Scope of Small and Medium Scale

Enterprises (SMEs)-    -           -           -           -           -           15

2.1.2    Problems Associated with SMEs -     -           -           -           16

2.1.3    The Role of SMEs in the Growth of the

Nigerian Economy      -           -           -           -           -           19

2.1.4    Significance of the SMEs Sub-sector in the

Nigerian Economy      -           -           -           -           -           21

2.1.5    Succession Planning - -           -           -           -           -           24

2.1.6    Job Rotation -  -           -           -           -           -           -           30

2.1.7    Benefits of Job Rotation-        -           -           -           -           34

2.1.8    Mentoring -     -           -           -           -           -           -           38

2.2       Some Theories of Entrepreneurship   -           -           -           41

2.2.1    Max Webber’s Theory -         -           -           -           -           41

2.2.2    Schumpeterian Theory of Entrepreneurship - -           -           42

2.2.3    Everett Hagan’s Theory          -           -           -           -           44

2.3       Empirical Framework             -           -           -           -           45

CHAPTER THREE: RESEARCH METHOD

3.1       Research Design                     -           -           -           -           49

3.2       Population of the study -         -           -           -           -           49

3.3       Determination of Sample Size            -           -           -           50

3.4       Sampling Technique-  -           -           -           -           -           51

3.5       Sources of Data           -           -           -           -           -           51

3.6       Research Instrument   -           -           -           -           -           52

3.7       Validity Test of the Research Instrument       -           -           52

3.8       Reliability Test of the Research Instrument   -           -           52

3.9       Administration of the Instrument       -           -           -           53

3.10     Scoring the Instrument           -           -           -           -           53

3.11     Method of Date Analysis        -           -           -           -           54

CHAPTER FOUR:  DATA PRESENTATION,

ANALYSIS AND DISCUSSION OF FINDINGS

4.1       Presentation of Data               -           -           -           -           55

4.2       Testing of Hypotheses -          -           -           -           -           59

4.2.1    Hypothesis One          `-          -           -           -           -           59

4.2.2    Hypothesis Two --      -           -           -           -           -           61

4.2.3    Hypothesis Three -      -           -           -           -           -           62

4.3       Discussion of Findings -         -           -           -           -           64

CHAPTER FIVE: SUMMARY OF FINDINGS, CONCLUSION

AND RECOMMENDATIONS

5.1       Summary of Findings -           -           -           -           -           66

5.2       Conclusion      -           -           -           -           -           -           67

5.3       Recommendations      -           -           -           -           -

68        References      -           -           -           -           -           -           69

            Appendices                 -           -           -           -           -           75

LIST OF TABLES

Table 3.1: Distribution of staff population according to

                 organizations -       -           -           -           -           -           50

Table 3.2: Distribution of staff sample according to

                 organizations          -           -           -           -           -           51

Table: 4.1: Number of questionnaires administered

                  and returned          -           -           -           -           -           55       

Table 4.2: Sex distribution of the respondents           -           -           55

           

Table 4.3: Age distribution of the respondents          -           -           56

Table 4.4: Respondents’ Working Experience           -           -           56

Table 4.5: Percentage analysis of the responses to

                 job rotation dimensions      -           -           -           -           57

Table 4.6: Percentage analysis of the responses to

                 mentoring dimensions        -           -           -           -           58

Table 4.7: Percentage analysis of the responses to

                   sustainability of SMEs questions -           -           -           59

           

Table 4.8: Regression analysis result on mentoring and

                 sustainability of SMEs       -           -           -           -           60

Table 4.9: Regression analysis result on job rotation and

                  sustainability of SMEs      -           -           -           -           61

Table 4.10:  Regression Analysis for Joint Effect of

                    mentoring, Job rotation and SMEs sustainability-          63


CHAPTER ONE

                                            INTRODUCTION

1.1       Background to the study

           In modern day’s businesses, succession planning is used as a proactive attempt in ensuring a smooth transition of business from owner to a successor through effective manpower training. It involves formulating a forward looking plan to ensure the necessary human effort to make it possible for the survival and growth of the organization. Thus, lack of proper succession planning can have the direct effect of causing the collapse of these businesses especially when owners leave the business upon retirement or by death.

Ayyagari, Beck and Demirguc-Kunt (2007) opine that businesses that continue to succeed despite the departure of strategic leaders are those that prepare in advance. They have key players in place and they have implemented well-defined, comprehensive development programs, formal management training programs, and succession plans. Developing a comprehensive, long-term succession plan is a critical element for survival of the small scale enterprises. Having the best people in pivotal leadership roles, prepared to step in at any time, is essential for future success. 

Succession planning can be defined as the process of identifying and preparing suitable employees through mentoring, training and job rotation, to replace key players within an organization. Those key players sometimes leave their positions for whatever reasons such as retirement, advancement and attrition (Rodrigo, 2013). Small and Medium scale Enterprises (SMEs) is a component of entrepreneurship development and important aspect of economic development and economic transformation offering jobs and creating wealth for families and other people working in SMEs (Ward, 2003).  Today’s organizations are facing higher demands in a global market owing to widening talent gap. One of the major concern that every SMEs owner face is how to effect an orderly and affordable succession of the business while ensuring that the business will provide for the future needs of the owner and his or her family and keep them comfortable during their retirement years (Rodrigo, 2013). While 74% of individually owned companies are investing in a formalized succession planning process, companies still struggle to fill talent pipelines. In an ideal world, individual owned companies endeavour to “grow leaders” within their own organization, ensuring that there is continuity for the future of their leadership and reducing turnover (Miller, 2012).  

              In the Nigerian context, SMEs are renowned for their entrepreneurial and innovative spirit and are a key driver for the Nigerian economy. Individually-owned companies face unique challenges in Nigeria's very turbulent business environment. The issues gravitate around ownership and rewards, communication, conflict, pay and benefits, engagement of individual members and succession planning (Weweru, Bjuggren and Sund, 2001).

              Succession planning is a key element of an effective strategy for managing talent and ensuring that an organization achieves its future goals. In Nigeria, it is alleged that succession planning in the public sector has been more formalized than in the private sector. Similarly, there has been a lack of focus on succession planning in non-profit organizations, although the need there is just as pressing (Murangiri, 2011).   

             

1.2     Statement of the Problem

Succession planning is an activity that most organizations, especially SMEs, would be quick to say is in place. Unfortunately, it is widely known that succession planning efforts are all too often underdeveloped, unevenly executed, and sometimes simply ignored (Miles and Dysart, 2007). SMEs exist on a global scale. In Nigeria alone, eighty to ninety percent of all business enterprises are individually owned (Weweru, Bjuggren and Sund 2001). The perpetuity problem with the individually owned businesses may be attributed to the lack of strategic succession planning.  

Currently, there are a few individually owned businesses in Nigeria that have survived to the third and fourth generation. The literature on SMEs suggest that there are a number of SMEs that fail in transitioning from the first generation to the second generations. SMEs lack a practical understanding of succession planning resulting in the implementation of weak succession plans. A study on succession in the individual firm indicates that when members work together, emotions may interfere with business decisions.

Small and medium scales enterprises occupy an important place in any economy. The rate of failure of small and medium scale enterprises in the Nigerian economy has been of great concern to all and sundry. One of the reasons for the failure of small and medium scale enterprises in Uyo municipality is the lack of succession planning. Despite the role of the small and medium scale enterprises as a catalyst for economic growth and development, it is discovered that when owners/managers of these businesses died, less than one-third of the business are able to continue to the next generation. In light of this, planning for a successful succession is a crucial goal for every small and medium scale enterprises, this is because without it, the firm cannot survive let alone sustain to the next generation.

It is in this regard that the ultimate objective of the study is to examine succession planning and SMEs sustainability in Uyo Municipality of Akwa Ibom State. 

1.3    Objectives of the Study

The main objective of this study is to assess the relationship between succession planning and sustainability of Small and Medium Scale Enterprise (SMEs) in Uyo municipality of Akwa Ibom State. Specific Objectives are to:

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  • Study Level: Study Level: BTech, BSc, BEng, BA, HND, ND or NCE

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