EVALUATION OF MANAGEMENT BY OBJECTIVE AND IT’S APPLICATIONS IN FINANCIAL INSTITUTIONS IN NIGERIA
ABSTRACT
This research was undertaken to evaluate the extent of application of management by objective programme in the operations of financial institutions in Nigerian – A case study of union Bank of Nigeria Plc. New market road Onitsha. Motivated by the low productivity and poor job attitudes of staff of the study area caused by the job – centred approach (management style) and personality trait appraisal system highly favoured by most of the managers, the research focused on how the effective implementation of management by objectives programmes in union Bank can reverse the trend for better performance, job satisfaction and self actualization. In the course of the study five major research question were formulated to guide the study. Data were collected by means of face-to-face, questionnaire blended with sparing interview. In the analysis of the descriptive answers to the questions the main techniques used was simple percentages. The findings revealed amongs other that employees are not always aware of the stated objectives: That the essential elements and pilours of management by objectives programme such as planning, controlling and motivation are poorly handled. In conclusion, it was very evident that MBO is not effectively implemented and suggestions were made for improved application.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND TO THE STUDY
Management by objectives and it’s application in financial Institutions in Nigeria will therefore focus on how the effective application of MBO programme will assist in motivating the staff of union Bank towards higher productivity and to reduce the urgly sceneries that are caused by dissatisfaction, at the place of work. Management by objectives (MBO) is one of the latest methods advocated by Peter Drucker as a technique of Management where by managers interact with their subordinates by directing, teaching and supporting them to achieve their individual objectives which leads to the achievement of the over all objectives of the organization.
In the opinion of this prolific writer on management studies, the basic concept of MBO is that top executives and subordinate managers should all be involved in determing company objectives and define areas of responsibility, and integrate into them the goals of the employees. Such a goal congruency will help to elicit employee’s commitment will resultant increase in productivity. To be an efficient and effective worker means so many things the imperatives of which amongs others is that the workers is skilled, trained, willing, ables, is motivated intrinsically and extrinsically. In other words, a part from good remuneration, he has reasonable freedom for personal initiative at the work place.
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