PERFORMANCE MANAGEMENT AND CORPORATE PROFITABILITY IN THE NIGERIAN MANUFACTURING SECTOR

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ABSTRACT


The study is about performance management and corporate profitability in the manufacturing sector. The objectives of the study are to determine the level of awareness of performance management in the manufacturing firms, to ascertain the approaches use in managing performance in the manufacturing firms, to investigate the performance review mechanism utilized by manufacturing firms, to find out the nature of relationship between performance management practice and the profitability of the manufacturing firms and to identify the problems associated with performance management system in the manufacturing sector. Data for the research were obtained from primary and secondary sources. The study has a population of 6467, out of which a sample size of 376 was realized using Taro Yamen Statistical Formula. Survey research design was adopted. Data collected was presented and discussed descriptively. Five hypotheses were tested using Chi square (X2), Z-test and linear regression statistical tools. Reliability was done using Pearson’s Product Moment Correlation, with coefficient of 0.94 indicating a high degree of consistency. The result of the analysis revealed that the level of awareness of performance management is not significantly low. Manufacturing firms use programme evaluation techniques, balance score card and benchmarking to a large extent in managing performance, appraisal method, management by objective and multi scale rating are performance review mechanism utilized by the manufacturing firms, there is a positive significant impact of performance management on corporate profitability and that lack of awareness, organizational culture and inadequate feedback are the key problem of performance management in the manufacturing companies. The study concludes that performance management improves employees and organizational performance and also corporate profitability but managers of these companies are yet to fully implement performance management in a comprehensive and integrated package. Therefore the researcher recommends that to ensure high productivity, effectiveness, efficiency and growth of an organization, performance management should be adopted in a comprehensive and integrated package.

TABLE OF CONTENTS

Abstract

CHAPTER ONE
INTRODUCTION
1.1       Background to the Study
1.2       Statement of Problem
1.3       Objectives of the Study
1.4       Research Questions
1.5       Research Hypotheses
1.6       Significance of the Study
1.7       Scope of the Study
1.8       Limitations of the Study
1.9       Profile of Selected Manufacturing Organizations
1.10     Definitions of Terms
            References

CHAPTER TWO
REVIEW OF RELATED LITERATURE
2.1       What is Performance
2.2       Concept of Performance Management
2.3       Components of Performance Management
2.3.1  Steps for Effective Performance Management Practice
2.4       Historical Antecedent of Performance Management
2.5       Theoretical Framework of Performance Management
2.6       Performance Measurement
2.6.1 Principles of Performance Measurement
2.7       Total performance management
2.8       Performance Appraisal
2.8.1    Performance Appraisal and Performance Management
2.9       Establishing Performance Management System
2.10  The Benefit of Performance Management
2.11     Corporate Profitability
2.12     Performance Management and Corporate Profitability
2.14     Summary of Reviewed Literature
            References

CHAPTER THREE
RESEARCH METHODOLOGY
3.1       Research Design
3.2       Sources of Data
3.3       Population of Study
3.4       Sample Size Determination
3.5       Description of Research Instrument
3.6       Data Analysis Techniques
3.8       Validation of the Instrument
3.9       Reliability of Research Instrument
            References

CHAPTER FOUR
PRESENTATION AND ANALYSIS OF DATA

CHAPTER FIVE
SUMMARY OF MAJOR FINDINGS, CONCLUSION AND RECOMMENDATION
5.1       Summary of Major Findings
5.2       Conclusion
5.3       Recommendations
5.4       Contributions to Knowledge
5.5       Suggested Area for Further Research
Bibliography
Appendix

CHAPTER ONE

INTRODUCTION

1.1        BACKGROUND OF THE STUDY

The concern for high productivity in industrial organizations is universal, and is the desire of every manager. In the world of globalization there is lot of competition in the market also there is competition among different organizations and same organization having similar product and also within the organization. The overall success of each and every organization is depending upon the quality of employees. How successful the organization will be told by the employees on the success of or growth of that company’s employees (Kumbhar 2011). Human beings are considered as an important asset of every organization. It is a duty of every organization to motivate the employees and influence the behavior of the employees through performance management system.

The manufacturing sector in Nigeria has suffered setbacks which are largely attributed to ineffective and inefficient management. Performance management is a tool which focuses on managing the individual and work environment in such a manner that an individual/team can achieve set organizational goals. Performance management is described “as a systematic process for improving organizational performance of individuals and teams. It is a means of getting better results by understanding and managing performance within an agreed framework of planned goals, standard and competency requirement. Armstrong (2006: 495) Performance management is also considered as “a systematic and holistic (all-embracing) process of work planning, monitoring and measurement aimed at continuously improving the teams and -- individual employee’s contribution to achievement of organizational goals”. Akata (2003:14).


The profitability of organizations can directly be linked to the performance of their managers, and it is in line with this link that Kanter (1982) and Nwachukwu (1992), also see company productivity as dependent to a great degree on how innovative managers especially middle level managers are, because such managers have their fingers on the paste of operations. This means people are managed as assets not costs.
Bradley and Taylor (1992) categorically state that why capabilities of companies may be enhanced by technology, they rest fundamentally on the efforts of the employees in particular, managers who commit their best energies to corporate endeavours. Infact no company can hope to meet the rising expectations created by intensified competition without productive and creative managers and employees, much less profitable.

Managers are keys to making any performance management system work. Armstrong and Baron (1998) contend that so essential is performance management that managers must manage performance as an essential part of their job. Ironically, while all these possibilities exist through management, in Nigeria the bane of business enterprises is under performance. This explains the need for this study on performance management and corporate profitability in the manufacturing companies. We believe that performance management as an integrated process could bring about greater profitability for companies that practice it.

1.2       STATEMENT OF PROBLEM
Performance management is a basic tool for corporate profit. The obvious advantage of the practice performance management notwithstanding, many captains of industries are not aware of this tool. Even some that do are not very conversant with the approaches. In view of these problems, the research seeks to address the objectives stated below.

1.3         OBJECTIVES OF THE STUDY

Objectives of the study are:

1.      To determine the level of awareness of performance management in the manufacturing firms

2.      To ascertain the approaches use in managing performance in the manufacturing firms

3.      To investigate the performance review mechanism utilized by manufacturing firms.


4.      To find out the nature of relationship between performance management practice and the profitability of the manufacturing firms
5.      To identify the problems associated with performance management system in the manufacturing firms.

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